Search found 9123 matches

by Spirit Rider
Thu Dec 13, 2018 1:12 am
Forum: Personal Finance (Not Investing)
Topic: 401k in-service distribution/withdrawal/rollover
Replies: 1
Views: 160

Re: 401k in-service distribution/withdrawal/rollover

If a 401k allows a category of assets to be distributable, the plan must allow both distributions and direct rollovers of those assets.
by Spirit Rider
Wed Dec 12, 2018 3:24 pm
Forum: Investing - Help with Personal Investments
Topic: Super IRA account
Replies: 11
Views: 795

Re: Super IRA account

Only a governmental 457b can be rolled over to an IRA Er, I thought 401k's could also be rolled over to IRA's; I know that 403b's can. I was not excluding 401k and 403b plans. I was referring to the fact that non-governmental 457b plans can not be rolled over to anywhere but another 457b non-govern...
by Spirit Rider
Wed Dec 12, 2018 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 75
Views: 8851

Re: ROTH Ira for kids

Does the child have full access to the money when they turn 18? If so that could be dangerous. I didn't open Roth IRAs for my children until I was sure they would not donate it all to a cult or worse. Well, they do technically, but you can benignly mislead them. Just tell them they can't take the m...
by Spirit Rider
Wed Dec 12, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Received IRS letter - be proactive or sit back?
Replies: 22
Views: 2435

Re: Received IRS letter - be proactive or sit back?

I agree with @aristotelian. You should be able to do this without a lawyer unless it gets complicated. The IRS has no knowledge who is entitled to the dependency exemption unless they are provided that information. If neither of you respond, the IRS is going to likely assume the pattern and practice...
by Spirit Rider
Wed Dec 12, 2018 2:22 pm
Forum: Investing - Help with Personal Investments
Topic: Super IRA account
Replies: 11
Views: 795

Re: Super IRA account

Only a governmental 457b can be rolled over to an IRA
by Spirit Rider
Wed Dec 12, 2018 1:17 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 75
Views: 8851

Re: ROTH Ira for kids

I don't see why the daughter can't be a contractor as long as she's able to refuse work with no penalty. Is the assumption that as an assistant she has no say in when/where/how she does the job make her a W-2 employee? The ability to refuse to work without penalty is nowhere in the IRS rules with r...
by Spirit Rider
Wed Dec 12, 2018 1:01 am
Forum: Investing - Theory, News & General
Topic: reasons to avoid indirect HSA rollover?
Replies: 17
Views: 1010

Re: reasons to avoid indirect HSA rollover?

You acknowledge that 26 U.S. Code § 223 - Health savings accounts, (f) Tax treatment of distributions , (5) Rollover contribution, A and B ; is clear that the 1-year period limitation is on the distribution and not on the contribution and is entirely consistent with 26 U.S. Code § 408 - Individual r...
by Spirit Rider
Tue Dec 11, 2018 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 75
Views: 8851

Re: ROTH Ira for kids

That's actually a great idea. We do have a small family business and the kids actually do help shred on occasion (plus the occasional other small task)! Separately, would I open the ROTH similar to how I have regular accounts in their name (i.e. UTMA...) or is it just in their name alone? The I in ...
by Spirit Rider
Tue Dec 11, 2018 7:13 pm
Forum: Personal Consumer Issues
Topic: Donate to homeless?
Replies: 84
Views: 3822

Re: Donate to homeless?

As long as you understand that in the vast majority of cases you are just feeding their addition(s) (drugs and/or alcohol).

If you really want to help donate to the local shelters and/or outreach programs or even volunteer.
by Spirit Rider
Tue Dec 11, 2018 6:54 pm
Forum: Investing - Theory, News & General
Topic: reasons to avoid indirect HSA rollover?
Replies: 17
Views: 1010

Re: reasons to avoid indirect HSA rollover?

Hopefully Alan S. can confirm, but I have seen him make this exact point several times. I just wanted to get this out there to have anyone else pause before taking multiple distributions.

This should never be a problem if you are making one distribution for rollover purposes per twelve month period.
by Spirit Rider
Tue Dec 11, 2018 6:44 pm
Forum: Investing - Help with Personal Investments
Topic: HSA question
Replies: 5
Views: 445

Re: HSA question

Are you sure that the switch actually happened for December. This is the time of the year for open enrollment for 2019. You enroll Nov/Dec, but the coverage is not really effective until 1/1/19.
by Spirit Rider
Tue Dec 11, 2018 6:40 pm
Forum: Investing - Help with Personal Investments
Topic: Can one use a distribution of After-tax from 401k to do an indirect rollover?
Replies: 10
Views: 445

Re: Can one use a distribution of After-tax from 401k to do an indirect rollover?

For this employer, Fidelity is not allowing an actual trustee-to-trustee rollover of the after-tax account. Only a distribution. If I want to do it to an account at Fidelity, it only lists a brokerage account as an option or other wise the only choice is cutting a check. Sending to an IRA at Fideli...
by Spirit Rider
Tue Dec 11, 2018 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 75
Views: 8851

Re: ROTH Ira for kids

Because the lady has, I assume, a sole proprietorship, my daughter was given the job with the understanding that she's an independent contractor. Th fact that the lady is a sole proprietor has no relevance as to whether your daughter should be paid as a W-2 or an IC. Leaving aside the fact that she...
by Spirit Rider
Tue Dec 11, 2018 6:07 pm
Forum: Investing - Theory, News & General
Topic: reasons to avoid indirect HSA rollover?
Replies: 17
Views: 1010

Re: reasons to avoid indirect HSA rollover?

Bigger pain is their $2,500 / day limit to on-line distribution requests. So it's taking seven days for me to get it all out after which I'll write a check to Fidelity ( the once every 12 months is on rollover contributions, not distributions ) . Could someone please confirm if this understanding i...
by Spirit Rider
Tue Dec 11, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 75
Views: 8851

Re: ROTH Ira for kids

She's an independent contractor, which means she'll have to pay taxes no matter her age if she makes over $600. Or more specifically, she has to pay SE taxes not income taxes. More importantly, why is being paid as an independent contractor (if she is even properly classified)? If she was paid as h...
by Spirit Rider
Tue Dec 11, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Who should be the owner of a 529 Plan for my nephew?
Replies: 14
Views: 1190

Re: Who should be the owner of a 529 Plan for my nephew?

If you think there will be an impact on financial aid for your own children if you are the owner, could your mother-in-law or father-in-law (grandparents of the beneficiary) be the owner? If they are not in FL, maybe they have the chance for a tax benefit from their contributions? With a third part...
by Spirit Rider
Tue Dec 11, 2018 10:40 am
Forum: Investing - Help with Personal Investments
Topic: Tax gain harvesting for UTMA acoount
Replies: 14
Views: 762

Re: Tax gain harvesting for UTMA acoount

I put some rough numbers into Tax Act's free online calculator and it shows no Federal tax owed. Earned income: $6,000 (summer job) Long term cap gains: $4,600 Capital loss: $100 Total combined income of $10,500 for 2018 if I tax gain harvest. I still plan to check with our accountant just to be ce...
by Spirit Rider
Tue Dec 11, 2018 10:32 am
Forum: Personal Finance (Not Investing)
Topic: IRS on making QCD by check from IRA
Replies: 14
Views: 845

Re: IRS on making QCD by check from IRA

Does this mean that if the IRA custodian issues the check in 2018, that is sufficient to claim the QCD deduction for 2018.............that it is nice but not necessary for charity to receive check and issue receipt in 2018? The custodian reports when the distribution occurs. If the custodian cuts t...
by Spirit Rider
Tue Dec 11, 2018 10:26 am
Forum: Investing - Theory, News & General
Topic: reasons to avoid indirect HSA rollover?
Replies: 17
Views: 1010

Re: reasons to avoid indirect HSA rollover?

It would. Only a trustee -> trustee transfer requires special handling because it is not reported on a 1099-SA.
by Spirit Rider
Tue Dec 11, 2018 10:23 am
Forum: Personal Finance (Not Investing)
Topic: 401k Match for Highly compensated employee
Replies: 4
Views: 485

Re: 401k Match for Highly compensated employee

Unfortunately, she will be unable to get the full match because she will hit the contribution limit first. Technically, this is a math issue and not an HCE issue. An employee making $100K at an employer with a 200% match would also be unable to get the full match. The only time it would be an HCE is...
by Spirit Rider
Tue Dec 11, 2018 10:15 am
Forum: Investing - Theory, News & General
Topic: reasons to avoid indirect HSA rollover?
Replies: 17
Views: 1010

Re: reasons to avoid indirect HSA rollover?

An indirect rollover by definition is a normal distribution followed by a rollover contribution. No specific coding is required on the distribution. The contribution must be coded as a rollover or it will be treated as a normal contribution using up the contribution limit or be an excess contribution.
by Spirit Rider
Tue Dec 11, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Very Confused - Group 401K Profit Sharing Plan
Replies: 15
Views: 885

Re: Very Confused - Group 401K Profit Sharing Plan

I don't think I have seen a better trustee directed asset allocation, diversification and cost. The reality is that the vast majority of 401k participants would be better off with such a 401k plan. The OP can certainly adjust his overall portfolio asset allocation with outside assets if they want, b...
by Spirit Rider
Tue Dec 11, 2018 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Who should be the owner of a 529 Plan for my nephew?
Replies: 14
Views: 1190

Re: Who should be the owner of a 529 Plan for my nephew?

If you think there will be an impact on financial aid for your own children if you are the owner, could your mother-in-law or father-in-law (grandparents of the beneficiary) be the owner? If they are not in FL, maybe they have the chance for a tax benefit from their contributions? With a third part...
by Spirit Rider
Mon Dec 10, 2018 11:57 pm
Forum: Personal Finance (Not Investing)
Topic: Converting old Keogh to rollover IRA
Replies: 2
Views: 206

Re: Converting old Keogh to rollover IRA

This document may point you in the right direction: http://www.pension-specialists.com/hottopics/BeAware.pdf I note that the last update they mention is 2001. Pay particular attention to the bolded last paragraph. That is very relevant to the OP. The EGTRRA 2001 restatement period was from May 1, 2...
by Spirit Rider
Mon Dec 10, 2018 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: The new 1040 is certainly different
Replies: 10
Views: 2156

Re: The new 1040 is certainly different

The line numbers are not really obsolete, they have carried over to the new schedules. So once you know the Schedule, the line numbers are the same as the previous 1040s.
by Spirit Rider
Mon Dec 10, 2018 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Who should be the owner of a 529 Plan for my nephew?
Replies: 14
Views: 1190

Re: Who should be the owner of a 529 Plan for my nephew?

There is a third option if you are 100% certain your nephew will go to college. You can open a UTMA 529 plan with your nephew as owner and you as custodian until he reaches the age of termination in your state (hopefully 21). The beneficiary can only be changed by the owner (nephew) after age of ter...
by Spirit Rider
Mon Dec 10, 2018 10:23 pm
Forum: Investing - Help with Personal Investments
Topic: Beginning my HSA contributions, new accout
Replies: 6
Views: 561

Re: Beginning my HSA contributions, new accout

Interesting suggestion. This is my first HSA. The HSA is now established with $0 balance. For 2018, I have an FSA (used up for the year)--so I can't do the $1 contribution thing you are suggesting, right? Or does the excise tax apply in that situation? But I can certainly make the $1 contribution o...
by Spirit Rider
Mon Dec 10, 2018 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401K contribution- employee vs employer tax efficiency
Replies: 6
Views: 275

Re: Solo 401K contribution- employee vs employer tax efficiency

FICA/SE tax one-participant 401k contribution considerations of Employee elective contributions are subject to FICA/SE tax for everyone. Self-employed employer contributions are subject to SE tax. W-2 employer contributions (including S/C-Corps) are not subject to FICA. C-Corp one-participant 401k e...
by Spirit Rider
Mon Dec 10, 2018 6:12 pm
Forum: Investing - Help with Personal Investments
Topic: Beginning my HSA contributions, new accout
Replies: 6
Views: 561

Re: Beginning my HSA contributions, new accout

If this is your first HSA or > 18 months with no HSA balance, normally your first contribution date is the "establishment date" of the HSA. Medical service dates prior to the establishment date are not qualified medical expenses and can not be reimbursed with tax-free HSA distributions. You should m...
by Spirit Rider
Mon Dec 10, 2018 2:25 am
Forum: Personal Finance (Not Investing)
Topic: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?
Replies: 26
Views: 2889

Re: How will 80k inheritance affect medicaid, section 8, food stamp eligibility in PA?

You definitely need to engage an elder law attorney. I don't know what is possible, but such an attorney might know how to legally structure this in the best manner possible.
by Spirit Rider
Mon Dec 10, 2018 12:51 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 30
Views: 2600

Re: Fidelity solo 401k profit sharing contributions

Employer contributions and employee after-tax contributions are fully discretionary for a self-employed individual in a one-participant 401k plan. There is no requirement for any election. You simply have until your tax filing deadline including extensions to make either type of contribution subject...
by Spirit Rider
Sun Dec 09, 2018 11:41 pm
Forum: Personal Consumer Issues
Topic: Electric bill with LED
Replies: 102
Views: 6702

Re: Electric bill with LED

Anyone notice a significant savings going from INCandescent or CFL to LED? For about $50 in bulbs I switched all the bulbs in my house to LED. I did it to save $ and help the environment. Just wondering if anyone actually noticed a real savings month to month... The change from incandescent to CFL ...
by Spirit Rider
Sun Dec 09, 2018 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: UTMA withdrawl
Replies: 3
Views: 419

Re: UTMA withdrawl

There are no explicit list of allowable expenses or UTMA police. Use your common sense. As long as it is for a specific benefit of the child. It is probably ok. If it clearly benefits the custodian, parent(s), family or someone else more that the child probably not. It might also be ok to pay for mo...
by Spirit Rider
Sun Dec 09, 2018 8:50 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401k Advice
Replies: 17
Views: 745

Re: Solo 401k Advice

theplayer11 wrote:
Sun Dec 09, 2018 8:42 pm
Is the filing when the combined account balance reaches $250..meaning owner and spouse?
Yes, the plan balance not individual participant balance.
by Spirit Rider
Sun Dec 09, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Car Damage Issue
Replies: 69
Views: 4007

Re: Rental Car Damage Issue

Um, I’m not sure what you’re missing here, but you just illustrated and proved my point entirely. They issued you the receipt and you walked away - end of transaction. If the company finds damage after the fact, that is on them. Nope, the receipt is only for the return of the car. It is no waiver o...
by Spirit Rider
Sun Dec 09, 2018 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: are pre-fabricated / manufactured homes a bad investment?
Replies: 99
Views: 6556

Re: are pre-fabricated / manufactured homes a bad investment?

My house is a "prefabricated" house "assembled" 30 years ago. It is a colonial with two car garage under with a 600 sq. ft. half basement, two 1200 sq. ft. floors and a walk-up 600 sq. ft. full height knee-walled third floor. The peak of my roof is 36 ft. to my garage floor. I did not even know it w...
by Spirit Rider
Sun Dec 09, 2018 6:52 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall predicament
Replies: 20
Views: 2538

Re: Windfall predicament

If I recall correctly there were some sort of student-loan-availability implications if you have one, but don’t hold me to it. 529 plans owned by the parents or the students are treated for financial aid purposes as assets of the parents. They will be assessed at the same rate as taxable accounts. ...
by Spirit Rider
Sun Dec 09, 2018 6:22 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401k Advice
Replies: 17
Views: 745

Re: Solo 401k Advice

@aristotelian is correct you need to adopt the one-participant 401k by 12/31, but you have until your tax filing deadline (4/15/19, MA/ME 04/17/19) including extensions (10/15/19) to actually make the employer contribution. I wouldn't wait until the last minute. I would start working on it this week...
by Spirit Rider
Sun Dec 09, 2018 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Car Damage Issue
Replies: 69
Views: 4007

Re: Rental Car Damage Issue

I thought it was important to respond to your "standards committee" appeal to authority. A signature made by a secret key inside an image sensor is not sufficient to prove much beyond that the sensor was used (not that the data processed was valid), and certainly isn't useful to prove when an image...
by Spirit Rider
Sun Dec 09, 2018 4:09 pm
Forum: Investing - Help with Personal Investments
Topic: HSA with military spouse
Replies: 7
Views: 520

Re: HSA with military spouse

It seems to me that you can suspend HSAs - I believe I have a friend who is doing that. Would that be an option while your spouse is in the military? There is no such thing as a "suspension" of HSAs. You are either eligible for contributions or not. You keep access to the HSA regardless of eligibil...
by Spirit Rider
Sun Dec 09, 2018 3:57 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in Company 401 at retirement or roll to an IRA?
Replies: 10
Views: 905

Re: Stay in Company 401 at retirement or roll to an IRA?

At Vanguard you choose a withholding rate when you withdraw from a traditional IRA. You can have 00% withheld, or any percentage 10% or more. I don't know about other fund firms. The three IRA withholding options are an IRS requirement: Default is 10% You can elect 0% You can elect > 10% There is n...
by Spirit Rider
Sun Dec 09, 2018 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Car Damage Issue
Replies: 69
Views: 4007

Re: Rental Car Damage Issue

You're trusting the arbitrary time programmed into the camera, or the gps signals received which can be faked? And trusting that the user hasn't set the camera up to take a picture of a picture or otherwise artificially stimulated the sensor? nice I am not trusting anything. The rental car company ...
by Spirit Rider
Sun Dec 09, 2018 3:18 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 657
Views: 46293

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

There are both. 1099-SA documents your distributions for inclusion on your tax return and is issued by end of January (or maybe sometime in February). 5498-SA documents your contributions and balance and is strictly for you records. For both, a copy is sent to the IRS. A Form 1099 of any kind is no...
by Spirit Rider
Sun Dec 09, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 30
Views: 2600

Re: Fidelity solo 401k profit sharing contributions

I can make profit sharing/employer contributions in 2019 for 2018 by simply writing it on the contribution form and check as a 2018 prior year contribution, correct? Unfortunately, Fidelity still hasn't updated their contribution form to allow one to document what year the profit sharing contributi...
by Spirit Rider
Sun Dec 09, 2018 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Car Damage Issue
Replies: 69
Views: 4007

Re: Rental Car Damage Issue

everything about an image can be faked, including all exif data. the only crypto aspect that would help would be a 3rd party timestamping signature which could prove that the image was taken at some time based on trusting the 3rd party, and this isn't an exif feature Nope, try again. Certain digita...
by Spirit Rider
Sun Dec 09, 2018 5:56 am
Forum: Personal Finance (Not Investing)
Topic: ACA, COBRA, and Medicare
Replies: 9
Views: 770

Re: ACA, COBRA, and Medicare

I do not believe @celia is correct about the pre-existing condition exclusion. That only applies if you don't have credible coverage. COBRA coverage and an ACA Marketplace plan would both be credible coverage. However, under option 1, I think you would be subject to the 10% penalty/twelve months for...
by Spirit Rider
Sun Dec 09, 2018 5:17 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity solo 401k profit sharing contributions
Replies: 30
Views: 2600

Re: Fidelity solo 401k profit sharing contributions

There is no requirement to ever make either profit sharing contributions or employee elective contributions. Just thinking out loud about advantages between employee elective contributions and profit sharing contributions. There might be others that I didn't think of. Profit Sharing AKA non-elective...
by Spirit Rider
Sun Dec 09, 2018 4:16 am
Forum: Personal Finance (Not Investing)
Topic: Rental Car Damage Issue
Replies: 69
Views: 4007

Re: Rental Car Damage Issue

@criticalmass I know more than a little about EXIF and clearly more than you. I have been involved in digital imaging for more than thirty years of my 40+ year career and hold several patents. I have sat on standards committees. I have architected, designed and developed EXIF loading, storing and vi...