Search found 7561 matches

by Spirit Rider
Tue Apr 24, 2018 7:35 pm
Forum: Investing - Help with Personal Investments
Topic: Pension Rollover to Roth IRA?
Replies: 3
Views: 75

Re: Pension Rollover to Roth IRA?

"Pension" isn't the proper word. I believe you mean "employer-sponsored retirement plan" which is usually a 401k, 403b or 457. You are making an assumption not in evidence. From the OP's description one should assume it really is a pension. Rollovers never have any impact on contribution limits in ...
by Spirit Rider
Tue Apr 24, 2018 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 93
Views: 8478

Re: Salary Negotiation gone sour

By the way, I got the idea that compromise means what I said it means probably from learning the definition as a child. Gordon Gekko notwithstanding, the word has not substantially changed in meaning. Definition of compromise (Webster - emphasis mine) 1 a : settlement of differences by arbitration ...
by Spirit Rider
Tue Apr 24, 2018 3:28 pm
Forum: Investing - Help with Personal Investments
Topic: Considering No 401K Contribution or Profit Sharing For 2018
Replies: 7
Views: 426

Re: Considering No 401K Contribution or Profit Sharing For 2018

By the way, I still haven't found a good online tax calculator that handles the new 20% deduction for sole proprietors. That is because no one knows how the mechanics are going to work until the IRS issues regulations/guidance. Last I heard they were expected this summer. I wouldn't skip the contri...
by Spirit Rider
Tue Apr 24, 2018 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: With new tax law in effect, should I convert from Sole prop?
Replies: 1
Views: 191

Re: With new tax law in effect, should I convert from Sole prop?

I have been reading articles about how Trump's new tax law would effect someone like me who owns a sole prop. Basically income from business flows down to my personal income and I used to pay tax on this total income. So how is the new law effect me? Better question is to pay the least tax should I...
by Spirit Rider
Tue Apr 24, 2018 1:37 pm
Forum: Investing - Help with Personal Investments
Topic: New question in post #32- transferring work simple IRA to frozen simple IRA
Replies: 38
Views: 1557

Re: New question in post #32- transferring work simple IRA to frozen simple IRA

Spirit Rider , what is your opinion on telling the rep OP's transfer plans via email? I don't see any harm, if OP is firm that she has made her decision and doesn't want to discuss the decision. Do you agree? Establishing this via email would be less threatening to the OP than would establishing it...
by Spirit Rider
Tue Apr 24, 2018 12:04 pm
Forum: Investing - Help with Personal Investments
Topic: New question in post #32- transferring work simple IRA to frozen simple IRA
Replies: 38
Views: 1557

Re: New question in post #32- transferring work simple IRA to frozen simple IRA

You have had consistent recommendations to not even discuss this with the rep at the meeting let alone a heads up prior to the meeting. What is driving this need. The rep is not your friend, this is business. Let me ask you this, what is your possible benefit from having any discussion about this is...
by Spirit Rider
Tue Apr 24, 2018 11:53 am
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 242
Views: 13421

Re: KF's simple rules to achieve FI [Financial Independence]

Held long enough, a crafty investor might decide that the tax deferral might completely overcome the tax penalty, and just use it as a vanilla tax-deferred account. (The pro-rata non-qualified withdrawal rule would make it useful in filling up low brackets over a extended period of withdrawals.) Se...
by Spirit Rider
Tue Apr 24, 2018 9:00 am
Forum: Personal Finance (Not Investing)
Topic: 37 yr old + UTMA + student loan = ???
Replies: 11
Views: 716

Re: 37 yr old + UTMA + student loan = ???

The first contact should be with the custodian. Unlike a UGMA, a UTMA requires the pro-active release of control by the custodian.
by Spirit Rider
Tue Apr 24, 2018 8:53 am
Forum: Investing - Help with Personal Investments
Topic: Broker markup on t-bills: one data point at TDA
Replies: 2
Views: 256

Re: Broker markup on t-bills: one data point at TDA

Your calculation of markup is not necessarily valid. Marketable secuties by their very definition respond to market conditions. Even if you bought on the same day as the auction. Auctions are fixed price bids. Secondary market market pricing varies and are also subject to bid ask spreads. With that ...
by Spirit Rider
Tue Apr 24, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: deposit IRS refund in estate or beneficiary account?
Replies: 4
Views: 286

Re: deposit IRS refund in estate or beneficiary account?

It is the decedent's refund and goes into the trust account. If the estate had been closed and the financial institution accepted the check, I would deposit in my own account. However, at least in my state you can not close the estate unless you certify that the decedent's final tax return (s) has/h...
by Spirit Rider
Tue Apr 24, 2018 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 93
Views: 8478

Re: Salary Negotiation gone sour

By the way, I got the idea that compromise means what I said it means probably from learning the definition as a child. Gordon Gekko notwithstanding, the word has not substantially changed in meaning. Definition of compromise (Webster - emphasis mine) 1 a : settlement of differences by arbitration ...
by Spirit Rider
Tue Apr 24, 2018 1:17 am
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 93
Views: 8478

Re: Salary Negotiation gone sour

It comes from evolutionary biology where social primates are finely attuned to fairness and compromise. A compromise is meeting about half-way, where each side gives about the same amount, meeting in the middle. There is something magical about that. All other options have one side sacrificing more...
by Spirit Rider
Tue Apr 24, 2018 12:40 am
Forum: Personal Finance (Not Investing)
Topic: Simple IRA with non-deductible Trad. IRA
Replies: 2
Views: 168

Re: Simple IRA with non-deductible Trad. IRA

billyj306 is 100% correct and your CPA is 100% wrong. The only income limit on a traditional IRA is a deduction limit when you or your spouse are active participants in an employer retirement plan. Warren Buffet could make a non-deductable contribution to a traditional IRA. Employer plan contributio...
by Spirit Rider
Mon Apr 23, 2018 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 93
Views: 8478

Re: Salary Negotiation gone sour

I would have said "no thank you" when they came back with 85 and 15, they didn't signal a strong enough willingness to meet you half way. You had been offered much higher salaries to start and they kept dropping it. Who knows how the recruiter was playing both sides so I wouldn't assume the company...
by Spirit Rider
Mon Apr 23, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 93
Views: 8478

Re: Salary Negotiation gone sour

My experience from both sides, employee and hiring manager. Unless you are an exceptional candidate or the need is great. It is not so much a negotiation as it is, Offer -> Counter Offer -> Final Offer. The candidate only has their own decision to make. Companies are different. Once you start jerkin...
by Spirit Rider
Mon Apr 23, 2018 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance Changing Lifestyle
Replies: 75
Views: 7931

Re: Inheritance Changing Lifestyle

This makes perfect sense when partners come in to current marriage after dissolving the prior one. I thought different rules apply when both partners have the current one as their only lifetime marriage. It may influence whether you want to have a prenup or not, but each marriage is separate and di...
by Spirit Rider
Mon Apr 23, 2018 9:30 am
Forum: Investing - Help with Personal Investments
Topic: New Investor but have funds that were set up for me as a minor. Just now taking control of them.
Replies: 7
Views: 751

Re: New Investor but have funds that were set up for me as a minor. Just now taking control of them.

OK, good information. It sounds like your father hired you as an employee of his business, paid you sufficient wages, enrolled you in the company's SIMPLE IRA plan, elected deferrals on your behalf, made employer contributions, opened and made contributions to a Roth IRA. Simply amazing. The good ne...
by Spirit Rider
Sun Apr 22, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: SEP IRA, and SIMPLE IRA tax confusion
Replies: 1
Views: 147

Re: SEP IRA, and SIMPLE IRA tax confusion

Were you eligible to deduct a traditional IRA in the first place. If so, your SEP IRA custodian is allowed to accept IRA contributions if they so choose and properly account for. If you were not eligible for the traditional IRA in the first place or your custodian does not accept traditional IRA con...
by Spirit Rider
Sun Apr 22, 2018 9:02 pm
Forum: Investing - Help with Personal Investments
Topic: New Investor but have funds that were set up for me as a minor. Just now taking control of them.
Replies: 7
Views: 751

Re: New Investor but have funds that were set up for me as a minor. Just now taking control of them.

You need to give a little more information about the SIMPLE IRA accounts. First, how did your father set up SIMPLE IRA accounts for you? SIMPLE IRAs are employer plans. Is either one of them through a current employer? If so what are the investment options and costs. Has it been two years since the ...
by Spirit Rider
Sun Apr 22, 2018 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: Roth401k to RothIRA conversion - tax question
Replies: 3
Views: 254

Re: Roth401k to RothIRA conversion - tax question

The age 55 rule is an exception to the early withdrawal penalty. It only applies to distributions from a qualified plan that you separated from the year you turned 55 or later. If you separate before the year you turn 55, the rule does not apply. Even if you separate in the year you turned 55 or lat...
by Spirit Rider
Sun Apr 22, 2018 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Inappropriate contributions to Roth IRA
Replies: 1
Views: 264

Re: Inappropriate contributions to Roth IRA

This will be a little bit of a mess and fairly costly, but fixable. For the 2017 excess contributions you each have until 10/15/2018 to remove the excess contributions and earnings. Alternately, if you each have no pre-tax traditional, SEP and SIMPLE IRA balances or have a 401k, 403b or 457b that ac...
by Spirit Rider
Sat Apr 21, 2018 11:32 pm
Forum: Investing - Help with Personal Investments
Topic: Uncertain what to do about trust distribution
Replies: 5
Views: 576

Re: Uncertain what to do about trust distribution

Could you clarify whether you are receiving a one time distribution of $100K from the trust, or you are receiving $100K that will remain in a trust. The choices will be very different. If it is the latter, your ability to control the asset allocation and investments will subject to the determination...
by Spirit Rider
Sat Apr 21, 2018 11:13 pm
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 242
Views: 13421

Re: KF's simple rules to achieve FI

Now you are just throwing out logical fallacy after logical fallacy to try and rationalize your so called rules that have no fundamental basis. There is absolutely no reason for any individual to re-balance their asset allocation monthly.
by Spirit Rider
Sat Apr 21, 2018 9:03 pm
Forum: Investing - Theory, News & General
Topic: KF's simple rules to achieve FI [Financial Independence]
Replies: 242
Views: 13421

Re: KF's simple rules to achieve FI

Rule #6 Invest using all-in-one funds such as lifestrategy or target retirement fund. Do not go into slice and dice until your portfolio is 6 figures or bigger. Yes, rule #6 is essential until you ave 250k+ Huh? Not even close. I agree with Bling. First, pretty much every one of KlangFool's so call...
by Spirit Rider
Sat Apr 21, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2017 Taxes to Make SEP IRA Payment?
Replies: 1
Views: 148

Re: Amend 2017 Taxes to Make SEP IRA Payment?

Nope. You needed to have filed the extension by your tax filing deadline to extend the SEP IRA adoption/contribution deadline. If you had filed an extension on time, you could have done any of the following: Filed on time and adopted/contributed to a SEP IRA on time. Filed on time and had until 10/1...
by Spirit Rider
Sat Apr 21, 2018 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 84
Views: 5095

Re: How do I make sure IRS receives my manual tax return ?

Obviously, if Google does not have it, then it never happened, right, Right??? I have no doubt it is on google somewhere. Like most obscure searches that are dwarfed by the base subject, in this case the IRS. The problem will be getting your search parameters correct to get past the irrelevant cont...
by Spirit Rider
Sat Apr 21, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 84
Views: 5095

Re: How do I make sure IRS receives my manual tax return ?

I didn't intend to be dismissive - just making my own observation based on experience. Over time, one develops a certain amount of intuition about things related to their business or profession. This story just runs counter to what I've known about IRS over 3-1/2 decades. And the way my clients hav...
by Spirit Rider
Sat Apr 21, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Wife in S-corp 401k max without Take-home
Replies: 15
Views: 1407

Re: Paying Wife in S-corp 401k max without Take-home

Is there a rule on needing to contribute the same profit sharing %? Most standard 401k plans certainly including yours, require the employer contribution to be the exact same percentage for all employees Since my salary is higher than my wife's (and my wife is deferring nearly 100% to solo 401k) wh...
by Spirit Rider
Sat Apr 21, 2018 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 84
Views: 5095

Re: How do I make sure IRS receives my manual tax return ?

After more than 35 years in the tax prep business, this is the first time I've ever heard of this. Not saying for sure it didn't happen, or that you didn't hear it, but it has the look & feel of an urban legend to me. Or maybe it happened with a state agency. In any event, I have serious doubts the...
by Spirit Rider
Sat Apr 21, 2018 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance Changing Lifestyle
Replies: 75
Views: 7931

Re: Inheritance Changing Lifestyle

It is reasonable to add a small sustainable percentage of the iheritance to your budget. For example, 2% might be a very safe withdrawal rate. So you could probably use 1%-2% of the previous year-end balance, but use your own judgement. The advantage of using such a fixed distribution amount is that...
by Spirit Rider
Sat Apr 21, 2018 8:07 am
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 84
Views: 5095

Re: How do I make sure IRS receives my manual tax return ?

That's really cool. I think some people just start believing the hype that the IRS is 100% evil. :twisted: No, but the IRS is not exactly 100% altruistic either. I remember an expose many years ago about an IRS "document alteration department". Back when checks were common, it was not unheard of fo...
by Spirit Rider
Fri Apr 20, 2018 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan Successor Upon Owner Death
Replies: 2
Views: 264

Re: 529 Plan Successor Upon Owner Death

You could also name a revocable trust as the successor participant with the 529 beneficiary as the trust beneficiary. Unlike a 529 account owner who can spend the account on anything they want with no repercussions except taxes and a 10% penalty. A trustee has a fiduciary (usually bonded) responsibi...
by Spirit Rider
Fri Apr 20, 2018 5:11 pm
Forum: Personal Consumer Issues
Topic: How to ask town to build a sidewalk?
Replies: 22
Views: 1240

Re: How to ask town to build a sidewalk?

Sidewalks are generally within the roadway right-of-way, which is owned by the city, county, or state, depending on the jurisdiction of the roadway. Likely, in a residential area in town, this will be the city's responsibility. I've been in a lot of towns but never one where sidewalks have been the...
by Spirit Rider
Fri Apr 20, 2018 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401K Excess Employer Profit Sharing Contribution--Ugh
Replies: 14
Views: 844

Re: Solo 401K Excess Employer Profit Sharing Contribution--Ugh

With a check date of 12/28/17 it is certainly plausible/likely that you constructively received the check in 2017 and you just failed to "notice" it in your mailbox in 2017 and deposited/cashed it in 2018. I would properly take option 1 and consider this 2017 income and to the degree it increases yo...
by Spirit Rider
Fri Apr 20, 2018 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan - grandmother or son?
Replies: 11
Views: 903

Re: 529 Plan - grandmother or son?

My parents gifted money to me which I put in a 529 fund. My children were listed as the beneficiaries, and I made myself sole trustee because I was already having doubts about my wife's behavior at the time the gifts were made and the 529 was opened. And then there was a divorce. Fortunately my ex-...
by Spirit Rider
Fri Apr 20, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1418

Re: Two Solo 401k Questions

I think the decision on whether to keep the LLC or not, should be based on yearly costs. The OP should answer CFM300's question of what your state taxes/fees are on the LLC. The worst case is CA which charges a $800 minimum franchise tax/year, waived the first year I think, plus only a $20 every oth...
by Spirit Rider
Fri Apr 20, 2018 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Need for Medicare supplemental plan?
Replies: 150
Views: 7778

Re: Need for Medicare supplemental plan?

A high deductible G plan is supposedly coming next year. BUT, there's not much difference between "regular" F & G plans and G plans are much less expensive here locally The Plan G high deductible plan was approved by CMS and published in the Federal Register on 9/1/17, but we do not know if any sta...
by Spirit Rider
Fri Apr 20, 2018 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Which 3 are recommended?
Replies: 8
Views: 1033

Re: Which 3 are recommended?

I have been invested in Vanguard target date 2040 fund in my 403B and 457B funds. I would like to transition to the famed 3 funds in order to reduce the risk going forward. In what way do you expect the risk to reduce? Note that the Vanguard - Target Retirement 2040 Fund - Portfolio & Managemen...
by Spirit Rider
Fri Apr 20, 2018 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan - grandmother or son?
Replies: 11
Views: 903

Re: 529 Plan - grandmother or son?

One thing to keep in mind when it comes to a parent vs. grandparent owner of a 529 account. If the parent's/student's financial circumstances will be such that the student will be eligible for financial aid. A parent or student and grandparent owned 529 account are assessed differently for purposes ...
by Spirit Rider
Fri Apr 20, 2018 12:02 pm
Forum: Investing - Help with Personal Investments
Topic: New question in post #32- transferring work simple IRA to frozen simple IRA
Replies: 38
Views: 1557

Re: Updated with questions about transferring work simple IRA to frozen simple IRA

So, it seems like my steps are 2) Have meeting with financial rep as scheduled next Friday. Make sure I know which American MM are available. You don’t need MM information at this meeting. Just show up, hear him out, collect the forms. You don’t have to tell him your plans because you are still con...
by Spirit Rider
Fri Apr 20, 2018 7:14 am
Forum: Investing - Help with Personal Investments
Topic: Solo 401K Excess Employer Profit Sharing Contribution--Ugh
Replies: 14
Views: 844

Re: Solo 401K Excess Employer Profit Sharing Contribution--Ugh

Would it help me if it were an excess employee contribution? I have stated before that I could not recommend allocating an excess employer contribution as an excess employee elective contribution without the explict advice of a retirement plan professional. That is not the correction method proscri...
by Spirit Rider
Fri Apr 20, 2018 7:05 am
Forum: Investing - Help with Personal Investments
Topic: Solo 401K Excess Employer Profit Sharing Contribution--Ugh
Replies: 14
Views: 844

Re: Solo 401K Excess Employer Profit Sharing Contribution--Ugh

I believe the limits have nothing to do with earnings , but are instead linked to compensation with the below limits: Incoorect. While it is true that maximum employer contributions are 25% of compensation. Net self-employment earnings = earned income and have everything to do with the employer con...
by Spirit Rider
Thu Apr 19, 2018 11:48 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401K Excess Employer Profit Sharing Contribution--Ugh
Replies: 14
Views: 844

Re: Solo 401K Excess Employer Profit Sharing Contribution--Ugh

Thanks Spirit Rider! One follow up question: Could I recharacterize my “employer” contribution as an “employee” contribution? I submit all of the money I give to Fidelity on the same form (401K contributions and profit sharing). I do have to list what amounts go to what category. So, I think it cou...
by Spirit Rider
Thu Apr 19, 2018 8:53 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401K Excess Employer Profit Sharing Contribution--Ugh
Replies: 14
Views: 844

Re: Solo 401K Excess Employer Profit Sharing Contribution--Ugh

I'm surprised that a Fidelity CSR would give you wrong information on this. They are either confusing this with 401k employee elective contributions or IRA contributions. It is not normally possible to return excess 401k employer contributions. Refer to Publication 560 Retirement Plans for Small Bu...
by Spirit Rider
Thu Apr 19, 2018 8:21 pm
Forum: Investing - Help with Personal Investments
Topic: New question in post #32- transferring work simple IRA to frozen simple IRA
Replies: 38
Views: 1557

Re: Updated with questions about transferring work simple IRA to frozen simple IRA

If it doesn't work out, not even sure if it makes sense for me to do this with that kind of load? My employer matches to 3%, but with a 5.75% load, not sure where that leaves me. The major point here is that it has to work out. If it is a 5305-SIMPLE, IRS rules are that the custodian must allow you...
by Spirit Rider
Thu Apr 19, 2018 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Need for Medicare supplemental plan?
Replies: 150
Views: 7778

Re: Need for Medicare supplemental plan?

Looking through the responses here, I was alarmed to read that an individual might be locked into their Medigap plan. Am I understanding that correctly? Because up til now I thought the only time you might find out later that you'd made an irreversible mistake was if you chose the Advantage plan. I...
by Spirit Rider
Thu Apr 19, 2018 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Need for Medicare supplemental plan?
Replies: 150
Views: 7778

Re: Need for Medicare supplemental plan?

First time I've ever heard of Plan "G". G is basically F with a $183 deductible. At some point, F plans will no longer be sold to new enrollees. Plan F is apparently still available to new enrollees today. I just received an ad in the mail today from Highmark pushing Plan F. They said "...you'll en...
by Spirit Rider
Thu Apr 19, 2018 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1418

Re: Two Solo 401k Questions

What is your reasoning for the LLC?

An LLC is not required in order to adopt a one-participant 401k and make contributions.

An LLC provides little to no liability protection for a dog walking business. An LLC provides no liability protection for the personal acts (walking the dogs) of it's owner(s).
by Spirit Rider
Thu Apr 19, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: IRA rollover to 401k question
Replies: 13
Views: 633

Re: IRA rollover to 401k question

Even if you did not timely file a Form 8606.

If your records show you made traditional IRA contributions and your tax returns for that year show you did not take a deduction. You can retroactively file Form 8606s for those years going all the way back to 1987 if need be.