Search found 60 matches

by Braje
Sun Dec 29, 2019 1:11 am
Forum: Personal Finance (Not Investing)
Topic: Taxes: Savers credit
Replies: 19
Views: 1840

Re: Taxes: Savers credit

02nz wrote:
Sat Dec 28, 2019 9:58 am
Yes, AGI has to be below $32,500 for 2020 (it's too late to do anything about 2019) to qualify. And even then you're only going to get a max of $200.

You might qualify if you max both 401k and HSA contributions.
No true a Traditional IRA would lower the AGI
by Braje
Thu Nov 21, 2019 2:59 pm
Forum: Personal Investments
Topic: Are there ways to use 401k's and ROTH IRA's strategically together?
Replies: 21
Views: 2501

Re: Are there ways to use 401k's and ROTH IRA's strategically together?

Just FYI you have a Roth 401k. A Roth IRA is separate from your employer.
You can split your 401K contribution between the Roth and Traditional anyway you want. Any employer match always goes into the Traditional.
by Braje
Wed Nov 06, 2019 1:02 pm
Forum: Personal Investments
Topic: IRA contribution limit is per person?
Replies: 13
Views: 579

Re: IRA contribution limit is per person?

Yes the limits are per person.
by Braje
Fri Aug 02, 2019 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can I afford (really)?
Replies: 23
Views: 2690

Re: How much house can I afford (really)?

Do you really need 3000sq ft of house?
by Braje
Mon Jul 08, 2019 10:23 pm
Forum: Personal Investments
Topic: 401K question - tricky situation
Replies: 25
Views: 1631

Re: 401K question - tricky situation

neveragain wrote:
Mon Jul 08, 2019 12:15 pm
OK, I called HR. They said you can have deductions before you have worked 1,000 hours. But you can't be vested until you've worked 1,000 hours.
The money you put in is always vested. The 1000 rule is probably for Employer's contribution
by Braje
Fri Jun 14, 2019 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Dental/Vision Insurance for Baby
Replies: 33
Views: 1665

Re: Dental/Vision Insurance for Baby

I thought that regular health insurance had some dental coverage for minor children.
by Braje
Wed May 15, 2019 8:15 pm
Forum: Personal Investments
Topic: Using 401k Loans to increase contribution
Replies: 17
Views: 1232

Re: Using 401k Loans to increase contribution

I think you are over estimating the amount of interest you would accrue. If you pay back the loan in just a few months then the interest would be much less then if you took 60 months to pay off.
by Braje
Fri Nov 16, 2018 1:39 am
Forum: Personal Investments
Topic: IRA Contribution Deadline April 15- Questions..
Replies: 6
Views: 426

Re: IRA Contribution Deadline April 15- Questions..

The deadline to make a 2018 contribution ends Apr 2019. You may make your 2019 contribution from Jan 2019 until Apr 2020.
by Braje
Tue Nov 13, 2018 4:50 pm
Forum: Personal Investments
Topic: 2 Questions
Replies: 8
Views: 819

Re: 2 Questions

If your income is low then your long term Capital gains tax would be zero. If you pulled money from Traditional retirement accounts (assuming under 59.5) you will owe a 10% penalty on the money, in addition, income tax. Pretty sure contribution, but not gains can come out of your Roth Tax and penalt...
by Braje
Wed Oct 17, 2018 1:26 pm
Forum: Personal Investments
Topic: Help my dad is nearing retirement
Replies: 9
Views: 1199

Re: Help my dad is nearing retirement

Are you sure on his SS amounts. 1025 per month at 70 sounds really low to me.
by Braje
Tue Sep 11, 2018 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: paying mortgage
Replies: 12
Views: 1828

Re: paying mortgage

Doing some potentially flawed math here.. the more intelligent can weigh in whether this works or not. Let's say your overall tax rate is 25% and you don't itemize. So 5.5% x .75 = effectively 4.125% interest after tax on the rental? If my math works, your rates are the same, so primary residence i...
by Braje
Thu Aug 09, 2018 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: QUESTION ANSWERED - House I paid 157k in 2007 sold for 55k in 2018
Replies: 25
Views: 2954

Re: House I paid 157k in 2007 sold for 55k in 2018 - CPA saying I will owe capital gains tax

How much depreciation have you taken in total? I believe the tax rate is up to 25% on recapture depreciation.
by Braje
Fri Jun 08, 2018 3:15 pm
Forum: Personal Investments
Topic: Fidelity Roth IRA $30K, age 35, how to investigate?
Replies: 14
Views: 1334

Re: Fidelity Roth IRA $30K, age 35, how to investigate?

Why do you believe you should not buy all the funds at one time?
by Braje
Sun Jun 03, 2018 1:39 pm
Forum: Personal Investments
Topic: 19 yr old - IRA
Replies: 10
Views: 647

Re: 19 yr old - IRA

He could contribute up to 5500 IF he has that much earned income for the year.
by Braje
Sun Jun 03, 2018 1:39 pm
Forum: Personal Investments
Topic: 19 yr old - IRA
Replies: 10
Views: 647

Re: 19 yr old - IRA

He could contribute up to 5500 IF he has that much earned income for the year.
by Braje
Wed May 09, 2018 11:59 am
Forum: Personal Investments
Topic: Bad(?) advice from employer retirement advisor [on per-year contribution limits]
Replies: 29
Views: 2719

Re: Bad(?) advice from employer retirement advisor [on per-year contribution limits]

sschoe2 wrote:
Wed May 09, 2018 11:29 am
I agree he is wrong. The maximum pretax/traditional is $18,500. So you can have a 18.5k traditional 401k and $5.5k Roth IRA but not a $5.5k traditional IRA. Is that guy credentialed as in he passed any financial series?
Depends on your income level if you can do a Traditional IRA or not
by Braje
Tue Apr 17, 2018 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing taxes for 2018
Replies: 12
Views: 2041

Re: Minimizing taxes for 2018

For The Retirement saver's credit, if your AGI is low enough it doesn't matter if you do traditional or Roth
by Braje
Sat Apr 14, 2018 2:04 am
Forum: Personal Investments
Topic: Trying to understand my 401K
Replies: 11
Views: 1867

Re: Trying to understand my 401K

It is a Roth 401k. The IRA income limits don't apply.
by Braje
Sun Apr 08, 2018 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated taxes and 401k deduction
Replies: 3
Views: 277

Re: Estimated taxes and 401k deduction

Also not an accountant but why not just do through payroll withholdings?
by Braje
Thu Apr 05, 2018 3:33 pm
Forum: Personal Investments
Topic: Roth IRA contributions for the minor
Replies: 12
Views: 2070

Re: Roth IRA contributions for the minor

I really don't understand all this jumping through hoops to set up a Roth for a 10 year old. First I agree that the money you are giving your son sounds like Allowance and not wages. Why not simple open a taxable account for the kid.
by Braje
Sat Feb 17, 2018 12:12 am
Forum: Personal Investments
Topic: When do IRA's stop making sense?
Replies: 37
Views: 3309

Re: When do IRA's stop making sense?

Are you maxing out your 401K? If your spouse is mot working, if not the income limits would be different.
by Braje
Thu Feb 08, 2018 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 126
Views: 14954

Re: ROTH Ira for kids

Some folks disagree but I believe anyone doing a Roth should file a tax return. And if a self-employed person earns more than $400, SS tax is due with the return Except that those kids are on their parents' return. And where on their parent's return do kids put their earned income? That's for their...
by Braje
Sat Dec 09, 2017 8:37 pm
Forum: Personal Investments
Topic: Did I make an irrevocable IRA mistake?
Replies: 6
Views: 887

Re: Did I make an irrevocable IRA mistake?

You won't be able to contribute to your Former employer's plan, and if you are not self employed you can open a new 401(k).
by Braje
Thu Nov 30, 2017 1:15 am
Forum: Personal Investments
Topic: Generating earned income for young kids IRA
Replies: 18
Views: 3235

Re: Generating earned income for young kids IRA

Instead of trying to generate income only to pay the taxes and expenses, why not simply open a taxable account?
by Braje
Thu Nov 09, 2017 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: FSA Worth the Hassle?
Replies: 11
Views: 2294

Re: FSA Worth the Hassle?

I wouldn't bother in your situation. There is some risk with FSA accounts in my opinion since there is the chance you could put in more than you end up needing. There is also the hassle factor. If the difference in savings between the FSA account and the child care tax credit were big enough, I'd g...
by Braje
Sun Jul 09, 2017 2:20 am
Forum: Personal Consumer Issues
Topic: Doing dishes while camping
Replies: 38
Views: 3804

Re: Doing dishes while camping

Go to youtube.com and search, then watch. I camp single, double, and with a large group of say 8 people. Let's say we are cooking on a stove a big one-pot meal such as Kung Pao chicken or Thai curry w/chicken or jambalaya. We will scrape out the pot with a spatula (nylon or silicone) to serve into ...
by Braje
Fri Jun 16, 2017 2:38 am
Forum: Personal Finance (Not Investing)
Topic: Deleted
Replies: 32
Views: 6621

Re: inherited IRA in community property state requires spousal consent for non-spousal beneficiary

I am very surprised that a certain IRA custodian requires that for an inherited IRA (from a non-spouse), when they are residents of a community property state, a spouse must consent for the beneficiary to be anyone other than him/her. I thought inherited assets were considered separate, even in com...
by Braje
Wed May 24, 2017 4:30 pm
Forum: Personal Investments
Topic: Mortgage prepay math with PMI
Replies: 11
Views: 1830

Re: Mortgage prepay math with PMI

Could depend on the lender, but I thought you were require to keep the PMI for a minimum amount of time (I think 2 years) regardless of how much you pay down.
by Braje
Tue May 09, 2017 6:05 pm
Forum: Personal Investments
Topic: Newly married: MFS, multiple IRAs, student loans, and taxes (HELP!)
Replies: 28
Views: 2344

Re: Newly married: MFS, multiple IRAs, student loans, and taxes (HELP!)

Contribute to both 401k plans. The 401k with no match (or beyond the match) is no different than a traditional IRA, tax-wise. True, but then the vast majority of all of our assets will be in tax-deferred 401Ks. I was trying to get some stuff into a Roth to have a balance between tax-deferred and ta...
by Braje
Mon Apr 17, 2017 12:08 am
Forum: Personal Finance (Not Investing)
Topic: TLH question please. Doing my taxes.
Replies: 10
Views: 1338

Re: TLH question please. Doing my taxes.

You should be able to download the info into TurboTax. But yes you will have to carry over the 1200.
by Braje
Thu Apr 13, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: ROTH IRA contribution
Replies: 5
Views: 547

Re: ROTH IRA contribution

What the company pays you. Does not matter if is wages, sick leave, vacation, bonus or severance. It will all be included on your w-2
by Braje
Fri Mar 31, 2017 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Caluclating Fed taxes after age 70
Replies: 9
Views: 1920

Re: Caluclating Fed taxes after age 70

Can can use TAXCASTER to get a guessimate of taxes due. But in answer to your question 85% of the SS would be taxable.
by Braje
Thu Mar 30, 2017 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: reduce workplace tax witholding to afford more retirement contributions
Replies: 10
Views: 950

Re: reduce workplace tax witholding to afford more retirement contributions

I may depend on your current 401(k) plan. I can contribute up to 75% of my gross.
by Braje
Fri Feb 24, 2017 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security reps keep disputing advice given in this forum
Replies: 26
Views: 5925

Re: Social Security reps keep disputing advice given in this forum

Lexi wrote:Even under the old rules I believe only one spouse can file for spousal benefit only for a period and his or her own benefit for another period. The other spouse can only file for his or her own benefit.
I thought the same thing
by Braje
Thu Feb 16, 2017 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: IRA for just one year?
Replies: 16
Views: 1219

Re: IRA for just one year?

If your AGI is under 184,000 your wife can make a TIRA contribution. https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work And yes each person ha...
by Braje
Fri Oct 28, 2016 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Insuring children
Replies: 10
Views: 1663

Re: Insuring children

adamthesmythe wrote:> when the child is born will not be in open enrollment.

Um, having a baby is also considered a qualifying event, isn't it?
I believe so.
by Braje
Wed Oct 26, 2016 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Correcting Social Security earnings record
Replies: 19
Views: 3002

Re: Correcting Social Security earnings record

According to this article http://www.msn.com/en-us/money/personalfinance/check-for-errors-in-your-social-security-statements/ar-AAjqUXE?li=BBnbfcN Officially, you have to correct errors within 3 years, 3 months and 15 days following the year of the mistake. "As a result, it's quite possible that mis...
by Braje
Sat Oct 08, 2016 3:04 am
Forum: Personal Investments
Topic: Newbie advice needed for Investing and Taxes
Replies: 16
Views: 1537

Re: Newbie advice needed for Investing and Taxes

AGI is before Standard/itemized deductions
by Braje
Fri Oct 07, 2016 10:10 pm
Forum: Personal Investments
Topic: Newbie advice needed for Investing and Taxes
Replies: 16
Views: 1537

Re: Newbie advice needed for Investing and Taxes

OP if you can get your AGI to under 61500 you would qualify for the Retirement Savers Credit
by Braje
Fri Sep 09, 2016 5:55 pm
Forum: Personal Investments
Topic: Would it make sense for me to not max out my 401K?
Replies: 71
Views: 9684

Re: Would it make sense for me to not max out my 401K?

1.) I don't have to worry about contributing to my roth IRA because whatever I contribute to that a family member re-imburses me for the full amount every year. It is probably the Mom in me, but no way I give my grown kid money to fund a Roth when they are living rent free, making 57000/yr and have...
by Braje
Fri Aug 05, 2016 1:55 pm
Forum: Personal Investments
Topic: Struggling with maxing out Roths. Advice?
Replies: 40
Views: 3912

Re: Struggling with maxing out Roths. Advice?

meowcat wrote:What is Roth "space" and how does it go away "forever"?
If under 50 you can contribute 5,500 to a IRA, and you have til April 15 to do it for the current year. Example 2016 contribution can be made up until 4/15/17. After that it "goes away forever"
by Braje
Wed Jul 13, 2016 10:45 pm
Forum: Personal Investments
Topic: 19yr - Put savings into Roth IRA?
Replies: 23
Views: 2660

Re: 19yr - Put savings into Roth IRA?

Full time students are not eligible for the Retirement Savers Credit. Also it is a Non refundable credit.
by Braje
Wed May 11, 2016 5:46 pm
Forum: Personal Investments
Topic: Early Retirement Planning
Replies: 12
Views: 3270

Re: Early Retirement Planning

You probably won't be selling the entire 1,000,000 in one year. According to TaxCaster $91,133 in ltcg and no other income has no income tax due for MFJ.
by Braje
Tue Apr 19, 2016 8:50 pm
Forum: Investing - Theory, News & General
Topic: A new kind of a roth back door.
Replies: 7
Views: 2028

Re: A new kind of a roth back door.

Can you take the loan from just one fund or does it get taken out of all funds? Pretty sure you have to start pay back right away so all money wouldn't be sitting in your saving account for the year. Sound like a lot of work for $100.00.
by Braje
Thu Apr 14, 2016 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Last-minute IRA contributions
Replies: 3
Views: 423

Re: Last-minute IRA contributions

Well you learn something new every day. I thought there was still an income phase out but according to https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-NOT-Covered-by-a-Retirement-Plan-at-Work There is no income limit if neither spouse is ...
by Braje
Thu Feb 11, 2016 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Married filing jointly vs separately when I have business deductions
Replies: 21
Views: 1485

Re: Married filing jointly vs separately when I have business deductions

JSDNJ wrote:I did the numbers with H&R Block and came up with different results. Is this even possible?
How were you figuring them out initially? eg by hand or with a different tax program?