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1

Back in the late 80's I had a co-worked do exactly this. In those days you could only do things quarterly: change the percentage, change the investment mix, make a withdrawal.. There were no Roth 401K accounts, but contributions could be pre-tax or post-tax. Long term employees were matched 100% up to 8%, newer employees were only matched 50% up to 8% ...


0

I'll add a little to the already great advice here. It certainly sounds like you are in need of consolidation here. Having 11 different cards vying for your attention sounds like a nightmare to manage. I also concur that it is a bad idea to cash out your retirement accounts to deal with this. I know it's frustrating to have the debt hanging over your head ...


0

In my experience, you either have a family deductible in effect or a single deductible, but not both. So if you have family coverage on your policy (you are paying family premiums), here is how it would work: You have a $1500 surgery. You pay all of it, and it is applied to your $2000 family deductible. You haven't met your deductible yet. Next your ...


0

If you're making $80k, and you're consulting for an extra $400/wk or $20,800/yr, you're earning a total of $100,800. That's assuming you do it for a full calendar year of course. Either way, assuming you can deduct/exclude at least $11k of income (as almost everyone can), you're paying 25% on your marginal dollars. (This also assumes you're single; if ...


5

If your credit card's interest rates are not more than your 35% (25% for your tax bracket and 10% penalty), there is no way I would consider this. If you boil it down to the numbers, you are asking whether you should borrow money at a 35% interest to pay off your credit cards. I would say Absolutely Not! $20K of auto loans which equal $1100 a month in ...


6

When you have $1000 individual and $2000 family, and the family consists of you and your wife - you'll see no difference. If, however, you happen to have a kid - then consider this: You had a surgery in February, billed $1500, paid $1000 deductible, insurance covered $500. Your wife had a surgery in May, billed $1500, paid $1000 deductible, insurance ...


1

There is no guarantee that interest rates will stay at their historic lows. The Federal Reserve is ending their bond buying program, so rates will likely rise. It's also possible that for any number of reasons your home may lose value in the next year, so you won't be able to sell or refinance for several years more. As with any market, you should make your ...


2

If you bought stock XYZ during the day, and then you sold XYZ in after hours (after 4pm ET) that same day, then it still counts as a day trade in terms of the pattern day trader rules. If you don't want it to be a day trade, then you will have to wait until the next morning to sell it.


1

A few years ago when I was comparing a PPO and a High Deductible plan the biggest difference was the cost of prescriptions. Under the PPO you paid a rate like 5/20/50 depending on if it was a generic, a regular or an expensive prescription. Under the High Deductible plan the cost of the prescriptions was set at the negotiated cost of the medicine. That ...


1

A couple of things to consider: Look at the plans and consider how much you will pay if your medical bills for the year fell into various ranges. Like in this case, one plan has a $1000 deductible and the other has a $1500 deductible. So if your medical bills for the year are less than $1000, neither plan will pay anything, and the better plan is the one ...


2

I remember being told that purchases made in the last quarter of the year can't be deducted entirely in that tax year; instead, they have to be depreciated over their expected life span (5 years for computing hardware). Is this true? It is true. In fact - it doesn't matter which quarter you made the purchase in. Computing hardware has to be ...


9

Read more closely: If you do not change your current withholding arrangement, you will have $7,817 withheld for 2014 resulting in an overpayment of $2,467. and later... Assuming this recommendation is in effect for the rest of 2014... If you do nothing you would get a refund of the full $2,467. If you follow the advice of whoever wrote that ...


9

Here are the answers to your questions, from easiest to hardest. :) If I leave a HSA plan to join a PPO in the future does my saved money vanish? No, your money does not vanish. Your HSA is yours to keep. Even if you become ineligible to contribute to an HSA in the future, you keep your account, and you can withdraw on it for eligible medical ...


4

My employer started offering an HSA in 2008, and they pre-funded the account with $2000 (enough to cover the deductible) to give employees incentive to choose it over the PPO plan. The employer cost of the PPO plan was significantly higher, so they were still saving a bundle on the employees that switched. High deductible plans are good for employees that ...


3

Check customer satisfaction, whether your current doctors are on the plan (and whether you're happy with those who are, if you do have to switch), what copays are like, whether you get the negotiated/discount rates on drugs and services immediately or only after the deductable has been met (our high-deductable-and-HSA plan is of the latter sort)... ...


4

The IRA contribution limit is a limit on the total amount you can contribute to all of your Roth and traditional IRAs. It's not a per-account limit. (See here and here.) Once you've hit the contribution limit on one account, you've hit it on all of them. Even so, supposing you had a reason with try to take money out of one of the accounts, the answer to ...


3

Sale of a stock creates a capital gain. It can be offset with losses, up to $3000 more than the gains. It can be deferred when held within a retirement account. When you gift appreciated stock, the basis follows. So when I gifted my daughter's trust shares, there was still tax due upon sale. The kiddy tax helped reduce but not eliminate it. And there was no ...


1

Unfortunately, with 401(k) in-service withdrawals, they are plan based as to the parameters of what can be distributed and at what time. You'll want to check with your plan administrator or HR for clarification as the plans vary and for the most part are custom to the employer.


4

The Roth-IRA or for that matter a regular IRA is generally not connected to your place of employment. Now a 401(k) is linked to your place of employment. If the business no longer exists, they should have turned over the 401K. The US department of Labor has information regarding plans that have been abandoned. I suspect my plan is abandoned, but I have ...


0

In general, Roth IRAs, are associated with the individual. Unlike 401(k)s for which the business holds the retirement account in the name of the individual. So, although the company may have helped you set up the Roth it is in your name and you can continue to contribute to it. Wikipedia has some helpful information here. It should be noted, however, ...


2

The FSA can only pay for expenses incurred after it was open. This also applies in case of a mid-year change in election (such as due to marriage, divorce, child birth, etc.) For example, according to this page: You can only be reimbursed for qualifying expenses, from the election that was in place at the time the expense was incurred. So, say you ...


5

You are wildly over-estimating your taxes. First, remember that your business expenses reduce your gross income. Second, remember that taxes are progressive, so your flat 35% only applies if you're already making a high salary that pushed you into the higher brackets of US and CA. I think the deeper problems are: 1) you are expecting a super early ...


2

There's two big problems here and they are both related to the same thing: You are paying a lot of taxes Your monthly expenses are ridiculous at almost 12K per month The last line says it all: you live in California. CA is a terrible state to do business in. the taxes on this money alone are crushing. Also, while I think you need to re-visit your budget ...


2

A quick search via google shows that some 401K programs are refunding money to the employees if the cost of running the program were lower than originally estimated. Here is one such explanation: As was communicated in the plan transition guide in September 2012, the University of Washington has negotiated a fee credit from Fidelity. Beginning in ...


3

Generally, banks will not lend to "rental" LLC's, you'll have to cosign the loan personally. So for that matter LLC has no benefit. Paul mentioned the "due on sale" clause that is present in most current mortgage contracts and may trigger a call on your mortgage. Talk to your bank about it, in some cases you may be able to convince them that the ownership ...


6

I think you might be missing something important here. If you are running a business, then any expenses that your business incurs are deductible. Yes, Kickstarter would report the full amount. The IRS requires them to report everything that you raised. However, the Kickstarter and Amazon fees would be a business expense. Your cost on the backer rewards are ...


0

If your regular withholding is not enough to cover your tax due, then you can withhold extra taxes to avoid owing anything the following April 15. Alternatively, you may make estimated tax payments to avoid owing anything the following year. Some taxpayers will be required to make estimated payments, typically when the tax due will be sufficiently larger ...


1

You pay taxes on any gains you make after selling, so if you buy and hold you won't pay taxes (and you should hold for more than a year so that it gets taxed at the long-term rate, not the short-term rate). I like ETFs, there are some good ones Vanguard offers that are fairly broad, or you can use something like www.Betterment.com which invests in a ...


5

"myRA" is a name for a proposal Obama made to make IRA more accessible to people who are employed but don't have access to the traditional employer-sponsored retirement plans. However, other than making IRA more accessible - there's nothing in that plan that doesn't exist already. You can open IRA yourself and deposit money there yourself. The only thing ...


10

As @littleadv's comment on your question said, it is unlikely that you and your husband paid a total of $5K in income tax on $185K of wages in 2013. More likely, your 2013 tax return (assumed to be a Married Filing Jointly tax return) showed that you had not arranged to have enough tax withheld from your salaries and thus you still owed $5K to the IRS for ...


1

Is there a limit on how much I can send? Can I send $100K plus? No. Yes. What is the most appropriate way to send money - international wire? Is there international-wire limit restrictions I need to be aware of? Yes. No. Is there any tax obligation should I be aware of when sending money home? If you're a US tax resident (which, as a US ...


1

All the answers that show the equivalency of 401(k) pre-tax and Roth 401(k) post-tax using equivalent contributions are correct assuming equivalent tax rates upon withdrawal. There is some potential gain if your tax rate upon retirement is higher than your working tax rate, but often people calculate a smaller percentage of their working income for their ...


0

Taxable fringe benefits are included in taxable wages for the purpose of FLSA. So when those executives get to use company cars or company jets that value is "wage" even if it isn't salary.


2

Yes you have to notify your employer. You will have to pay taxes on your Virginia income to Virginia from the start of the year until when your leave the state. You will have to establish residence in Florida to prove to Virginia that you no longer live there. You should register to vote in Florida, Register your vehicles in Florida, get a Florida Driver ...


1

Even under the executive exemption, see Exemption for Executive Employees Under the Fair Labor Standards Act (FLSA) Section 13(a)(1) as defined by Regulations, 29 CFR Part 541, it seems that a minimum compensation is required. To qualify for the executive employee exemption, all of the following tests must be met: The employee must be compensated on a ...


8

This is the infographic from the Fidelity. It exemplifies what's wrong with the financial industry, and the sad state of innumeracy that we are in. To be clear, Fidelity treats the 401(k) correctly, although the assumption that the withdrawals are all at a marginal 28% is a poor one. The Roth side, they assume the $5000 goes in at a zero tax rate. This ...


1

For Qualified or Safe Harbor Matching/Profit Sharing they have legal requirements over 59.5. For everything else it's based on the plan document what is allowed. The plan document can be (and usually is) more restrictive than the law.


7

Actually the Fidelity hypothetical example (with same marginal tax rates) is super misleading. They are putting the money saved up front from the traditional 401k in to at taxable account. Why? If you put the actual money used for the Roth that would be saved into traditional 401k they look the same no matter the timeline (with a hypothetical unchanging ...


0

Something that's come up in comments and been alluded to in answers, but not explicit as far as I can tell: Even if your marginal tax rate now were equal to your marginal tax rate in retirement, or even lower, a traditional IRA may have advantages. That's because it's your effective tax rate that matters on withdrawls. (Based on TY 2014, single person, but ...


10

They're wrong, and it's easy to show that if you pay the same % in taxes then you end up the same either way. If you have an initial investment of 10k, an effective tax rate of 25%, and gains of 10% a year, here are the numbers: You invest 10k into a traditional. After 50 years, you have $1,173,908. After paying taxes, you end up with $880,431. You ...


4

There is no advantage to using one type of account or the other if you are in the same tax bracket at retirement that you are in during your working years. However, for tax planning reasons, it is good to have some money in both a Roth and a traditional IRA plan. JoeTaxpayer has often advocated a good rule of thumb to use a Roth when your tax bracket is ...


3

While the other answers are good, I wanted to expand a little on why I feel a ROTH is a bad way to go unless you are young. First, let's pretend you have a 25% tax rate. And your investments will go up 5% per year for 10 years. You contribute 6% of income for one year. You can do a traditional or a roth 401k/IRA. Here's the math: Traditional: 6% of income ...


3

The reason the article recommends a Roth 401k for those who have a long time until retirement is based on your salary, marginal tax rates, and effective tax rates and some assumptions. Your salary will typically increase over the duration of your career. Based on the previous point, the further you are from retirement, the lower your marginal tax rate (in ...


2

In my county in Colorado, the sale price of the house is used as a valuation for the new owner and influences the assessment value when the property is reassessed. If the home is bought for $200k and sold for $180k the $180k value will affect the valuation when valuations are next computed. There may be a time period between when the house is sold and ...


1

Each tax year a local jurisdiction has a time window where homeowner can appeal their assessment. The law dictates the timing of the window, and how to appeal. Assuming that you are still in that window you could appeal. If you are outside that window, your ability is very limited and for all practical purposes is zero. Your local government website, or the ...


5

Part of your first link has this statement that I suspect you are missing: However, Section 13(a)(1) of the FLSA provides an exemption from both minimum wage and overtime pay for employees employed as bona fide executive, administrative, professional and outside sales employees. Note that executive is in that list. As for the additional note: ...


0

I am assuming that your spouse is a nonresident alien for tax purposes (the definitions of resident alien are really complicated, but it sounds likely that she is not). In order to file as Married Filing Jointly, both people must be residents for tax purposes. So as your spouse is a nonresident, that means you must file as Married Filing Separately (or Head ...


4

Start with your local police department then move on to these sites. Fill out the United States Postal Service fraud complaint form http://ehome.uspis.gov/fcsexternal/ Contact your State Attorneys General. Your state Attorney General or local office of consumer protection is also listed in the government pages of your telephone book Write to the Federal ...


1

PA local taxes are a little tricky at times, but they do have resources to help taxpayers out. The link below is a good place to start, it provides a step by step guideline to go about your local taxes. The Address search application will tell you which locals you would need to file returns with as well as the tax rates. There are links at the bottom of ...


0

Starting in 2014 the ACA or Obamacare has eliminated coverage denials due to pre-existing conditions. According to this website you can't be denied coverage or charged more.



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