14

Yes, all of the deductions you mentioned are outside of the itemized deductions, so participation reduces your taxes even if you elect to take the standard deduction. Items that are deducted from your paycheck by your employer, such as 401(k) contributions, payroll HSA contributions, or FSA deductions do not show up on your tax return at all. Your employer ...


7

Yes to all 4. Assuming you contribute through your employer's payroll, Traditional 401(k), Health Savings Account (HSA), and Flexible Spending Account (FSA) contributions are deducted from federal wages on your W-2. Traditional IRA is an above-the-line deduction, which means you don't have to itemize to benefit. In practice, it works out the same as a ...


7

You have to consider a couple of things: Money taken from your pay check and put into the HSA is tax free, and also skips Social security and Medicare. Money you put into the old account from your bank account will save you income tax, but not FICA. Sometimes you current company pays a monthly fee to the company running the plan, you will have to pay that ...


3

Because Company A is willing to contribute to Account A, that's a great reason to set up Account A. Because you can invest in Account B, that's a great reason to keep Account B (assuming the fees are low). If you can stay organized and keep track of two accounts, the best option may be to use both accounts while you are employed by Company A.


3

No, if you max out the Roth you cannot also contribute to a Traditional IRA, neither pretax nor after-tax. The max amount you can contribute to an IRA is the total of all contributions you make to any kind of IRA. In 2021, the total contribution limit is $6000 if you are under age 50, and $7000 if you are 50 or older. You could theoretically contribute less ...


3

The government has declared landlording and investing to be 'passive' activities that do not belong on Schedule C. Landlording is on Schedule E. Investing on Schedule D (capital gains/losses) and 1040 (dividends). If you wish to make these activities active, you would have to get a real estate license (for landlording) and become a day-trader (for 'active ...


2

You can also transfer assets from Company A's HSA to another one as often as you want. Looks like the proper one is called "Trustee-To-Trustee" transfer. https://medium.com/@livelyme/hsa-rollovers-and-transfers-demystified-a757c9d7fc4e. Since it involved a physical letter for me (HealthEquity -> Fidelity), I only did it twice a year.


1

A few paragraphs earlier it says Reasonable method allocations. To the extent that you have a properly allocable deduction that’s allocable to both net investment income and excluded income, you may use any reasonable method to determine that portion of the deduction that’s properly allocable to net investment income. The three items that may be allocated ...


1

Yes, but no... The core point is that the total of the two is limited to 6000 (or 7000 if older than 50). Within this limit, you can spread your contributions between any number of IRAs and Roth IRAs. Also: You can always contribute to an IRA, there is no upper income limit. The income limit is for being able to deduct the contribution from your taxable ...


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