vynm2
vynm2 t1_j6fxqtd wrote
Reply to comment by Upset-North-2211 in New job, how hard can I save for retirement? by charbroil95
The IRA contribution limit is $6500 for 2023, so it may not be possible to save 11% into a Roth.
vynm2 t1_j6fh08r wrote
Reply to comment by inmybubble36 in Filing 1099-Int for the first time with H&R Block by inmybubble36
Try a different software, but I would NOT recommend TurboTax. They're a bit of a smarmy company and have been in trouble more than once for leading people to believe they can file their return for free, and then telling them after they've entered all or most of their info that they have to pay to file-- sometimes when they could have declined paying and still filed for free.
vynm2 t1_j6eo6kr wrote
When you enter a 1099-INT, the only info you need to include is the payer's name (typically the name of your bank) and the amount of interest they paid you (and any other values that are $ amounts if it's not a 1099-INT from a bank). You typically don't need to include federal or state ID numbers.
vynm2 t1_j2cbqk2 wrote
Reply to Do my parents "need" to do their taxes? by Zerole00
A couple things:
- since you're talking about them not filing since around 2016, you'll need to check the filing thresholds for each year and compare their income to those thresholds to determine if they should have been filing. (You can find these in the 1040 instructions for each year. For 2018-2021, they're probably fine if they only had SS and minimal other income because the standard deduction increased substantially in 2018 and has been increasing since then.
- They may want to file 2020 and 2021 tax returns if they didn't get the stimulus checks. Most SS recipients did, though, so this may not be necessary.
vynm2 t1_j2canq3 wrote
Reply to comment by RealAustinNative in Downsides to tax loss harvesting? by RealAustinNative
Don't repurchase the same or substantially identical security in the Roth. If you do, you will trigger the wash sale and not be able to realize the losses.
vynm2 t1_j2cai2c wrote
Reply to comment by avalpert in Downsides to tax loss harvesting? by RealAustinNative
That is a downside, but not the "only" potential downside.
vynm2 t1_j2ca5o0 wrote
Reply to comment by RealAustinNative in Downsides to tax loss harvesting? by RealAustinNative
It definitely does, and you can effectively lose the losses if you repurchase the shares in an IRA (Roth or Traditional).
vynm2 t1_iy6qdz3 wrote
Reply to comment by Mysunsai in Claiming spouse as dependent for only part of the year. by mudra311
>and they earned less than $4200 in the year.
It's not relevant to u/mudra311 since they were married at the end of the year, but the $4200 income limit doesn't have to be *earned* income and the limit is indexed each year. For 2021 it was $4300; for 2022 it's $4400.
vynm2 t1_iuijylk wrote
Reply to comment by supersonic_528 in After-tax 401K to Roth IRA -- pro rata taxes by supersonic_528
If it doesn't, it should allow rollover from the after-tax Trad-401k to the Roth 401k.
vynm2 t1_iug58ye wrote
Does solo401k.com support in-service rollovers from the 401k to an IRA? Some solo-401k providers do, and some don't.
vynm2 t1_iug3u98 wrote
Reply to comment by broFenix in What is the 2023 HSA Contribution Limit for Spouse & Me Having Separate Individual HDHP Plans by broFenix
>2. My HDHP through my employer has the option to cover two or more people, but my wife and I elected to choose the "Employee Only" version of the HDHP plan we signed up under, as it was cheaper for my wife to have her own HDHP through the Health Insurance Marketplace and for me to have a HDHP through my employer.
It's important to realize that your spouse is only eligible for ACA subsidies for Marketplace insurance, if your cost for your employer's plan to cover both of you was more than 9.5% of your family's AGI. https://www.cbpp.org/blog/more-families-will-spend-less-on-health-care-premiums-thanks-to-a-fix-for-the-family-glitch
vynm2 t1_iug1tsg wrote
Reply to comment by Its-a-write-off in Credit building loophole. by [deleted]
u/ShimonaLisa, Its-a-write-off is correct.
As a cash advance:
- they get charged the cash advance fee,
- they start accruing interest right away, and
- they don't earn any points or other rewards.
So, what you're proposing isn't really a good idea, and it's definitely not going to be "free."
vynm2 t1_j6g3rv0 wrote
Reply to comment by Upset-North-2211 in New job, how hard can I save for retirement? by charbroil95
Yeah, but if OP listened to you and contributed 11%, they'd have made an excess contribution that they'd have to deal with.