A follow-up to my previous post on the subject (@meed18). Found in a recent DoC post:
Guy wrote a python script that uses Selenium driver (a software component that allows programs to interact with any supported web browser) to automate small Az GC reloads and cable bill payments.
One thing to remember is that it only works with those specific web sites and pages, so the script has to keep up with any changes to those pages. I just read through the thread and the author intends to maintain the script and even add support for other banks.
Your plan should be in effect from January 1. Have you checked with a lawyer yet?
I’m working on this now. The first steps are simple – login to the plan website (members.legalplans.com), get a case number, find an estate planning attorney, then call to make an appointment and provide the case number when asked. All lawyer fees are supposed to be covered by the plan, but government (county?) recording fees for changing property titles are not.
Note the contribution limit for IRA/Roth was increased in 2019 to $6k per individual, or $7k with the extra $1k catch-up contribution if you are age 50 or older.
Thanks for the help. Both of us are contributing to 401k through employer. I have maxed out. Spouse has contributed 12k. We can contribute $6k but it has a income limit of $123k to get any deduction. Is it better to contribute for roth IRA. I never looked into Roth IRA option? Is it better to contribute $6k each towards Roth IRA?
Is it good practice to max out both 401k and Roth IRA. We never bothered about Roth IRA so far. Thinking about maxing out on Roth IRA. Money can be pulled out completely after the retirement with Roth IRA without paying any tax.
Whether to contribute to a Traditional IRA or a Roth IRA depends on several factors, primarily your expectations of marginal tax rates now vs in retirement. If you think your tax rate is higher now, Traditional is more attractive. If you think it will be higher at retirement, Roth wins out.
Spot on. I contribute to 401k and max Roth for me and wife every year so we get both post and pre tax benefits. Some years I contribute a bit into a traditional IRA instead of fully contributing to the Roth if I need to lower my AGI to qualify for certain tax credits, like the Saver’s credit.
Roth does have some great benefits like the option to pull out contributions penalty free. It acts like a backup emergency fund if I ever absolutely needed it.
Thanks for the information. We are not qualified for any deductions for IRA contributions. I am thing of contributing it to Roth IRA. Both of us together should able to contribute 6k each right?
Can we withdraw full Roth IRA amount at the age of 60years without any fine/tax? Contribution cab be withdrawn any time as they are after tax to start with. Not sure if it is too late to start Roth IRA and have enough amount by retirement time. I guess little bit of everything should add up and help in future.
I have roll over IRA with Schwab and 401k account (Vanguard) which is eligible for roll over as well. I am thinking about consolidating both the accounts into Merrill Edge with their $900 promotion. Wondering if i can roll over Schwab IRA and Vanguard 401k into Merrill? If i have any MF’s or stocks in IRA/401K, do i need to sell before moving them into Merrill?
I owe to IRA based on my basic calculations. Do i need to pay interest and penalty? I am going to file my tax this week.Do i need to pay to IRS by April 15th.
Thanks for the information. I have checked out numbers using credit karma. I am thinking filing taxes as well. I owe a lot to IRS. Do i need to pay the fine as well? I am also planning to contribute to Roth IRA for 2019. I do not see a option to enter this in tax filing form? is it mandatory to declare Roth IRA contributions for 2019?.
You need to pay whatever it says you owe, and that number should already include penalties.
Roth IRA contributions are not reported to IRS, since it is not deductible and does not change how much you owe. The tax software asks questions about Roth IRA only to inform you how much you can contribute, to make sure you don’t make too little or too much money. If you save all the worksheets they’ll have that information, but it’s only for your own records, not for IRS.
A little unclear or insufficient info from ritholtz.
if you have taxes due, its usually better to choose the option in tax software to let the IRS figure any penalties.
you put in your Roth contribution amount in software because your income may qualify for a retirement savers credit. The software will calculate that for you.
Also, if you make over a certain amount of money, you could end up having to PAY tax on your IRA and ROTH IRA contributions or withdrawing the excess contributions and gains and paying tax on those gains.
I cannot figure this out myself despite some research… Hoping someone can clear this up for me. Thanks in advance!
IRS get payment site says status unavailable.
I filed 2018 tax return and OWED. Made payment using one of the IRS options so no ACH info on file from 2018 return. Have not filed 2019 return yet.
Does this mean I am waiting for paper check?
If so, should I file return or complete one of these “give your info to IRS” forms?
If your AGI is higher in 2019, then filing now would reduce the amount of your stimulus check. The IRS online tool is supposed to let you enter your bank account information but I don’t know where to do that.