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Posted

Starting this with an HSA question.  I know there's a contribution limit, but is there a BALANCE limit?  Looks like no?  I don't need to spend it down to a certain level or anything?

Posted
  On 1/14/2024 at 11:30 PM, Parliament said:
Starting this with an HSA question.  I know there's a contribution limit, but is there a BALANCE limit?  Looks like no?  I don't need to spend it down to a certain level or anything?

No balance limit, only yearly contribution limit.
Posted
  On 1/14/2024 at 11:30 PM, Parliament said:

Starting this with an HSA question.  I know there's a contribution limit, but is there a BALANCE limit?  Looks like no?  I don't need to spend it down to a certain level or anything?

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FYI, if you are intentionally keeping a HSA balance, be sure to keep all healthcare receipts even if you don't plan to reimburse yourself now. There is no time limit to reimburse. You can collect a receipt today and pay yourself back in 2050.

Some people are collecting 10s of thousands of receipts and letting their HSA balance grow in the market. When needed, they may just reimburse themselves the full amount, tax free, in retirement.

  • Like 4
Posted
  On 1/15/2024 at 4:19 PM, Nice Guy Eddie said:
FYI, if you are intentionally keeping a HSA balance, be sure to keep all healthcare receipts even if you don't plan to reimburse yourself now. There is no time limit to reimburse. You can collect a receipt today and pay yourself back in 2050.
Some people are collecting 10s of thousands of receipts and letting their HSA balance grow in the market. When needed, they may just reimburse themselves the full amount, tax free, in retirement.

This is the way.
Posted
  On 1/15/2024 at 4:19 PM, Nice Guy Eddie said:

FYI, if you are intentionally keeping a HSA balance, be sure to keep all healthcare receipts even if you don't plan to reimburse yourself now. There is no time limit to reimburse. You can collect a receipt today and pay yourself back in 2050.

Some people are collecting 10s of thousands of receipts and letting their HSA balance grow in the market. When needed, they may just reimburse themselves the full amount, tax free, in retirement.

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  On 1/16/2024 at 12:20 AM, txduck87 said:


This is the way.

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This is the way.

  • 2 weeks later...
Posted

37 minutes and $31 later, taxes are done and filed.

That wasn't too painful. 

Posted

Anyone have tax pro recommendations? I got an investment related K1 last year that contained income / filings for multiple states and international income. The fund isn’t producing much income yet so not really sure I have much to file, but I could see it getting pretty complex next year. Turbo tax was painful to use last year and I’m pretty sure everything I did was wrong.

Posted
  On 2/3/2024 at 5:40 PM, slorch said:

37 minutes and $31 later, taxes are done and filed.

That wasn't too painful. 

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This is usually me, but this year my wife and her siblings set up a joint account from her mom's estate after her mom died early last year. 

So there's about $4k in interest income that tax is due on and the 1099-INT came to us.  Trying to figure out how to report nominee interest income in the software and it's not clear how to do that.  Or can we just pay the whole amount and have them reimburse us without any sort of red flags?

Posted
  On 2/4/2024 at 12:46 AM, Mother mopar said:

I take my shit to a CPA, (single member, LLC), it's worth the money and that's tax-deductible too. More than pays for itself. Fuck turbo tax.

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Same boat (single member LLC), and I've found that no one gives a shit about my taxes as much as I do. I hate doing them. I hate having someone who doesn't really care or know what my situation is try to handle it even more.

Posted
  On 2/6/2024 at 9:19 PM, FirstTimeCaller said:
Same boat (single member LLC), and I've found that no one gives a shit about my taxes as much as I do. I hate doing them. I hate having someone who doesn't really care or know what my situation is try to handle it even more.
You need you a good CPA bud. My first one was horrible but this current guy is legit.

Doing taxes sucks, no reason we should even being doing taxes considering the IRS ready knows how much we make/ Rant over
Posted

I'm sure this has been asked in prior years, but the search function sucks more than the IRS...

What's the best way to handle Texas sales tax to ensure maximum deduction but also avoid federal, pound-me-in-the-ass prison? The IRS' income-based deduction calculator says we spent ~$30k last year, which is absolutely laughable considering my wife's penchant for setting cash on fire + 2 kids...but they can't expect people to collect and submit 1,000+ sales receipts every year to itemize, right?? Are there any super secret CPA methods or threshold amounts that are defensible or outright fly under the audit radar? TIA.

Posted
  On 2/7/2024 at 9:39 PM, NeverMarryAStripper said:

30k at 8.25% is $2,475.  If you also have deductible property taxes, you are probably over the $10K limit any way

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Yep, if you are paying property taxes in Texas you are going to quickly get to the 10k SALT limit anyway. Sure would like to see that limit raised. 

  • Hook 'Em 3
Posted

In the past, I would blow past the standard deduction relatively easily with property tax, mortgage interest, charity, etc. but in looking at my 2023 taxes this may be the last year I itemize.  My mortgage interest is very low and Texas has lowered my property tax.  

  • 4 weeks later...
Posted
  On 3/7/2024 at 3:30 AM, Parliament said:
Why does TurboTax wanna know the size of my ROTH IRA?
image.thumb.png.a017c2d644f7ce75066fe7e1cf7a4b0e.png
I went the CPA route this year but in previous years using TT, I don't remember that question ever.

What's the value matter, it's the contributions Uncle Sam gives a shit about.
Posted
  On 3/7/2024 at 3:30 AM, Parliament said:

Why does TurboTax wanna know the size of my ROTH IRA?

image.thumb.png.a017c2d644f7ce75066fe7e1cf7a4b0e.png

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Only used on Form 5329 regarding additional tax on any excess contributions. "Additional tax. Enter 6% (0.06) of the smaller of line 24 or the value of your Roth IRAs on December 31, 2023 (including 2023 contributions made in 2024). Include this amount on Schedule 2 (Form 1040), line 8"

Basically if your value is lower you may owe less tax on any excess contributions.

  • Hook 'Em 1
Posted
  On 2/7/2024 at 8:31 PM, SuperSport said:

I'm sure this has been asked in prior years, but the search function sucks more than the IRS...

What's the best way to handle Texas sales tax to ensure maximum deduction but also avoid federal, pound-me-in-the-ass prison? The IRS' income-based deduction calculator says we spent ~$30k last year, which is absolutely laughable considering my wife's penchant for setting cash on fire + 2 kids...but they can't expect people to collect and submit 1,000+ sales receipts every year to itemize, right?? Are there any super secret CPA methods or threshold amounts that are defensible or outright fly under the audit radar? TIA.

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Is this what you seek?

Use the Sales Tax Deduction Calculator | Internal Revenue Service (irs.gov)

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