I have my business accounts at capital one and the credit card I already have in the company name is with them. I was hoping I wouldn’t have to do anything more complicated than the very basics with a mega bank lol. To say I do not trust them is putting it mildly. This account basically exists to take in money from the brokerage I’m an agent for and then distribute it out everywhere it needs to go from there. I rarely have more than 10k in it and it’s only touched that maybe 5 times in the last 2 years.
Also am very intertwined with the brokerage I’m an agent for. That’s part of why I haven’t really needed much on the banking side of things. They’re the ones who take the payment from the customers and pay the trucking companies. That’s quite literally a large chunk of what their end of the work looks like lol.
Yeah, when I was working out benefits with my wife when I got my job, we weren’t really sure how much we’d be spending each year, but when we saw that spending nothing or nearly so and hitting the OOP max were both cheapest on the HSA plan, we went with that.
One of my my biggest financial regrets is not understanding the HSA option when I was young, single, healthy and basically only visiting a doctor once a year.
I use them now and just save receipts. I will hit out of pocket max around April / May each year for the foreseeable future due to my daughter needing hours of therapy every day.
hey guys I have two 401k accounts that I’d like to roll over
I have both roth and “traditional” IRAs at fidelity, what are the current rules for rolling 401ks? I’d prefer to roll into the roth, right? but there are limits?
If it’s not a Roth 401k and just a regular one, then rolling it in to a Roth IRA will cause you an immediate tax hit. There are definitely scenarios in which that tax hit is +EV because of the benefits of a Roth, but I think in most cases it is not.
As Melk said, no income limits, but you’ll owe taxes. It will all be at your marginal tax rate. Potentially even pushing into higher brackets but if that’s the case you should rollover to a traditional IRA then work it into a Roth over multiple years. If you keep it traditional until retirement you’ll be able to pull at least some of it out every year at lower brackets. But if you plan on living large in retirement or moving to a high tax state or otherwise think your taxes will be higher in retirement maybe you think your marginal rate now looks pretty good.
Obviously there are also employment rules for dissolving your 401k’s so you’ll want to make sure you’re eligible for that as well. Usually that just means 401k’s from previous employers, you can’t convert an active account.
Backdoor Roth depends how easy it is, right? Like my work 401k through Vanguard allows 401k mega-backdoor so it’s a no-brainer for me, but I could see the process being annoying if you have to do a bunch of arcane shit yourself.
semi-related question, I have a bunch of vested but un-exercised options in my company, is it possible to exercise them “inside” an IRA? complication: the FMV is (slightly) above the strike price so there will be a taxable event when I exercise.
IIRC he initially took possession of the warrants in his Roth and was able to do so at their par value, which was way less than their reasonable market value.
It’s possible but you may have to do it before they’re marketable, and I think it was a special brokerage for wealthy tech bros. Worth a shot though for sure, lots of upside if they let you.