If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
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If your income is higher than estimated, you need to pay back some of the ACA health insurance subsidy. The repayment cap may help in some cases.
Filing the Form 5500-EZ for your solo 401k plan is super easy but you have to remember to file it. I use these the plan characteristics codes.
If you withdrew from your retirement account due to COVID in 2020, follow this to get the special tax treatment in TurboTax and H&R Block tax software.
Although you will be required to submit more documentation, you should estimate your income as low as possible and get the highest premium subsidy upfront.
Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into H&R Block tax software.
Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into FreeTaxUSA.
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
Many investors are confused when they report Backdoor Roth on their tax return. It’s very clean if you learn how to do it the easy way.
Making fewer things matter helps you focus attention and ward off FOMO and sales pitches. You’ve made it when you can afford all the “mistakes.”