Why aren’t millennials having kids?
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I’m pretty sure that’s how it works but maybe it’s state dependent? When I looked into them I remember thinking the transfer rules were surprisingly relaxed
It is easy to transfer between kids, but you should still set up separate accounts. The reason for this is that if you and your wife die unexpectedly, then ironing all that shit out will be a huge pain.
The amount of time required to set up one additional account is ten minutes at most.
One thing I’ve never been clear on: if you overfund and your kids don’t use it all can it continue to grow tax free for their kids?
Yes. You should be able to transfer beneficiary to a grandchild. Or any other human being. There could be gift tax implications depending on the size of the account. Of course, there are strategies you could use to address this issue.
Edit: See below posts.
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Only extended family, without taxes and 10 percent penalty correct?
Yeah, I guess you are correct. You can open a fund for someone else’s kid, but I guess you can’t actually transfer an existing 529 to someone unrelated. I think.
States differ on this, but in Ohio it makes sense to have an account for each kid, since the state tax break is capped on a per-beneficiary basis.
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I don’t know if anyone remembers but I accepted a job back in October and then backed out on them 2 days before my start date. I figured that bridge would have been burned for years… until I just got a voicemail asking if things have changed. 100% did not see that coming. Another company I did the same thing to 3 years ago reached out as well. I guess wounds heal pretty quick or companies are so used to it they don’t care.
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if the company is large enough they may not even be aware of it. I was purposely messing with a meta recruiter over a period of a few months, thought that’d burn the bridge forever, but I still get contacted by them occasionally.
It was the exact same person that I negotiated with and accepted the offer through. She remembers. She specifically brought up our last go around.
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They are going to have to find a way to fire me before I willingly leave at this point. Basically bent over backwards to get me to stay and I’m fully in my new position I was promised. We were just acquired so I assume that’s the catalyst for the phone calls.
Plus I kind of expect to get a sweet severance and payout if it ever comes down to it.
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Well this is fucking disastrous.
I’m studying part time while working.
(Note. This is all in Australia)
I’ve just done my tax return and they say I owe $23k in gov student loan repayments.
I had thought it was deferred until i finished the course. Nope. You start paying back as soon as you earn over a certain amount.
What’s worse. Is this would have been tax deductible if i only I had paid up front. But the loan repayments arent. So I have to basically pay it all up front in the year AND dont get a tax benefit.
I swear i checked this at the time when I started studying, but clearly I didnt. Or I misread.
Fucking hell. This is basically an 11 grand fuck up on my part in extra tax I have to pay.
Fuck. Fuck. Fuck. Fuck.
Mrs R’s mum has just been diagnosed with cancer. Was thinking about how I free up extra cash to help out. Did not fucking need this.
Fuck
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THAT’S SOCIALISM!
You want to roll the SEP into a solo 401k to avoid the pro rata rule.
Lol this article hand wringing over $200 electric bills when each of those fuckers is spending like 10k/month in retirement.
InFlaTiOn haHAA
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I read this yesterday. Lol having a mortgage in retirement, lol that one guy having a beach house, and most importantly Boomers retiring today seem to more often than not have some kind of pension. The next generation won’t.
The median 401k balance for people 50-59 is $73k.
Is anyone up to date on the EV tax credit situation until end of 2022? I read a bunch of articles and it is still not any clearer. I know under the IRA I would not be able to get any credit due to an income limit of 250k for married. Based on this publication https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d, I believe the income limit and other provisions of IRA do not apply for the rest of 2022, the only thing that applies is that final assembly was done in USA and the manufacturer is still under their 200k limit.
So it looks like It look like if I buy and get delivery this year I could get a tax credit regardless of income or where the components of the car are manufactured. However, a lot of reporting in the news makes it sound like income limits and other aspects of the IRA kicked in immediately on August 16, so I am worried I am misreading the IRS publication.
Backstory: I have been living with only one car for 3 drivers in my family since we moved back from Germany at end of 2020, mostly because I can work from home and never go out at night because 2 year old and 3 year old are at the house. I thought I would buy something late last year but the prices are ridiculous and I’ve been able to balance it.
Then I was planning to continue to wait to buy a car until prices returned to a sane level, but now I have a job opportunity that would require going into an office regularly and will need to buy a car if I take it. My original plan was to get a Prius Prime or PHEV last year. It is still impossible to get those in my area (I’d have to pre-order by many weeks and pay more than 5k over MSRP). If the assumptions above are true I could get like a Volvo S60 Recharge which seem to be in stock on lots near me in northern NJ and still get a significant tax credit next year which makes that a much more attractive option for me, compared to paying over MSRP for something like an Elantra since I cannot find a real EV that doesn’t have a long lead time and don’t want to overpay for a used car.
“ What matters is delivery date. (aka putting the vehicle “into service”)
If you take delivery in the remainder of 2022 the rules are:
• Assembled in North America
• Manufacturer hasn’t run out of credits (Tesla, GM)
If you take delivery in 2023 the rules are:
• Assembled in North Amaeixa
• No manufacturer caps
• Your 2022 or 2023 adjusted gross income is below the limits $150k single $300k joint
• Half the credit is based on 50% of battery components from the US or free trade partner
• Half the credit is based on 40% of battery minerals from the US or free trade partners”
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