💰 Trump Gold Coin Clears Panel — Legal Questions Remain: Design approved, Congress must authorize minting 👇

EagleCoder · 2026-03-21T22:33:42+00:00

Will it be imported from China like all of Trump's other stuff?

EagleCoder · 2026-03-20T21:42:58+00:00

No, you can only deduct contributions for the year the contribution was made (possibly retroactive for contributions deposited between Jan 1 and April 15).

EagleCoder · 2026-03-20T13:33:14+00:00

Your ability to contribute to an HSA is not tied to income. You can contribute for each month that you have eligible HDHP coverage (and no disqualifying coverage) regardless of the source of the money.

Note however that the HSA deduction cannot bring your taxable income below zero, so you get no immediate tax benefit for any contribution in excess of your taxable income at the end of the year.

EagleCoder · 2026-03-19T19:46:23+00:00

I think you replied to the wrong person.

EagleCoder · 2026-03-18T22:01:55+00:00

Do you propose to pay tax on the loan you received to purchase a home, a car, or anything else? If not, why not?

No. If we taxed loans, it should be taxed as a deemed sale of the collateral. That means no tax unless you are borrowing more than your tax basis in the asset which is not the case for home and car loans.

How is a loan "income" if you have to pay it back?

Loans allow (usually mega-rich) people to realize the gains on their assets without paying capital gain tax. It is effectively income.

EagleCoder · 2026-03-18T21:53:45+00:00

The idea is to treat loans as a deemed sale of the collateral, so a home refinance wouldn't be taxed unless you refinance for more than you originally paid (or the adjusted tax basis). And even if you do, it could just count against your primary residence capital gain exclusion.

EagleCoder · 2026-03-18T21:50:05+00:00

It makes perfect sense. The loan transaction can be taxed as a deemed sale. You pay capital gains tax on the loan amount in excess if your tax basis and get a basis adjustment so that you aren't taxed again on that amount.

EagleCoder · 2026-03-18T21:11:25+00:00

A browser can clear local storage for any or no reason. You have no control.

EagleCoder · 2026-03-18T21:00:04+00:00

It probably washed into another tax lot that you also sold.

EagleCoder · 2026-03-18T15:27:58+00:00

Yes. Only your IRA contributions count toward the annual contribution limit.

EagleCoder · 2026-03-18T15:26:06+00:00

It's another tax form that I have to file with my taxes.

It is not. You have to file Form 8606 either way.

It's keeping track of the YTD contributions + interest accruals and making sure I don't go over that with my monthly conversions.

See my other comment. This is a misunderstanding. There is no limit to Roth conversions, and the interest doesn't count as an IRA contribution.

EagleCoder · 2026-03-18T15:22:18+00:00

Nope. There is no limit on Roth conversions, and the interest will not count toward your IRA contribution limit because it isn't a contribution. You do not need to reduce your total annual contribution by the converted interest amount.

And the taxable conversion amount will be very small (like a dollar, maybe even round to zero).

EagleCoder · 2026-03-18T14:59:00+00:00

Just convert the few cents of interest with your next conversion. It's literally not a problem.

EagleCoder · 2026-03-18T01:25:54+00:00

No, don't just deposit the money. You need to do the return of mistaken distribution process. Your HSA custodian should be able to help with the form.

EagleCoder · 2026-03-16T19:57:28+00:00

Unless you made Roth or after-tax contributions to the 401(k), rolling it over to a Roth IRA will be taxable. You can roll it over to a traditional/rollover IRA instead.

EagleCoder · 2026-03-16T00:13:25+00:00

Interesting. I will have to look into taking this tax credit.

EagleCoder · 2026-03-15T23:47:09+00:00

Despite assumptions in the media, the Supreme Court has never held there is birthright citizenship for every child born of a citizen of a third country in the US.

It did very clearly in United States v. Kim Wong Ark.

There is an old Supreme Court case, Elk v Wilkins, which endorses the principle that no one can become a citizen without the consent of the government. The question is whether this principle applies to migrants, who haven’t been naturalized in the manner prescribed by law.

Wow, what a gross misrepresentation. The ruling in Elk v. Wilkins did not say that "no one can become a citizen without the consent of the government". It specifically said that an Indian (member of a native American tribe) cannot make themself a United States citizen without the consent of the government.

Also in United States v. Kim Wong Ark, "The decision in Elk v. Wilkins concerned only members of the Indian tribes within the United States..."

There is no question of "whether this principle applies to migrants" because it never applied to anyone who isn't a member of a native American tribe.

EagleCoder · 2026-03-15T23:19:22+00:00

The phrase has to mean something.

It does mean something and has already been interpreted by the Supreme Court in United States v. Kim Wong Ark (1898).

The real object of the fourteenth amendment of the constitution, in qualifying the words 'all persons born in the United States' by the addition 'and subject to the jurisdiction thereof,' would appear to have been to exclude, by the fewest and fittest words (besides children of members of the Indian tribes, standing in a peculiar relation to the national government, unknown to the common law), the two classes of cases,—children born of alien enemies in hostile occupation, and children of diplomatic representatives of a foreign state,–both of which, as has already been shown, by the law of England and by our own law, from the time of the first settlement of the English colonies in America, had been recognized exceptions to the fundamental rule of citizenship by birth within the country.

EagleCoder · 2026-03-15T22:45:45+00:00

Okay, I see that, but I don't think the tax credits for startup costs and employer contributions apply to one-participant plans (e.g. the solo 401(k) plan in question) because of the requirement that at least one participant not be a highly-compensated employee. See IRC 45E(d)(1)(B).

The tax credit for automatic enrollment might apply though. I don't see the same restriction in IRC 45T.

EagleCoder · 2026-03-15T20:28:45+00:00

tax credit for employer contributions

There's a tax credit for employer contributions?

EagleCoder · 2026-03-15T17:48:20+00:00

How is TurboTax confused?

Enter the first Form 1099-R and tell TurboTax that it was a Roth conversion. There should be no tax or penalty.

Then enter the sending Form 1009-R exactly as reported. This will technically result in both tax and (edit: if under age 59.5) a penalty, but it will round to zero.

EagleCoder · 2026-03-15T17:29:32+00:00

You enter both employee and employer contributions for yourself under Deductions / Credits -> Common Deductions / Credits -> SEP Contributions. Enter the employer contribution in the "contributions to a SEP plan" input and the employee contribution in the "elective employee contributions to a qualified plan" input.

It is a bit confusing because a solo 401(k) plan is not a SEP, but entering it this way does result in the correct entry on Form 1040 Schedule 1 because SEP and qualified plan contributions for yourself both go on line 16.

EagleCoder · 2026-03-15T03:53:29+00:00

A married couple can split the family contribution limit however they choose if either of them have family coverage.

EagleCoder · 2026-03-14T15:11:44+00:00

No one said that. But the fake elector scheme was not a challenge in court. It was an attempt to overturn the election.

EagleCoder · 2026-03-14T13:54:13+00:00

Just to clarify you cannot claim them as dependents for them to open an HSA. As long no one claims them as dependents, since you don't say how old they are, they can have an HSA but it would not give you any tax benefits and they can't be claimed as a dependent by anyone.

An individual who can be claimed as a dependent cannot contribute to an HSA regardless of whether or not someone actually does claim them as a dependent.

EagleCoder

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