test Part 9

[Bob Slydell]

bob--is your dw back today?

Yep. She got home last night.

KS -- I don't have a number for the IRS available. You might be able to find something on the irs.gov site that would be better than your local agency.

 

[Bob Slydell]

DH's union has supposedly ratified new contract, complete with signing bonus. Unfortunately, the govt wants 40% of it.

Q: Since we're in catch up mode on his 401K (as in extra contributions, etc are ok for tax defer due to age); is it possible to ear-mark/deposit the funds directly into the 401K to avoid the tax hit?

Here's the best answer I can give (with limited knowledge of this topic):

It depends on how his employer handles the bonus. If it's in his regular paycheck, then he should be able to take x% out of it and put it in 401K, with the remainder of it being taxed at the higher bonus rate. If it's a separate check, it's possible (and likely) that they won't take anything out of it, including 401K (as well as insurance premiums, etc.)

There's no way that I know that you can contribute the entire bonus payment into 401K, though. It usually has to be done on a percentage basis.

 

[pkasbohm]

trent is feeling better...he said he was feeling better yesterday at 3pm.....imagine that!!

sounds like a wonderful aunt!! I am glad that so many got to enjoy her!

just found out that my aunt from arizona and my cousins from alaska are coming next month for my grandmas birthday Since they are coming back i imagine that my other cousin from colorado will be coming back too. We don't see my cousin's very often. We have seen the ones in CO more now that they live closer than when they lived in AZ.

KS--good luck at the dentist today.

tvt--I won't get the flu shot either...there has been to many people telling that they have gotten sick after they have had the shot.

ocm--have fun at the park today...it is to nice there to stay inside!! it is in the 40's here today.

mac-- good thing you got to check in with us....hope your day is going good.

where is the rest of us????

 

[keishashadow]

got one eye going one way & the other is following, such a headache; going to flop on couch.

mic - a hot toddy sounds right good about now.

pam - sounds like a good time w/your family!

ocm - don't let that big check tempt you to visit VS.

thanks bob!

mac - please do ask dh, i called another dept @ ds's work, such ****s they are ; think they don't want to commit any info until the contract is actually ratified.

The check will be a separate check, i'm thinking we can have it directed to the 401K and avoid the federal tax; since he's eligible for the 'catch up' contribution (yep, we've been lax lol)

 

[macraven]

the bell rang and i am home.

keisha, got your answer for you.
first, if you call the IRS, you won't necessarily get the correct answer.
second, you should talk to your husband's HR dept as they have to be able to provide you with the info to your question.


but, here is the answer to your question.
You can not deposit money into the 401K. only the employer can do that.
they can deposit up to $15,000 + change in a year to it. also, if your husband is over 50, there is a clause that would allow him to be able to have an additional $5000 + change included in that cap. you are playing catch up correct?

401K : only employers can contribute to this.
IRA : employees can contribute to this.

 

[macraven]

i'm so looking forward to AI tonight with the girls singing.

 

[edcrbnsoul]

where is the rest of us????

 

[pkasbohm]

hmmm....i must be chopped liver....i didn't get the invite!!!

 

[sweetlovin']

Hi everyone..I'm popping over here one last time before I have to get up and get dinner cooking. I hope the girls blow these guys away again. They were wicked awesome last week.

Pam no worries, I think he went with other friends..I wasn't invited either.

 

[macraven]

i got left out also.

dang.........

 

[edcrbnsoul]

It was KS and me ,she bought me a nice bottle of tequila she knows the way to a guys heart.

 

[mickey4ver]

don't recall getting invited either.....hmmmmmm....this is getting might suspicious

 

[macraven]

It was KS and me ,she bought me a nice bottle of tequila she knows the way to a guys heart.

but did that bottle have the little worm in it ................



gotta roll, AI starting soon

 

[sweetlovin']

It was KS and me ,she bought me a nice bottle of tequila she knows the way to a guys heart.

I only know the way to a guys other place.

 

[edcrbnsoul]

I only know the way to a guys other place.

 

[mickey4ver]

The only place I'm sure of getting is to bed.........night all...see ya in the morning.......

 

[TennVolTony]

I only know the way to a guys other place.

And that would be what??????

 

[TennVolTony]

WAKEY WAKEY ......HANDS OFF SNAKEY!!!

 

[macraven]

snakes on the plane. de plane boss de plane........

morning little miss susnshine and the rest of you.

off to work soon.
i overslept but wanted to check in before my coffee.

 

[mickey4ver]

Tony, you have such a way........with words........

Morning my friends, hope today finds TVT's parents feeling better, and for everyone else.......big hugs and happy starts to the day.....see ya later