401K plan

[rmJU72]

On 12/18/2024 at 6:33 PM, krishnaaa said:

There is an option for attachments and I always upload receipts.

People do take risks....but I don't want to do it here.

One of my friends claimed deduction for Trad IRA but forgot to open it. 

He got the deduction and its been more than 10 years. Things do slip....but once they get a doubt , they start looking at everything.

Yeah don’t risk anything, upload receipts when you take withdrawals or plan to take those expenses as withdrawals in future.

I actually don’t withdraw and let the amount grow. I have decided to use it only for any unexpected big health expense that will anyway happen at some point in life, and not for smaller everyday stuff.

[alexsmith]

Employer HSA option ivakapothe can we open on our own? If so, taxes ela work out avthay? I mean manam after tax dollars invest chestam kada..

[krishnaaa]

17 minutes ago, alexsmith said:

Employer HSA option ivakapothe can we open on our own? If so, taxes ela work out avthay? I mean manam after tax dollars invest chestam kada..

Yes you can....as long as you are enrolled in HDHP

[kittu_123]

3 hours ago, krishnaaa said:

Your employer should provide.

My desi ex employer is providing But I am no longer with him as I have GC.

I am on W2 for prime vendor. They are providing.

@krishnaaa Make sense. My employer wont provide

[maverick19]

On 12/18/2024 at 8:26 PM, alexsmith said:

HSA plan konni companies lo same year use cheyali antaru.. lete u will loose anta. Is it true?

that is FSA not HSA

[Galactus]

HSA is a good option but do keep in mind that its mostly tied with High deductible plans, so deductible and out of pocket will be in thousands of dollars, any medical emergency or minor/major surgery you will likely spend a significant chunk from your HSA

If you are expecting major medical expenses then I would suggest to skip HSA that year

If no major medical expenses are expected and your family is in good health then HSA is pretty good option to save money and even grow it

I did not enroll in HSA for one year and that year I had two medical issues , even if I contributed to HSA that year, I would not have anything left , since I choose a non-HSA plan with low deductible and out of pocket, the overall expenses I had to pay from pocket were less for that year

so don't blindly follow something, do research and calculations with company HSA amount, tax savings with HSA, your medical expenses expected for that year and then take a call

[Galactus]

On 12/18/2024 at 7:43 PM, Konebhar6 said:

You probably read it wrong. 

If you have not paid a bill from your HSA, you can claim it. If you already paid for a bill from HSA, you cant claim it. 

However I have seen HSA literally does not even ask for bills. This is the first year I am in it. Have to see year end if they ask for proof or not. 

If not, next year nundi chelaregipotham 

@krishnaaa Any inputs on this?HSA so far has not asked for any bills. or proof of receipt. Do they ask year end? How do they even know? 

HSA usually does not ask for receipts

Most companies have that Health equity or united health plans , for both of them you do not need receipts

Ex: You paid 100$ medical bill or purchased some medical prescriptions with HSA debit card and you need not submit bill for that 100$

FSA will need receipts and you need to submit them 

Ex: You paid 100$ medical bill using FSA debit card and you need to submit medical bill/payment proof that it was actually medical expense

[Galactus]

On 12/18/2024 at 6:24 PM, akkum_bakkum said:

Lucky buooyy! Maaka option ledankul. Health premium is fully paid by my employer for all family.

This is even better bro, you are saving money on medical premiums, atleast 5k because employer is paying full

[Galactus]

16 hours ago, alexsmith said:

Employer HSA option ivakapothe can we open on our own? If so, taxes ela work out avthay? I mean manam after tax dollars invest chestam kada..

you need high deductible plan, if you are not in that plan then you should not have HSA for that year

If you already have one from previous year then you can use that money though

[ManchamKodi]

On 12/17/2024 at 11:02 PM, Galactus said:

free money from employer match and tax free contributions

max out uncle

few years lo it will grow into a nice chunk of money

tax free contribution lo stocks or bond seelect chesukovali. how do you decide anna 

[vaakel_saab]

Is it good idea to payoff cc debt with 401k loan?

401 k @8.75

Cc @18 40k loan.

[Galactus]

9 hours ago, ManchamKodi said:

tax free contribution lo stocks or bond seelect chesukovali. how do you decide anna 

opt for what your employer offers, some target fund 2045 etc type untundi some customization should be available to choose high risk, moderate risk and low risk, low risk lo bonds ekkuva percentage untundi etc, so you need to choose that based on what you what

[rmJU72]

1 hour ago, Galactus said:

opt for what your employer offers, some target fund 2045 etc type untundi some customization should be available to choose high risk, moderate risk and low risk, low risk lo bonds ekkuva percentage untundi etc, so you need to choose that based on what you what

Imo the target date funds are way too conservative. If u want safe choose the one close to S&P

[CosthaBidda]

11 hours ago, vaakel_saab said:

Is it good idea to payoff cc debt with 401k loan?

401 k @8.75

Cc @18 40k loan.

Include growth + loan interest and do marh