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« Last edited by YitzyS on April 29, 2021, 09:29:16 AM »

Author Topic: Fuzzy Math - Personal Finances In The Frum World  (Read 5832 times)

Offline Fish Tank

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #120 on: April 28, 2021, 10:36:15 PM »
Non taxable income means income not reported for tax purposes.
I understand. But a 401k isn't considered income for the purposes of this calculation. You aren't using your 401k to pay for your monthly expenses. OTOH, you may be using your HSA money for monthly medical bills. . .

Offline Fish Tank

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #121 on: April 28, 2021, 10:36:50 PM »
I guess your employer doesn't offer FSA/DCA for childcare.
They offer FSA, which is why I didn't mention that.

Offline avromie7

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #122 on: April 28, 2021, 10:42:09 PM »
They offer FSA, which is why I didn't mention that.
Can you use FSA for childcare expenses? I'm not familier with it because I've never been offered FSA, only HSA, DCA, and 401k.
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #123 on: April 28, 2021, 10:45:31 PM »
Can you use FSA for childcare expenses?
Don't think so, but either way that would be a waste of a deduction.

Offline Kobe Bryant

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #124 on: April 28, 2021, 10:46:14 PM »
Can you use FSA for childcare expenses? I'm not familier with it because I've never been offered FSA, only HSA, DCA, and 401k.
DCA is a type of FSA (flexible spending account)

Offline avromie7

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #125 on: April 28, 2021, 10:49:32 PM »
Don't think so, but either way that would be a waste of a deduction.
Why would that be a waste? You'd have it withheld pre-tax.

Does your employer not offer a 401k, or is there another reason you specifically want to contribute to an IRA instead?
I wonder what people who type "u" instead of "you" do with all their free time.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #126 on: April 28, 2021, 10:56:15 PM »
Why would that be a waste? You'd have it withheld pre-tax.
I already max out my FSA contribution, and use the funds on medical expenses. I deduct my childcare care payments when filing taxes. If use FSA for childcare, it's using 2 separate expenses in one deduction.

Does your employer not offer a 401k, or is there another reason you specifically want to contribute to an IRA instead?
Not offered.


Offline yos9694

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #127 on: April 28, 2021, 10:59:37 PM »
Updating now for some of your suggestions. Can see responses here

https://docs.google.com/spreadsheets/d/1t8pw7xNNQvqyWrJ83Gtv9J7AmthNiqfGe3TJ1WUqai8/edit?resourcekey#gid=12994316

https://docs.google.com/forms/d/e/1FAIpQLSfCVhNiFBJxZK3zRwmSSS9oy84MEnaPTgHsn1P8EXZMxY75Mw/viewform?usp=sf_link

100% Anonymous

Great to see it take shape! After any feedback is done maybe need a fresh thread to get attention and ask people to participate?.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #128 on: April 28, 2021, 11:03:13 PM »
Can you use FSA for childcare expenses?
No, it would have to be DCFSA (dependent care flexible spending account).
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Online yitzgar

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #129 on: April 28, 2021, 11:04:03 PM »
I already max out my FSA contribution, and use the funds on medical expenses. I deduct my childcare care payments when filing taxes. If use FSA for childcare, it's using 2 separate expenses in one deduction.
Not offered.
Childcare payments aren't fully deductible unless you do it through an employer FSA

Offline MarkS

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #130 on: April 28, 2021, 11:08:08 PM »
Love it!! Got 2 Form Responses, and 12 requests for access to the results (fixed it now so anyone with link can access)

How about fill out the form yourself!! :)

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #131 on: April 28, 2021, 11:08:43 PM »
Childcare payments aren't fully deductible unless you do it through an employer FSA
You're correct. I think it's 30%. And for 2021 it's 50% .

Still makes sense to deduct it independently.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #132 on: April 28, 2021, 11:09:53 PM »
Love it!! Got 2 Form Responses, and 12 requests for access to the results (fixed it now so anyone with link can access)

How about fill out the form yourself!! :)

Of course I will. Just think it makes sense to let feedback come in first and settle on the final design. Most people won't fill it out twice...

Offline YitzyS

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #133 on: April 28, 2021, 11:10:22 PM »
Love it!! Got 2 Form Responses, and 12 requests for access to the results (fixed it now so anyone with link can access)

How about fill out the form yourself!! :)
I need to do some math before I fill it out, and I never do math after 9:00 PM.  ;D

I'll do it tomorrow...
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Online yitzgar

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #134 on: April 28, 2021, 11:11:09 PM »
You're correct. I think it's 30%. And for 2021 it's 50% .

Still makes sense to deduct it independently.
I guess I'm not understanding. Why does that make sense?

Offline YitzyS

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #135 on: April 28, 2021, 11:11:27 PM »
What is "total from Medicaid"? It's free insurance, not a dollar value...
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Offline Fish Tank

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #136 on: April 28, 2021, 11:11:57 PM »
Love it!! Got 2 Form Responses, and 12 requests for access to the results (fixed it now so anyone with link can access)

How about fill out the form yourself!! :)
I think many people don't know the answers. Meaning they know their income, but have no handle on their total expenses and/or the breakdown. 


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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #137 on: April 28, 2021, 11:13:16 PM »
What is "total from Medicaid"? It's free insurance, not a dollar value...
How much you're saving by not paying for commercial insurance through your job or the marketplace.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #138 on: April 28, 2021, 11:13:43 PM »
I guess I'm not understanding. Why does that make sense?
FSA has contribution limits.

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Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #139 on: April 28, 2021, 11:27:59 PM »
I understand. But a 401k isn't considered income for the purposes of this calculation. You aren't using your 401k to pay for your monthly expenses. OTOH, you may be using your HSA money for monthly medical bills. . .

I meant off the books income. Perfectly utilizable for living expenses, but no taxes paid means doesn't reduce program eligibility or get a 40% haircut.

I'm not condoning such a notion in the slightest. I just don't think any anonymous full economic portrait can be complete without such an option.