The New "What did you do with your Z today" (with off topic replies) XVIV

jpkirk · 09-06-2015, 01:08 PM

Quote:

Originally Posted by Nismo89

heading to cosco's

Don't take the Z

jpkirk · 09-06-2015, 01:12 PM

I motored the Z to a MAZOC meet yesterday. Apparently everyone was either working or had other things going on. Not unusual for a holiday weekend. I QD'd the Z and went to Mission BBQ.

Pintsize725 · 09-06-2015, 01:12 PM

Quote:

Originally Posted by jpkirk

You can start the education fund

That's going to his doctor bill to pay it off. I do need to find out about the 529 saving account for college though. He's going to have to work for some of it too though. We are like low on the middle class pole lol.

jpkirk · 09-06-2015, 01:22 PM

Quote:

Originally Posted by Pintsize725

That's going to his doctor bill to pay it off. I do need to find out about the 529 saving account for college though. He's going to have to work for some of it too though. We are like low on the middle class pole lol.

That is an excellent approach. We started late on the 529. Starting now so you get the full benefit of interest and so on is what we should have done. I like the idea of sweat equity. My wife did not really. So we pay for it all. Luckily the kid decided to go to a local state university that is not real expensive ... yet ... but is getting a great rep for STEM degrees. It takes a bight, we cinched our belts.

Pintsize725 · 09-06-2015, 01:33 PM

Quote:

Originally Posted by jpkirk

That is an excellent approach. We started late on the 529. Starting now so you get the full benefit of interest and so on is what we should have done. I like the idea of sweat equity. My wife did not really. So we pay for it all. Luckily the kid decided to go to a local state university that is not real expensive ... yet ... but is getting a great rep for STEM degrees. It takes a bight, we cinched our belts.

How does the tax work on a 529? From what I was reading there isn't a tax penalty when withdrawn for a qualified educational institution. But if we are putting in money that has already been taxed, surely we wouldn't be again, right? That's what I need to figure out.

jpkirk · 09-06-2015, 01:39 PM

So I bet you would not be surprised if I told you my wife Louise handles all that huh?

As I understand it earnings, as long as used for appropriate stuff for education are not taxed. Here is a quote from the IRS ...

A. Earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board. Contributions to a 529 plan, however, are not deductible.

Here is the IRS Q&A site for 529's

IRS 529 Q&A

onzedge · 09-06-2015, 01:42 PM

Quote:

Originally Posted by jpkirk

I motored the Z to a MAZOC meet yesterday. Apparently everyone was either working or had other things going on. Not unusual for a holiday weekend. I QD'd the Z and went to Mission BBQ.

Pintsize725 · 09-06-2015, 01:43 PM

Quote:

Originally Posted by jpkirk

So I bet you would not be surprised if I told you my wife Louise handles all that huh?

As I understand it earnings, as long as used for appropriate stuff for education are not taxed. Here is a quote from the IRS ...

A. Earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board. Contributions to a 529 plan, however, are not deductible.

Here is the IRS Q&A site for 529's

IRS 529 Q&A

Oy vey! I think I need to visit my local Fidelity office to discuss this. We don't have state income tax so at this point it's a matter of finding a plan that is probably low in fees and one that can possibly be managed by a third party.

Zoren 370 · 09-06-2015, 01:49 PM

Quote:

Originally Posted by jpkirk

Is that a NISMo wheel?

I want one.

No sir got it custom made. Ordered it at ebay.

jpkirk · 09-06-2015, 01:52 PM

Quote:

Originally Posted by Pintsize725

Oy vey! I think I need to visit my local Fidelity office to discuss this. We don't have state income tax so at this point it's a matter of finding a plan that is probably low in fees and one that can possibly be managed by a third party.

Oddly enough, Wikipedia has a fairly good explanation of how it works.

https://en.wikipedia.org/wiki/529_plan

Pintsize725 · 09-06-2015, 01:58 PM

Quote:

Originally Posted by jpkirk

Oddly enough, Wikipedia has a fairly good explanation of how it works.

https://en.wikipedia.org/wiki/529_plan

cigarclifford · 09-06-2015, 02:34 PM

Quote:

Originally Posted by jpkirk

I motored the Z to a MAZOC meet yesterday. Apparently everyone was either working or had other things going on. Not unusual for a holiday weekend. I QD'd the Z and went to Mission BBQ.

Very nice Mr Jim

Add some Swift spring's and you will be set

-Clifford

jpkirk · 09-06-2015, 03:53 PM

Quote:

Originally Posted by cigarclifford

Very nice Mr Jim

Add some Swift spring's and you will be set

-Clifford

I would love to do that. If I do it puts me up a class in SCCA Solo racing. If I thought it was expensive now, the next class up allows many, many ... many things and is far more competitive. Maybe when Pete is out of school in a couple of years. For now I will stick with the stock category.

Leingod · 09-06-2015, 06:45 PM

Evening everyone!! Long time no talk. I'm alive. Just extremely busy. GF helped wash the Z this AM and I showed her how to polish/wax. Good shish-ka-bobs for dinner. Hope everyone is doing good.

onzedge · 09-06-2015, 08:37 PM

My stalker -- Mrs. Dr. onzedge™...

( Click to show/hide )

09-06-2015, 01:12 PM	#9347 (permalink)
jpkirk A True Z Fanatic Join Date: Jun 2012 Location: Merry Land Posts: 5,515 Drives: '14 MidBlu ST MT Rep Power: 3375	I motored the Z to a MAZOC meet yesterday. Apparently everyone was either working or had other things going on. Not unusual for a holiday weekend. I QD'd the Z and went to Mission BBQ. onzedge, cigarclifford, falicfr and 1 others like this. __________________ intake \| exhaust \| wheels \| tires \| suspension ... um ... stock, do speed stickers count? intake \| exhaust \| TE37 SL \| RE-11 \| suspension ... um ... do speed stickers count? Signature under construction

09-06-2015, 01:39 PM	#9351 (permalink)
jpkirk A True Z Fanatic Join Date: Jun 2012 Location: Merry Land Posts: 5,515 Drives: '14 MidBlu ST MT Rep Power: 3375	So I bet you would not be surprised if I told you my wife Louise handles all that huh? As I understand it earnings, as long as used for appropriate stuff for education are not taxed. Here is a quote from the IRS ... A. Earnings are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary, such as tuition, fees, books, as well as room and board. Contributions to a 529 plan, however, are not deductible. Here is the IRS Q&A site for 529's IRS 529 Q&A Pintsize725 likes this. __________________ intake \| exhaust \| wheels \| tires \| suspension ... um ... stock, do speed stickers count? intake \| exhaust \| TE37 SL \| RE-11 \| suspension ... um ... do speed stickers count? Signature under construction

09-06-2015, 06:45 PM	#9359 (permalink)
Leingod A True Z Fanatic Join Date: Mar 2015 Location: Some Place Cold Posts: 16,053 Drives: In Circles Rep Power: 2684396	Evening everyone!! Long time no talk. I'm alive. Just extremely busy. GF helped wash the Z this AM and I showed her how to polish/wax. Good shish-ka-bobs for dinner. Hope everyone is doing good. onzedge, GaleForce and jpkirk like this. __________________ I AM FLOOF! SOMEBODY FLOOF MY HORN!! ALL HAIL THE FLOOF!!I JUST FLOOFED ON THE FLOOR

09-06-2015, 08:37 PM	#9360 (permalink)
onzedge A True Z Fanatic Join Date: Apr 2010 Location: Battle Lake MN Age: 63 Posts: 183,964 Drives: 370Z 240Z Rep Power: 2684736	My stalker -- Mrs. Dr. onzedge™... ( Click to show/hide ) jpkirk likes this. __________________ Koni\|Swift\|Michelin\|Motordyne\|Berk\|RJM Performance\|Gates\|SPL\|Motul\|Technafit\|Ate Super Blue\|Hawk Tommy Kaira\|Momo\|Optima\|Hella\|Hotchkis\|Red Line\|ZSpeed\|Stillen\|B&M\|H&R

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