Personal Finance Bank of America is ending free eChecking accounts this month and converting them to Core Checking, which requires a $1500 minimum daily balance or $250 direct deposit to avoid fees |
- Bank of America is ending free eChecking accounts this month and converting them to Core Checking, which requires a $1500 minimum daily balance or $250 direct deposit to avoid fees
- My neighbor "accidentally" opened my W2 form. What should I do to protect myself?
- "This is what success looks like to the average American in 2018"
- US My parents are worried that i'm earning to much and want me to find another job.
- I got laid off today. What am I forgetting that I need to do.
- Newly Married in 2017 - Returns are MUCH lower
- Chase customers being fished via phone today.
- How do you submit a claim for excess funds from a tax sell off without paying one of those people who want 15% for telling you how to do it?
- 20K inheritance invested by parent
- Friends keep telling me I can be fined for paying off debt too fast or making a large payment to a credit card. Is this true? Or an old wives tale?
- How to handle budgeting/bank accounts with a SO before marriage?
- Fiancee just received a letter saying we owe taxes on a 100k loan that went Into default years ago
- Work gave me money for school.should it be taxed.
- My w-2 says I only paid $1 into federal taxes - what do I do now?
- What Lebron James tells himself when making big financial decisions.
- [PH, lending] Relative asking to borrow 1k USD, need advice
- First time setting up Roth 401(k), looking for second opinions on my asset allocations.
- I work as a pizza delivery guy, can i write off work I've had done on my car as a business expense?
- How did you finance your graduate degree, and justify the cost?
- Not sure where else to post. Just feeling lost, hopeless, and nearing my breaking point
- Taking $$ from ROTH for rental property down payment
- Gross pay on W-2 is $34K less than my salary. Did I get shortchanged?
- Movers broke an antique mahogany table and offered to pay: best technique to negotiate $ amount?
| Posted: 24 Jan 2018 09:33 PM PST More information and source here: There are plenty of good, free options out there, see the wiki here: https://www.reddit.com/r/personalfinance/wiki/banks_and_credit_unions Look for no minimums, free checks, ATM refunds, no transfer fees, a good website and interface, and FDIC protection of course [link] [comments]  |
| My neighbor "accidentally" opened my W2 form. What should I do to protect myself? Posted: 25 Jan 2018 12:43 PM PST I live in an apartment building and my neighbor knocked on my door today and handed me my W2 form from work, but it was already opened. He said it accidentally came to his mailbox instead. Normally I wouldn't care, but this guy has spent 20+ years of his life in jail for all sorts of things (including fraud) and I can't be too cautious. My W2 has my social security number on there which is why I am really worried. Should I put a freeze on my credit? Or just monitor it daily? Or are there any other steps I can take? [link] [comments]  |
| "This is what success looks like to the average American in 2018" Posted: 25 Jan 2018 01:38 PM PST I found this article - graphic to be pretty interesting. It displays what the average American has, and what they would consider "Making It" on several different metrics. [link] [comments]  |
| US My parents are worried that i'm earning to much and want me to find another job. Posted: 25 Jan 2018 05:43 PM PST I'm 17 years old and have a part time job as a chef and buss boy. I get paid $11 a hour monthly and tips (which are usually between $70-90) bi weekly. I mainly work weekends (Friday-Sunday) except for summer break were I work 6 days a week. Since my first pay check my mom has been worried that I have been receiving to much money for my age and that it will negatively impact things such as my health insurance, scholarships, and financial aid for college. After seeing my tax returns, my mom now believes that I need to find another job. Should I actually be worried? Could I simply ask my employer to lower my hours? Because I like think my current job is pretty good. Also, I was thinking of picking up another job that starts at $10 on weekdays from 3-5. Would that be a bad idea with my current situation? [link] [comments]  |
| I got laid off today. What am I forgetting that I need to do. Posted: 25 Jan 2018 03:14 PM PST Tomorrow will be the first day since I was 15 that I haven't been employed, and I turned 15 in the 1980's. I'm married with 2 kids still at home. Husband is employed. We have a mortgage and I have 7 months left on my car at 1%. I have no credit debt, I have company stocks that are/were supposed to vest in July. I have a well-funded 401k. I'm getting 23 weeks of pay because I worked at this company for almost 20 years. I want to maybe do some free lance computer work while I figure out what I want to be when I grow up. I am looking at that, but what should I do? I don't want to end up broke and in debt in 22 weeks. What about my stocks? I am a co-signer on one kid's student loan (@$50k right now). Will this affect him? Do I need to change my taxes? Payoff my car? Should I be more worried and write my resume? What do I do? So far today, I made brownies, took a walk, transferred our health insurance to my husband being the payer and upped my life insurance on his account since I only had life insurance from work. What should the newly unemployed do? [link] [comments]  |
| Newly Married in 2017 - Returns are MUCH lower Posted: 25 Jan 2018 03:40 PM PST My wife and I were married last October, so we are filing jointly for the 2017 tax season. We have lived together for several years and I have done taxes for both of us, always filing individually before now. She makes roughly $20k and I make roughly $40k. Federal returns for the 2016 tax year were around $1300 for her and $1900 for me. Now that our filing status is married filing jointly, our collective returns are calculated at $1400. We use Turbo Tax, and our W4 withholdings have not changed during 2017. I believe we may have entered a higher tax bracket as we are filing our income together now, but I wanted to see what the wonderful folks of /r/personalfinance had to say about it before we filed and sucked up the less-than-expected return. Any advice or questions are warmly welcomed, and I thank you for taking the time to read my inquiry. UPDATE: One of the users here suggested I re-run our taxes individually to see if I could decipher where the deficit came from. I did this, and I found the culprit. My wife is a bank teller. In late 2017, her bank merged with another bank. So we have two W2s for her; the first has most of her income for the year ~$20k the second only has ~$3k from after the merge. Upon entering the first W2, the refund looks great and around what she was expecting. BUT, when entering the second W2.. it drops the Federal and State refund tremendously. In fact, it drops by about the amount that we are missing when filing jointly. What could be causing this? UPDATE 2: I believe I found what was causing it. Out of the ~$3k wages on her second W2, she only paid $140 in federal taxes. Something must have changed with her W4s after the merge took place to where she has paid hardly any taxes, therefore we owe a decent chunk. FINAL UPDATE: Thank you everyone for your responses. I finally figured out the mystery, this thread is now closed. [link] [comments]  |
| Chase customers being fished via phone today. Posted: 25 Jan 2018 11:27 AM PST If a bank or credit card company calls you hang up. Always call them back from a number that you look up yourself. I just got off the phone with a real Chase representative they are getting calls of people being contacted from a number that they don't own claiming to be Chase. The recording sounds identical all the menu prompts are the same. Here is the scam number:800-945-2000. That number is not owned by chase. [link] [comments]  |
| Posted: 25 Jan 2018 04:30 PM PST Hi! tl/dr, found out I'm on a list of people who have "excess funds" waiting for them due to a sell off of a property in Fairfax County, Virginia. I just can't find anything that tells me how to file this. The tax code says I can, https://law.lis.virginia.gov/vacode/title58.1/chapter39/section58.1-3967/ But I can't find out how to do this on any page on the county website. Excess googling led me to other areas that have a conveniently linked form (like on http://tularecounty.ca.gov/treasurertaxcollector/index.cfm/tax-collector/tax-auction/2017-tax-auction/2017-excess-proceeds/ ) but I can't find anything in Virginia. What I do find is a lot of people willing to help me out with it for 15% of the cut. I'm assuming these are people (also, based on my googling) who watched a webinar they paid too much money for and don't really know what they are doing either. Can I just send a certified letter to the county treasurer asking for the money? I don't really know what my options are, but I figure it doesn't have to involve the "Diamond Brothers". I appreciate any help. I can be a how to not do your finances test case for PF in the future. Sigh. [link] [comments]  |
| 20K inheritance invested by parent Posted: 25 Jan 2018 05:20 PM PST Hello, I have a bit of a complicated situation and haven't had any experience handling large amounts of money, so I'd love some advice on how to be smart with it! The year I graduated from highschool my grandmother passed away and left me around 20K (CAN) to help with educational costs. I was unable to access the funds at the time because she specified that it should not be available to me until I turned 21. I live in the US so I allowed my parents to convert it for me and suggested we invest it, not really understanding how it worked, just that doing so would allow the money to potentially grow while I waited to use it (I don't remember signing any paperwork allowing them to handle it on my behalf or what the language was in the will). So my dad bought some company stock with it and it's been sitting in a joint Scottrade account since. Currently I am 22. Two years ago I learned that my dad did some terrible things that I won't get into right now, but the important part is I haven't spoken to him since, stopped accepting his financial support for school and dropped out. When I turned 21 a year ago I requested access to the account through my mom so I could take community college classes. He tried to open a new account for me (instead of giving me the login information as I requested) and not transfer a large chunk of the stocks, which had grown to a value of almost 30K USD, claiming I owed him money for school based off a vague agreement we made when I graduated HS. However, I recently found out I could access the joint account (and all the funds) just by calling Scottrade and confirming my identity. Hitting myself for not realizing that and thinking I had to go through him, but I really had no idea how the whole thing worked. (Still don't!) My plan is to open a new account and transfer all the stocks as quickly as possible. If you didn't know, Scottrade is merging with TD Ameritrade and isn't allowing any new accounts to be opened at the moment, so I have to wait until March to pull that off. For now I changed the email and address on the account so hopefully he won't notice I sold some to pay for my classes this semester, or any other changes to the account. My main questions are: * How to I pay takes on the money I made by selling some of the stock? (it was about 2,500 to cover my courses I took out a week or two after the new year. I know it falls under capital gains but I'm not sure what form that is. From what I've read however, if I stay in my current income bracket (it's the lowest one) this year I won't owe any tax on capital gains. Please correct me if I'm wrong!) * Once I have all the stocks in my own account, what should I do with them? My plan is to use them to pay for school, as my grandma intended. I don't want to take them all out at once and have to pay a truckload of taxes, however. Right now they're all in my dad's company. Conventional wisdom tells me I should diversify, my gut wants me to pull it all out, put it in a savings acct and pay the tax just to keep it safe. I know this is a novel, so big thanks to anyone who read it all. Also, please note I am not asking for legal advice in regards to the will/my dad's ownership of the funds! I will be making a separate post in /r/legaladvice for that. [link] [comments]  |
| Posted: 25 Jan 2018 02:44 AM PST |
| How to handle budgeting/bank accounts with a SO before marriage? Posted: 25 Jan 2018 07:59 AM PST My SO and I are moving in together. Was planning out a budget (planned to start with a 50/30/20) and as I was combining our income in a spreadsheet I realized, I've been budgeting as if our incomes are going to the same place when we both still have our own bank accounts with no joint account. So what is the best way to handle this? Should we get a joint account that we direct deposit our expenses (rent, etc) to while still maintaining our separate bank accounts? If that's the plan, should we just split expenses down the middle for the time being? My income varies a bit, but if the trend of the last 6 months continues I'll make about $3,000 more a year than my SO. (My SO has some debt I will start helping them pay once we live together, so I'd say that probably helps even out the slight pay discrepancy for "fairness" sakes, although I don't foresee an argument of what's "fair" being a real issue between us). For clarity, we certainly plan to spend our lives together. We've talked about the future/getting married/etc. but don't feel an urgency to do it ASAP. I suppose having a joint bank account before marriage just seems like an odd thing to do (and some would likely say a bad idea), but with me already helping with my SOs debt and whatnot, it feels like maybe that's the easier option? EDIT: Crazy how stress can cloud your thought process. Having a joint account where we each put our half of the expenses in and keeping the rest separate seems like the best solution to me. Thank you everyone for the insight. I'm sorry I can't respond to everyone, but know that I have read your advice and personal stories. And anyone coming to the post now, keep them coming! Can never get too many well thought out answers and personal stories to draw from. [link] [comments]  |
| Fiancee just received a letter saying we owe taxes on a 100k loan that went Into default years ago Posted: 25 Jan 2018 01:04 PM PST Back in the early 2000s my fiancee went to an out of state college and her parents paid for all of it with private Loans (I don't really know the details of the loan) that totaled more than 100k She always just thought it was taken care of since her parents kept her in the dark about it. Fast forward to 2014 when we met, she got a letter in the mail saying she defaulted on this giant loan and to prepare for the credit score assblasting. Until today we haven't heard anything else about it since then. So now that we have sufficiently freaked out... any advice on negotiating with the Irs or getting out of this situation alive? [link] [comments]  |
| Work gave me money for school.should it be taxed. Posted: 25 Jan 2018 06:24 PM PST Here is the deal. Im in college and work as well part time.so, my manager offered to pay for 3 of my classes. $1,800 per class. The first class comes around I pay for it and he reimbursed me with a check. (My normal pay is direct deposited) . First payday comes around, I don't my pay . I figure maybe the Office who handles my pay is a day or two behind. I go in and talk to them about it,they inform me the $1,800 was taxed so it came out of my weekly paycheck. Since I am in school and don't work many hours tax on an $1800 is more than what I make in a week. I'm just curious if a check given to me for school not something related to my wages should be taxed.(I'm in TN if it matters) Either way tax on 3 1800 dollar checks will still be cheaper than paying for all 3 outright with no help. Just would like to know all of your opinions. Thank you ! [link] [comments]  |
| My w-2 says I only paid $1 into federal taxes - what do I do now? Posted: 25 Jan 2018 04:52 PM PST My employer gave me my w-2 today, and I made $5800 (part time job), with $1 paid to federal tax, $359 to SS tax, and $84 to medicare. When I looked at my check stubs, I didn't notice anything out of the ordinary when it came to taxes but I'm also kind of ignorant. My boss is looking up my paperwork to see what I claimed but I'm pretty sure I just claimed 1, for my son. I don't have the paperwork in front of me and I don't know when she'll get back to me but my husband and I are in panic mode now. Can anyone give me any sort of clue as to what might have happened? Update: apparently I claimed 3 and married, I don't remember why I chose to do that, but I did it. Oh well, extra money throughout the year. Thanks all. [link] [comments]  |
| What Lebron James tells himself when making big financial decisions. Posted: 25 Jan 2018 10:52 AM PST This article has some good perspective on how James makes financial decisions and purchases: "I just listen to my head and I end up saying, 'No, I don't need it. For what? I got everything I can want and more. There's nothing more that I can give myself that would make me happier than I am right now.' " What are some good ways to avoid lifestyle inflation? [link] [comments]  |
| [PH, lending] Relative asking to borrow 1k USD, need advice Posted: 25 Jan 2018 06:48 PM PST Hey there, I have a set goal of reaching 5k USD in my savings account by Dec. 30 this year with an ADB minimum of 2k USD which I will use to help me qualify for a 30-year 50k USD housing loan by Q2 2019. I currently have 2.6k USD in the said account. I am currently a full-time student (24 y/o) with no income, no debt, and a weekly expense of around 40 USD which is funded in full by my parents. A relative of mine needs 1k USD and she knows that we have at least 3k USD in the family fund. We've talked about it briefly earlier today and she has a history of faithfully paying her debts. We're currently in agreement that we would provide the said 1k USD. The current established terms is that I would provide 600USD while my parents provide the remaining 400USD and the entire balance will be paid, including any interest that we set, using a postdated (which I assume to be a personal) check. What are the risks that I should consider regarding this transaction? Thanks in advance. Note: Currencies converted to USD for convenience and ease of discussion. [link] [comments]  |
| First time setting up Roth 401(k), looking for second opinions on my asset allocations. Posted: 25 Jan 2018 03:28 PM PST Hello PF, I was hoping I could get some second opinions on my Traditional 401(k) allocations (sorry title is incorrect). I am 24 years old and make ~$50,000 salary. Right now I am planning to contribute 6% of my salary b/c its my company's match. The options are mainly Fidelity funds and from what I read, it is best to figure out my own asset allocations if the expense ratio is much lower than the Target Date Funds. This seems to be the case. Here are the list of options: https://i.imgur.com/5eOQLqA.jpg
And this is how I plan to allocate: FID 500 INDEX INST (FXSIX) w/ 0.03% ER - 50% FID EXT MKT IDX PR (FSEVX) w/ 0.07% ER - 10% FID INTL INDEX PR (FSIVX) w/ 0.06% ER - 30% FID US BOND IDX PR (FSITX) w/ 0.045% ER - 10%
Would like to hear any advice or possible adjustments. I only know the bare surface of retirement investing, so appreciate the help. [link] [comments]  |
| I work as a pizza delivery guy, can i write off work I've had done on my car as a business expense? Posted: 25 Jan 2018 03:18 AM PST the title pretty much sums it up, I deliver pizza in oregon and I drive a LOT for work obviously, so I was wondering if it's possible to write repairs, improvements, etc, off on my year end taxes. also can I write off gasoline I use on the clock? [link] [comments]  |
| How did you finance your graduate degree, and justify the cost? Posted: 25 Jan 2018 06:16 AM PST Hi all! I have not pursued a graduate degree since so far, it didn't seem financially logical to spend $50-70k (plus time) in order to get a degree that won't guarantee a higher salary. However, I've spent almost 15 years in the same position and have hit a firm ceiling for position and salary (govt employee, GS scale). I can't advance internally or externally without a graduate degree. I also want to remain marketable and have more options for different career paths in the future. My employer will not guarantee tuition reimbursement. I have to pay outright, and I get an unknown amount towards it (whatever is left in the annual budget). If it matters, I'm a 40yo homeowner with 2 kids (8 & 10) in a dual income household (~250k combined annual salary) and a comfortable retirement account. My current employer will be flexible in allowing me to take classes during work hours if needed (provided my work gets done). I feel like this is something I should take advantage of while I'm there. However, I'm extremely fiscally conservative, and it's hard to swallow tuition for me instead of saving for the future (or my kids). Part of me feels that my current salary (125k) is plenty to live comfortably on, and it's not worth the investment since the job market is flooded with graduate degrees. How did you justify your continued education, and if your employer didn't pay, how did you finance it? [link] [comments]  |
| Not sure where else to post. Just feeling lost, hopeless, and nearing my breaking point Posted: 25 Jan 2018 10:58 AM PST This post is a mix of finances, seeking advice ideas, and any other information people might find helpful. I'm 28 and have worked in IT for the last 10 years. However, I hate it and want to just walk away. I have no degree but currently in school. Almost $40k in student loan debt from when I was younger and currently paying for what I'm doing now out of my pocket. I have $13k in credit carb debt, $4k on a house, vehicle is paid off. If I stuck to my budget 100%, no deviation then I could save close to $1400+ a month and my expenses are only about $800-1000 a month. I could cut out a couple things like OneDrive, Netflix, and Hulu but besides that my other big expenses is the CC debt at just over $400 a month and then school costs of around $455 a month. I've worked from home for the last 7 years, 5 of which is my current company. I make just over $56k a year, no significant savings but have $6k in my 401k. I have honestly thought about just taking my equipment for work, loading up and going somewhere new. Maybe it's my environment but it's not a bad environment, just stagnant. I live in a super rural area so theres nothing I can do around here without a degree that pays even close to what I'm making. Also since working from home, I ballooned up to close to 600#. That might have something to do with how I feel but working on it and currently down to 540#. I can't do a lot of physical jobs and if I do, I have to sit and take a break every 20-30 minutes. I've thought about buying a small RV and doing work camping and seeing if maybe doing that + my job would make me happier. I dont know though, I just feel lost and just feel if something doesn't change then I'm going to just run away from it all, quit my job, stop paying my bills and just go hide in another state. I don't want to keep working in IT and even if I did, my skills have become so stagnant I feel I'd have to start at the bottom again. Again, not sure why I'm posting this here but I just wanted to get things off my chest because I have no one I can take this stuff to. All my friends and family think I'm Mr. Successful but in reality I'm falling apart and if I knew it wouldn't hurt anyone like parents, relatives, nieces, brother and sister then I'd probably walk out in the woods and just end things. [link] [comments]  |
| Taking $$ from ROTH for rental property down payment Posted: 25 Jan 2018 06:23 PM PST Age 26. Currently have $14,000 ($11,000 in contributions) in my ROTH and $10,000 in my savings. I would really like to buy a rental property (one that I won't live in) for 80-100K. Should I take money from my ROTH to bulk up my down payment or use half my savings for a minimum down payment? Is it worth waiting for a bear market to capitalize on invested stock gains? Advice? I make $45K a year and use approximately half of my income for mandatory expenses. [link] [comments]  |
| Gross pay on W-2 is $34K less than my salary. Did I get shortchanged? Posted: 25 Jan 2018 06:12 PM PST Hi there, Never posted on here before so be gentle with me. I'm hoping that maybe I'm missing something that you all can help me with. The issue is: just got my W-2 today. I work as an employed physician, with a contract salary of $150K. I worked the whole year without a raise or change in schedule so I was expecting my gross pay to be right around $150K. Instead, the gross pay they listed as "from my final pay stub" on my W-2 (I don't get any real pay stubs) was $116,634.80, and the "reported W-2 wages" (box 1) were $115,904.98. I don't pay into an FSA for work and just started paying into the 401K in November (total $729.82 for the year listed in box 12a). I don't get health insurance from work either. When I add up the total taxes (box 2,4,6,17) it comes to $36,912.08 in taxes. I added all of the deposits made to my checking accounts from work over 2017, and they paid me $102,822.13. I am unfortunately really low in the knowledge department when it comes to this stuff, but I thought that salary minus employer deductions (like 401K, FSA etc) should equal gross pay for the year. It's off by a mile! And when I add up the $36.9K in taxes listed on the W-2 with the $102.8K I got deposited to my checking account (total of $139,734.21, and no I don't know if that math is valid), there is still 10K unaccounted for. I'd really appreciate any insights you all might have. If I've made a huge oversight, I'd like to know before contacting payroll and making a fuss, and if they underpaid me, well... I'd like to be paid! Thanks, all! --Charlie [link] [comments]  |
| Movers broke an antique mahogany table and offered to pay: best technique to negotiate $ amount? Posted: 25 Jan 2018 08:42 AM PST Title says it all. I don't know how to price the table other than to provide an arbitrary $ amount. The table has been in my family since the mid 1800's(It was my grandmother's, grandfather's). Can anyone please offer negotiation techniques or knowledge of how best to handle the situation? Obviously I can't replace the sentimental value, but I want to negotiate a fair value. Any help is greatly appreciated! [link] [comments]  |
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