Personal Finance Tax Thursday Thread for the week of March 08, 2018 |
- Tax Thursday Thread for the week of March 08, 2018
- Quick Reminder to Not Give Away Your Salary Requirement in a Job Interview
- Reminder to check your (student) loan auto-payments every so often
- My first ten thousand
- Why do online banks offer savings accounts with much higher interest rates than local banks?
- I learned the hard way yesterday: your job doesn’t have to give you anything you don’t ask for
- In regard to the article about 20-30 years old having $0 saved in Employer-sponsored retirement plans, wouldn't this be seen as the norm going forward when looking at the financial situation?
- Fired from sales job with $600k in sales that they now refuse to pay commission on.
- Saving for a house, but company matches 100% of contribution. What to do?
- Help deciding how much to split into 401k traditional and roth
- Used TurboTax to file my taxes; my federal return was deposited today, but it's less than what both the IRS and TurboTax is saying should be deposited. What's wrong?
- Healthcare strategy for having a baby
- Where do you invest if your employer doesn't offer a 401K?
- What triggers dividends?
- Should I have life insurance?
- What happens if I don't sign the paperwork for a car loan after being given the car?
- Reminder: Renew Your Fraud Alert
- Progress - Student Loans Paid Off!
- Mother took out credit cards in my name since I was 14, she's becoming mentally unstable. Need advice on what to do if worst comes to worst.
- Is there an IRS code that mandates the makeup of IRAs?
- Have been working in excel on a Cash Flow Statement and a detailed look at my finances. Wanted to share with the community. What are your thoughts.
- Promotion to Manager
- Nothing Negative on Consumer Report, Yet Denied Checking Account
- What are some alternatives to a payday loan that I could use to get around $400 by tomorrow?
- (US) Parents are moving out of their house next year and offered for me to take over the house. I am graduating college soon and will be working in the area, should I take this offer up?
| Tax Thursday Thread for the week of March 08, 2018 Posted: 08 Mar 2018 05:07 AM PST Please read the PF tax wiki page to see if your question is answered there before posting.This weekly cross-sub thread will be posted through mid-April to give subscribers a chance to ask basic tax-related questions in a consolidated thread. We are also very lucky to have some folks from /r/accounting and /r/tax joining us here to help out. Since taxes can be a very complex topic, the main goal is to point people in the right direction, provide helpful information, and answer questions. (Please note that there is no protection under §7525 or attorney-client relationship when discussing matters in posts on a message board. Consult a reputable tax advisor in person if your situation demands it.) Make a top-level comment if you want to ask a tax-related question! If your question isn't answered here within a day or two, please start a new discussion. For all of the Tax Thursday threads from this year, check out the Weekly Archive. [link] [comments]  |
| Quick Reminder to Not Give Away Your Salary Requirement in a Job Interview Posted: 08 Mar 2018 09:28 AM PST I know I've read this here before but had a real-life experience with it yesterday that I thought I'd share. Going into the interview I was hoping/expecting that the range for the salary would be similar to where I am now. When the company recruiter asked me what my target salary was, I responded by asking, "What is the range for the position?" to which they responded with their target, which was $30k more than I was expecting/am making now. Essentially, if I would have given the range I was hoping for (even if it was +$10k more than I am making it now) I still would have sold myself short. Granted, this is just an interview and not an offer- but I'm happy knowing that I didn't lowball myself from the getgo. [link] [comments]  |
| Reminder to check your (student) loan auto-payments every so often Posted: 08 Mar 2018 08:43 AM PST Last night I was checking out my remaining student loan balances and noticed that for some reason my autopayment for the month of March was changed from the normal amount ~$500 to the minimum of ~$50 I called up and they fixed it immediately, and sent the issue to their software department, but if I hadn't checked I would have been paying the minimum for who knows how long. It would have extended my payment period potentially by years! [link] [comments]  |
| Posted: 08 Mar 2018 06:29 PM PST I can't believe I saved ten thousand dollars. I know it's really not that much money in the real world but it's a lot to me though mentally. [link] [comments]  |
| Why do online banks offer savings accounts with much higher interest rates than local banks? Posted: 08 Mar 2018 04:48 AM PST My local bank offers a savings account with 0.07% APY. It seems like most online banks have savings accounts with 1.40% - 1.50% APY. Why can online banks offer such a higher interest rate and is it safe to transfer my savings from local to online? [link] [comments]  |
| I learned the hard way yesterday: your job doesn’t have to give you anything you don’t ask for Posted: 08 Mar 2018 02:50 PM PST I started a new job about 3 months ago and am really enjoying it. It's an entry level out of college position, but it's a hard 8-5 with no outside hours so I can do night grad school and it's salaried with benefits so I can't complain. I hit it off with one of my coworkers and as I was walking out yesterday I mentioned how I might do the tuition reimbursement but I wasn't sure since you have to stay at least 3 years after to not pay it back. He said "yeah, it's the same with the signing bonus, you have to stay a year if you don't want to pay it back". I stopped and asked "what signing bonus?" And it turns out if you ask as an entry level position you get a $1,500 signing bonus. I didn't ask, so i didn't get one, and I bet HR was thrilled I didn't ask. So some advice I'm giving myself that everyone might appreciate is: the Recruiter you're working with is not your supervisor, and you won't piss them off or get your offer rescinded if you negotiate or ask for things. So ask for 5% more salary, ask for an extra week of vacation, or a work from home day every week, ask for a signing bonus. It sounds uncomfortable but you probably won't talk to that recruiter ever again, and your future manager will usually have little to no say on those decisions. Especially in a big company, your VP or supervisor doesn't set salaries or bonuses. [link] [comments]  |
| Posted: 08 Mar 2018 06:56 AM PST So, the top thread on r/personalfiance is an article about the fact that most Millennials have nothing saved for retirement, and those who are saving aren't saving nearly enough. However, when you actually look at the situation fully, why would this be a surprise to anyone? The vast majority of people between the age of 18-30 will attempt to earn a degree by attending a community college, a state college, and postgraduate university. Now, someone who graduate from college at the age of 22-23 will have to start paying off student loans debt after their initial grace period of about 6-7 months end. The vast majority of undergraduate student are going to be paying student loans that cost tens of thousands of dollars to fully pay back. As a result, you are going to be paying hundreds of dollars every month. If you are a postgraduate, you are going to be at a minimum of $100,000 in debt which will mean that you are going to be paying over a $1000 every single month. There are some people who are paying 2000-3000$ in student loans every month. Now, if you are not living at home with your parents or other family members who are offering you rent free housing, then you are most likely either living by yourself, sharing space with your friends or have a spouse which mean that you have to pay the rent or mortgage with your money. So for a normal person who is in his mid 20s living by himself/herself or in the process of starting a family, he/she is having to pay for all of these items: -rent or mortgage -student loans -auto loans -grocery -internet -cell phone plan -health insurance -electricity and water in term of utilities You can add in more items that you deemed essential for someone living in 2018. The main point is that the student loan by themselves are already taking up hundreds of dollars from your paycheck which mean that the other essential services will start taking a big bite out of your paycheck. Therefore, it is hard for a lot of people between the age of 20-30 to be effectively investing 10-15% of their paycheck to 401k or IRAs when they are barely able to survive paycheck to paycheck with all the expenses they have to cover. Now, I am sure there are plenty of people on here who fully understand and know all the issues that I just described but it should provide a small glimpse into the idea that this financial issue facing millennials and future generations isn't that big of a surprise. [link] [comments]  |
| Fired from sales job with $600k in sales that they now refuse to pay commission on. Posted: 08 Mar 2018 05:45 PM PST I was fired from my sales position this week representing a large equipment manufacturer. I have signed purchase orders for over $600K in business for machines that are on order but won't deliver for 2-3 more months. My commission plan states- " If the sold machine cannot be sourced from the manufacturer and delivered to one of the company locations within 30 days from date of signed purchase order, all commissions will be forfeited by the former employee" I have customer and employer issued purchase orders for this equipment that has an almost 1 year sales process. Am I out of luck on getting almost $6k in commission because I signed the commission plan? Sorry for my own stupidity, I feel this clause in the plan is unjust. Thanks all [link] [comments]  |
| Saving for a house, but company matches 100% of contribution. What to do? Posted: 08 Mar 2018 08:07 AM PST Hello! My husband (23) and I (23) have been saving for a house downpayment ($120K), closing costs ($30K), and 6 months emergency fund ($30K) before we take the plunge on owning a home. We currently save at least $3,250 a month to go towards these goals. We have already saved up $84K. My husband didn't really understand his work benefits until I asked him yesterday what his company match is for his 401(k). He did his research and found out that his company matches 100% of what he puts into his 401(k). He has only been putting 10% of his earnings ($98K) into his 401(k) since we are focusing on saving up for the house. He is currently vested 20% and it will take another 3.5 years before he's 100% vested. Are we making a huge mistake? Should we max out his 401(k)? [link] [comments]  |
| Help deciding how much to split into 401k traditional and roth Posted: 08 Mar 2018 07:36 AM PST Hi guys, I'm 25 been working for a year now (graduated late) and make around 100k. The past year I've contributed 20% into my traditional 401k and 5500 into roth IRA. My company also offers a roth 401k for me to contribute to and I was wondering what your thoughts were on splitting some of the contributions into that and how much? My goals are to retire around 60-65. Live comfortably at that time at about the same income level or above. And I guess I just want to max my earnings in retirement. I'm not currently doing any other retirement savings atm since the money I'm not using to contribute is being used to build my emergency funds, marriage, and down payment for a house eventually. Thanks! edit: sorry it's been a busy day, I'm getting to replies now [link] [comments]  |
| Posted: 08 Mar 2018 06:48 AM PST According to my TurboTax account, and also the IRS website, I should see $713 deposited to my checking account. The $713 already includes the fees and charges for using TurboTax. However, only $590 was deposited into my checking account. Both websites are showing it should still be $713. Where is the remaining $123? TurboTax claims it's for fees and processing, but those amounts already came out when I first filed my taxes. I had the choice of paying for those charges with my VISA or have it come out of my return, so I chose my return. After all fees and charges, I was to have $713 deposited directly to my checking account. Joke's on me I guess, I now get $590 deposited. I'm just not sure where that $123 went. [link] [comments]  |
| Healthcare strategy for having a baby Posted: 08 Mar 2018 07:16 PM PST My wife is due at the end of March and we are sorting out our plan with regard to post baby health insurance. We currently are insured via our respective employers' health plans. I am on a high deductible plan and she is on a low deductible plan. When the baby is born (a "life event"), our plan is for me and the baby to go on her company's plan since their family rates are better than my company's. Since we have 30 days post birth to make changes to our health insurance given the life event being triggered, my plan is to use as much of my HSA (I am on a HDHP) as possible towards the birth cost since they are for my spouse. After the 30 days and me, my wife and my baby are all on my wife's plan, the deductible will restart, correct? Any comments or critiques of my plan would be helpful. Thanks! [link] [comments]  |
| Where do you invest if your employer doesn't offer a 401K? Posted: 08 Mar 2018 05:37 PM PST I don't have access to a 401K via my work. I max out a Roth, as well as put away heavily in savings. But I want to have more of my money work for me -- what are some other options? [link] [comments]  |
| Posted: 08 Mar 2018 08:34 AM PST I bought into a pot stock for fun. Here in Canada recreational pot should become legal after July. The company posted income of 30 million last year, and the stock price itself has doubled. What normally triggers a stock dividend, and at what point do companies normally do a split? The company is Aurora if that helps. [link] [comments]  |
| Posted: 08 Mar 2018 08:39 AM PST My ex-wife & I got life insurance policies when our daughter was born. In the event one of us died, the policy would pay off both mortgages (our home & a three unit rental), our daughter's college expenses, and about $50,000. Upon divorcing, my ex-wife got the houses (I didn't want them), and I took most of the savings and all the retirement. It was a faily equitable split of assests, and we both were happy with it. Currently, my only debt is a car loan: owe $16,000, 3 years left, 0% interest. I make $73k/year. I max my IRA & 457b, and I have about $200,000 in retirement and $50,000 in savings. So my question. Should I, as a responsible adult & loving father, also have a life insurance policy? Or could I cancel it knowing that I have no debt and my daughter will inherit everything? I'm in my 40s and my daughter is 6. edit: Thanks Personal Finance. Lots of good points here, I'll be keeping the insurance. [link] [comments]  |
| What happens if I don't sign the paperwork for a car loan after being given the car? Posted: 08 Mar 2018 05:20 PM PST Here is my situation, and I kind of feel like an A-hole for contemplating this, but I don't want to get screwed over. I bought a car from a local dealership about 10 days ago. I put $4,500 down and the rest was financed through my bank. I got the car and have been driving it, almost immediately noticing an issue where there is a grinding sound with the clutch (this is a 2018 brand new car btw). I tried contacting the service dept. for the dealership and they said they'd look into the problem, but its been a couple of days and I am feeling like I got screwed here. I got a call recently from my bank saying that the paperwork for them to send the check over to the dealership for the amount they financed was ready for me to sign, and I'm contemplating not signing it until the issue with my car is resolved. I suppose that means the car may be possibly repossessed by the dealership, but I'm not sure if that would hurt my credit since the lean holder for the car hasn't gotten my signature to even begin the process of making payments. Anyone have any advice/possible outcomes if I were to continue to delay signing the paperwork for the bank to pay the dealership? [link] [comments]  |
| Reminder: Renew Your Fraud Alert Posted: 08 Mar 2018 12:06 PM PST For anyone who put an alert on their account due to the Equifax event and renewed it before, this is just a reminder to renew it again. I just saw it pop up on my calendar, so it might not be exactly the same for everyone else. But still, better safe than sorry. [link] [comments]  |
| Progress - Student Loans Paid Off! Posted: 07 Mar 2018 08:18 PM PST My student loans are paid off! It feels good to be done with them. I graduated college with $28,000 in loans and it took a few years before I could make any progress on them. At this point, my only remaining debt is my mortgage at 3.75%. For context, I'm 28 and I make $50,000/year. I'll be able to max out my IRA for the first time this year ($5,500, right?) and then I think I'll have to explore opening a taxable investment account because I'll have more money to invest. I have access to a SEP-IRA through work but not a 401k. If you have other ideas for what to do with the extra cash flow, please let me know. I could pay off my mortgage sooner, but I'd like to add to my retirement accounts as much as possible. [link] [comments]  |
| Posted: 08 Mar 2018 04:14 PM PST In total I have about $12,500 in debt from my mom taking out credit cards in my name. I've since started making payments on cards after she has sent them to me, as she makes the minimum payment and then immediately spends what she just payed. Her mental state is quickly declining, and I fear that it may get to a point where the entirety of this debt will be shrugged off on to me, while I could make minimum payments on them all, that would take ages to fully pay off and leave me without any savings until it is complete. I was just hoping to get some ideas on what I could do if worst comes to worst and I have to shoulder all of this, not sure if debt consolidation is the right move or what. I appreciate any insight, thank you. [link] [comments]  |
| Is there an IRS code that mandates the makeup of IRAs? Posted: 08 Mar 2018 05:11 PM PST Because I'm the "finance" guy in our family, my mom called me up a few minutes ago, aggravated about a recent interaction with her financial advisor who works at Edward Jones. She has an IRA with them that is made up of stocks and mutual funds and he called her up one day and said that they needed to split them up, due to something have to do with the IRS. My mom didn't remember the details but she said he told her that you can't have stocks and mutual funds in the same IRA, and it needs to be 100% of one or the other. The kicker is, they have a 1% fee on IRAs made up of only mutual funds, which she wasn't paying before. He just came over this night to have her sign the paperwork which is why she got a bit ticked off and called me to vent. It sounds like a bunch of BS to me and a quick Google search turned up nothing. I told her to call him tomorrow and ask him to email her information on what specific IRS code mandates this and then forward it to me so I can look it over. It's just pissing me off to think someone in a position of trust (she's been with them forever) may be trying to take advantage of her. Has anyone heard anything about this? Or maybe something similar that got lost in translation? [link] [comments]  |
| Posted: 08 Mar 2018 08:50 AM PST Hey /r/pf, Over the past few months, I have been consistently updating my 2018 Cash Flow Statement. I consider it a living doc as I am always adding relevant financial information on an as-needed basis. I am always intrigued by how everyone in this sub keeps track of their finances and am always most interested in those that go into meticulous detail. Most of the boxes with regard to totals and percentages are all automated by functions, which I have been very pleased with. Since I love seeing these posts, I figured I would share mine with all of you! What are your guys' thoughts on the doc itself as well the details of my current financial position based on my age and other factors. Important Details:
Thanks in advance! -tnb_ Also, if anyone wants a blank template of this doc I can look into how to do that as I do not currently know how right now. Just ask! EDIT: Also in the process of changing my asset allocation to incorporate more int'l stocks, so that is why it is skewed so much to domestic at the current time. EDIT #2: Just realized that as I was moving the asset allocation box and adding percentage to it, I left the original. Whoops. Disregard. [link] [comments]  |
| Posted: 08 Mar 2018 12:32 PM PST I have received a promotion to Engineering Supervisor with for the first time, having direct reports. My very formal boss discussed this with me in person and I was very excited since it should entail also a certain salary increase. During the face to face meeting he didn't tell me the increase saying he hasn't received that information for HR yet (not sure if that was true). The same evening he shared a letter from HR congratulating me for the promotion with a 2% salary increase and I shall sign for approval. Two Percent. I do feel this is low balling at its finest. I do feel I have improved as an employee and deserved the promotion but the 2% is now upsetting me. [link] [comments]  |
| Nothing Negative on Consumer Report, Yet Denied Checking Account Posted: 08 Mar 2018 07:06 PM PST I was recently approved for an auto loan through PNC with a fairly low interest rate, provided I set up AutoPay to save the additional .25% APR. I went online to set up a checking account, and was essentially "kicked out" of the system after I clicked the wrong button. The next day, I went to a local branch and, much to my surprise, was denied an account. This decision was based on Early Warning Services - the company PNC uses to check banking account history. Immediately I suspected fraud, since I have a very responsible banking history. I requested my report from EWS, which took 15 days to receive. The only thing listed on this report were 2 inquires from PNC Bank, and a "Post No Checks" status from Simple Bank. (Simple Bank is an online-only bank that I opened an account with in November. They assured me that the "Post No Checks" status was not negative - it was only listed as such because the bank itself does not have paper checks.) I assumed the "Post No Checks" status was negatively impacting my Consumer Report and affecting PNC's decision, so I had Simple Bank send me a letter saying that my account with them was in good-standing. The representative at PNC saw this letter and contacted an internal department to see if they could override it. They could not override it because the representative was told, they do not even SEE the Consumer Report - they only go off of the Deposit Score, or "Score Report," which is a number. I contacted EWS to request my Score Report, and they emailed it to me right away. On a scale of 450-866, my score is a 532. How in the world do I have such a low number? Is it the Simple Bank status? Is it the 2 inquiries for PNC? I feel like EWS tells me one thing, PNC tells me another, and Simple tells me something different. I do not know who to contact to find out why my score is so low. Everything I've read online assumes a low score indicates you've written bad checks, you've had several overdrafts, you owe banks money, or your identity was stolen. Nothing on my report reflects any of the above situations. Thank you for any help you can provide! [link] [comments]  |
| What are some alternatives to a payday loan that I could use to get around $400 by tomorrow? Posted: 08 Mar 2018 11:59 AM PST I don't want to go into detail but I'm in my early 20's, living paycheck to paycheck. I have nobody in my life I can ask for money. I was very sick and missed work for quite a while. I had to use my emergency fund twice in a row due to other circumstances in my life. I was working on rebuilding it when I got sick. I am extremely short on rent and other bills as well now. I live with a friend of mine and her parents own multiple properties. They are not nice people and when we moved In together it seemed like a good idea until I realized how unkind they are. I asked them for an extension but they are pissed. They gave me until tomorrow before more fees start racking up. I have no credit cards and I bank with Chase. I have like $120 in my bank account right now and nothing to sell or pawn. I live a pretty simple life. I can't donate plasma due to my weight. I have also scoured craigslist and such for jobs but no luck. I already sold whatever clothes I could and the few CDs I had left. I asked my boss for an advance on my paycheck but they said no. I'm at a loss here. It feels like my only alternative is a payday loan or an online unsecured personal loan. I don't have anything of value as collateral. Some people are saying to just rack up the fees and pay the rent when I can. My roommate is pissed and keeps hounding me for the rent check. Her parents came by yesterday and today. They know I was sick but they need the money. I could really use some advice. [link] [comments]  |
| Posted: 08 Mar 2018 05:24 PM PST Some background; I am a 22 year old student living in southern Texas and will be graduating as a civil engineer this Fall. I currently live with my parents not paying any rent, but I do pay my for my 2014 car (which will be paid off in about 2 years), and I have a job lined up in the area paying in the range of 50-60k. I have no debt, and a small 4k fund saved up. My parents (I have a very good relationship with them) own a 3bed/2bath house that is valued at 100k, and they have paid off about 60% of it. They have decided to move to a new house early next year. They are offering that I take over the old house when they move to the new house, and I will get to keep the house when it is paid off. The mortgage and bills would come out to like 1000 a month. The house is on track to being paid off in anywhere from 5-10 years depending how aggressive I pay it off. I plan to stay with my job in the area for the long term. If I didn't do this, I would end up buying an apartment which would end up being like 1200-1400 in my area. So my question is just; should I take up this offer? [link] [comments]  |
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