Personal Finance Tax Thursday Thread for the week of March 29, 2018 |
- Tax Thursday Thread for the week of March 29, 2018
- IRS: Refunds worth $1.1B waiting to be claimed by those who have not filed 2014 federal income tax returns!
- Finally making some real progress and feeling good!
- What am I missing with chase rewards? Should I cancel the card?
- Someone used my credit card at a Target store for over 4k
- My new job issues pay cards instead of paper checks and I saw someone say they were like gift cards and that they don’t actually feel like they are getting paid. What do they mean by that? Is it true?
- 22 with $10,000 saved up, what can I do with it?
- If you're able, pay more than the minimum amount on your loans; it might help you get out of a jam down the track!
- BOA returned fraudulent charges to my card citing that a chip was used in the transaction.
- File your tax return on time even if you can't afford to pay.
- Crushing student loans, $10k income
- Payment didn't "go through" and now I have a late payment on my credit report. Credit scored went down to 710(was over 750) and im applying for a mortgage soon.
- How much money to become truly economically free?
- Those that have created better financial situations from bleak ones, what do you do to maintain positive and drive yourself in the beginning?
- Where to stash largish emergency fund
- Illinois is claiming I failed to report my income increase for Medicaid. Can I fix this before filing my taxes?
- Switch to Ally Savings Account?
- My father passed away 4 years ago and my mom just got a phone call from Bank of America.
- Check bounced, sent to collections with my name and address. Not my account.
- Grad student in a transitional phase with 24K saved up and no debts. How should I proceed? [US, Utah]
- Verizon Wireless Collections?
- My emergency doctor bill went to a collections agency before it went to me. What should be my next steps?
- What are the best delivery apps to work for and earn at least 15$ an hour?
- Is it smart to use a rewards credit card instead of a debit card?
- Getting a Used Car.
| Tax Thursday Thread for the week of March 29, 2018 Posted: 29 Mar 2018 06:07 AM PDT 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]  |
| Posted: 29 Mar 2018 06:02 AM PDT Don't let the government hold onto your money! WASHINGTON ― Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service. To collect the money, these taxpayers must file their 2014 tax return with the IRS no later than this year's tax deadline, Tuesday, April 17. "We're trying to connect a million people with their share of $1.1 billion in unclaimed refunds for 2014," said Acting IRS Commissioner David Kautter. "Time is running out for people who haven't filed tax returns to claim their refunds. Students, part-time workers and many others may have overlooked filing for 2014. And there's no penalty for filing a late return if you're due a refund." The IRS estimates the midpoint for the potential refunds for 2014 to be $847; half of the refunds are more than $847 and half are less. In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If they do not file a tax return within three years, the money becomes the property of the U.S. Treasury. For 2014 tax returns, the window closes April 17, 2018. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by that date." ... Edit: When I posted this I didn't think anyone would really even read it and I'm shocked that there have been so many comments already. Special thanks to everyone else who has helped answer all of the questions people are asking! Edit 2: Here are some resources for some FAQs -
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| Finally making some real progress and feeling good! Posted: 29 Mar 2018 11:12 AM PDT I just wanted to thank everyone on this subreddit for past advice and the threads that provide some insight and guidance for the financially clueless. Just 6 months ago I was a financial mess who still managed to live paycheck to paycheck despite having low monthly responsibilities and making a decent salary for a 25 year old. I was 3k in debt, which is not a whole lot in retrospect, but to me it felt like this roadblock with no detour or alternate path. I used to blow my money like candy and found the 1600 dollars I make per period gone, leaving me with not a whole lot after paying my monthly bills. Today I find myself in a much better place, with just under 8K in my bank account, and no debt, besides my car loan which sits at 13,000. It feels so amazing to log into my account and see money stowed away, in a way, I feel secure, and im ready for more. I dont know what happened but at some point after the new year, something just clicked and I realized how easy it was to actually just apply some responsibility to your finances and here we are. I am moving out of my folks house in 2 months and I hope to have 10K at that point which if I calculate it out, should be over 6 months of an EF, and im ready to keep it growing. Just wanted to say thanks, from a lurker. It means a lot! [link] [comments]  |
| What am I missing with chase rewards? Should I cancel the card? Posted: 29 Mar 2018 06:15 AM PDT Just recently booked a hotel through "ultimate rewards", however I noticed the hotel rates were higher (sometimes $30+) through ultimate rewards then the hotels site nearly every time. I feel like it's a sham. What am I missing? I called support and they confirmed they wouldn't price match any rates even directly from the hotel. What's the point of this card? I realize it's +2 points for certain categories, but at this rate it hardly evens out the 95$ yearly fee... especially considering there are 2% cash back cards out now. I'm just curious why this card is recommended so heavily, and if it's worth keeping on my credit for 95$ a year. [link] [comments]  |
| Someone used my credit card at a Target store for over 4k Posted: 29 Mar 2018 06:22 PM PDT This afternoon I received a notification from my bank that a purchase of 4.4k was made on my master card at a Target store, and my account was immediately locked. I then was asked to use my card on a ATM to prove that I'm not in US during that time. After I did this, I notified the bank and since I'm not the primary cardholder, the bank told me they will have to sort this out with the main cardholder. To further complicate things, the card was issued by a Chinese bank. I search for similar cases online and thought it maybe a online purchase so I contacted Target to see if they can cancel the order. But I was told it was made in a retail store at San Diego. The store manager told me that they cannot provide any information to me directly, only to the bank and police. At this moment I'm just waiting for the bank to revert the charges, but I'm concerned by various complaints online about my bank's incompetence on credit card fraud issues. I wonder if there's anything I can do now, should I call the police? Thanks in advance. [link] [comments]  |
| Posted: 29 Mar 2018 02:27 PM PDT What does he mean by his statements? Are they true? Are they just being pessimistic? [link] [comments]  |
| 22 with $10,000 saved up, what can I do with it? Posted: 29 Mar 2018 07:21 PM PDT As the title says, I'm 22 with a good paying job ($35,000) that I save $200 a week from. I've been able to save up over $10,000 now. I have a 401k through my job that matches my contributions of 8% right now and I think I want to open a Roth IRA. Is there a better choice? My 401k currently has $2,500 in it. I just want to see my options before I actually make the plunge and open a new account. Edit: I don't have any debt besides my car and a credit card that gets paid off every month. [link] [comments]  |
| Posted: 29 Mar 2018 04:46 PM PDT Hi, I'm lemon, and I have a mortgage, a personal loan, a credit card debt, and a HECS debt (student loans) 🤦🏻♀️ Because my mum always drilled into my head never to be in debt (sorry mum), and because I hate owing people money (especially banks), I always try to get rid of it as quickly as possible. When I first started working and was earning AU$28k a year, I had an $18k/7yr car loan (I got ripped off SO BAD, but that's a tale for another day) that I paid off in four years because I always put in more than the required amount. I'm currently paying $30 more on my mortgage than is required, $20 more on my credit card, and $70 more on my personal loan, as that one has the highest interest rate. The HECS payments are taken, pre-tax, from my pay, but I'm not currently making any additional payments there. All this debt doesn't really leave me with much out of a paycheque every fortnight, but it's enough to get by (usually), and I'm still contributing a small amount to my savings if there's anything left when my next pay rolls around. I've recently been under some pretty intense financial stress with council rates notices, things around the house that need repairing, my car needing a service and three new tyres, illness, and a bunch of other things, so yesterday I called the bank to ask how far ahead I was in my personal loan repayments, and if I could put a stop to them for a few weeks to allow me to pay a few other things. They told me I had nearly $2500 in my redraw, which meant I didn't have to make a payment until July. THE RELIEF. So now, the money I was putting toward that debt can go toward the other bits and pieces I have to pay, which will make things much easier for a few months. I'll probably also put some additional money each fortnight onto my credit card to get that down even quicker. This obviously isn't applicable to everyone, and it sometimes isn't feasible to pay an extra $20-$70 a fortnight toward a debt (it isn't for me either), but every little bit counts. Even if you're only contributing an extra $5 a month, or a bit here and there, it adds up. That $2500 I'm ahead has built up over about two years or so. The extra repayments I'm making have varied from $0 when I've been super broke, to a one-off $100 when I was on leave for four weeks, didn't do aaaaanything or spend any money, and had some extra to put in. Anyway, enough yammering. Hopefully this is helpful to some of you 😊 [link] [comments]  |
| BOA returned fraudulent charges to my card citing that a chip was used in the transaction. Posted: 29 Mar 2018 04:54 PM PDT Hello! This stems from a string of three fraudulent charges made with my account in early February. BOA contacted me right away because they noticed unusual activity and we decided over the phone to cancel my card and send me a new one. The charges ranged from $70-$100 at a Duane Reade, CVS, and an Office Depot (I think). The Office Depot and Duane Reade charges never left the processing stage but the CVS one went through for some reason. BOA just credited the amount back to my card. And I thought that was it. Yesterday, the CVS charge was placed back on my account. I called immediately but the fraud division wasn't answering phones yet. When I called back this morning, I was given a run around about how that transaction was made using a chip card (for some reason I think the girl on the other end said "fingerprint ID") therefore, the card had to present. Because of this, they have determined that I made the charge. This is absolutely false. I ended up getting upset over the phone at the rep and hung up. I called back later to get my old account number in case CVS can look up the transaction and find security camera footage or something. The second lady I called said that the case was re-opened but the are no guarantees that the outcome would be different. Tricky thing here is that the charges were in Midtown Manhattan and I live in Brooklyn. Not crazy far. I happened to be sick that day and was just laying in bed for the most part and was asleep when they first called about the transactions. I have no way of really proving that I didn't make them. Any advice? [link] [comments]  |
| File your tax return on time even if you can't afford to pay. Posted: 29 Mar 2018 08:00 PM PDT Late filing penalties accrue at a much faster rate than late payment penalties (0.5%/mo vs 5.0%/mo). So file your return on time or at least file an extension. Then you can either arrange to pay the balance later or request an installment plan. Keep in mind that installment plans and deferred payment arrangements do not stop penalties and interest from accruing, so pay as quickly as possible. It may save you money to take out a personal bank loan to pay your taxes. Also, pay your state taxes first. Penalties vary from state to state, but they tend to be higher than federal penalties and many states front-load their penalties (10% up front then 1%/mo). [link] [comments]  |
| Crushing student loans, $10k income Posted: 29 Mar 2018 10:22 AM PDT Decided to stop hiding from the student loan people that are always calling me, and I am quite literally in shock. I took out loans in 1996 when I was active duty in the USAF. It was for an very expensive aviation degree that I never finished. I also took out loans for my BS degree in Culinary Arts. I've had some tough hits to endure since then, the worst is a 3 year stint in prison for a felony. I owe $140,000 in loans and my credit score is 540. I graduated with my degree in 2009, but I can't find a decent job. I am working from home making $11 an hour, but the company I work for only allows 26 hours a week. Even though I got out and technically paid my debt to society in 2005, I still get told that failing to pass my background check is keeping me from getting a traditional job. The economy in the deep south is terrible, and I live in a very small town on top of that. The nearest normal sized town is over an hour drive away, which I am prepared to do, but even those areas are not hiring much and being a felon makes it impossible to get past the background check. I don't have money to move, and there's no jobs here. It is a terrible situation. The good thing about working from home is I can be here when the kids get home from school, so no childcare costs. My student loan debt is over $140,000. I am bringing home around $10,000 a year. My car is paid off but it is a 2000 model that is approaching 250,000 miles and needs repairs to be drivable. My wife and I live in a small trailer that's paid off. Her car is paid off but is approaching 300,000 miles. She's making $30,000 a year but her student loans are larger than mine (she has a master's) and she has her pay garnished because her loans went into default. My forbearances are about to be exhausted, and even the income-based repayments are too much, we are living paycheck to paycheck. I don't know what to do at this point. I don't see how we are going to be able to payback over $300,000 in loans making a household income of $40,000. We have no idea what to do, and it just seems like we are going to die owing money and never having good credit. Does anyone out there have any ideas on what to do? Thanks [link] [comments]  |
| Posted: 29 Mar 2018 07:34 PM PDT I went online to make my target credit card payment and thought everything was good. I rarely use that target credit card so I never bothered setting up auto pay, I just make sure to pay it off right after using it (I use it maybe 2 times a year). I didn't get anything in the mail or any notifications that it didn't go through. Only reason I even found out was because I recieved an alert from Credit Karma. I tried calling target but they automatically transferred me to their collections company. The payment was 35 days past due at that point (not that this is okay, but to me it seems excessive to send it to collections that early). I spoke with the collections company and paid off the $95 immediately. I asked what happened and they told me the account I tried to pay from "could not be located" which is very strange to me. The person I spoke with told me I probably mistyped a number when making a payment. Normally though I feel like it would notify me if there was an error. Either way, is there anything I can do to get this off my credit report? It was an honest mistake of me typing a number incorrectly and this is the only late payment I've ever had. This is especially bad timing due to me. Applying for a mortgage soon. [link] [comments]  |
| How much money to become truly economically free? Posted: 29 Mar 2018 05:17 PM PDT Hi, I'm currently in the process of trying to plan out my finances for the next couple of years and I realized/had a big question. I would really like to know how much money I would need to have to be able to comfortably retire on the return of my assets. Any of the articles I read mention retiring and slowly consuming your assets until you die. However, I want to try to find the dollar value at which I can comfortably take my investment returns each year and live off of that. Obviously I might still be able to work, but that level of economic security would be truly something else. An example can be as follows: If I need $100,000 per year to live as comfortably as possible, and I can get 7% returns per year on my investments. I would need an around 1.5 million dollars to make that regular return and be able to live without working. Does anybody know realistic return numbers and if this system is possible at all? [link] [comments]  |
| Posted: 29 Mar 2018 05:54 PM PDT I find myself discouraged when not seeing an instant difference because my whole life has been geared towards instant gratification. What's your method of staying positive and saying "Hey! I'm $20 richer this month" rather than "Dammit, it's been a whole month and I only saved $20". [link] [comments]  |
| Where to stash largish emergency fund Posted: 29 Mar 2018 06:11 AM PDT My wife an I combined make around~300k living in a low-mid cost of living city. We have a 15 year mortgage at a 3.325% rate with a monthly payment of around $2500, but we put in around $4k a month. We invest around 8k a month, and spend the rest. Right now, our emergency fund is quite large. We have around 50k on it, which is well over 6 months expenses. We we're thinking of lowering it to 30k, which would be about 6 months, but it still seems like a lot to just be sitting there. My questions are as follows: Would it be better to use the 20k to pay down the house, or invest? I know investing tends to have better returns, but a guaranteed 3.325% sounds pretty good in this volatile market. What should we do with our emergency fund? 20k seems high and our savings account is pretty low yield. I was thinking about splitting it in two, keeping 10k in the savings account and putting 20k into municipal bond funds with Fidelity (I'm thinking a mix between intermediate and short term to limit interest rate risk). Is this a good idea? If we desperately need the money, we can always withdraw, but our cash flow and credit limit is enough that I think we would still be safe without doing that. [link] [comments]  |
| Posted: 29 Mar 2018 01:46 PM PDT Throwaway account, also sorry for the wall of text. Applied for Medicaid in Oct/2016 and in less than a month I managed to find a part-time job that paid ok; I thought (silly me) that I had cancelled my coverage then. Worked this job until mid-January 2017 then got a full-time job (paying 50k before taxes) at a different state, where I've been living ever since. My family still lives in IL and they always let me know if I get mail and stuff. Last year when I did my 2016 taxes, I didn't receive any letter from IL talking about my Medicaid coverage. Filed my state & federal taxes with no problem. However, this year I received a letter (1095-B) claiming that I got "minimal essential coverage through the state of IL" for the entire year of 2017. I called IHFS and they said that I never cancelled my coverage and that they couldn't retroactively erase my coverage, even though I was living in IL last year. My question is, is there another recourse besides bitting the bullet and possibly paying a bunch of money back to IL? I feel sick just thinking about it, just when I thought I was getting my life together. Thanks for the help guys. [link] [comments]  |
| Switch to Ally Savings Account? Posted: 29 Mar 2018 05:08 PM PDT So currently I bank with a local credit union. My savings account earns .12% apy and I just recently discovered that Ally bank offers 1.45% apy and they don't have a yearly fee either. My savings is mostly made up of an EF and a down payment on a car when the time comes. Would it be a good idea to move the money in my savings to ally bank? If so, should I move all of it, or keep some of it with my local CC in case of an emergency? Not sure how long I would have to wait when transferring from ally to my bank if i needed money. Thanks! [link] [comments]  |
| My father passed away 4 years ago and my mom just got a phone call from Bank of America. Posted: 29 Mar 2018 06:01 PM PDT They said they have a 10-55 that was open in my father's name (I think that's the one; it's an investment account, from a property his family had, then the property was divided after my grandfather's death). However, since the account hasn't been active for four years, and my father passed away in 2014, then my grandfather in 2016, BoA has just out of the blue, informed us that they're going to close the account. (I believe it's a checking) So my mom had an appointment with BoA today, however they couldn't give her any information, because she didn't have his original death certificate on hand. Also, our family has had quite a history with"embezzlement" but no one's been in jail, we avoided court and all that, but let's just put this way, my uncle stole $250,000 from my dad's company in the early 2000's, and we kinda think he could've set up this account to allocate funds. We're going to pursue this account, but we don't know what to expect. It's weird that just now, they're telling us about it, and even more interesting that my dad would've 100% wiped it out before he died, he was battling cancer and told us to do so, which makes us think that he had no idea about this one. Any thoughts? Suggestions? Appreciate your time, and apologies if this post sounds weird or off-topic, just didn't know where else to ask. Thanks. [link] [comments]  |
| Check bounced, sent to collections with my name and address. Not my account. Posted: 29 Mar 2018 05:43 AM PDT I received a collections notice for a bad check written on 03/20 for $70. I called the collections agency (because I don't often write checks and I saw no such check on my 1 checking account) and they gave me the bank and account that it was under, and are sending me a photo copy of the check which they say has my name and address on it. Turned around and called the bank, a small Credit Union in my area, and they have no accounts under my name, social, dob, or address. I gave them the account number from the check, and they can confirm it is an account with them, not in my name, that has since been closed. They were even able to find the check and see it has my name and address on it. I asked the obvious question "how does someone put my name and address on checks that aren't in an account in my name?" I'm a little worried because the bank was then quick to say "we have to do some digging into this, and we will need to call you back tomorrow". I'm not sure what my rights are or what I should do to resolve this. Obviously not paying the collection notice, but what if there are more checks? I should mention that I ran my credit report and I have no fraudulent accounts on it, nor is the collections on it yet. Looking for advice on how to proceed and if this has happened to anyone else before. Thanks in advance! [link] [comments]  |
| Posted: 29 Mar 2018 07:15 PM PDT So after 5 years of undergrad comp. sci, parents help, and 3 internships, I was able to escape student debt in my state flagship school. I worked for 2 years but didn't really like the field that much and I just started my first semester in grad school on a fellowship. I also don't like grad school but I got an insanely good deal. I basically take home $1,500 after tax as a stipend in a VERY low COL area. My monthly expenses: Rent+ all utilities: $450. Insurance+gas+phone bill: $150 Groceries+eating out once a week: $300 Weed money: $100-200 yeah I have a problem I'm single and very /r/frugal and like to save $500 a month at least. Right now I have $20,000 in a very low yielding savings account. I think the APY is 0.03% (BoA standard Savings Account). My 2016 Yaris is paid off, I am on my parent's medical insurance for the next two years. No debt except for my parents generous sacrifice to put my future in front of their present. What should I do with $24,000? I want something relatively short term. I am uncertain of my future as whether I want to work or save up for life in the U.S. What's a 2 year safe investment that can return something to me? Should I look into short term bonds? I only know how to set up a simple budget and save-up hard. My ultimate goal in life is /r/FIRE. [link] [comments]  |
| Posted: 29 Mar 2018 02:52 PM PDT Throwaway for reasons. This is a serious fuck up on my part, especially for waiting this long to be concerned about it. Long ago, I had a Verizon Wireless account (2013-2016). I switched to T-Mobile sometime in 2016 after they offered to buy out my contact if I switched. I did just that. I guess T-Mobile ended up NOT paying the remaining balance and Verizon sent a $220 balance to collections. Anyways, I paid it the day I got the letter, which was December 2016. So here I am in 2018 looking at my credit report with this nasty late payment. I'm not even sure how long the balance was outstanding. Can anyone help me identify this? I have zero proof of anything since my Verizon account is already closed (I called). I guess my question is, what do I do to get this off my report? Would a goodwill letter work? If so, who do I send it to? The 7 year mark is 07/2023, but I want to buy a house soon. Having this one mark on my report ruins me. TLDR; Verizon collections, paid off, don't know what to do. Please help my poor soul. [link] [comments]  |
| Posted: 29 Mar 2018 08:50 AM PDT On December 3rd, I went to the ER for symptoms mirroring a heart attack (turned out to be something different, but that's not the point). Then in January, my insurance sent me my Explanation of Benefits showing that I need to pay the hospital a little over $600, and the doctor a little over $500. (Yay American healthcare... /s) After that, I waited a little over a month and finally got a call from the hospital's billing asking me how I'd like to pay for it. I told them I haven't received a bill yet and that I will not be paying anything until I get it. When they checked their records, we found out that someone didn't put in my apartment number, so I wasn't getting the bills they were apparently sending me. That was two months ago and I haven't gotten the bill yet, despite another call with identical results. Two days ago I woke up to a call from a collection agency. When I called them back to try to find out what is going on, they said that I need to pay them the $500 for the doctor. I told them that I need contact information for that doctor and/or his office because I was never sent a bill. They argued with me and said multiple bills I've been sent to me and now the collection has been given to the agency. So I told them the same thing I told the hospital. No one is getting paid unless I see a bill. Period. After enough investigation to get me my own badge, I found out the doctor doesn't, and has never, worked at that hospital. Instead, he is contracted through a separate company, so I had to call that company and find out what's going on. Same problem, because someone didn't enter my apartment number, I didn't get a bill. They had my phone number on record though, so I don't know why they didn't call me. What should be my next steps? Wouldn't the bill that went to collections affect my credit? And I definitely don't want the hospital to do the same thing to me. TL;DR I owe 2 companies a total of over $1,100 and no bill to show of it. One of those bills has gone to collections because they didn't put in my apartment number. [link] [comments]  |
| What are the best delivery apps to work for and earn at least 15$ an hour? Posted: 29 Mar 2018 06:28 PM PDT I've been researching ones like UberEats, Doordash, Grubhub, but would like to know from people's experience which delivery app they would recommend, or not recommend, and earn a decent living. If it helps to know, I'm 21 years old and live in Houston. [link] [comments]  |
| Is it smart to use a rewards credit card instead of a debit card? Posted: 29 Mar 2018 06:27 PM PDT Obviously staying on top of paying it off entirely as well. I have travel coming up and I'd love to use miles if I can. Thoughts? [link] [comments]  |
| Posted: 29 Mar 2018 06:12 PM PDT I am being given a car from a family member and was wondering if it is better to be sold to me for $1 or as a "gift." I am wondering mainly about taxes/getting it licenced in a new state, etc. Thanks for your help. [link] [comments]  |
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