Personal Finance IRS sent CP14 letter stating 2017 taxes weren’t paid, but they were paid on time. This is our experience (a good one!) with getting it corrected. |
- IRS sent CP14 letter stating 2017 taxes weren’t paid, but they were paid on time. This is our experience (a good one!) with getting it corrected.
- Received a letter stating that my debtors had written off my balance and to not send any more payments.
- Mortgage with $0 down, $0 PMI, $0 closing costs, and <currently> a 30-year 4.125% rate
- Should I Pay Off My $17k in Student Loans?
- A message to parents with children in high school or high school students about choosing a university - an excerpt from "Everybody Lies" by Seth Stephens-Davidowitz
- Buying my first house: better to get 20% and avoid PMI, or continue renting?
- Company owner promised a $1 raise over the phone. No raise on next two paychecks. What's the most diplomatic way to bring it up?
- I accepted a job knowing the pay is comparatively low. Now I'm regretting my decision.
- Advice for first job income and expenses
- For the last three years I've been tracking every cent my household earns and spends. Here are the results in AUD.
- How much should we charge my in-laws per month for living on our property?
- Accidentally wrote my SS number wrong on my tax return papers for my new job, how do I fix this?
- Thoughts after a salary interview
- Supporting parents?
- Why Should a Family That Makes $75,000 or Less Have a Roth IRA?
- Student loan trouble
- Moving from San Francisco to Pittsburgh. Worth it?
- Discover fee for cash?
- I’m 18 and will make my first bank account soon. What do I need to know because doing so?
- Would financing a PC be pointless.
- Done Scrimping and Saving. Now What?
- Fidelity Roth IRA $11,000 should I start splitting funds?
- Roth IRA Conversion Ladder Question
| Posted: 09 Jun 2018 10:56 AM PDT I'm posting this in the hopes that it helps someone else. On Thursday, my husband and I received a CP14 letter from the IRS saying our full balance of 2017 taxes were due. Of course we immediately worried that someone else cashed our check, which was withdrawn from our account on 4/24. We gave the phone number on the letter (after verifying the number was legit online) a call. While on hold to speak to someone (which took about 45 minutes), I pulled up the copy of our canceled check from our bank and took a screenshot of it. I also found a Reddit post where the top comment was extremely helpful. This gave us hope that our check was, in fact, cashed by the IRS and that there was simply an error somewhere. The man who took the call was extremely professional and helpful. He verified my information and I explained that we received a letter stating we hadn't paid our 2017 taxes, when we had sent it in on time and the check was withdrawn from our account. He then put me on a 5 minute hold while he looked up my/our information and returned to the line to inform me that while I had written the check out correctly (with the notes stating "Form 1040" and our SSNs), I had listed my own SSN first rather than my husband's, whose number is primary on our joint tax return. (Lesson learned: if you're filing joint taxes, and writing a check, list the primary SSN first.) This was a very simple fix. He simply had me give approval to transfer that payment from my own SSN to the joint tax return, and then said it would take 1-2 weeks for the balance to be transferred and considered paid. He also said that they would waive the late fee and interest stated on the CP14 letter because it was paid on time, and our taxes would be considered paid as of the date they received the check (4/18). All in all, the conversation took about 15 minutes. The man was very helpful and professional, and very informative. It was, actually, a really good experience (once you get past the initial fear of the letter and wipe your brow of nervous sweat). Since there were so few threads that I found about this particular situation, I thought I'd post it in hopes that someone going through something similar will find it informative. TLDR: Paid our 2017 joint taxes on time, but received a letter from IRS (letter CP14) that we hadn't paid. Our check was cashed on 4/24. Called IRS, was informed that I hadn't listed the primary SSN for our joint return first on the check, so it the payment wasn't applied in the correct way. Easy verbal fix on the phone, took about 15 minutes of convo with the IRS to adjust. IRS has professional and kind phone representatives, be nice to them. [link] [comments]  |
| Posted: 09 Jun 2018 06:21 AM PDT I've been paying my medical bill to the best of my ability for in small payments each month for a number of years now, It's never been on my credit report but yesterday I received a letter stating that they were writing off my account and to NOT send any more payments... I've read that Writing off doesn't mean I'm free of the debt... but the "don't send payments" part confuses me? Do I still pay or what? [link] [comments]  |
| Mortgage with $0 down, $0 PMI, $0 closing costs, and <currently> a 30-year 4.125% rate Posted: 09 Jun 2018 06:11 PM PDT There are a lot of mortgage threads in r/personalfinance. One thing I haven't seen mentioned lately is that there is an avenue to get a house with ideal terms: $0 PMI, 0% down, $0 closing costs, and a rate below what you would get with a 850 FICO from a conventional bank. There is a nonprofit organization called the Neighborhood Assistance Corporation of America (NACA, www.naca.com) that does this. You can put down more than 0% down if you want – it isn't required, but given how some people here are debt averse I thought I'd point that out. The mortgage will still have better terms than you could get from any bank. What is the catch? A few things to be aware of:
Even given the catches - given the terms - I think its 100% worth it. No really, there has to be other catches - those aren't bad. What is it? How do they make money? Really, there isn't. You just have to jump through their underwriting hoops. NACA is a nonprofit. They don't make any money from this, which is why they don't advertise it. The mortgages they underwrite are funded/serviced by either Bank of America or Citibank. I thought programs like this were means tested (e.g. must below $X income)? This is not a program which is means tested. You could be a millionaire and get a mortgage through NACA. People who are higher incomes are "non-targeted members" who are subject to purchase price caps, but the caps are very high unless you live in NYC or another ultra-high cost of living metro. For example, in my medium cost of living area the purchase price cap is $400,000 and you can get a mansion for that price. Is this one of those first-time buyer mortgage programs? Nope! You could be on your 3rd mortgage, it doesn't matter. As long as you are selling one house and moving into another one that is your primary residence, you qualify. [link] [comments]  |
| Should I Pay Off My $17k in Student Loans? Posted: 09 Jun 2018 02:33 PM PDT Hi friends! Newbie here, be nice. Debating on what to do about my student loans ($17k). I just want it gone. I'm interested to hear your thoughts on what I should do, as I'm thinking it doesn't make much sense to pay in full since my monthly payment isn't agonizing. Monthly payment is $282, however I have been paying $350 for some time now. About $30k in savings, steady income, 401k, $2.7k monthly expenses (student loan included). Should I drop the $17k and pay them off? Should I pay off a chunk and drop $5k now and another 5k in 6 months? Or should I keep doing what I'm doing, continue to pay over the required monthly payment? Thoughts and advice appreciated! [link] [comments]  |
| Posted: 09 Jun 2018 07:12 PM PDT 'Evening everyone, I thought I would share an excerpt from a book that I'm currently reading, Everybody Lies by Seth Stephens-Davidowitz. This is mainly a post to share my own anecdotal advice in context of an excerpt from the book. I had the choice of attending a top 20 university in the US, or a "solid (public) school". Financially speaking, the public school would've been a clear choice. I faced a lot of pressure from family, school counselors, and other adults to attend the "better" university, in spite of the fact that it would cost me many, many thousands more in eventual student debt. I could happily tell more of my story over PM for those interested, but attending that top 20 university might have been one of my biggest regrets. Obviously, I can't know how life would be different if I had gone to the public school, but I can guarantee that I wouldn't be as deeply indebted as I am after graduating from that top 20 university. This excerpt might have changed my mind, had I been able to read it before making that decision. I'm hoping that it'll reach someone out there that will be making the choice within the next few years. "Take college. Does it matter if you go to one of the best universities in the world, such as Harvard, or a solid school such as Penn State? Once again, there is a clear correlation between the ranking of one's school and how much money people make. Ten years into their careers, the average graduate of Harvard makes $123,000. The average graduate of Penn State makes $87,800. But this correlation does not imply causation. Two economists, Stacy Dale and Alan B. Krueger, thought of an ingenious way to test the causal role of elite universities on the future earning potential of their graduates. They had a large dataset that tracked a whole host of information on high school students, including where they applied to college, where they were accepted to college, where they attended college, their family background, and their income as adults. To get a treatment and control group, Dale and Krueger compared students with similar backgrounds who were accepted by the same schools but chose different ones. Some students who got into Harvard attended Penn State—perhaps to be nearer to a girlfriend or boyfriend or because there was a professor they wanted to study under. These students, in other words, were just as talented, according to admissions committees, as those who went to Harvard. But they had different educational experiences. So when two students, from similar backgrounds, both got into Harvard but one chose Penn State, what happened? The researchers' results were just as stunning as those on Stuyvesant High School. Those students ended up with more or less the same incomes in their careers. If future salary is the measure, similar students accepted to similarly prestigious schools who choose to attend different schools end up in about the same place. Our newspapers are peppered with articles about hugely successful people who attended Ivy League schools: people like Microsoft founder Bill Gates and Facebook founders Mark Zuckerberg and Dustin Moskovitz, all of whom attended Harvard. (Granted, they all dropped out, raising additional questions about the value of an Ivy League education.) There are also stories of people who were talented enough to get accepted to an Ivy League school, chose to attend a less prestigious school, and had extremely successful lives: people like Warren Buffett, who started at the Wharton School at the University of Pennsylvania, an Ivy League business school, but transferred to the University of Nebraska–Lincoln because it was cheaper, he hated Philadelphia, and he thought the Wharton classes were boring. The data suggests, earnings-wise at least, that choosing to attend a less prestigious school is a fine decision, for Buffett and others." -Everybody Lies by Seth Stephens-Davidowitz Anyway, I won't discuss my experience and personal life in a public forum, but happy to answer questions over PM. [link] [comments]  |
| Buying my first house: better to get 20% and avoid PMI, or continue renting? Posted: 09 Jun 2018 04:38 PM PDT I've been watching the market for the past 3-4 months and finally contacted a realtor to purchase my first home. I'm 25 and buying it on my own with savings, and am pretty anxious about the whole thing. I'm currently renting from my sister and her boyfriend who bought their first house 6 months ago. They're reno-ing it and while rent is cheap ($500/month + utilities), living in someone else's constant project isn't ideal. They're urging me to wait until I have 20% to buy because the "I'll just be throwing away money on PMI". Am I not currently throwing away money on rent, although it is cheap? I have 36K total and am looking at homes in the 150-230K range. We live in a midwestern city so you can get a decent house for the price. Any advice is appreciated. Thanks for reading. [link] [comments]  |
| Posted: 09 Jun 2018 07:19 PM PDT I work at a mom-and-pop store that ended up becoming pretty successful. The owner still works almost every day, 10 hours a day, so he's basically my manager too. While I was away at college, he called and wanted to know what day I could start working after the semester ended. At the end of the call, he said something like "oh, and let's bump up your pay a buck, you do good work for me, it'll be good to have you back." I honestly think he just forgot to tell payroll to give me a raise, but this is a spooky situation for me. I don't know how to bring it up. I'm 98% sure he isn't a scumbag, so I don't think I need to strongarm it. I'm sure this isn't much of a unique situation. If it happened to you, pls let me know how you worked through it. Thanks [link] [comments]  |
| I accepted a job knowing the pay is comparatively low. Now I'm regretting my decision. Posted: 09 Jun 2018 06:01 AM PDT Should I rescind my acceptance, not move for the new job and continue to seek better-paying employment. (I am a pilot). [link] [comments]  |
| Advice for first job income and expenses Posted: 09 Jun 2018 07:50 PM PDT Hey guys, so I just received my first offer for my first job right out of college. While I have lived on my own since I was 17, I've never dealt with most of these things and now at 24 looking at these benefits packages, retirement plans, etc is a bit overwhelming. I've put together a spreadsheet with my offered bi-weekly income, estimated take-home pay, and then put together a working model of my future expenses. Note that the insurance payments are for a +1 plan and not only for myself. Most of these are educated guesses. https://imgur.com/a/MzcSH9M I'm curious if this looks normal or if I am overlooking anything that I should be factoring into my future expenses. I have never made this much money and it seems that I might be overestimating how much I am going to be spending. Any advice or references to similar posts is much appreciated. If you need any more clarifying information please let me know. [link] [comments]  |
| Posted: 09 Jun 2018 07:41 PM PDT https://i.imgur.com/Xg66fjs.png Tracking expenses has really helped us focus on where money was going, what purchases were being made that weren't giving us value, and allowed us to better plan for big expenses like overseas trips, electronics etc. It also motivated me to get better mortgage rates, phone plans, electricity, gas etc. It also told me I spent way too much on fast food, but I'm yet to change that one. [link] [comments]  |
| How much should we charge my in-laws per month for living on our property? Posted: 09 Jun 2018 04:54 PM PDT PF, We have recently purchased a property 30 miles north of Seattle. It includes a 2,800 sq ft house and 6 acres of land. Real estate is pretty crazy these days in Seattle and we were lucky enough to find this great property. My husband's parents wanted to buy land and build a manufactured home but since all land in close proximity to the city is really expensive, they have been holding off on it for a while. Now, we do not need nor will ever use the 6 acres. We don't grow vegetables or have animals. Our idea is to let them build their manufactured home on the other side of the property and pay us "rent" for using our land and maybe utilities if they won't have them hooked separately. Given the location and the fact that our mortgage is $3,200, how much should we ask for renting, say, 1 acre to them? I know there's tax and other legal matters to consider when doing something like this but I would like some advice on the monthly payment we would expect from them. I have to come up with an approximate amount so they can decide if it works for them. Thank you! [link] [comments]  |
| Accidentally wrote my SS number wrong on my tax return papers for my new job, how do I fix this? Posted: 09 Jun 2018 06:32 PM PDT I thought I had memorized my SSN by heart, but I realized today I wrote it down wrong by one number. Everything else is fine, but that one little number that I got mixed up screwed me over. I am going to call my employer tomorrow and inform her of my mistake. Is there something else I should do to fix this? [link] [comments]  |
| Thoughts after a salary interview Posted: 09 Jun 2018 02:28 PM PDT Let me just preface this by saying english is not my first language and I am not in the USA so I am converting my country's currency to USD. Also, sorry if this is long. Last week I got my yearly salary interview, I always have to ask for it myself or else I get nothing. I got a 3.5% raise, just keeping up with inflation. In the interview with my boss, she listed out some facts about my salary that I didn't think were right and corrected her (twice), but she was so sure she was right I didn't push it. That exchange also kinda struck me dumb, and it's nagging at my brain afterwards because it directly influences my raise and how I performed in the interview itself. Firstly, a small detail really, she thought my starting salary two years ago was 4.9k a month, but I started with 5k. She wasn't my boss when I started though, just a small honest mistake. But secondly, the main issue. After last years interview I got a 5.5% raise. It was supposed to come all at once but she accidentally put in about 3% raise, but corrected it the following month and made it so I got paid correctly retroactively. She noticed her mistake herself and sent me an E-mail notifying me straight away (she said it was a typo). But in the interview now she talked about how she got me that 3% raise first without prompt, and then I came the following month and got it to go to 5.5%. So she talked about how the 3,5% I'm getting now is somehow within this raise I got myself last year, so it looks like I'm getting a 6.25% (3.5% on top of 2.5%) raise in less than a year. Which probably looks bad for management but great for me, but also isn't true. I am only getting the 3.5% raise in a year. So what I'm wondering is should I ask to meet her again or just send her an E-mail listing these things (maybe include her E-mail from last year)? Should I ask directly for a bigger raise or just hope for a bigger one next year? Should I maybe just bring it up next year and point these things out then and use them then as leverage? I don't want any trouble, and I don't mean to make a fool out of anyone or anything like that. I like my boss and want us to continue to have a good relationship. I also like my job and don't want to compromise that. [link] [comments]  |
| Posted: 09 Jun 2018 08:14 PM PDT Hello! Lately my parents have been asking me for money to pay their bills and I am unsure what I should do. I am currently 17 and I have a part-time job where I make a little bit of money. I have paid for my mom's phone bill, bought food, and given them small amounts of money every now and then. And before I got my own bank account they would go to the bank and take out whatever money they needed. To be completely honest I don't like giving them money because they're never wise with it. And they don't seem to be financially responsible. I also have been trying to save money for myself, but it's hard to do when they keep asking. I feel as if my parents should old enough to use their own money wisely without asking me. Realistically speaking, should I continue supporting my parents (I feel bad for not helping, but I don't make that much money)? Should I give them an allowance or something else? Thank you! [link] [comments]  |
| Why Should a Family That Makes $75,000 or Less Have a Roth IRA? Posted: 09 Jun 2018 08:02 PM PDT If a married couple makes $75,000 or less then they have zero longterm capital gains taxes. So where is the tax benefit in keeping their buy and hold investments in a Roth IRA? The only benefit I can think of is their investments wouldn't be considered assets on a child's financial aid applications. It seems it would be much better to take the traditional IRA and even then the only advantages would be shielding from financial aid and the tax deduction. Thoughts? [link] [comments]  |
| Posted: 09 Jun 2018 07:57 PM PDT If this has been discussed before please forgive me. I did a preliminary search beforehand and didn't find an answer that I believed for my situation. My husband and I were not in a good financial place for several years. He had to drop out of school and a several businesses that employed him after that closed pretty quickly leaving gaps in his employment. We kind of just stuck or heads in the sand and ignored the medical/student loan debt letters. Now that we are becoming stable (still no savings, but consistently paying bills on time) his student loan debt has transferred hands 3 times in the last 120 days or so. Every time he contacted someone and wanted to make arrangements he was told it would required a crazy first payment then hundreds of dollars a month. He owes just under $10k. He just got a garnishment letter in the mail. I don't understand how he is expected to go about paying this if they won't agree to reasonable terms and I certainly don't want a garnishment. Does anyone have any advice on how to deescalate and maybe resolve this situation? [link] [comments]  |
| Moving from San Francisco to Pittsburgh. Worth it? Posted: 09 Jun 2018 07:52 PM PDT So I'm 22 (well, almost 23), living in San Francisco. Born and brought up in the Bay Area and went to school here as well. Current base salary is 120k, with stocks and bonuses on top of that. My employer is offering a move to Pittsburgh, with the same salary and equity. In SF, or nearby Bay Area cities, with regular promotions, pay rises and RSU refreshers, I can hope to buy a house before I'm 30, but I'll be on the hook for a huge ass mortgage that I'll have to keep paying off for 30 years afterward. In Pittsburgh, I can afford to make a 20% down payment on nice, spacious houses in the next year easily, and the mortgage payments will be super affordable, and I can even pay if off much earlier than 30 years if I want to. In the meantime, while I'm renting, I can easily save 10-12k a year more in Pittsburgh on my base salary alone, plus PA has lower state taxes than CA as well, which should mean I can save a super significant amount more. I have about 65k in my brokerage account held in various individual stocks atm. Plus some money in a 401k but that's irrelevant for the purpose of this discussion. 0 debt The biggest downsides with Pittsburgh are
As a city, Pittsburgh seems super cool, except maybe it isn't as heavily populated as SF, and downtown and other areas seem relatively dead (still enough to do tho). Restaurant, food and bar scene might also be less vibrant than SF. Any thoughts? [link] [comments]  |
| Posted: 09 Jun 2018 11:30 AM PDT When I use a Discover card at a grocery store, it always asks me if I want cash back. I always say no, but I'm wondering if there is a fee if you get cash back. Is it considered a cash advance or a purchase? [link] [comments]  |
| I’m 18 and will make my first bank account soon. What do I need to know because doing so? Posted: 09 Jun 2018 12:06 PM PDT I got my first paycheck ever last week, at my first job. I'm going to make a bank account soon, but what is there to know before making one? I'm going to be honest, I don't know anything about financing. Should I get a card? Should it be credit or debit? Or should I just bring the checks and get cash? Which bank should I go for? Chase, Wells Fargo, Bank Of America etc. There's so many questions. Edit- I meant to be put before doing so in the title but I messed up. [link] [comments]  |
| Would financing a PC be pointless. Posted: 09 Jun 2018 05:54 PM PDT I'm pretty new to this sub so sorry about formatting. So for the past few months I've been saving up to buy myself what I would consider a decent gaming PC ( I would be buying it prebuilt as I have no experience building one ) and I just passed my goal this Thursday (1500$). So would it be better for me to just buy it outright or should I use this as a chance to continue building credit. I'm 19 with decent income, making about 25k before taxes a year with minor expenses so I usually have about 600$ left over each month. I do have a starter credit card that I'm using to build credit but I don't use it for much more than gas, food and a phone bill as I pay rent in cash, so I was just wondering if it would help at all or if I should just pay it all outright. [link] [comments]  |
| Done Scrimping and Saving. Now What? Posted: 09 Jun 2018 07:17 AM PDT I feel like I am doing everything right and about to start having a lot of extra income, but I don't know what to do next. I've been satisfied with my frugal lifestyle for years. What do people with money even do? Save more? Live it up? What would I even spend my money on? For background: I'm starting soon at an employer with ridiculously good benefits. Between my contributions and my employers's contributions 17% of my annual income will go towards retirement. I am down to $4,500 in debt and have $3,000 in an emergency fund (currently saving $100 per week). I just purchased a modest home that I think I'll be able to pay off in 20 years. I am profoundly grateful for the financial situation that I'm in. When I think back to when I was making minimum wage doing outbound calls and think of where I am now I'm floored. Thanks for everyone for the encouraging posts! Update: Thanks everyone for the sound advise! My wife and I discussed "what next?" and we are going blast away the last little bit of our debt, buy some furniture that we have always wanted, and then start throwing money towards our newly created "I don't know" fund. What is our "I don't know" fund? We know that we want to keep lifestyle creep in check and we know that we will soon have more money then we have ever had, but we haven't decided on a specific financial goal and don't want our money to go under utilized (wasted on junk). While we haven't determined what we really value, we want to have the money there for when we decide what will give us the best return on "happiness per dollar" [link] [comments]  |
| Fidelity Roth IRA $11,000 should I start splitting funds? Posted: 09 Jun 2018 10:55 AM PDT I've currently put in the max for both the 2017/2018 years. My first $5,500 deposit I invested it into FSTMX "Fidelity Total Mkt Investor Class". Just now my second deposit of $5,500 came through and it currently sitting in the default Money Market fund and am trying to decide where to put it. Should I just pump it into FSTMX again? Should I put it in FUSEX? What about a target date fund? I am currently 23 years of age. Also, another question. Will I be above to move the money around to different funds down the road? Say if I want to move everything (including capital gains) to a target date fund next year. I assume this is possible and I will not be taxed until I withdraw right? [link] [comments]  |
| Roth IRA Conversion Ladder Question Posted: 09 Jun 2018 05:29 PM PDT Hello. If I were to convert money from a tIRA to a Roth IRA, can the money be invested or does it have to stay as cash in order for me to widow the money 5 years after the conversion? For example, if I convert $50k and invest the money in the Roth and it grows to 100k 5 years later, could I withdraw the money early without any penalties? [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment