Personal Finance Weekend Discussion and Victory Thread for the week of June 08, 2018 |
- Weekend Discussion and Victory Thread for the week of June 08, 2018
- If you haven't filed your US Federal tax return yet because you owe and can't pay, file it by June 14 to avoid the higher late-filing penalty.
- I’ve been saving my sister and brother-in-laws rent payments to me so I can give it back to help with the down payment on their house, what should I do with it until they are ready to move?
- I have the same SSN as another person and our credit reports are merged
- Parents are retired and asking what to do with their 401k. They want to go to a Financial Advisor but I’m concerned it might not be in their best interest.
- I'm 19 and don't know what to do about my 75k debt
- 25 and I’m drowning.. should I file bankruptcy? Anyone’s help would be appreciated
- Benefits of Tracking Expenses
- My dad just asked me to put a church in my name. I don't know the first thing about mortgages (or starting churches). Literally any advice is welcome.
- New job offers regular or Roth 401k option- which to choose
- Appreciate your advice and review, starting out in US age 30
- How realistic is it for a student to live off of $15,000 a year?
- A "duplicate" W-2 for 2016 was sent to IRS and now I owe back taxes on 150% of my 2016 income.
- Advice on beginning to save for retirement
- Starting over. About to turn 30. Don't want to be in this position ever again.
- I need help finding a place to stay for a while
- My family's house caught fire on the eve of my fiance buying our home, need advice on how to deal with insurance claim
- Need to fill gap in health insurance.
- For the last two years I have been on a 1099 making $13/hr. After having our accountant do my taxes I have owed $4k a year. I filed last years taxes, but not this years so just assumed I owe $8k. I live paycheck to paycheck and need advice!
- What if my salary expectations are too high?
- So a very small startup is offering me a percentage of the company in shares, how do I not get screwed over?
- Spouse just lost job, worried about finances with student loans
- First time renting an apartment. Will be living with two roommates. Advice for a newbie?
- 300k house on about 100k annual income.
- My GF totaled her car, and she does not have insurance. What can she do?
| Weekend Discussion and Victory Thread for the week of June 08, 2018 Posted: 08 Jun 2018 02:06 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance discussions, questions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! For past threads, please search the Weekly Archive. [link] [comments]  |
| Posted: 08 Jun 2018 12:11 PM PDT Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will generally face a higher late-filing penalty. Ordinarily, the late-filing penalty, also known as the failure-to-file penalty (FTF), is assessed when a taxpayer fails to file a tax return or request an extension by the return due date. This penalty, which only applies if there is unpaid tax, is usually 5 percent for each month or part of a month that a tax return is late. If a tax return is filed more than 60 days after the April due date -- or more than 60 days after the October due date if an extension was obtained -- the minimum penalty is either $210 or 100 percent of the unpaid tax, whichever is less. This means that if the tax due is $210 or less, the penalty is equal to the tax amount due. If the tax due is more than $210, the penalty is at least $210. The late-filing penalty will stop accruing once the taxpayer files a complete and correct return. The FTF penalty does not apply to the Taxpayers who met this year's April 18 deadline to file their individual tax return. It also won't apply to the Taxpayers who asked the IRS for a six-month extension of time to file, as long as they file by Oct. 15, 2018. In addition, the IRS urges Taxpayers to pay what they owe to avoid additional late-payment penalty and interest charges. The late-payment penalty, also known as the failure-to-pay penalty (FTP), is usually 0.5% of the unpaid tax for each month or part of a month the payment is late. Interest, currently at the rate of 5 percent per year, compounded daily, also applies to any payment made after the original April 18 deadline. After a return is filed, the IRS will figure the penalty and interest due and bill the taxpayer. Normally, the taxpayer will then have 21 days to pay any amount due. [link] [comments]  |
| Posted: 08 Jun 2018 07:28 AM PDT I was thinking about putting it in a money market account but I'm not sure if I can open one in they're name or gift an account or something like that. So far they've paid me $2,800. Thanks in advance! This is really important to me Edit: oooooh my goodness. Thanks for all the love reddit! [link] [comments]  |
| I have the same SSN as another person and our credit reports are merged Posted: 08 Jun 2018 12:17 AM PDT X-post from /r/legaladvice Found out recently that me and another person share the same SSN. It's crazy. We have the same SSN and even the same birthday and birth year, but our names are totally different and we live several states apart. I'm in the process of requesting a new SSN and was told it could take months for SSA to review my application. In the meantime, how do I get this addressed with the credit bureaus? I actually found out about all this because I'm trying to buy a house and the loan officer asked if I ever went by a different name or lived in a different state. This prompted my curiosity and I pulled my own credit report later. Sure as shit I have a FICO score of 820 (I'm not complaining!) but there are 26 accounts listed (of which 11 of those I know for certain are mine) and there are past employers and residences listed that are definitely not mine. I saw the other "known name" as well and plan to call them about all this once I figure out what to say lol. But yeah, based on what I saw in the merged report, the other person is perfectly responsible with finances. I am as well, but I still want to get separated because we are definitely not the same person. How do I do this??? [link] [comments]  |
| Posted: 08 Jun 2018 10:44 AM PDT My mom, 66 years old, recently told me that she is wanting to move the money from her 401k to a more growth oriented portfolio than what it is currently in. She mentioned that she had talked to someone from a "chain" brokerage firm and said that they would be able to double their account value over the next 15-20 years. The front end load to move the money to the chain brokerage would be 4.5%. My question is does this all seem ok? The fee seems high and the guaranteeing of doubling your money makes me very skeptical. I want to make sure my parents aren't getting into something that they will regret later on. Thank you for your help! [link] [comments]  |
| I'm 19 and don't know what to do about my 75k debt Posted: 08 Jun 2018 05:40 PM PDT I amassed quite a bit of debt last year in a car crash suicide attempt. I was very fortunate to have come out of it with my body mostly intact and am doing much better physically and mentally now. I'm actually doing great aside from having all of this debt. About 30k is for property damage from the crash (a telephone pole) and the rest is medical debt that my insurance would not cover (I live in New Jersey btw). My health insurance provider claimed that the burden fell on my car insurance provider, but my car insurance refused payment due to it being an "intentional act". Even though I would argue that at the time I was at the mercy of a mental illness and I feel like that clause exists to prevent insurance fraud which this was clearly not. Anyway, after discussing with my family and consulting a lawyer, I came to the decision that filing for chapter 7 bankruptcy may be my best bet. Though at the time I couldn't even afford that and was not working for a while afterwards because I was in intensive treatment for my mental health (I was still in high school at the time of the attempt). Since then, I have saved up enough to pay for my bankruptcy, but I'm not certain this is what I want to do. I don't really have much. I technically still live with my mom as that is my permanent address, but have been working seasonal jobs out of state that provide lodging. I can pack up everything I own into a couple bags and be onto the next thing. So, that might make me a good candidate for bankruptcy as I have little to offer and am not making much money. Most of the institutions I owe money to have sent an initial bill and nothing else. I'm not expecting my debt to just dissapear, but this seems strange to me. Why would they not be following up? It has been an entire year and I've heard nothing. With one exception: my orthopedic doctor has been repeatedly sending a bill that stands at around 6k. I checked my credit reports today because I would need them for the bankruptcy and none of the debts are listed. Actually, nothing is listed. I've never had a credit card, so I guess I just don't have any credit? I also plan on going to college in the near(ish) future, so how would a bankruptcy affect my student loan options? My parents have terrible credit, so they couldn't help me much there. Should I try to negotiate my debt down and work out a repayment plan? I'm not making much as it is and I'd be making a lot less as a full time student. Do I have any other viable options? I don't want my life to have to revolve around this debt. [link] [comments]  |
| 25 and I’m drowning.. should I file bankruptcy? Anyone’s help would be appreciated Posted: 08 Jun 2018 12:55 PM PDT I'm 25. I was in an emotionally abusive relationship for 4 years. He wouldn't get a job for a long time, so we lived off of my credit cards and the salary from my full time job. He finally got a steady job after a few years, so To consolidate the credit cards we came up with a plan to take out a 10,000 personal loan in my name and we'd pay it back together. I was dumb and manipulated, then he ghosted me blocked my # and left me with a mess of debt. I then had to use the same cards I just paid off to live on and now they are maxed out again, plus I have the loan payment. My base checks are $950 and I get bonuses quarterly, but I work full time and make about 35k a year. No degree. I'm strongly considering bankruptcy. I'm just so tired. I feel like I'm buried under a pile of interest and I am drowning. The credit card companies are calling me CONSTANTLY and my anxiety is bad . I used to be able to make the payments within 30 days so it wouldn't hurt my credit but now I can't afford my minimums and I've been making everything late so my credit score has gone down to about 560. Would it be the worst idea to file bankruptcy at my age? I'm getting so many mixed answers about bankruptcy when I search online so I don't know what to do, but The stress from has been making me physically ill and I can't really afford food anymore. I'm dumping everything into credit card bills and I have $1.35 in my account until Wednesday. Thanks in advance for anyone who takes the time to read. Here's a breakdown of my credit card debt Some cards the minimum payment is higher because of a late fee or 2 months combined My student loan is for 4K but it's in forbearance. I think it was $55 a month Credit cards -the limit is next to the name of the card Capital one quicksilver $4500.00 Balance $4614.00 Payment amount- $316.00 (2 months combined) Interest -24.4% Capital one platinum $2150.00 Balance -$2220.49 Payment amount - $51.00 Interest-21.30% Discover -$5000.00 Balance $5025.00 Payment amount $163.00 Interest 24.49% NTB -$500 Balance -$571.79 Payment amount -$65.00 Interest -29.99% (no interest till oct 2018) Walmart -$1880.00 Balance $1951.00 Payment amount $197.00 Interest 24.15% Victoria's Secret $400 Balance $417 Payment amount $37.00 Interest 26.490% Amazon $860.00 Balance $882.00 Payment amount -$99.00 Interest 27.49% Personal loan -lending club Amount due per month $420 Loan amount 10,000- 3 year term Balance - $7330 still owed interest rate 27.7% APR - 34.10% APR Each payment applied principal-$233 interest $180 Car payment -$335 per month Sent from my iPhone [link] [comments]  |
| Posted: 08 Jun 2018 04:02 PM PDT I've been reading this sub and r/financialindependence for a while now and have been actively tracking and watching my income and expenses for the last two months. I compared the money I spent on coffee in the last two months (where I've been actively tracking my expenses) and the months before that (where I wasn't watching my expenses). This worked out really well as I've been spending substantially less money, especially on things like coffee. I still occasionally buy coffees, I'm just not spending ridiculous amounts of money anymore. I think this really shows the benefits of analysing where your money goes and thought I'd just share this with you guys. [link] [comments]  |
| Posted: 08 Jun 2018 11:21 AM PDT When my family moved to the states, my parents really screwed up our finances and we went bankrupt. Since I was very young, I've been really frugal and paranoid of debt or credit issues. This has gone on well into adulthood and I have no interest in changing it. I don't own property so I know basically nothing about mortgages or anything of that nature. Didn't think I'd have to start thinking about it yet. My main concerns are:
(By off-plan I mean if he runs out of money, if his health gets bad and he can't work, etc) All advice/feedback is welcome! EDIT: My dad is definitely not doing this for fraud purposes; he's a monk and very serious about his religion and has always wanted to start his own church. I wanted to clarify this would be a legitimate operation. [link] [comments]  |
| New job offers regular or Roth 401k option- which to choose Posted: 08 Jun 2018 01:38 PM PDT Husband just landed a new job. His company offers a 401k in both pre and post (Roth) tax formats. Both offer a 100% match on the first 6%. We're upper middle class with a high likelihood of our income going up more and entering a new tax bracket in a year or two, as well as a couple large inheritances later (that are in the form of income generating businesses, confirmed by family as they've already established accounts to help offset inheritance taxes). Debating if he should take the regular option and open a Roth on the side funded by his increase in salary, or just stick with the Roth from his employer. [link] [comments]  |
| Appreciate your advice and review, starting out in US age 30 Posted: 08 Jun 2018 02:39 AM PDT Hi guys, long time lurker. Firstly thank you all for the amazing things you do, I've learned a huge amount from you all already. I would love any input on my situation as I feel like I'm just about to start life...age 30. I'm a resident physician for the next 4 years and moving to the US from Europe. My salary is $55,600 and will go up by $1.5K per year. Student Loan balance 100K @4.5% (This is not based in US). Credit Card limit of $500 with $0 Balance Take home Pay: $3307 (after 401K of 4% with 2% match, medical, dental,vision). Making student loan repayments of $1000 per month to pay back over 12 years. Current Account balance: $2000 Emergency Fund: $4000 Outgoings per month: Loan: $1000 Rent: $750 Cell: $50 Household bills gas/elec/internet: $80 Groceries: $400 Auto Insurance: $60 Leaves me with $967 a month, which I'll invest $500 (Wells Fargo Broker building the All Weather Portfolio) and enjoy $400, $67 to charity. Any advice appreciated! It's me and my GF in the US and we don't really know much about how things work. - I have about $10K coming my way from some agency work I'm doing before coming to US, any advice on how to manage this? - Should I increase my 401K contributions even if my employer will only match 2%? Thank you all! [link] [comments]  |
| How realistic is it for a student to live off of $15,000 a year? Posted: 08 Jun 2018 07:34 PM PDT I am currently a university student in Southern California. I am looking to move out of my parent's house for the upcoming school year (in September) but I'm trying to figure out my finances. I am currently making $300 a week at my job after taxes ($1200 a month), but I do not work summers so it's only $9600 a year. I am also getting a yearly loan of $5000. As of now, my bills are as follows: Car Insurance: $150 per month Gas: $120 per month Food: $100 per month Phone: $55 per month As of now, I do not pay rent. But I estimate that if I find a room for about $500-600 per month, I can make it work. Can I please get some realistic insight? [link] [comments]  |
| A "duplicate" W-2 for 2016 was sent to IRS and now I owe back taxes on 150% of my 2016 income. Posted: 08 Jun 2018 06:42 PM PDT In July 2016 the company I work for, let's call them OC, was acquired by another company, let's go with NC. Tiny company bought by bigger, just normal issues during the change over. In January 2017 I only received a W-2 from NC, which wasn't unexpected as my pay statements had the full year to date for both companies on them. I filed my return as normal, it went through, and that was that. Today I received a letter in the mail from the IRS stating that I did not report income from a W-2 and because of this under reported my income by half. Looking at the paperwork OC (their name and address is listed) submitted a W-2 to the IRS for Jan 2016-Jun 2016 but did not send one to me. At the same time NC sent both me and the IRS a W-2 for Jan 2016-Dec 2016. I'm obviously responding to this letter with a statement that I disagree, what I believe has happened, and I am in the process of trying to gather any paperwork I can think of that might support this. Does anyone have any other advice or suggestions on how to handle this? Any help is appreciated. [link] [comments]  |
| Advice on beginning to save for retirement Posted: 08 Jun 2018 07:00 AM PDT I am 23 years old and just started a full time job where I have enough left over income to beginning saving for retirement ($65K/year before taxes). I'm seeking advice on the best way to go about saving. My employer provides a non-voluntary 403b plan where they pay 5% worth of my gross income into a 403b without me having to contribute at all. Strangely though, at least to someone like me uneducated on this subject, I am not allowed to contribute to this 403b. Instead, I am looking at 2 suplementary options to save more on top of this 403b.
I am thinking about putting 10% of my income into the voluntary 403b in addition to maxing my annual Roth IRA contributions. Is that a good idea? Also, is it not strange that I am not allowed contribute to the same 403b that my employer contributes to? Perhaps it is because it takes 5 years to become fully vested for the non-voluntary, but through voluntary is fully vested immediately. It seems like I would be losing money compared to if they were combined. [link] [comments]  |
| Starting over. About to turn 30. Don't want to be in this position ever again. Posted: 08 Jun 2018 09:31 AM PDT Hey everyone as the title says I have found myself back at square one financially and I have found it very humbling to say the least. I want to take every step I can to never be back in this situation. [link] [comments]  |
| I need help finding a place to stay for a while Posted: 08 Jun 2018 07:48 PM PDT I'm 17 and have been kicked out by my parents. I don't have a car or a place to live once August comes. Any help you can provide will be greatly appreciated. Thank you in advance. [link] [comments]  |
| Posted: 08 Jun 2018 12:06 PM PDT I am in a tough predicament and i don't know who to go to for advice. Being a sole provider to my immediate family(Bro,Sis,Mom), i am the home owner and the current house's insurance title/policy is under my name (house A). Fast forward to earlier this year, my husband and I bought a new home (HouseB) while House A is still under my name. House B has both our names on the title. On the eve of closing on the new home (HouseB) my first home tragically caught fire (HouseA). We opened a claim with the insurance company and my current policy on house A ends sometime in september. Because the policy states that i cant have insurance on two homes, i dont know if the insurance will give me problems with claim on house A. Legally i should be changing my address to our house B but because of the house A claim i am afraid to do so. Our second home is also insured with the same ins company and when we speak to insurance agents they are able to cross link but i always feel like we are walking on eggshells while speaking to them. P.S Because of my policy on houseA the insurance has situated my immediate family in a rental home for the time being and i dont know how long that will last. So my concerns are:
My fiance and I got hit with this out of nowhere and feel like we need some advice on how to approach talking to insurance company. Any advice is appreciated. [link] [comments]  |
| Need to fill gap in health insurance. Posted: 08 Jun 2018 09:52 AM PDT My wife and I are moving in August where she starts a new job and will have insurance again. She has been without insurance since beginning of May and we just need something that can cover her if something drastic happens in the next couple of months. We have a income of about 38,000ish and have a lot of student loans so the cheaper the better. Any advice will be helpful. Thanks in advance. [link] [comments]  |
| Posted: 08 Jun 2018 07:35 PM PDT |
| What if my salary expectations are too high? Posted: 08 Jun 2018 06:45 AM PDT Hi there, I recently went to two interviews and before that I made sure to read all the tips and tricks about salary negotiations. I'm also aware of the industry standards right now in terms of salary but the range is quite big, between $45,000 to $60,000. I'm currently making higher than the low end of the range, but expecting to make $60,000 or more if I were to switch jobs. At the interview with company A, the interviewers tried to get a number from me twice, but I said I'd rather discuss it when we are at the offer stage. (I made the mistake here of not discussing their benefits, bonuses, retirement plan etc). I also asked what is their salary range for this position, and they are between $50-$60k depending on experience, junior would be on the lower end and intermediate is the higher end, and senior would be $60+k. I've been in my industry now for almost 4 years so I'm sure I can score about $60k or more. At the interview with company B, it went well and the owner/interviewer and I really hit it off, apparently I was the only one that applied that has relevant job experience for the position. I really like the job responsibilities and opportunities as well, but it is a smaller company. When we got to the salary expectation question, I said I am looking at the entire package, like benefits, bonuses, stocks and retirement plan on top of the base salary. We discussed that and he said he isn't sure what the industry salary would be for this job, he took a guess and said possibly $45,000-$50,000. I told him my number is $60,000-$65,000, a lot higher than what he said. He didn't seem thrown off by it, and he assured me that the number is not a problem and we could work something out. I left the interview with a great feeling. And now I'm sitting here wondering what if my number is too high and I scared him off?? I mean, he invited me to come back next week and meet the team. Should I worry at all? Should I still try and shoot for $65,000? [link] [comments]  |
| Posted: 08 Jun 2018 07:06 PM PDT There is a startup that is offering me a 5% stake in the company via shares. How to I ensure that they don't simply create more shares and dilute me out of the 5% position? What should I look for to ensure that a 5% stake remains a 5% stake regardless of future financial actions on their part? [link] [comments]  |
| Spouse just lost job, worried about finances with student loans Posted: 08 Jun 2018 04:49 PM PDT My spouse was recently fired. Not due to misconduct, but they eliminated their position. I thought this would mean that they were laid off but apparently they used "terminated" and "fired" as the terminology in the final meeting. Spouse has already applied for unemployment and has applied for loan deference on the government student loans. However, we have no idea what to do with the private loans. I'm concerned what's going to happen, and I would appreciate some advice on what our options are. Spouse called and asked about temporary deferment or at least lower monthly payments, but they were adamant about making cosigner (parents) make up the payments instead. Here's a snapshot of where we're at: Spouse was taking home around $3000 each month after taxes. I take home $2600 a month after taxes. Here is our current shared expenses: Rent - $974/mo Internet - $72/mo Electric/gas - around $110/mo Water - $30/mo Renters insurance - $15/mo Groceries - $75-100/mo Pet (cat) - $50/mo My own expenses/debt: Car insurance - $95/mo Gov student loans - $387/mo ($63k debt) Sallae mae student loans - $135/mo (4k debt) Credit card payments - $50-200/mo (2k debt) Gas - $160/mo (long commute) EZ pass - $50 every two months Their own expenses/debt: Gov student loans - $350/mo (just applied to temp defer this) Private student loans- $750/mo (biggest concern) Gas - $40/mo Spouse's parents still pay car insurance and include the them on their cell phone plan. I have a company issued phone that I use as my general cell. Spouse has $2k in savings I have $200 in savings Living in central PA region. Mostly asking about the private student loans issue. Thank you. [link] [comments]  |
| First time renting an apartment. Will be living with two roommates. Advice for a newbie? Posted: 08 Jun 2018 07:01 PM PDT I'll be finally getting an real world apartment at the end of July after living in college rooming for two years. I've not yet done any of the application processes and signing of leases, but will be doing that soon after I tour places I'm interested in in about a week. I'll be living with two friends, and we'll be splitting costs. I am looking for any and all advice to do with any part of the process i.e.: - things to be careful of when signing leases - tips on how to manage monies between three people - tips on budgeting/not getting screwed over - renters insurance - anything else you can think of Thanks in advance! [link] [comments]  |
| 300k house on about 100k annual income. Posted: 08 Jun 2018 06:57 PM PDT Hello. My annual income can range between 90-110k. I put an offer in today for 300k on a house. According to my good faith statement, I am looking close to a little under 1700 a month for the house including insurance, mortgage, interest, taxes, and HOA. That does not include utilities. I am investing in this house as an investment. It is pretty newly built in a pretty new neighborhood. I believe I should see some good returns. Do you think I am stretching out my income a little to far for this house, or do you think I will be okay. I live pretty frugally and don't buy many material goods. I spend a lot of money on eating out but am trying to make a change to cook for often. Any input is much appreciated, thank you! [link] [comments]  |
| My GF totaled her car, and she does not have insurance. What can she do? Posted: 08 Jun 2018 06:55 PM PDT My girlfriend got into a car crash, and ended up totaling her car. She had just purchased the car recently for $4000. The car was uninsured. She does not owe any other loan money on the car or anything like that. Is there anything she can do so that she doesn't take a total loss on this? Can a totaled car be scrapped for money or sold? We live in Phoenix AZ. ((I'm sorry if this isn't the right place for this question.)) [link] [comments]  |
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