Personal Finance It's the end of the year, time to remember those credit cards you have in a drawer! |
- It's the end of the year, time to remember those credit cards you have in a drawer!
- Government Shutdown - Assistance for Furloughed Federal Employees
- Here's the new Form 1040 for tax year 2018.
- [NYC] My coworkers and I want to unionize after finding out about pay discrepancies but don’t know how, help?
- Best way to setup my 1 year old for the future?
- If you're impacted by the US government shutdown, your back or credit Union might be able to help if you talk to them
- How would you repay your parents if they refuse to accept any money directly from you?
- My father recently passed away in a tragic car accident - need advice on what to do for my mother
- Victim of unauthorized transaction. Bank refuses to give me my money back
- Mother with no insurance passed away in hospital. Do I have to pay that debt?
- Rebuilding after ch. 7, have the means to pay cash for a used vehicle, should I?
- Laid off today, do I negotiate my severence or no?
- Switching banks..weird verification process..is this normal?
- I have some concern's regarding my Dad's student loan debt with respect to me.
- I'm a 19 year old electrical apprentice living at home in Australia. I earn $956 after tax weekly and have barely any expenses. Maybe $120 a month. What is my best course of action with my money?
- Paying off Student Loans
- Have ~225k in idle cash. Buy an apartment (high COL area), leave it in HY savings or put it into the market?
- Is there a calculator that could calculate how much it would cost for me to move out?
- Pay car insurance in full?
- We filed bankruptcy in 2017. Two months ago an account showed up on my credit report. I have called them 3 times and they still haven’t removed it from my report.
- My dad wants me to complete his dream
- Pay down house to drop PMI?
- My parents offered to help me pay off the rest of my mortgage (approx 130k). Will they be charged with taxes for this?
- Tax question: filled out W4 late, not all my income tax was withheld.
| It's the end of the year, time to remember those credit cards you have in a drawer! Posted: 26 Dec 2018 03:52 AM PST I make this post once a year, around the Christmas/New Year's Eve time. As most of us know, keeping your credit history as long as possible is very good for our credit scores. The more lines of credit we have open, the more it affects our average age of credit, total amount of credit available, and just in general credit score goodness. That being said, it's time to think of the credit lines we have open just to keep the average age of credit up. Those cards that you have stuck in a drawer because they have no annual fee, but don't give decent enough rewards to be used on a regular basis. It's that time now! Pull those cards out and buy a value meal at a McDonalds. Maybe a coffee at Starbucks. Hell, use them to buy a tank of gas for your car. If you have enough monthly charges, put each card with one of them. Insurance on one, Netflix on another, etc. Then set up auto-payment so you don't need to even think about them. The important cards are the ones that may get canceled because of non-usage. Those are the ones that you want to do anything with this year. Spend SOMETHING on them, then immediately go pay them off. Just like always, you don't need to pay interest to keep your credit score up. Happy New Year my PF friends! [link] [comments]  |
| Government Shutdown - Assistance for Furloughed Federal Employees Posted: 26 Dec 2018 03:06 PM PST Credit unions like Navy Federal with a large number of federal employees are offering interest free loans to those affected by the government shutdown. This will keep pay schedules normal for furloughed federal employees who are members of such credit unions. Loan amounts are calculated based on the amount of the most recent direct deposit of pay made prior to the interruption of pay. Once direct deposit of pay resumes, the amount credited to your account(s) will be automatically deducted as repayment. Places like Pentagon Federal, Congressional Federal, and USAA offer similar programs too. TL;DR: If you're a federal employee affected by the current government shutdown, your bank or credit union may have support programs in place to minimize disruption to your budget. [link] [comments]  |
| Here's the new Form 1040 for tax year 2018. Posted: 26 Dec 2018 04:43 PM PST
This is the "postcard size" form you may have heard of: Form 1040, and the instructions. The return is two half-pages, and the signature section is the bottom of the first page. Form(s) W-2 are now attached on the left margin of page two.
Here's an example: A couple files a married filing joint return with no children, where one spouse works for wages and the other spouse is self employed. They claim the standard deduction, and the self employed spouse made estimated tax payments, because it's a pay-as-you-earn system. This couple will file the Form 1040, Schedule 1 (for the self employment income and the self employment tax deduction), Schedule 4 (for the self employment tax), and Schedule 5 (to claim the estimated tax payments). These new Schedules are in addition to the Schedules C and SE the spouse would need to compute the business profit and self employment tax. If the Taxpayer want's their mom to be able to contact IRS on their behalf, they could list mom as the third party designee, and add Schedule 6. If they are filing this return by mail, they must remember to sign the return on page one and attach the W-2 on page 2 of the 1040. Then they attach Schedules 1, 4, 5, and 6, and then Schedules C and SE. Each IRS supporting form or schedule has a sequence number in the upper-right corner. These are supposed to be attached in the appropriate sequence number order.
If you are electronically filing your return, these mechanical changes should be invisible to you. Carefully review the finished product and, as always, when you are done preparing and filing your return, make digital and physical copies for your records. Tl;Dr: Here's the new and improved tax return, and new schedules, for 2018. Forms 1040A and 1040EZ won't be used this filing season. I just want to say good luck. We're all counting on you. [link] [comments]  |
| Posted: 26 Dec 2018 05:34 PM PST Hi I work for a non profit. The hr director quit but before leaving secretly gave some of us a copy of the annual financial reports for the last 4 years. Turns out every year all of upper management received bonuses of 50-90k. This while no one else has received a raise in over 3 years and have no bonuses. We are all paid lower than industry standard (LMSWs making 45k a year for example) but choose to stay b/c we all value the work. We are always told that the org has no money and management always bitches about how our funding is being reduced/stagnant which we now know is a blatant lie. The .org has more than enough money to pay staff fairly but instead hordes the money and gives bonuses to management. We also found out that all of the positions that require a license are being paid substantially less (40k less on average) than what they receive from our funders (mostly state/federal money) for pay. We want to form a union. Unfortunately the work is very neiche with not many orgs doing exactly what we do and we truly value it so just quitting is not what most of us want. There are about 60 lower level employees and 6 managers, 1 executive Director total. Does anyone know how we can go about starting a union? We want to be able to stand up for ourselves but the employee handbook explicitly states that we can be fired anytime for anything. Thanks Also, not everyone is a licensed social worker so we want a union that is all exclusive. We also have case managers, and aids that are not licensed [link] [comments]  |
| Best way to setup my 1 year old for the future? Posted: 26 Dec 2018 12:49 PM PST Hey, So I tried glancing through the sidebar but didn't notice anything specific for this, so if you have a link feel free to post it! I have a soon to be 1 year old who has received lots of money for birth/baptism/Christmas/and in 2 weeks his birthday. I want to stop holding onto this cash and put it into some type of growth (?) investment account. I've heard of the 529 College Plans, but are those really the best option? I heard he can lose the money if he chooses to not go to college (obviously I want him to go to college, but I wouldn't want to force him to get his money either...) I don't really know much about long-term investments so any knowledge that could be shared would be really helpful. Experiencing first hand how hard it is financially for a young adult where we live, I want to set him up best I can. Thanks [link] [comments]  |
| Posted: 26 Dec 2018 07:18 AM PST I'm no longer affiliated with any government agency, but during previous government shutdowns that impacted me and my family, many of the banks that concentrate on serving government employees and military members were very generous when we weren't sure when our next paycheck was coming. I know for sure that USAA just straight up continued depositing members' pay like nothing was happening and I heard of several other banks and credit unions giving 0% loans to people impacted by the shutdown. If you're currently impacted by the shutdown, I just want to say thank you, and even if your story isn't being told, there are lots of us out here who's hearts are breaking for you. You are appreciated. I'm sorry you're being let down again. Edit: title should be 'bank', can't fix it now. [link] [comments]  |
| How would you repay your parents if they refuse to accept any money directly from you? Posted: 26 Dec 2018 10:24 AM PST I'm 25 and I've been trying to repay my parents (late 40's) for the money they've spent on my education (around $105k) but they always refuse my advances. They always tell me they did it because they love me and don't see me as a money-making object. They don't earn all that much either, my father pulls in about $40k annually and my mother does about $25k, and they live in a small house far from town after selling their last (much larger) house to raise funds for me and my sibling. I so desperately want to repay my parents but they would never accept anything from me directly. Can I silently pay for their mortgage or car loan or insurance without them noticing or something? If so how should I do it? Thanks! Edit: Thank you so much for the responses everyone, some really great suggestions have been made here! I will save my money in a brokerage and keep it handy just in case my parents would ever need it in the future! [link] [comments]  |
| My father recently passed away in a tragic car accident - need advice on what to do for my mother Posted: 26 Dec 2018 07:50 PM PST My father recently passed away in a tragic car accident. He was in his mid 50's with a great job, great benefits, and a decent amount of insurance. My mother is devastated and I'm left to handle things. Car insurance is going to cover the car, funeral, and accidental death benefit. Car loan had life insurance on it so all that is covered. My father has a modest estate with a house and property. My mother stands to come into quite a bit of money, around $500k after all the dust settles. They still owe $40k on their mortgage. Have some medical debt in his name. Have some cosigned student loans, some that will be forgiven being parent plus and some signature loans that I'm still waiting on promissory notes on. My mother is not yet at retirement age and with all things considered I'd like her to wait to start collecting his pension and leave his 401ks in her name and just let them grow. His 401ks and IRAs have another 200k. So ultimately my question is, what should I direct her to do with the rest of the money? She has grandchildren and I have been looking into 529 plans. Should I just invest the majority of it into her 401k that she will inherit? Should I invest it in some other way? I just want her to be comfortable and be able to draw a decent income when she hits retirement age. Any advice would be greatly appreciated. [link] [comments]  |
| Victim of unauthorized transaction. Bank refuses to give me my money back Posted: 26 Dec 2018 02:52 PM PST On December 14th, I checked my (Ally) bank account and discovered a $335 charge from PayPal on December 13th that I did not do. I immediately called the bank. The Ally rep said this purchase was made using my debit card. They cancelled my card and opened an investigation and said I would receive something in the mail from them. Two days ago, I received a letter from Ally stating they performed the investigation and "our research has indicated the disputed transaction was authorized" and that they will not be giving my $335 back. I have tried calling Ally. All they will tell me is that I need to take it up with Paypal. I called PayPal. They say that they cannot open a dispute because Ally Bank has already investigated it. They say I need to take it up with my bank. PayPal told me that the charge was on eBay for a pair of Yeezys (shoes) and that they were sent to my home address. The email of the account that made the purchase included my mother's name in the address. I spoke with her but she neither placed an order or has that email address. Paypal also provided a tracking number of the supposed package I purchased. The package was sent from NJ and eventually arrived at my hometown Post Office. The package was then "intercepted" and returned to sender. It's pretty obvious this was a scam, but neither PayPal nor Ally bank is willing to help. I'm looking for any advice as $335 is a lot of money to me. [link] [comments]  |
| Mother with no insurance passed away in hospital. Do I have to pay that debt? Posted: 26 Dec 2018 03:45 PM PST So my mother died of cancer about a month ago. She refused to go to the hospital until the day that she actually passed and was in the hospital for only about 5 hours. My father had already passed away a number of years ago. I am an only child so the house which is paid off should go to me. I am in contact with a probate lawyer who is a friend of a friend who is helping me with the deed, but I am trying to exhaust every avenue available to me. With my own research online I cannot find a definite answer but the hospital just sent her bills to my house which amounted to just under 10k. Now I dont currently live in the house but I do have lots of my mail that still goes to that address, but also I plan on moving back into the house in a couple months. My question is am I responsible for that debt or can the hospital come after the house? I live in Florida if that changes anything. Also I will be able to provide any more information upon request. I am stressed out so im not sure if im missing anything. Thank you for taking the time to read this. [link] [comments]  |
| Rebuilding after ch. 7, have the means to pay cash for a used vehicle, should I? Posted: 26 Dec 2018 03:07 PM PST Hello, this is my first actual post to Reddit. Sorry if there are any mistakes! I recently filed for Ch. 7 and am now just waiting for the discharge paper. Bit of my back story (if it helps) some years ago some dental work caused nerve damage that's unfortunately gotten worse over the years. And even with insurance at times the doctors visits/surgeries and Rxs were outrageously expensive. I was also on LTD through my ex employer for 24 mos and when that policy ended earlier this year I lost my health insurance (bc of the loss of income) so I began using personal loans/credit cards to pay for all of my medical expenses ( I had pretty good credit I'd been working on for a long time so it wasn't hard to qualify for most of what I applied for ) For example my pain clinic fee was $250 usually once a month sometimes twice. And it eventually caught up with me, so between the medical bills I couldn't pay (one was for $13k and another for $38k, I obviously had a bunch more) and the cost of continuing treatment I found myself in massive debt. As of Nov. of this year I was approved for SSDI benefits and did receive a back pay lump sum. The lump sum is earning interest in an account, however I am in need of a vehicle. I had to surrender my Nissan before filing and it hurt because I busted my ass working to get that car and make double payments every month, I was SO close to paying it off had worked so hard to get my credit scores up to a little over 720 across the board ) Anyways I have a few appointments every month and I don't want to borrow my parents cars anymore) I feel like a bum doing it) and I'd like to have my own vehicle again. So my question is should I pay cash for the vehicle (a 2012 Buick Regal GS for $9,475, price has yet to be negotiated) and look for other ways to build my credit OR would it be a wise decision to put down a larger chunk towards as a DP (assuming I can get financing my credit score as of right now is 502,it just keeps dropping I knew it would A LOT because of Ch. 7 but I didn't think this much) and pay a ridiculous interest charge on a pretty smallish loan? I ask if the 2nd option is smart because the payments would be incredibly low with a large DP, ( I was thinking 2-5k) and there's the added benefit of not dropping $9k+ all at once. *I have an apt with my bank to get a secured visa to help with getting my score out of the dump. I like the car but if I can wait a few months to raise my credit score to qualify for financing I don't mind doing that at all. Or I could just pay in cash. I hope I covered everything, again it's my first post asking so I apologize if I messed it up! Thanks so much though for taking the time to read! :) [link] [comments]  |
| Laid off today, do I negotiate my severence or no? Posted: 26 Dec 2018 08:04 PM PST So today I, along with 11 others in my company, was laid off. Apparently a deal that was supposed to be huge for the company in the coming year fell through and they had to trim down. They pulled people from all over various teams. I was the (only) Salesforce Admin on staff. I ran the entire internal Salesforce setup, did training for new hires, the works. As of March, I would have been there 6 years. The exec who let me go along with the lone HR/accounting rep we have (small company) expressed regret for the layoff but said they would be happy to provide a recommendation for me at any time. Ill be eligible for unemployment and they're giving me a 2 week severence. I feel that after nearly 6 years and all the excellent work I've done for the company, 2 weeks feels like a slap in the face. To be fair, I'm not an expert on this. I was under the impression it was 2 weeks for every year there or something? So now I'm in a position where I have to decide if I should try to negotiate for a higher amount. I haven't signed anything and haven't received anything yet. Do I even have a chance? I suppose they could say 'well if you don't like the offer we don't have to give you anything' and then I'm in a worse position. If it helps, I'm in Texas. Any advice would be greatly appreciated.... [link] [comments]  |
| Switching banks..weird verification process..is this normal? Posted: 26 Dec 2018 06:57 PM PST Chase currently has a deal where if you switch to them and meet certain criteria you can get a $600 bonus into your account. I can meet the criteria and figure why not. Incidentally I've been a Chase Sapphire cardholder for about 3 years now as well. So tonight I sign up online for the Chase checking and savings and add my soon-to-be-former Wells Fargo accounts as external transfer accounts and setup a transfer of $10k from WF to Chase. A couple of hours later I attempt to login to Chase to switch my credit card autopay settings and I'm locked out and directed to call Chase. I call the number on the back of my credit card and I'm transferred to another department (unsure which) where I'm told that my transfer needs to be verified before it can be completed. I'm told that they will call WF and conference them in, at which time I will give the rep from WF on the line my info, the Chase rep will ask what they need to ask, and if it checks out, Chase will approve the transfer. This is raising red flags but I did call Chase, using the number on my credit card. The guy had the correct info. The only fishy part is that I have to just assume this guy actually called WF. Both Chase CSRs and the WF CSR did a two factor authentication to my cell phone, and the codes came via a different method than when they auth when I'm logging in directly (IE: when you login online and send a code it says "use this code online only", these authentications were worded differently and indicated they were for phone transactions) So, I'm just curious...does this sound normal? Why would Chase need to call WF to verify the funds vs. just placing a hold until the transfer completed and cleared? Should I call back to Chase and WF and lock everything down and sound the alarms? [link] [comments]  |
| I have some concern's regarding my Dad's student loan debt with respect to me. Posted: 26 Dec 2018 06:45 PM PST So MY current loan debt is around 35k. I'm well on my way to paying it off in about 3 years! Great right? So my dad has a TON of debt. He's 62 y/o, on disability, and plans to die with it. Here's the issue. During college, my dad took a 12k Parent Plus loan out for me. I have been paying the minimum a month at a time and plan to go full force once I pay off my debts. I've seen several times on this subreddit that children never inherit the student loan debts of their parents, but what happens if my dad passes away and they see that I've been making regular payments to my dad's Parent Plus loan as an authorized payer? Will I be responsible for paying off ONLY the Parent Plus Loan? By making payments to his loans am I now responsible for ALL of his debt after he dies? Am I responsible for none even though I've been making regular payments to the Parent Plus Loan? Thanks in advance! [link] [comments]  |
| Posted: 26 Dec 2018 03:12 AM PST I've been saving it mostly in my youth saver account which is about 2.4% interest. I have 6k student debt (I did one semester of uni before realising it wasn't for me). Other than that my car was bought for me any my mum pays for the insurance. I pay for the rego and green slip ≈ $1000 a year. I also have the opportunity as an apprentice to take a 20k loan from the government over the course of my apprenticeship with no interest and if paid back in full at end of my apprenticeship I get to keep 20%. If i get it I will receive 8k 1st year, 6k, 4k, then 2k in the final year. One of the terms of me not paying rent to my dad to live in his house was that I would be wise with my money and I'm certainly not the type to make impulse purchases or waste it. (Though I did have a gym membership one year and that felt horrible, burning money but I hadn't yet become confident in myself enough to go in and cancel it. Callisthenics fits my lifestyle more now anyway) I have an account with my bank that allows me to buy and sell in the stock market. I'm too scared to invest it as I have little time to read up and I don't have an extensive knowledge on finance/ investing in the stock market but I'm very interested in learning. My current goals in life are getting my electrical lisence and start studying engineering and then construction/industrial management. I will be able to live at my dad's house until 2021 November (maybe longer). I would love as much advice as possible. I currently do not budget myself as I have barely any expenses however I would like to in the future. The closest I get to recording my purchases is keeping my receipts for my work gear as they are tax deductible. However id like something a little more high tech than a shoebox. Are there good programs that achieve this? I would like to know where I should be putting my money, my youth saver account gets almost the same interest as a term deposit with my bank 0.1% difference. Is this worth setting up? Also my mother has offered to go 50/50 in an investment property for me and I'm thinking we'll buy it through the family trust. (I'm not 100% sure on how family trusts work but I think it would work best) I have a superfund and I've set it to be moderately aggressive in its investment strategy. I only contribute the minimum 9% as I'd like to be able to have as much as possible so I can put it in an investment property. Is there anything else I should be doing with my money? Or things I should avoid in the future? I apologize for the long post and life story but I wanted to spare no detail. Thanks for reading to the end! Thankyou for your advice in advance! [link] [comments]  |
| Posted: 26 Dec 2018 11:34 AM PST I just started working. I refinanced my student loans ($70,000 total) and have a good rate. I right now have a 60 month plan (rate is 1.95%) and pay about $1200/month. I have ~$25,000 in my checking account. I make about $9000 per month. I'm wondering if I should just throw money to reduce that $70k of debt or should I be wise and invest accordingly? New to all of this. Also, I don't have a credit card. Any suggestions how to best utilize a new one and be wise about this? All advice and suggestions welcome. [link] [comments]  |
| Posted: 26 Dec 2018 03:43 PM PST I have ~225k in idle cash earning 2% in a HY savings account and am torn on whether to plow it into the market, buy an apartment (using the cash as a downpayment), or leave it there earning 2% and just wait and see what happens with the market. I hate throwing away money on rent and with the market approaching a downtown, I'm wondering if putting it in real estate is a comparatively more attractive option given we're unlikely to see the double digit growth seen in past years. A bit more about my situation: Single M living in NYC earning $200k/yr salary with an annual bonus of another ~100-150k. After taxes, health insurance, transit card, and fully funding my 401k my take home is ~$8.5k month before bonus. Currently I spend $2,500/month on rent and another $1,800/month in all other expenses (dining, entertainment, travel, groceries, bills, etc.) This leaves me ~$4k a month to save excluding year end bonuses. Outside of the idle cash, I put $100k into the market in various index funds this past summer (timed that really poorly and now worth ~$80k) and have ~$100k in 401k. I plan to start maxing out my HSA contributions and open an IRA which will further constrain my monthly take home, but not dramatically. Quick math using online mortgage calculators shows my monthly payment + real estate taxes at ~$4k. (~850k purchase price) This is obviously a lot more than my $2,500 rent but it would not be for a comparable apartment (believe it or not I'm in a shoebox for $2,500). I do not plan on moving in at least the next 5 years and even if I do not pull the trigger on buying this year, I would like to buy in the next 3-4 years at the most. (which is what has me concerned about losing my principal in the market) Curious to hear any thoughts or other ideas I'm not thinking of. [link] [comments]  |
| Is there a calculator that could calculate how much it would cost for me to move out? Posted: 26 Dec 2018 07:04 PM PST My mates and I graduated this year. Some of us were lucky enough to receive apprenticeships. The thought of moving in together came to my mind. But before even bringing it up. I'd like to know if it is possible. Is there a calculator that can find out if I can afford all the bills? Any answers are greatly appreciated. [link] [comments]  |
| Posted: 26 Dec 2018 11:54 AM PST My car insurance policy renews in 6 month increments. Last 6 months I paid $579 for 6 months. My policy has lowered to $553 for 6 months. However, if I pay in full, it drops to $470 which removes all EFT fees and includes a paid in full discount. I have the funds to do so. Surely it makes more sense to pay it off and "guarantee a return" on my money instead of paying $83 more over 6 months? Or am I missing something. Thanks in advance! This sub is awesome and has really helped me pay off my debt, set up a budget, and get my credit score from 620 to 708. Edit: thank you guys so much for the quick and clear answers!! It's been super helpful! [link] [comments]  |
| Posted: 26 Dec 2018 08:39 AM PST I'm not sure how to rectify this. We've notified them of our bankruptcy, our attorney etc....and they still haven't listed the account as closed etc. We are working very very hard on our credit, and doin well. This is our only negative remark and I'm not sure what to do. [link] [comments]  |
| My dad wants me to complete his dream Posted: 26 Dec 2018 05:08 PM PST In essence, Dad once had an illegal (immigrant) business, my realtor just found a house for 70K, Dad wants me to start up the business again under my name as I am DACA so that it is legal this time. Is there a way to work around both? I want to own a home so that I can leave my parent's house and be financially stable, but I also share his dream of owning this business, but the business is not guaranteed as the demand is just too low to give a living wage. I have some money stored away and the house is easily negotiable. I have more or less a year before he wants to move forward with the business. If you require more info, please let me know. I want to make this work but I don't think that I can do both without some monitary troubles. [link] [comments]  |
| Posted: 26 Dec 2018 08:45 AM PST Hi, I did not put the 20% down for the house should I pay some of the loan down to drop the PMI or invest our extra income? We are late 20's with household income 250k, 80k in savings, 10k in student loans at 2-5%, no other debt. Current Principal Balance $312,617.82 Principal: $489 House has supposedly increased in value $19,000 on Redfin. If we choose to refinance, we would probably get a higher loan rate 4.625%, and we would need to pay a $300 reappraisal fee plus a fee for the loan officer. Our PMI is $110/month and does not decrease over time If we want to do the "auto-termination" PMI option down to 78% instead of refinancing, we will need to pay $46,679. edit* Thank yall for your helpful comments! I am going to pay off the student loans and pay down the mortgage to get rid of the PMI today. [link] [comments]  |
| Posted: 26 Dec 2018 09:36 AM PST So just as the title says my parents are willing to pay off the rest of my mortgage so I can start building my savings account. The problem I see is that I read the most a parent can gift is 14k a year with no gift taxes. Will they get penalized with hard gift taxes if they give me the full sum all at once? I saw they are required to fill out a 709 form for the IRS. Some website sources I saw the gift taxes only applies if they have gifted approx 5 million in there life time (they definitely have not). Also, is this the best way of going about this? Thanks to everyone that provides feedback. Edit: Thank you everyone for helping me with this. I'm still young so this is a learning curve for me. [link] [comments]  |
| Tax question: filled out W4 late, not all my income tax was withheld. Posted: 26 Dec 2018 08:19 PM PST I've had a teaching job since October 2017, but I did not fill out my W4 for this job until this past September. I assumed I only had to fill out one of those once I got my first job and it would carry over, but this was not the case. As a result, I have only had $921 worth of federal taxes withheld in 2018, when according to the IRS withholding calculator my anticipated income tax for this year is $1709 with an underpayment of $788. When I do my taxes for this year, do I just also send the amount I underpaid to make up the difference, or are there other steps I would need to do? I normally use CreditKarma Tax and I would assume they would process that. I have also heard that as long as the underpayment does not exceed $1,000, there are no additional fines. Thank you. [link] [comments]  |
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