Personal Finance IRS announces 2020 retirement account contribution and income limit amounts |
- IRS announces 2020 retirement account contribution and income limit amounts
- Update to Update: My husband and I have a lot to address. Does bankruptcy make sense?
- A short praise for the concept of a "fun account"
- Experian asked me a question that I used to ask guys on a first date when I wanted to discourage them from asking me on a second date
- Is my grandma about to hurt herself medically and financially?
- 17k debt, 408 credit score. Finally got first job after college, what are the best steps moving forward?
- Will I ever get ahead?? (Student loans in collections, want to buy a house someday)
- How screwed am I? I'm 40 and way behind.
- Former university withholding transcripts, preventing me from transferring. I don’t have the financial means to pay them back. What should I do?
- 26 years old. Discover Free FICO Credit Scorecard: 7XX, very good. No missed payments. 4 accounts. Length of credit, 33 years. What?
- I want to marry someone with significant medical debt in their name
- How much is my mom screwing herself?
- Any remote jobs for a 17 year old?
- Is there a significant difference between Schwab Mutual Funds vs ETF's?
- Tax Question Involving Dependent [NM]
- What is the credit portfolio of someone with an 800+ credit score?
- Am I making a bad decision by moving our of Grandparents?
- How should I be managing my money
- Confused about urgent care bill for $550
- How to receive/deal with a $$$ gift from overseas
- Health Insurance Choice
- Is it better to focus on saving for an emergency fund quickly first, or is it better to save for both an emergency fund and a 401k simultaneously?
- How do you budget when you have an extremely variable income?
- Refinance 5.999% solar panel loan to 3.875% with a mortgage refinance?
| IRS announces 2020 retirement account contribution and income limit amounts Posted: 06 Nov 2019 07:34 AM PST https://www.irs.gov/pub/irs-drop/n-19-59.pdf Main updates: Contribution Limits
Income Limits
Everyone basically knew the 401K limit would go to $19,500 but it was a surprise the IRA amount remained at $6,000. [link] [comments]  |
| Update to Update: My husband and I have a lot to address. Does bankruptcy make sense? Posted: 06 Nov 2019 04:54 PM PST Again, I cannot thank everyone on this sub enough for the encouragement, the reality checks, the different perspectives and just the concern for a random lady on the internet. I received Reddit gold for the first time, and two separate people offered to help me with groceries. I gained a lot of clarity and I can never thank you all enough. So I picked my ass up and completed some steps. We're not in a good place, but we have a home, food and transportation. I wish I had the sunshine and roses update. I mentioned that my husband and I had had the talk about how the situation was equally our fault and both our responsibility. I had a few options for part time work lined up, he was dragging his feet. We had options for marriage and individual counseling through our EAP's and he agreed to look into his. I had a rough few days and backslid a little and let my anxiety get the best of me. I did manage to accept it as a "relapse" and move on. So, not claiming perfection by any means. One evening I asked if he'd rather have Netflix or Hulu, because one was going to have to go. Then I told him Spotify was going the next day. He was upset about losing his music (which admittedly set me off right there) and I asked about his part time job. He said there was nothing on Indeed. That night I did a basic search for side gigs and there were two that said they would work around any hours. Manufacturing so hours are wide open. Basically begging for anyone to come work whatever they can. My heart just broke. I knew then and there he was just going to let me shoulder all of it. He wasn't going to change. The next day I asked about the list of marriage counselors covered by his EAP. He blew up. Too stressed/busy/pressured to walk into HR at any time and even ask. I lost it. I said a lot of things I cannot take back now. Still had time/money/resources to get beer almost every night. He's out right now drinking. I called a bankruptcy attorney this week and have an appointment for next week. I will not do it. It's on me for allowing myself to be the parent/manager/fixer for this long but he finally made me draw a hard line. If the list of marriage counselors isn't in my hand by the end of the week, I'll insist on a legal separation. I'll either be in intensive therapy or attending CoDependents Anonymous and Al-Anon next week. Maybe both. I very obviously have issues myself. I'm going to try to nail down an affordable place to live before the filing. If he wants it, he has to do it. Thank you again for your help and the time you took to try and help me and my family. This is one of the darkest places I've ever been and bankruptcy is going to suck ass, no matter if we're divorced or married. But there is no way I'm going to dig us out of this hole while he just shovels sand right back into it. I just do not have it in me. I still have so much to deal with around being such a failure at finances and my marriage. [link] [comments]  |
| A short praise for the concept of a "fun account" Posted: 06 Nov 2019 03:13 PM PST Hi folks, european lurker here. I just wanted to share my recent experience which I found quite positive. Since a few month back I started to transfer 100€ every month to my N26 credit card (no fees, prepaid style card). I planned to use this card as my "fun money", no bad feeling, no regrets, no remorse when spent. It's just out of my account and not tracked in my budget. Comes my birthday and I get surprised with a trip to Brussels. Brussels is more on the pricey side but with a lot of nice places to eat nice food and drink very good beer. And thanks to my fun money account I just used this card wherever possible, had a good time and paid way more for drinks as I otherwise would have been comfortable with. I can be very stingy (?) with money as I never really had much and started saving pretty late. So having this kind of account really made the whole trip so much more enjoyable. [link] [comments]  |
| Posted: 06 Nov 2019 10:15 AM PST I've been on a huge financial security kick recently. Freezing my credit, changing my passwords, changing email addresses, getting my info off of sketchy White Pages type of websites, etc. During this process I decided to pull my credit file and give it a once over. Before you can access your reports with each of the big 3 bureaus they ask you multiple choice questions to verify who you are. Experian had three multiple choice questions to confirm my identity and I shit you not, the last question they asked was, "Using your date of birth, select your zodiac sign from the following choices" The first two questions were who's your current/most recent employer and which of these addresses have you been affiliated with. Neither of these are things that can't be Googled so not great security questions to begin with but... my ZODIAC SIGN? I... I'm just flabbergasted. My HOROSCOPE is what stood between my credit file and any bad actors with my personal info. This is extra, extra, EXTRA dumb when you consider the fact that you need to have already input your BIRTHDAY to make it to this part of the process so asking this question stops no one and confirms nothing. No freaking wonder identity theft is so rampant... I cannot believe someone got paid to put that question there. UGH. Tl;dr freeze your credit because Mercury's in retrograde for the next two weeks and Experian's a joke. [link] [comments]  |
| Is my grandma about to hurt herself medically and financially? Posted: 06 Nov 2019 04:48 PM PST My grandma is about to switch from insurance that costs 500 to one that costs 23 monthly. This sounds like a scam. Bankers is the name of the insurance. They will be coming to see her in a few days. She said it's also called Medicare united advantage Healthcare but that sounds off. [link] [comments]  |
| Posted: 06 Nov 2019 05:35 AM PST Basically I was super irresponsible in college 3-4 years ago and spent money I didn't have. Right now I have $1.4k in credit card debt in 1 card and $15.9k in student loans across 5 loans. One of my cards closed last week before I got paid and it was maxed out at $1.3k I just got my first paycheck last week, I get paid a little over $3k after taxes every 2 weeks. My card was 2 months late and I just brought it up to date. The student loans are 120ish days late, I never made contact or a payment until this weekend. I know I'm stupid, for some reason I found it easier to run away from my problematic debt instead of facing it 🙃 I guess now that I have a job I want to deal with it, it sucks having debt looming over your head, avoiding phone calls and letters . Fortunately I live with my brother and I only pay $500 a month rent (starting now since I got a job), however I did have to pay my brother $1.5k back for covering me with rent. Every paycheck I get from now on can go straight to my debt. How long do you guys think it will take to repair a credit score of 409? Is there anything I can do about my recently closed credit card account or do I just have to hold that L? I definitely have a problem with money, now that I am more aware of it I will try to manage my money more responsibly; would you guys recommend opening a savings account while paying off debt ? Or just focusing soley on the debt and necessities? Thanks for reading [link] [comments]  |
| Will I ever get ahead?? (Student loans in collections, want to buy a house someday) Posted: 06 Nov 2019 05:19 PM PST Hi guys. Backstory: I have a large amount of private student loans that went into default after difficulty paying after graduation (took a while to get a decent job).. I did a chapter 13 to settle credit card debt and put loan payments on hold after going through a particularly rough patch in life - I completed that Ch 13 plan recently. My only current debt is student loans and a car payment ($360) I need for my job. The student loan balances have increased significantly over the years of nonpayment. I'm on a payment plan for federal loans, so those I'm not too worried about at the moment. Since private loans have gone to collections and I was made aware of it, I verified the debt etc etc and I know it's legitimate. I spoke to the debt collector and agreed to a payment plan, thinking this would reflect positively on my credit report. Now I know that it won't, I would rather save these monthly payments and make a settlement offer for much less than I owe, say perhaps after a year of saving. I am aware that I'll be taxed on the amount I don't pay, but I feel like I could handle that later by making a payment plan with the IRS. My private loan balance is more than my annual income to give some perspective. I spoke with a refinancing company who quoted me $1,059 per month for 15 years to pay the entire balance. This is absolutely not sustainable for me and does not work out mathematically in my budget after childcare and the most basic living expenses. Please don't shame me. I know I have royally effed up and I'm trying to fix it, now that I have a decent job and am out of bankruptcy. If anyone can give advice on the following I would very much appreciate it!!:
(Side note: husband has his own student loan debt and does not have excess income besides what he contributes to retirement and emergency fund) [link] [comments]  |
| How screwed am I? I'm 40 and way behind. Posted: 06 Nov 2019 09:06 AM PST Long story short, I moved to the U.S. in 2010. I came here from London with nothing. I got married, had a couple kids, and bought a house. My kids are 7 and 4. I just turned 40. I'm way behind on pretty much everything from retirement to savings. And I'm panicking. Our annual household income is around $130K. It's variable, but average take-home pay is about $9K per month. Our finances are a mess. See below. Cash Savings: $7K (Contributing $300 Monthly) Retirement Savings: $3K (Contributing $125 Monthly) Kids' College Savings: $700 (Contributing $50 Monthly) Credit Card #1: $2,600 ($50 Min Payment) Credit Card #2: $3,900 ($50 Min Payment) Loan #1: $5,600 ($140 Monthly) Loan #2: $24K ($530 Monthly) Mortgage: $520K Home Value: $600K Monthly Mortgage Payment: $3200 These expenses and savings contributions total $4445 I use Mint, EveryDollar, and GoogleDrive to track spending. We live in L.A. so everything is expensive. For example, our "$600K" house is old and only 1400 square feet. I just started getting serious about our financial situation a year ago. But is it too late? Will I ever retire or should I just plan to work until I'm dead? EDITED: Other monthly expenses listed below... Car Insurance: $115 Life Insurance: $75 Gas: $400 Internet/Cable: $80 Mobile Phones: $225 Gas & Electric: $200 Water: $130 Pest Control: $40 Trash & Sewer: $120 Groceries & Food: $800 Health Insurance: $1575 Miscellaneous (clothes, pocket money, household supplies, tools,etc): $500 This all totals $4260 [link] [comments]  |
| Posted: 06 Nov 2019 04:58 PM PST I'll try to keep this from being long-winded and complicated as best I can. I attended Arizona State University and accumulated 5k in debt to the school (and another 20k in student loans). After my first year there, my mother passed away and I took the following year off to mentally recover. I tried going back the year after, but I struggled to acclimate myself back into that environment and did poorly in my classes. I played the victim and just flat out did not attend my classes in the spring semester. Of course, they still charged me for that since I did not formally drop out. Now, I am looking to get back into school and finish my degree at Western Governor's University, a fully-online school that's regionally accredited just like any other legitimate university. The problem is, WGU is requiring my official transcripts from ASU to get me processed. Meanwhile, ASU does not want to release my official transcripts in fear of me never repaying my debts (that have been sent to collection by now). I asked WGU if I could proceed with an unofficial transcript, and they told me that's not possible. To make things worse, I also found out my father had been opening credit cards in my name. I've been in the process of reconciling these debts but my credit score has been destroyed nonetheless. Because of this fallout with my family, I moved in with my girlfriend in the UK to save money while working an online job to build up my savings. I also did not work very much during my hiatus from school, so I've basically had to build my funds back from the ground up. I've made some big mistakes along the way. There's no denying that, and I take full responsibility for my missteps. I just finally want to get my life back on the right track. To sum it all up, I have a lot of problems and not too many solutions. Does anyone else have experience with similar situations? I'm at a loss here, and just want to know what options I have at my disposal, and which is probably the best next step to take. [link] [comments]  |
| Posted: 06 Nov 2019 06:13 PM PST 26 years old. My parents paid for my schooling in my name through a loan and met every single statement, which set me up for a good credit history. So I wanted a credit card. I went to the free Discover tool to see what I could access, and found out my credit score was actually extremely good for being 25 at the time. So I applied for a card that had higher requirements, the Capital One Quicksilver, and got it. Every single month I've paid off every statement in full and haven't owed a dime in interest. Things are working out on that front! I only spend the money I have. However, I have a creeping question. I sorta glossed over it when I started, but I checked the free FICO credit score through Discover today, and it said 7XX, very good. But it said the length of my credit history is 33 years old. I asked my parents about it. They have no clue what it's about, the most my mom did was fill out forms to have a life insurance policy on me a few months before I was born. They'd have no reason to lie, they set me up good and proper in terms of financial security and made sure I had a good credit history and every time I ask them if I can pay them money they decline. So what the fuck are these extra 7 years? [link] [comments]  |
| I want to marry someone with significant medical debt in their name Posted: 06 Nov 2019 06:06 PM PST So my long-term boyfriend and I would like to finally tie the knot. We currently live together in Florida. Seven years ago he shattered a couple vertebrae in his neck while he was uninsured, for which he incurred thousands of dollars in medical debt. He has also incurred some debt since then in aftercare for his injuries.. We have been hesitant about getting married due to his large amounts of debt and abysmal credit score. Will I become responsible for the pre-marriage debt? Will it tank my credit score as well? Is there anything I can do to still be with the person I want, but protect myself financially? [link] [comments]  |
| How much is my mom screwing herself? Posted: 06 Nov 2019 02:47 PM PST She met a dude online, I told her he is fake. She says she knows but she enjoys the attention. Long story short it is months later. This dude gave her a long spiel about how he got caught up in this or that and that he has to pay off so and so. So he doesnt get murdered. He claims he is on a ship right now but he has to pay his way so he sent money to her account and asked her to put it all in a bitcoin account for him. I dont know how many times she has done this. Or how much money hes had her put to bitcoin. She has never met the person. Theres always a reason why he is out of the country and why he hasnt made it back yet. She says that she always waits to make sure it clears her account before she does the transfer. How bad is she fucking herself? She promised me before shed never give these guys money. But I know she is getting scammed. She wont listen to what i say. I'd love some articles of this exact scenario of anyone can provide them. [link] [comments]  |
| Any remote jobs for a 17 year old? Posted: 06 Nov 2019 07:54 PM PST Hi! I'm 17 years old, turning 18 in April and I recently had a spinal fusion. Because of this I can't stand for long periods of time or lift things that are over 10 pounds which puts me out of most if not all jobs I can get (fast food, grocery bagger) because of this I'm looking for a part-time remote job. I would be more than happy with anything that pays $8 an hour or more with at least 15 hour weeks. I'm willing to try just about anything at this point so any information that you guys can share is greatly appreciated. [link] [comments]  |
| Is there a significant difference between Schwab Mutual Funds vs ETF's? Posted: 06 Nov 2019 03:12 PM PST I have $50,000 that I want to invest and am trying to decide between a Mutual Fund portfolio (SWTSX, SWISX, and SWAGX) vs ETF porfolio (SCHB, SCHF, and SCHZ). I'm currently 28 yrs old and willing to have moderate-high risk. This money will be through my taxable brokerage account, as I am already maxing out my roth IRA with SWPPX. Is there a significant difference in long-term yield between these portfolios? [link] [comments]  |
| Tax Question Involving Dependent [NM] Posted: 06 Nov 2019 04:47 PM PST My 16 year old cousin moved in with me on August 9th 2019. I'm curious if she can be considered my dependent when I file my 2019 taxes. She is still a student in high school and has recently started working part-time, about a month ago and makes about $700 a month. Her father collects her social security check as her payee every month since her mother passed in 2015 and he uses that for his own bills and utilities. (That's a whole other legal topic for a different sub.) Since she moved in with me I have supported her financially. The money that she earns from work is pretty much her's to do what she wants with it. We have been teaching her how to budget and save for future expenses (ex. new computer, new phone, first car, etc.) So my questions are:
[link] [comments]  |
| What is the credit portfolio of someone with an 800+ credit score? Posted: 06 Nov 2019 07:25 PM PST My FICO score is currently 753. I want to get to 800+ in 2020 so that I'm 2021 I can get a good mortgage. What do y'all recommend I do? Edit: (just for context) i was pre qualified for a mortgage loan at 4% interest rate, the realtor and bank rep told me it was too high [link] [comments]  |
| Am I making a bad decision by moving our of Grandparents? Posted: 06 Nov 2019 07:04 PM PST Hey, Just a bit of background. I recently moved to a big ( Expensive ) city. Me and my girlfriend decided we wanted to move to a bigger town for more opportunity. We moved into her grandparents basement, rent free. Within a week of job hunting I found a contracting job paying $45 dollars an hour, the contract is 8 months ending in March. My girlfriend also found a decent full time job. Anyway; we really want to move out but I'm really worried about what will happen at the end of my contract, what If I cant find another job for a while? Is it a bad decision to move our before having something stable? The main reason we want to move before I have a stable job is because our quality of life is fairly poor here. First, there is hardly any sunlight down here. Her grandparents are very messy, so much so that we don't have a kitchen to use and have been using a bar sink and a microwave. Going upstairs is a nightmare, there is dog feces on the floor, moldy food etc... The noise from upstairs is having really bad impact on my sleep, I need to get up at 5am but there is constant noise ( her grandfather has a grand piano he plays whenever he wants ) until about 12am... so that's when I can actually go to bed. I'm also worried about mold / air quality down here ( I've seen some areas that definitely have mold ) and there is basically no air circulation. I essentially stay at the office until about 6 or 7pm because I just prefer it there... So yeah, basically were desperate to move out. But I'm worried its bad financial decision when I could tough through this environment for another 4 - 5 months. I am trying to save money, but with the expenses of the move and travelling home for Christmas I keep chipping away at my saving. [link] [comments]  |
| How should I be managing my money Posted: 06 Nov 2019 04:06 PM PST Hey everyone. I'm currently 22 years old and I make 70k before taxes as of now. Every month, I take about $4200 after taxes, and here is a current list of my spending per month Rent, Internet, & Utilities: $1330 Student Loans (grace period ends in a month): $400 Groceries, gym membership, traveling to visit friends, going out, etc: ~$650 That leaves me with about roughly $1800 to save each month. I currently have a little under $9k saved in my checking (have been working full time since June 1st), and I plan to move to New York in May, so I want to make sure I don't stupidly spend my money. My question is: In your opinions, do you think I'm doing a decent amount at saving money? I honestly have no idea. Before I move, I want to have about ~17k saved up, and I think I'm on track to do this, but is that too little? I'm not sure how I'm doing compared to others, so sorry if this comes off the wrong way. Other side notes: I have two credit cards and I just refinanced my student loans through Sofi. I always try to get good deals in grocery stores, trying to save money on the little things. I cook most of my meals, and I save pretty good on food, but most of my spending goes to traveling to visit my friends/girlfriend in another city (I always try to take the buses, as they are cheap). I'm also expecting my salary at my job to increase about ~10-15k when I make the move. Anything else you all recommend? [link] [comments]  |
| Confused about urgent care bill for $550 Posted: 06 Nov 2019 04:57 PM PST Hello! I'm new to posting and wasn't sure if this will be the right community to ask. Let me know if I am out of place. About a month ago I went to Urgent Care because the front of my small, metal earring backs had become a little stuck in the back of my piercing. The nurse took my vitals, and gave me a cotton ball with warm water to put on it to soften the skin. Then they took tweezers and nudged it out of my ear. I did not get any scans or prescriptions. I paid my $40 co-pay at the visit, and expected a bill around $100-180 bc that's the way healthcare in America is. However today I received my bill (originally for $780) and after insurance my payment due is $550. I'm 21 years old and new to having my own medical bills so this seems kind of crazy to me. Am I wrong? Any insight and advice would be appreciated. [link] [comments]  |
| How to receive/deal with a $$$ gift from overseas Posted: 06 Nov 2019 04:37 PM PST My wife's dad sold his property in Asia (we live in the US) and is giving each of his kids a monetary gift. I'm starting the process of researching this situation. It looks like I need to file form 3520 with the IRS, but I would not be subject to taxes. We have not identified how we're going to get the money from Asia to us. It looks like the two best methods would be wire transfer to my bank account or Western Union/Money Gram. Does that all sound correct and any suggestions for money transfer? [link] [comments]  |
| Posted: 06 Nov 2019 05:59 PM PST Hi PF, Sorry if there's been a lot of posts about this due to open enrollment, but I wanted to get the collective opinion on a PPO vs HDHP+HSA decision. PPO | HDHP Premiums: $20.97 | $21.47 Deductible: $0 | $1350 OOPM: $1500 | $4000 Co-insurance: N/A | 20% PPO requires around $20-100 co-pays for most services. Employer contributes $500 to HSA every year. Only make about $36k right now in a HCOL area, so I wouldn't be able to max out my HSA unless I sacrifice some funding for my 401k. Currently max out my Roth IRA. About me: 22 year old male, rarely visits the doctor besides the annual check-up, could afford the deductible and out-of-pocket maximum if it came to it. Would normally go for the PPO because it's slightly cheaper and provides better coverage, but need a bit of a push in either direction. Am I just overvaluing the $500 employer HSA contribution and the ability to fund an HSA? [link] [comments]  |
| Posted: 06 Nov 2019 01:54 PM PST I (26F) just got my first job so I have no emergency fund. I technically have about 5k left over on unspent student loans but I figured it would be better to pay that back at once than to keep it as part of an emergency fund (thoughts?) I make 85k per year, and have $3600 in expenses per month. If I save 20% of my income after taxes and my student loan payment, then it will take me about 1 year to have 3 months worth of expenses, or 2 years to have 6 months worth of expenses. Saving for retirement has been stressed so much my whole life that it seems crazy to me to be working for an entire 2 years before I even start saving for retirement. Would it be better to put part of my money into retirement and take a longer time to save up for an emergency fund? Or maybe start splitting the amount into emergency & 401k after I have 3 months worth of savings set aside? Currently my job does not match for 401k. I am not planning on paying off my student loans right now (~105k plus ~10k interest), I will just make the minimum payment and go for forgiveness in 25 years. If I marry I will then start looking into paying it off sooner with the supplemental income. [link] [comments]  |
| How do you budget when you have an extremely variable income? Posted: 06 Nov 2019 07:47 PM PST I had a great budget for a while, when me and my partner always got X amount of money. Money was set aside, each fortnight, for all expenses. For example, 50 dollars was set aside for electricity every two weeks However, long story short, my income varies between 500-1000 each week, and my partner's varies from 0-500 a fortnight. I don't know what to do now. I can't even use the basis of my last budget to base things off of, because sometimes we have really short weeks. [link] [comments]  |
| Refinance 5.999% solar panel loan to 3.875% with a mortgage refinance? Posted: 06 Nov 2019 03:58 PM PST Sup Y'all, My 30 year mortgage currently sits at a decent 4.000% with $188k to go. I bought the house and land for $207k but the bank jockeys are telling me it might go for $250-270k nowadays, so they're willing to refinance my solar panel upgrade ($28K 30 years @ 5.999%) and my mortgage together at around 3.875%. Origination fees, closing costs, and appraisal likely to be around $4,000. One thing making this offer more attractive is that the solar panels will not be tied to a tax lien against the property any more. This may free it up to easier sale, although I don't plan on selling. My monthly payment will be a bit lower, but I'll be on year #0 of paying off, unless I can afford a rate of 25 years this time around. How does this offer sound to you? [link] [comments]  |
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