Personal Finance Tax Thursday Thread for the week of January 30, 2020 |
- Tax Thursday Thread for the week of January 30, 2020
- CreditKarma Tax instructions are incorrect for the Premium Tax Credit (1095-A) section if you have more than one 1095-A. It calculated a $10,000 refund when I should only get $5000.
- If your emergency fund can’t cover your out of pocket max, then it’s not a complete emergency fund
- Buying my first car by myself :(
- How to destory your future; credit cards, bad impulse control and stupidity. Scandic edition
- [Other] Sibling changed Mom's beneficiary from me to her on POD account after Mom passed. Do I have recourse?
- Fraudster closed my Capital One credit card account
- I can’t help but feel depressed after finally accepting to sacrifice almost my entire paycheck to improve my life.
- I'm using all of my tax refund to pay off debt
- My fiancé’s mother claimed her as a dependent. What are my options?
- I am a single dad with two kids. I make 4300$ a month. I live in so cal. Rent is outrageous! 2100$ for a two bedroom. I don’t know what to do.
- Should I negotiate salary?
- I'm Two Years Behind on filing taxes. How should I proceed?
- What do y’all pay for a single cell phone?
- Filed my return but forgot to include student loan interest deduction.
- Confused about claiming scholarships as income on taxes - need help interpreting IRS worksheet footnote
- Looking into using a rewards credit card for all purchases and bills that will accept credit as payment rather than my debit/checking account and paying off monthly.
- Question regarding my moms whole life insurance
- I need help cause no one taught me anything.
- Bank Levy on my Student Account. Please Help
- Converting hourly rate to salary. Help!
- Federal EV Tax Credit Question
- Claiming unemployment up until new job starts? Is it okay?
| Tax Thursday Thread for the week of January 30, 2020 Posted: 30 Jan 2020 03:06 AM PST Please read the PF tax wiki page to see if your question is answered there before posting.This weekly cross-sub thread will be posted through mid-April to give subscribers a chance to ask basic tax-related questions in a consolidated thread. We are also very lucky to have some folks from /r/accounting and /r/tax joining us here to help out. Since taxes can be a very complex topic, the main goal is to point people in the right direction, provide helpful information, and answer questions. (Please note that there is no protection under §7525 or attorney-client relationship when discussing matters in posts on a message board. Consult a reputable tax advisor in person if your situation demands it.) Make a top-level comment if you want to ask a tax-related question! If you have not received your answer within 24 hours, please feel free to start a discussion. For all of the Tax Thursday threads from this year, check out the Weekly Archive. [link] [comments]  |
| Posted: 30 Jan 2020 05:41 AM PST This section of the Premium Tax Credit (1095-A form) section directs you to add the totals of all 1095-A forms together for lines 33A, 33B, and 33C. However, if you read the instructions for Form 8962, it explicitly says you are NOT supposed to add the amounts together for column B. The column B totals should be the same on all your 1095-A forms, and you should only enter that amount, not add them together. When filling out my tax return on CreditKarma, my estimated refund jumped from $5000 to $10,000 after filling out the Premium Tax Credit section. I decided something must be wrong so I took the time to redo everything on TurboTax. TurboTax told me that I actually need to repay about $600 of tax credit. I figured out that the issue has something to do with Form 8962, and noticed Line 11 Column B was massively different from last year so I read the instructions. After entering the correct number, CreditKarma and TurboTax gave me similar results. Edit: they are aware of the issue and according to /u/CreditKarma, it will be fixed next week. [link] [comments]  |
| If your emergency fund can’t cover your out of pocket max, then it’s not a complete emergency fund Posted: 30 Jan 2020 06:21 PM PST Talking to my dad the other day, he mentioned that last year was his first time hitting the out of pocket max on his health insurance. He broke his shoulder, my step-mom broke a vertebrae and stepbrother tore an ACL. I think his OOP max was around 12-15k or something and he was able to cover everything without too much hassle because he had planned for it. Made me realize I needed to up my emergency fund by about 1500 over the next couple months to make sure I'd be covered. [link] [comments]  |
| Buying my first car by myself :( Posted: 30 Jan 2020 04:39 AM PST Im a 20 year old girl and I've saved a good 3k to put as a downpayment on my first car. I dont really have any family members or friends that could go with me or help. The only person I have thats willing to help me is my grandma who isn't knowledgeable about car buying at all. I've kind of just been doing as much research as I can on my own but thought maybe some experienced used car buyers on here could give me some advice. For reference, I'm really am just looking for a car in the 8k-12k range that are reliable so I dont have to worry about getting a new car until I'm a bit older and more financially stable. Im pretty set on a Toyota Corolla or a Honda Accord/Civic. My questions are more like, where should I buy it? Ive been looking around on apps like Carfax, Autotrader, etc. However today a friends boyfriend who works for a dealership was telling me to never buy from a third party seller and to always go to a dealership because they do an inspection for you. So I looked around on dealer sites and my options are definitely more limited, and pricier. Is the dealership and certified preowned worth it? Also another thing is that I'm going to have to go to the dealership alone, which is really intimidating for me and is giving me anxiety because I really dont know what I am doing and how it all works. Some advice I've been given includes: Accessory fees are a no, Cleaning fees are a no, Full tank of gas fee is a no, Nitrogen in tires (?) fee is a no, Dealership preparation fee is a no, Avoid high mileage because they can throw an engine light even if inspected, and a good apr rate is anywhere from a 2-5. Sorry for the long post. Any and all advice appreciated! edit! - oh wow! thank you all so much! mostly everything i've read is completely new information to me and I really appreciate it. To answer some questions: 1) no I really dont have anyone to go with me except for maybe one old co worker who I'm definitely going to beg after reading all of this. 2) not to be too personal but some insight into my situation: the only person in my life who could maybe even kind of help me is my 70 year old grandma who is pretty sickly. She is probably willing to co sign for me and has good credit. other than that I am completely financially on my own. My mom is kind of... her own situation so I'm figuring out adulthood on my own. Im not even sure if I have health insurance at this point. so I'm not too sure how the loan thing will work, but I will do major research asap! 3) I have a credit score of about 680. I have never missed a credit card payment and always pay 3x the minimum payment. I am pretty good at saving my money. I live in the bay area and work full time at about 2300 a month after tax. I do not pay rent but pay for everything else I need. Hope this gives any context! [link] [comments]  |
| How to destory your future; credit cards, bad impulse control and stupidity. Scandic edition Posted: 30 Jan 2020 12:13 PM PST Hey ppl, I am so totally fucked for the next 10 years. I just wanted to vent here, to encourage people with bad impulse control like me to never get a credit card. My story so far; I am 29 years old, living in a scandinavian country. I earn about $80 000 a year, but I fucked up inmy early 20's getting a credit card debt at $130 000 (earning good, starting at about 16 years old, they gave me loans and even called me each month asking if i wanted more). Forward 10 years; I now get a cut in my paycheck each month, (organized by the government). Leaving me with about $150 each month, when my original monthly salary should be at $3500 (taxes being at about 50%). I now walk 2 hours one way to work, because I cant afford the monthly bus pass. 90% of my monthly paycheck cut goes to interest, so my debt wont be gone in many years. I have no drug or gambling addictions, I just was an idiot when it came to economics and loved to travel in my early 20s. Just wanted to give you guys an insight into the scandics and debt. Not sure how many more months I can take with this bullshit, sorry if the post is confusing and unorgranized. Edit: Its Norway. [link] [comments]  |
| Posted: 30 Jan 2020 03:41 PM PST Mom died last week. Before she did, she let my sister (who has money issues), know her passwords to all financial institutions. After Mom passed, my sister logged on (within hours of Mom's death), changed the beneficiary from me to her... so I get nothing. It's POD so it doesn't go through probate. Sister will burn through it in a year. Now there isn't even money to pay Mom's medical bills and final expenses. Please help. [link] [comments]  |
| Fraudster closed my Capital One credit card account Posted: 30 Jan 2020 04:51 PM PST Here's an interesting story for you. A few months ago, I got a text from Capital One about detected fraud on my card. No biggie, not the first time. I call the number to go through the motions. "No, I didn't make the charge. Yes, the card is in my possession." But then the rep tells me "I have generated a new card number for you, but cannot ship it to you because your account is closed." err... what? I go back and forth with her a few times trying to get more info. "When was it closed?" She can't see that. "Who closed it?" She doesn't know. I ask her how is it possible there was a fraudulent charge *minutes* ago and now is closed. She can't help me. Suggests I open a new account (and throw away my 10+ year credit history on that card). Supervisor isn't much help either, but promises to pull the call recording and get back to me 10 days later. I have to call a few more times, but after almost 2 months I get a callback from someone who can reopen the account. I ask her if they ever figured out what happened. It turned out that while I was on the phone with the fraud team, the fraudster was also calling, trying to impersonate me. He was able to provide SSN & DOB (thanks Equifax!), but not the "enhanced identification", whatever that means, so he asked them to close the account instead. Weird that Capital One didn't trust him enough to allow a charge, but was perfectly happy to let him close an account! I'm struck by how needlessly petty it feels. This guy spent time and effort to try and defraud me, and when it didn't work, gave me one last F-U for revenge? [link] [comments]  |
| Posted: 30 Jan 2020 03:54 PM PST After many years of impulsivity and reckless spending, it's now all catching up to me. I am 29, going on 30 this year and, after some personal events, have decided to change my life. I am NOT where I want to be in life financially at this age - no car, no place to myself, but gratefully a decent job. I should be feeling happy and motivated, but rather I feel solemn and depressed about it. I presume this is a useless vent, but I know the feeling will pass. Sorry if I wasted your time, I guess what I am looking for here are some words of encouragement. [link] [comments]  |
| I'm using all of my tax refund to pay off debt Posted: 30 Jan 2020 08:10 PM PST No weekend vacations No new jackets because the old one has a bad zipper No iPhone 11 because my battery life isnt too good No concert festival tickets because it's going to sell out No amazon wishlist purusing because now is the perfect time No new gaming PC because Red Dead looks great No airpods because they could sync with my watch great No Adidas Ultra-boosts because spending on health is a worthwhile investment No Luxury bed sheets because I need to get better sleep None of that. For the first time in a decade. Feels Great [link] [comments]  |
| My fiancé’s mother claimed her as a dependent. What are my options? Posted: 30 Jan 2020 01:20 AM PST As the title says, my (24M) fiancé's (24F) mother wrongfully claimed her as a dependent before I (her sole means of income) was able to do so. —- My fiancé doesn't work on her own, we are and have been actively seeking having her placed on disability, but it is a very uphill battle. I cover 100% of all her expenses, and claim head of household. Her mother has contributed 0% financially and we have spent no more than 3 hours under the same roof together for the past year. That all being said, without even asking first, her mother claimed her before I was able. We only found out because of a post on Facebook, and a "promise of taking you out to dinner". This obviously is completely unacceptable, and I would really appreciate any help moving forward. I'm not afraid of filing for tax fraud if that's what it would take. We really need the extra money to pay off our debt that we owe, and having it stolen from under our feet has been a jarring experience to say the least. And just to try and answer some questions; She has no income of her own, and solely relies on me for financial support We have lived together for 3 years, and she obviously does not file her own taxes My taxes are not complicated, a simple W-2 and what wold be a single dependent. Is there any way to quickly attempt to resolve this? I'm new to tax issues and have no idea what my first step would be. Thank you all! [link] [comments]  |
| Posted: 30 Jan 2020 05:14 PM PST |
| Posted: 30 Jan 2020 03:46 PM PST So I've been at my current job from when I graduated college until now (3.5 years), I have received 3% raises every year because of cost of living adjustments. Since then I have been promoted one engineering level but only received a 6% pay increase they originally offered 3% but I got mad and had them raise it. The job also moved 40 miles away from my house. Management here isn't that good so projects are hectic, behind , and stressful. They are paying for my MS degree currently. Company isn't doing that well because of current contracts so they have been stingy with bonuses, raises, and promotions (i.e. my promotion) I was recently approached by a former coworker at a different company. I got an offer from them for a Sr. Engineering position with roughly a 31% salary increase . They agreed to pay off my past classes that my current employer paid for (because I have to pay it back) with an increase in the typical sign on bonus. And I will have to get approvals for future classes like I did at my current job. Should I even bother negotiating salary or just jump on it? They kind of made this position for me and slightly lowered the experience requirement for this Sr position due to my former coworkers recommendation. [link] [comments]  |
| I'm Two Years Behind on filing taxes. How should I proceed? Posted: 30 Jan 2020 06:26 PM PST Hello, So, I'm a US citizen, and due to foolish negligence I have not filed taxes since 2017. (As in, I have not filed taxes for 2017, 2018, or 2019). I have lost my W-2's for 2017 and 2018. I would like to avoid having to go back to past employers and ask for them again at all costs. Can I get 2017 and 2018's W-2's from the IRS in a form that is valid to use for filing (not just copies for records?) Also is there an online service that would be best to use for this? I know I owed either my state (MA) or the federal government money in one of those years, due to an employer not withholding income tax from my paycheck. I know this technically means I owe some kind of penalty for not filing on time... Will I probably be able to avoid paying that if I get this taken care of quickly, or do I need to just go ahead and include that with the taxes I owe when I file? [link] [comments]  |
| What do y’all pay for a single cell phone? Posted: 30 Jan 2020 05:20 PM PST I pay about $75 with ATT for one phone with unlimited everything. I don't travel much, but ATT covers anywhere I might go. Signal and service might be reduced in some places, but I always have service. My ISP, Suddenlink/Altice offers $20 unlimited cell for existing customers. Just thinking I should be saving some money on my phone bill. Hope ok to ask here. My family and friends I've asked are all on multi user shared plans, hard to compare. [link] [comments]  |
| Filed my return but forgot to include student loan interest deduction. Posted: 30 Jan 2020 06:51 PM PST I filed yesterday, but today I got a letter from a student loan lender that I paid them $427 in interest. Will it even matter? If it isn't going to significantly change my return, then I won't bother. I'm in the state of CA if that even matters. [link] [comments]  |
| Posted: 30 Jan 2020 06:23 PM PST My scholarships exceeded my qualified educational expenses, so some need to be claimed as income. I'm going through this worksheet, and I don't understand the footnote (which is referring to line 7 of the worksheet, the "tax-free portion of the scholarship"). https://apps.irs.gov/app/vita/content/globalmedia/teacher/tax_treatment_scholarship_4012.pdf Here is the footnote:
The first sentence is really throwing me off - what does it mean? My scholarship did allow me to spend it on room and board, but did not require it. Thank you! [link] [comments]  |
| Posted: 30 Jan 2020 04:28 AM PST For all of my buying, I automatically use my debit card for everything getting no cash back or rewards. I plan on paying the credit balance off monthly, but with rewards credit cards there is interest, will I be charged interest monthly on that credit? I just want to know if the pros outweigh the cons. If the rewards benefits will outweigh any interest/annual fees. Thanks for any and all advice. [link] [comments]  |
| Question regarding my moms whole life insurance Posted: 30 Jan 2020 06:54 PM PST Yes i know whole life insurance is useless and bad. I have already spoken to my mom about it, but she is adamant in keeping it. So that boats already gone. My question is that her payment to her life insurance provider is set on autopay to my moms bank. looking at the statement, she is making 2 payments to them monthly. $110 for the ins. premium and another $100 for "External Withdrawal - NYLIC LOAN BAL. U.S. - LOAN PYMT" What is this "loan" payment? why is there a loan payment for a life insurance? Im guessing she borrowed money with her insurance as collateral. Does this do anything bad to her insurance plan? is there usually interest or something else i should know about? [link] [comments]  |
| I need help cause no one taught me anything. Posted: 30 Jan 2020 02:53 PM PST I have no idea how to get myself out of this endless loop of poverty and constantly barely making rent by the skin of my teeth. I grew up mostly in fostercare so you can imagine how much they taught me. I dont have a car, I dont even know how to drive. I work part time at Pizzahut and Ive been trying to get a second job. I'm also donating Plasma just to be able to affore food cause my food stamps was cancled and Theyve been stubborn in giving it back this month. I dont spend money on myself except for 2 things. Crunchyroll and $1 filtered cigar packs (22 in a single pack all for $1). I dropped out of high school at age 17 when I was told I was going to to continue going to high school till i was 20. I havent even been able to affore getting my GED. Not asking for help just for someone to point me in the right damn direction here. The hell am I supposed to do to get out of this??? Edit: I wish i could give everyone medals for being awesome but ill throw them upvotes like crazy. Thank you! [link] [comments]  |
| Bank Levy on my Student Account. Please Help Posted: 30 Jan 2020 08:27 PM PST My dad has owes someone 6,500 dollars and a bank levy was put on my student account since he is the co-owner. I have a refund set to go to this student account for 450 dollars so I cannot close my bank account. My bank account is currently at 0.00 dollars. How fast do the levy's take the money out?? I was hoping I could transfer the refund to my savings account as soon as it processes. I already lost a lot of money for something I didn't do. It really sucks. Any advice? TLDR: How fast do the levy's take the money out of your account [link] [comments]  |
| Converting hourly rate to salary. Help! Posted: 30 Jan 2020 08:23 PM PST Hey everyone, I'm hoping i could get some clarity on how this works. I just had my performance review with my boss and they want to switch me to salary plus give me a 4% raise. Awesome! However, I just received my new paycheck and it is actually less that what I was making when I was on hourly. Am I missing something? For a few numbers: my hourly rate was $30. On a normal pay period (80 hours) my paychecks were $2400 (before taxes). Now, my paychecks are only $2250 (before taxes).. this should be including my 4% raise. Is that right? Any clarity on this would really help. Thank you! [link] [comments]  |
| Federal EV Tax Credit Question Posted: 30 Jan 2020 08:19 PM PST So I purchased an EV which qualified for a $3,750 federal tax credit. Normally when I do my taxes I get roughly $2k. Filing most of my big items in TurboTax, including the tax credit, I am hovering around $3,400. So my questions are (mobile user, sorry for the format): -How can I maximize that $3,750 tax credit -Should I not expect to get it all back since I normally get 2k back already -any other advice for this situation I understand you guys are not tax advisors and cannot give advice or whatever the phrase is, just looking for personal opinions or experiences. Thanks in advance!! [link] [comments]  |
| Claiming unemployment up until new job starts? Is it okay? Posted: 30 Jan 2020 08:14 PM PST Hello, I am based in California. I have been paid out for the week ending 1/11/2020 and then again for the week ending 1/18/2020. My question is, my new job started 1/28/2020, so I believe I'll still qualify for the week ending 1/25/2020 but when I re-certify will I be able to claim unemployment for the week ending in 2/01/2020? I am not trying to double dip, I'm simply asking so I don't get into trouble, online sources state a partial week is okay, but I don't know what qualifies as partial. Since it's 2 out of 7? Any advice or experience is greatly appreciated, thank you. [link] [comments]  |
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