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    Personal Finance Top ten FAQs for tax filing season

    January 28, 2020

    Personal Finance Top ten FAQs for tax filing season

    Top ten FAQs for tax filing season

    Posted: 28 Jan 2020 07:09 AM PST

    Things to keep in mind for tax filing season (with clarifications edit: fixed to record some easy updates).

    1. You have to file federal taxes if you make enough money that you have tax liability, which is generally over about $12,200 gross for regular employment, and only $400 if you are self-employed. You want to file even if made less than this much in order to get back any taxes you had withheld.

    2. Even if you are a dependent on your parents' tax return, you still file your own taxes (or not, if you don't need to); you never file "on your parents' return." The only time more than one person can be on the same return is a married couple filing jointly.

    3. If your state has income taxes, which over forty states do, then you also file with them. Those are two different processes that are largely duplicative, but slightly different rules. If you lived or worked in more than one state during the year, you might have to file in more than one state. Some people also have local taxes, how fun is that?

    4. You never have to pay a fee to file taxes. Most people can file taxes online for free with various web sites if they want to do that, see e.g. the IRS free file program website and other free services, but you can always just file on paper, too. (You laugh, but that's how I do my state taxes.)

    5. Even though you can file your taxes now, be sure you have all the documentation for all your income before you file. You don't want to have to go back and amend your return because you forgot about that other W2 you had months ago, or you forget to include your bank interest or brokerage tax information.

    6. You are supposed to report all your compensation income, even if it was just some part-time gig somewhere, or you got paid under the table. Gifts, loans and most scholarships are not taxable income.

    7. The money you get back is a refund of any excess taxes withheld. (Sometimes there are also refundable credits that increase your refund.) That was money you earned but didn't get yet. Getting a big refund means you didn't get a lot of money yet, generally speaking. You may want to adjust your withholding if you want to get your money sooner but that's up to you.

    8. If you didn't have enough taxes withheld, you need to pay the balance due by April 15th. You can get a payment plan if you need to. If this describes you, then you absolutely need to file because you can accrue significant penalties for not filing and not paying. You should also make sure you have enough withheld going forward.

    9. If you are married, filing jointly will probably save you money vs. filing separately, unless you have a special situation such as income-based student loans. Try computing both ways to see which is better for you. If you are not married, then getting married probably won't change your taxes very much for better or worse unless you have really disparate incomes (and it will help then.)

    10. (rewritten for clarity) Ignore any purported "refund" values shown by a tax program / calculator while you enter parts of your income. You may see a big refund for your W2 that goes away following your spouse's W2, or your second W2. That's an artifact of how the calculation works, and doesn't mean anybody did anything wrong regarding withholdings. Wait to see the final numbers.

    Feel free to ask questions if you are new to this.

    submitted by /u/yes_its_him
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    If you participate in an Employee Stock Purchase Program (ESPP) and sold stock, make sure to adjust the cost basis when filing or you could be taxed twice!

    Posted: 28 Jan 2020 06:03 PM PST

    Everyone I work with and people at other companies that I've talked to didn't know this and have been double paying every year.

    Note that not every situation is the same so please double check everything for you personally.

    Anyway, to summarize, when you receive stock from an Employee Stock Purchase Program, your company generally includes the discount (e.g. 15% of the total or whatever your program is, and possibly more if you have a lookback provision) on your W-2 income. However when you sell the stock, and you import your consolidated 1099 from the brokerage, it will also include that discount in the capital gains income. The cost basis will be the cost of the stock when it was deposited.

    Therefore if you just click through everything and submit your taxes without changes, that discount will be doubly included in your income.

    What you want to do is look in your consolidated 1099 for a 'supplemental information' section, though sometimes it's sent as a separate document. This will tell you the 'true' cost basis which is the reported basis plus the W-2 reported addition. This is not included automatically in the reported 1099 data because not ALL W-2s include the discount. So you need to manually edit that 1099 and change the cost basis to the one in the supplemental.

    Voila, you reduced your tax burden by potentially thousands of dollars.

    Note that if you did not sell right away (my preference is to do so), you may have additional profit/loss that isn't included in the discount and is just additional capital gains/losses. The cost basis could still be higher or lower than your sell price in that case.

    submitted by /u/relaxok
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    What is the best way to build a passive income?

    Posted: 28 Jan 2020 05:48 PM PST

    Hello guys, greetings! I'm interested in build an effective way to generate a passive income. I have a job with which I can cover all my expenses and have a couple bucks left to do things I like, I have started my emergency fund on a high yield account and in the following months I'm going to start a retirement account. I want a way to generate money to be able to live my day to day doing more things I like and to be more financial independent.

    I've applied for a second job to take full advantage to invest it in order to get a passive income, what is the best way to do so? I've heard about dividends is a good way to make a passive income but I don't know many details, what do you recommend?

    Edit: Thank you all for your recommendations and insights, I really like this community and I have so much fun reading and learning in this sub, everyone is always disposed to help with good information. I have now a new perspective about 'passive income'. Thank you again.

    submitted by /u/Boritrooper
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    Breast Pump Coverage - Check your Insurance!

    Posted: 28 Jan 2020 10:02 AM PST

    Also posted in r/insurance

    Writing this to spread awareness.

    Under current US law, a woman is entitled to a new breast pump, covered at 100%, per pregnancy. All that is needed is a prescription/order from the doctor delivered the baby (order would be for a "breast pump" or "electric breast pump").

    Once you have the prescription, you can go to a pharmacy that also does medical equipment, or to a DME (durable medical equipment) store that works with your insurance/is in network.

    Furthermore, if one has difficulties and needs a hospital grade breast pump, your insurance may cover a rental (prescription would be for "hospital grade electric breast pump", or similar). This benefit is usually after the regular pump is deemed to be insufficient, so this generally wouldn't be the first step.

    Many of my friends and coworkers were not aware of this and ended up buying pumps at full retail price. Hopefully this helps anyone in this situation (congratulations, btw!)

    submitted by /u/11ej25
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    Employer considering asking me to sign a non-compete agreement 2 years after being hired.

    Posted: 28 Jan 2020 01:47 PM PST

    I work for a small company (less than 10 people), working in a niche field that takes us all over the country. I was hired almost 2 years ago, and recently one of the two owners/bosses informed me that the other owner/boss was considering asking me to sign a non-compete agreement, as she was worried that I might leave the company. I was informed that she specifically wanted me to sign a non-compete and didn't seem to care whether the other employees signed one. I should note that I was the most recent hire and am 25-40 years younger than the other employees (late 20's). I am one of only 3 employees that conducts the field work, which takes at least a year to fully train and obtain the proper certifications for. My company is satisfied with my development and has invested a lot in hiring and training me, so I'm not worried about this mention of a non-compete being a precursor to termination or anything like that. The ironic thing is I really wasn't considering leaving at all, but now this has got me wondering if I am missing out on better compensation and work environment elsewhere, which I imagine is the opposite intended effect of presenting me with a non-compete. I know that I potentially have some leverage in this situation and do not plan on signing an agreement with continued employment as the only compensation for me. Most of all, I don't want to sign anything that could negatively impact the rest of my career, as I still have many years of work left. Since my employer has not yet presented me with a non-compete agreement and may change their mind, I know this is planning ahead for a hypothetical scenario; however, if presented with one:

    1) What items should I look out for in the fine print that may harm me in the long run that may not be obvious red flags upfront?

    2) Is it reasonable to use such a scenario to negotiate a raise?

    3) If I hesitate or refuse to sign, can my employer legally penalize me in ways other than termination (decrease in pay, etc.)?

    I don't have any prior experience with non-compete agreements, so any suggestions or advice is greatly appreciated--Thanks!

    submitted by /u/Penguins_in_Sweaters
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    A good example of why people get confused about bonus taxation vs witholding

    Posted: 28 Jan 2020 07:27 PM PST

    A ton of people get confused between:

    • Bonus tax rate
    • Bonus tax withholding

    The tl;dr is there are federal guidelines on withholding for bonuses, but the bonus income is still taxed as normal income when you file taxes almost all the time. But many, many many people believe that bonuses are taxed differently than regular income. What is different is how withholding works.

    A while back, I was talking to someone about this and wanted to find a good reference for them. To my horror the first Google results for "bonus tax rate" is this article:

    https://turbotax.intuit.com/tax-tips/jobs-and-career/how-bonuses-are-taxed/L7UjtAZbh

    Note the source seems credible here as Intuit is the company that you know, makes TurboTax.

    However, this article starts:

    While bonuses are subject to income taxes, they don't simply get added to your income and taxed at your top marginal tax rate. Instead, your bonus counts as supplemental income and is subject to federal withholding at a 22% flat rate.

    Examples in the article also are quite imprecise around this too. It is just one example of the many you can find where even credible sources use loose/misleading language surrounding the differences between tax withholding and taxes owed/paid. It's no wonder why so many people are confused by this (particularly when many do not realize how taxes work in general).

    Something to keep in mind when folks from /r/personalfinance interact with folks who are coming from far less knowledgeable backgrounds - many of the "official" resources in the area of personal finance are actually wrong (or, charitably, grossly misleading/imprecise).

    submitted by /u/demosthenesss
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    I sold stock. How do I pay taxes on it?

    Posted: 28 Jan 2020 06:48 PM PST

    I sold stock worth 1,280 through Etrade. Since this is a company stock program do i owe anything on it? Which form should I be looking out for?

    submitted by /u/Cutepandabutts
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    When you try to time the market... A true story

    Posted: 28 Jan 2020 08:15 AM PST

    From: https://forum.mrmoneymustache.com/investor-alley/welp-i'm-going-to-take-a-stab-at-timing-the-market/

    Forum user "junioroldtimer" decided last year that certain events were likely, and that the market would tank as a result. He decided to time the market by selling right before this hypothetical upcoming crash and buying back in at a lower point. So junioroldtimer sold 892.949 shares of VTSAX on February 7th 2019 at $67.59 each, converting $60,354.43 into cash.

    Other forum users dutifully kept track of the results - it's been almost a year now and as of yet there has not been an opportunity for junioroldtimer to buy back in without a loss:

    On Feb 14 the closing price was $68.85, meaning that he had cost himself $1,125.11 after one week of trying to time the market.
    On Feb 22 the closing price was $69.98, meaning that he had cost himself $1,866.26 after two weeks of trying to time the market.
    On Mar 01 the closing price was $70.28, meaning that he had cost himself $2,402.03 after three weeks of trying to time the market.
    On Mar 08 the closing price was $68.62, meaning that he had cost himself $919.73 after four weeks of trying to time the market.
    On Mar 15 the closing price was $70.56, meaning that he had cost himself $2,652.05 after five weeks of trying to time the market.
    On Mar 22 the closing price was $69.49, meaning that he had cost himself $1,696.60 after six weeks, plus $333.61 in dividends not paid is $2,030.21.
    On Mar 29 the closing price was $70.43, meaning that he had cost himself $2,535.97 after seven weeks, plus $333.61 in dividends not paid is $2,869.58.
    On Apr 05 the closing price was $71.94, meaning that he had cost himself $3,884.32 after eight weeks, plus $333.61 in dividends not paid is $4,217.94.
    On Apr 12 the closing price was $72.35, meaning that he had cost himself $4,250.43 after nine weeks, plus $333.61 in dividends not paid is $4,584.04.
    On Apr 19 the closing price was $72.16, meaning that he had cost himself $4,080.77 after ten weeks, plus $333.61 in dividends not paid is $4412.38.
    On Apr 26 the closing price was $73.09, meaning that he had cost himself $4,911.21 after eleven weeks, plus $333.61 in dividends not paid is $5,244.82.
    On Jul 24 the closing price was $74.55, meaning that he had cost himself $6,214.93 after twenty three weeks, plus $569.97 in dividends not paid is $6,784.90
    On Aug 15 the closing price was $70.64, meaning that he had cost himself $2,723.49 after twenty six weeks, plus $569.97 in dividends not paid is $3,293.46
    On Sep 3 the closing price was $72.04, meaning that he had cost himself $3,973.62 after thirty weeks, plus $569.97 in dividends not paid is $4,543.59
    On Oct 25 the closing price was $74.71, meaning that he had cost himself $6,357.80 after thirty seven weeks, plus $899.59 in dividends not paid is $7,257.39
    On Nov 15 the closing price was $76.60, meaning that he had cost himself $8,045.47 after forty weeks, plus $899.59 in dividends not paid is $8,945.06
    On Dec 3 the closing price was $77.31, meaning that he had cost himself $8,679.46 after forty weeks, plus $899.59 in dividends not paid is $9,579.05
    On Dec 27 the closing price was $79.88, meaning that he had cost himself $10,974.34 after forty six weeks, plus $1,282.58 in dividends not paid is $12,256.92
    On Jan 11 the closing price was $81.95, meaning that he had cost himself $12,822.75 after forty nine weeks, plus $1,282.58 in dividends not paid is $14,105.33

    This is a real life example of why timing the market is just not a practical strategy. While there have been fluctuations, the overall trend has been up, so even on the downswings, junioroldtimer could not come out ahead. Junioroldtimer has not been heard from on the forum since.

    submitted by /u/filmhamster
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    Can we afford this home? Opinions?

    Posted: 28 Jan 2020 03:35 PM PST

    My husband (26) and I (24) have gotten pre-approved, and we think we've found the perfect house. We are located in Kansas, with no kids in the foreseeable future. Can someone review our numbers to make sure we're not crazy?

    Assets/Income

    Item Amount
    Combined Salary $120,500.00 (58.5K + 62K)
    Cash in checking/HYSA $59,000.00
    Roth IRA (me) $1100.00
    Roth IRA (husband) $9,600.00
    401K (me) $12,300.00
    401K (husband) $19,000.00

    Monthly Bills

    Item Amount
    Car $297.50 ($12,000.00 left at 1.9%)
    Insurance $83.00
    Food $400.00
    Phone/internet $180.00
    Subscriptions $60.00

    We don't have any student loans or any other debt.

    Home terms

    Item Amount
    Purchase price $300,000.00
    Down payment $40,000.00
    Loan $260,000.00
    Rate 3.625%
    Estimated closing costs $2757.00
    Estimated prepaid items (tax, ins) $2236.00
    Cash required at closing $44,993.00
    Estimated total monthly payment with $62.00 PMI and property taxes $1513.00

    We're left with about ~$14K in cash after the purchase. We're considering dropping the downpayment a bit (maybe $5K?) since PMI isn't that high and it would give us more padding. Thoughts?

    Edit: I think we will take the advice here and probably do a lower down payment so that we can have higher cash reserves.

    submitted by /u/throwaway91331262
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    Late start to 401k. How screwed am I (and what should I do?)

    Posted: 28 Jan 2020 01:53 PM PST

    Hi, I graduated college towards the tail end of my 20s. I expected to work in the public sector and receive a pension, so I didn't concern myself with retirement until I got the job I was hoping for. I ended up in the private sector but without anything saved up. I'm 30 now and have a 401k that my employer matches the first 3% of my contributions, then 50% of the next 2%. I currently take advantage of all of that. That all goes to a Vangard Targeted 2050 fund of which I have about 18% of my salary saved up. I know you should have 50% by the time you are 30.

    What should I do to make sure I have 100% of my income by the time I am 35?

    Some more background info: less than $7,000 I debt. Also trying to save for a home.

    submitted by /u/bluespoobaroo
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    Got kicked out of home, should I get an apartment or find someone to stay with temporarily?

    Posted: 28 Jan 2020 12:25 PM PST

    This might be the wrong sub but me and my sister got kicked out of our home on Saturday. We have been staying with a relative but they are only giving us a week. I don't have any friends and my sister is a minor. I only make about $1,700 a month after tax, and I have about $1,300 saved right now. I filed for bankruptcy less than six months ago and I don't know if an apartment is the best financial decision for me, but I might not have a choice. What would you guys do in my situation? Any advice is appreciated.

    submitted by /u/Apart_Captain
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    Truly drowning in insurmountable debt. Want to file bankruptcy, but have no capital

    Posted: 28 Jan 2020 07:13 AM PST

    Between being unemployed for 2 years back in 13-14, 80k in Student loans (out of state tuition), and terrible money management, I have a total of about 170k in total debt. I currently make 72k, and I just got there. All of my cards are maxed out and I have a personal loan I cant even pay.

    I have no idea what to do except drown bc I don't own anything for the collectors to take in bankruptcy court.

    Any advice would be appreciated.

    submitted by /u/ChubbsP357
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    Mortgage Protection Insurance too good to be true?

    Posted: 28 Jan 2020 03:59 PM PST

    I have cancer and it's terminal. I have a year left at best and I have some worries beyond my health I need to resolve. The main one is my house, I want to leave it to my children (in their 30's), but there's still about $100,000 left on the mortgage. And it would be ideal for one of them to transition their lives into it. Additional info: my wife has passed and I'm about a decade into my 30-year mortgage.

    Now I don't have much for savings, no retirement plan, assets, etc. to just pay the house off or even a large chunk. And I didn't sign up for a life insurance plan and I know it's too late now due to the health screening requirement.

    So that lead me to the confusing mess of navigating Mortgage Protection/Life Insurance. Online results are difficult to navigate due to an absurd number of articles debating it or dated websites from companies I've never heard of offering it. From what I have found and understand, it's an expensive policy that most people (and Reddit search results) deem as a scam/dumb due to standard life insurance making more sense financially, but it has the benefit of offering no requirement of a health screening and will essentially pay off the remaining mortgage.

    Now I know I might not be even qualified for it due to not signing up for it when I initially signed my mortgage, as well as knowingly passing in a year putting in a minimal amount of payments. And overall it seems too good to be true, but I might as well try.

    So here are my main questions with the conditions of being terminal with 1 year left, being 58 years old, $100,000 left on my mortgage, and about 10 years already into my mortgage.

    1. Are there any definite insurers that would take my case / are reputable with this policy / known to work?

    2. What does the timeline look like with paying out? I'm sure it depends insurer-to-insurer, but is it more likely to go month-to-month or lump sum?

    3. Any quality resources or certain types of people I could look up to point me towards a plan? Like some sort of specific type of broker specialized in this?

    4. Any alternatives or additional recommendations to help financially ease my family's situation when I pass besides this?

    Extra note: Keeping the house in the family isn't impossible with their income, so this isn't what we're completely riding on, but if I have a shot to help them with something like this, I definitely want to try. And I do fully intend with being transparent and reading through their full terms to make sure it will 110% work.

    submitted by /u/MPIqs2020
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    I’ve ruined my mother’s tax return by filing my taxes independently. Is there anything that can be done?

    Posted: 28 Jan 2020 05:51 PM PST

    Earlier today, I decided that I should go ahead and file my taxes for the first time. I'm still a minor and I live with my mother, who was very upset to find out that I filed on my own. According to her, I ruined her tax return by doing this, and apparently she won't receive several thousand dollars because she won't be able to claim me as a dependent. (My tax return document doesn't indicate that I'm a dependent.) I've definitely screwed up here, so I'm wondering how I can go about fixing my error if there is anything that can be done at this point.

    To recap: - I'm still a minor. - This is my first time filing - I made around four thousand dollars from my part time job. - I'm a qualified dependent and my mother wishes to claim me on her return - There's a box on my return that indicates whether or not I'm a dependent. It doesn't have a check through it.

    submitted by /u/castion150
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    Backdoor Roth IRA question ($500x12 vs $6000)

    Posted: 28 Jan 2020 04:48 PM PST

    Hello, I recently started my career as a dentist in October of 2019 and have been working on contributing $6000 into my Roth IRA for the 2019 tax year. For the 2020 tax year, I believe I will make too much income to contribute to the Roth IRA so I wanted to go the traditional IRA route and do a backdoor conversion to a Roth IRA. The problem is, even with my salary, because of student loans, I won't be able to contribute 6k straight up into a traditional and convert to a Roth. I am planning on contributing $500ish every month (starting April 2020) until April of 2021 and doing a backdoor conversion for the 2020 tax year.

    Looking at tutorials on how to perform a backdoor conversion, I noticed that people put $6000 at once then do the conversion the next day. My question is, can I contribute $500 for 12 months then do a backdoor conversion once I hit $6000 or must I deposit the $6000 all at once? I am assuming I will make some gains if I go the 12 month route and was afraid that may disqualify me from doing the backdoor conversion

    submitted by /u/tercels54
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    A few tax questions regarding college daughter(20) and a 1099-Q form.

    Posted: 28 Jan 2020 04:34 PM PST

    So, my wife and I have 529 plans for our three kids. My oldest daughter(20) is in college and we have been paying the college via our 529 plan. So, a few questions.

    1) Can we still claim her on our tax return?

    2) She received a 1099-Q under her name, does she put that on her tax return or do my wife and I?

    Thank you!

    submitted by /u/sandman5512
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    Getting into investing when you're young

    Posted: 28 Jan 2020 08:15 PM PST

    I was talking to some friends today about how we all got started in the stock market and general investing. So it kinda sparked me to think a bit about what exactly "gave me the bug".

    So here it goes:

    I really started to follow the market around Sophmore year of High School before I was even 18 and from there I was hooked. Before I turned 18 (I'm in my 20's now) I made a notebook of stocks that I like and built a "portfolio" of them and followed them sparingly. But here is my advice to anyone who is looking at the stock market with no clue where to start. (This is more of a guide on how to learn more than making a lot of money). I see way too many people thinking that they can make a lot of money in one trading day, in reality, its a long process that takes commitment.

    ​

    • First, pick a few stocks that are of companies you like the products of and see how they do without throwing money in yet.
    • First, pick a few stocks that are of companies you like the products of and see how they do without throwing money in yet.
    • Second, when you begin to follow them a bit and see how they are performing slowly put money into a brokerage account. (It's surprising how quickly you learn about what not to do when your money is in the market). I started with stocks in the S&P 500 (like Apple, 3M, etc).
    • Third, start to find a sector that you like (I'm a strong proponent in investing in things you know about).
    • Fourth, once you feel like you're starting to get a feel for how stocks work start to do regular increments (once a month is always good).
      • A rule with the market is that only put money in that you can live with losing
    • Now that you have some money working for YOU, give yourself a quick pat on the back because by this point you're on your way to a prosperous future.

    Some things that people have asked me about investing

    • Do you day trade?
      • I have before, made some money but am a long investor more than a trader.
    • What happens if your account goes to 0?
      • First off, if my account goes to 0 then I have much bigger problems than losing money, I invest very diversely so if that went to 0 then the world would be in shambles. But as stated above, I'm ok losing money.
    • How do you find stocks?
      • The internet most times, but a few times I've been in a store or seen a product and thought they would be a good investment. I do some research later and decided yes or no. Fun Fact: my best stock pick was actually a store I was in and thought how packed and well run it was would help it greatly in the future.
    • Why did you start so young?
      • Start building now for the future, the power of compound returns of dividends is amazing!
      • Also, I'm just really into investing and see it as a "hobby" that pays

    I really hope this helps people a bit! If anyone has anything to add that would be great.

    This is all my opinion and I'm in no way a financial advisor!!

    submitted by /u/FinTalk20
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    Collections Agency Sold my Debt After I Paid it Off

    Posted: 28 Jan 2020 02:42 PM PST

    Title says it all. I recieved a collections bill on January 11th. Paid in full on the 13th. Just received another bill in the mail for the same debt from another debt collections agency saying they bought the debt. I called the first collections agency and they don't report their payments until the end of the month. What do I do? How is this fair?

    submitted by /u/Jicle123
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    Best way to save/grow money for college

    Posted: 28 Jan 2020 07:57 PM PST

    What is the best thing to do/best place to put your money to have it gain interest for college. I am currently 16 and a junior. High interest savings account, CD, treasury bills? What do you recommend

    submitted by /u/ohhhhhhyesssss
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    Lawsuit filed against me for Capital One Credit Card

    Posted: 28 Jan 2020 04:06 PM PST

    Ill try to make this simple. I had a credit card through capital one that was in good standing for many years. About 1.5 years ago I lost my job and have struggled to get back on my feet since. The loss of my job was part of a larger life event that has made it difficult to make money since that time in my old line of work. As a result I defaulted on the debt of this credit card and failed to address it appropriately in a timely manner (this i realize was MY fault. admittedly i have never been great at my finances. ) today I found out that there is a lawsuit being opened up against me by a law firm who has been tasked to collect the debt. I have never dealt with this type of situation before and am feeling overwhelmed. What steps should I take now in order to handle this situation.

    I have not filed bankruptcy, but I am now starting to think harder about that option and the option of talking with an attorney about that. perhaps that is the solution to this problem, but I am wondering if someone may be able to offer guidance in what steps they would take with this specifically. Thank you.

    submitted by /u/8787throwaway87
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    Not sure if this is the right sub, but i got in an automobile accident (other person at fault), and am wondering what are the steps i take to get my car fixed.

    Posted: 28 Jan 2020 12:41 PM PST

    I am fairly young (early 20s) and this is the first time ive been put in a situation like this.

    Long story short, i was in a minor accident with a lady and my mirror got destroyed as well as a scratch scross the passenger door and scuffs on the passenger mirror. Her vehicle was undamaged and she got the ticket for failing to yield. I called my insurance company and they said id need to pay the deductible? Surely this cant be right. She messed my car up i shouldnt be paying anything thats literally why i pay for insurance.

    So the insurance lady said if its her fault i can file a claim on her insurance and get paid and wont have to pay a deductible. Thats fine and dandy but i dont have her information or even her insurance company. Anyone with more experience in this area that could help?

    submitted by /u/ThatsBetrayalDude
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    Should I refinance?

    Posted: 28 Jan 2020 03:51 PM PST

    This is what I have right now:

    Remaining Balance: $311,711.77

    Escrow Balance: $1,553.40

    Interest Rate: 3.875%

    Original Loan Amount: $345,150.00

    Started: 05/16/2016

    Term: 360 Months

    Maturing: 06/2046

    Payment Cycle: Monthly

    Would it make sense to do below:

    20 Years fixed rate mortgage for 3.375% APR 4500 Closing cost rolled in to Mortgage New monthly payment: 2275 with escrow

    ++++OR++++

    15 Years fixed rate mortgage for 3.00% APR 4500 Closing cost rolled in to Mortgage New monthly payment: 2660 with escrow

    End of the day I will be shaving off 5 or 10 years of the mortgage and the associated interest payment with it

    Or don't refinance and put the money in some S&P 500 as the rate of return can safely be more than my current 3.875% mortgage rate anyway.

    Edit: Current market value of the house according to Redfin 445k, Realtor: 488k, Zillow: 474k, trulia: 474k

    submitted by /u/hakumanatata
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    Have you ever struggle on spending money on youself?

    Posted: 28 Jan 2020 06:40 AM PST

    Little background, 24M saving around 1.2k$ montly, 0 debt.

    I don't know how to put it. I just find it hard to spend money on myself.

    When I go shoping (for clothes, for example) I just can't buy anything. I only buy clothes when my girlfriend "forces" me to, or they are like 80% off.

    It's not that I am cheap, because I honestly don't look at expenses when buying for others. I don't mind spending whatever it costs to make my family/gf happy, and I look at no expenses on my 2 week vacations every year. It's just hard when it is just for myself.

    My problem is that I always relate the price of something to his actual value, and almost all the time I don't value the item enough to pay for the price (idk if I made myself clear).

    99% of the time when I buy something for myself, I always feel bad for buying it for a couple of days.

    My main goal right now is to have a fully paid house by the time I'm 30, and I genuinely enjoy saving money for it, maybe I'm enjoying saving way to much?

    Do you feel something similar? How do I avoid this?

    submitted by /u/PedroSantos95
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    Is okay to contact before a job offer

    Posted: 28 Jan 2020 02:11 PM PST

    I applied at a university for a position and had the interview a week before Christmas.

    Last Tuesday I was told I'm the candidate they want and she was going to try to expedite the background check. Friday she called me to let me know she was going to get a hold of my reference. She emailed me and said everything was good and she's finish the hiring proposal and try to get it approved that day and sent to HR. Haven't heard back

    I had an interview at a school district today but I had to reschedule for tomorrow because I got stuck at work. I honestly wouldn't be surprised if I was offered a job. If I am is it okay to call and let the university know I have another offer but would really like to hear theirs before I accept anything.

    I want the university and the school district was just backup in case something happens.

    I'm just anxious to quit my job and start a new and I'm might be going out of town next week too

    submitted by /u/squirrely2005
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    I sold some stock for capital gains, I know I have to pay tax on that... but how?

    Posted: 28 Jan 2020 02:54 PM PST

    So, I sold off a chunk of my RSUs. The income tax on them was already withheld through stock when they vested, but in the time since the stock price has climbed, so now I have some (long term) capital tax to pay.

    That's all fine, but I am not actually sure how to pay that. I know there is form 1040ES for estimated tax, which sounds right, but complicating my situation a little is that I already pay quarterly estimated tax since I last filed (automatically withdrawn from my bank account each quarter). Will filling out another 1040ES "override" anything, or can I just fill out a new 1040ES every time I have some additional tax to pay, adding to the already existing estimated tax?

    submitted by /u/Anotherfootet
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