Personal Finance Tax Thursday Thread for the week of February 06, 2020 |
- Tax Thursday Thread for the week of February 06, 2020
- New Craigslist Scam
- "In-case-I-die" Financial Information Packet
- Just found out I am being let go on February 26th. How can I best prepare?
- Even though your caller ID says your bank is calling, remember that even legit business phone numbers can be spoofed.
- Bought home with loan attached
- Desperately trying to dig myself out of the financial grave I dug myself before my baby is born
- Do Student Loan payoffs affect credit score?
- Need help splitting rent
- Schedule C confusing me to the point of wanting to smash my computer
- Spousal Roth IRA. I made a big mistake.
- Father is 62, diagnosed with stage 4 throat cancer. Worried about health insurance/finances
- Pay Car loan or max Roth IRA
- Am I filing for my newborn too early?
- Private limo transport car borrowed my phone to look at the address, Cash Apped themselves $500, need to find who they are
- Employer did not withhold Federal & State taxes
- Backdoor Roth IRA Taxes
- Question about Dave Ramsey advice
- Looking for advice on how to proceed after receiving a fraudulent 50% tip
- If I didn't have the funds to pay off last years taxes ($1220, in debt) and this year I get a refund of $1500...Will I still get my refund or will the IRS just automatically deduct it?
- $1300 medical bill from Ascension, said the only thing I can do is fill out financial assistance form. Can I do anything else?
- Know your worth.
- My Parents Are In Serious Debt
- How should I buy a new house and sell my current without a contingency.
- Expensive packages and credit card fraud?
| Tax Thursday Thread for the week of February 06, 2020 Posted: 06 Feb 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: 06 Feb 2020 11:06 AM PST Someone tried to scam me in a way I haven't heard of before. Here's what happened: I posted an item for sale around 9:30 pm. About 30 minutes later, I get this text:
The fact that they asked if they could call instead of just calling didn't seem too odd since it was after 10pm, but the timing of the text so soon after I posted the ad set off a red flag. The text came from my area code, so I thought maybe it was legit. I replied "sure" and then they texted:
Right at the same time, I get this:
This text came from Google's number they use to verify your number for Google Voice services. I don't even know what language this is. Coincidentally, I had re-verified my number about a week ago, so right above this text, I could see this one from the same number:
So the scammers were hoping I wouldn't understand that giving them the 6 digit number would give them access to my Google Voice account, which then could probably be used to access my email or other accounts. Sending the Google verification text in a foreign language was an interesting twist, as the recipient wouldn't understand that it says "Don't share it with anyone else." They sent one more text:
Then I blocked the number. Anybody else seen this? [link] [comments]  |
| "In-case-I-die" Financial Information Packet Posted: 06 Feb 2020 07:21 AM PST I am trying to create an "in-case-I-die" packet for my wife that lists all our accounts (retirement, banks, CC), all our bills and when/how they are paid, and life insurance information. Do any of you have any templates or have something similar you've created. I want to make sure I'm not missing anything important. [link] [comments]  |
| Just found out I am being let go on February 26th. How can I best prepare? Posted: 06 Feb 2020 09:32 AM PST This is my first time ever going through this and it is nerve wracking. My boss did me the courtesy of giving me advanced notice that I am going to be laid off in 3 weeks as the company refocuses in Europe instead of the US. He said he is working with HR on a package so that "I don't have to panic". But we didn't discuss numbers, and likely won't until he is here in 3 weeks. I'm nervous. Of course, I will spend the next three weeks job hunting like crazy. I rent in MA, I'm 26 and my monthly bills all combined are $1,650 for essentials (Not counting things that change monthly like food, gas, play money, which of course I plan to keep all to an absolute minimum). My salary is $55K. Anyway, I have three weeks, what do I do? [link] [comments]  |
| Posted: 06 Feb 2020 01:07 PM PST Today I was woken up by a phone call. My caller ID says it's from my bank. So I answer, and they tell me that they found unusual activity on my debit card in Ohio, and wanted to verify it was me. I said no, as I'm in Florida, and they go on with how they're going to cancel my debit card and send me a new one. For security they're going to send me a code to my phone that I need to give them. You know the drill. Had I not been minutes out of sleep I probably would've caught the red flag, but I gave them the code without thinking. She verify's my address for the new card, and that's when I notice on the text message with the code it says "As a security measure, we will never ask for this number over the phone." Hmm, that's interesting. Then I get an email from my bank saying that my login information has been changed. I tell the lady on the phone to hold on one second, then immediately try to log into my account and sure enough I can't. So I hang up, reset my password, and call the bank. Mind you, I'm calling the number on their website, which my caller ID says called me. While on the phone with the actual bank, I'm getting called from the bank itself, per my caller ID. Long story short, they attempted to pull approximately $2100 from my bank accounts through a Zelle transfer and two wire transfers. Unfortunately for them, they didn't change my email address or phone number, so I got notification of that activity, and was able to stop it. All this to say, stay vigilant when it comes to your money. Once I noticed the email saying my login info was changed, I was able to change my password within 20 seconds, but that was ~2 minutes after they changed it. I can only imagine if I wasn't as technologically savvy, or didn't have a computer right next to me, or something like that, how much actual damage could've been done. So keep in mind that just because your phone is telling you who's calling, it might not be correct. If you're getting a call from someone who says they're from your bank, or any business really, feel free to tell them you're going to have to hang up and call them at the number you have. And if you notice anything that seems even remotely suspicious, hang up and call a number you know to be correct. [link] [comments]  |
| Bought home with loan attached Posted: 06 Feb 2020 07:41 AM PST We just bought our first home and we noticed the personal property taxes were crazy high compared to previous years and surrounding properties. We did some digging and saw that a PACE loan was attached to the property for energy efficient siding. We were NEVER told that a loan was attached. In fact we asked our realtor why the taxes were so high and all he did was tell us to call the tax assessment office. Title company said nothing about it either. Should someone have told us about this? Its an extra 1400 a year on our taxes. [link] [comments]  |
| Desperately trying to dig myself out of the financial grave I dug myself before my baby is born Posted: 06 Feb 2020 12:38 PM PST This is hard to write, but I am desperate for advice. I am 25 years old, and about to have a baby in 4 months. It was not planned, but I made the decision when I found out to step up and do what I needed to do to get my life together for this baby. It seems more and more impossible every day, though. I am so overwhelmed by my finances, and feel like I will never be able to give this baby the life it deserves. I feel like I am drowning because of my own poor financial decisions. I have about $70k in student loan debt, all in collections. My dad had promised to pay them, but because of serious health issues (he is now a disabled veteran) and other circumstances that were absolutely not his fault, he was unable to, and they were put on the back burner. There is one loan that I pay $218/month that is still in good standing. I work as an RN in pediatric home care making $33/hr in Rhode Island. My company offers absolutely no paid time off, and the health insurance is crazy expensive. It also does not cover mental health services. So I pay for private insurance, which is $425/month. To get insurance for my baby, as well, it will cost me about $800/month. No paid time off means school vacations or any time my patient does no go to school and I don't work, I don't get paid. I always ask if there are other patients who need coverage during these times, but sometimes they don't have any other hours to offer me. Three years ago, I got married. My husband at the time was unable to keep a job, had a terrible spending problem, and racked up tons and tons of debt. I dumped so much money into helping him fix his problems that I saved absolutely no money myself. I have no savings, no retirement fund, no emergency fund. We got divorced after 6 months (and 4 years prior together) because he cheated on me, and beat my dog. I also had a miscarriage during this time. Because of all of this, I spiraled into a depression, and tried to kill myself twice. Both times put me in the hospital and out of work for about a month. I have a car with a loan that costs me $417/month. I am upside down on the loan because I put no money down on it, and have a crazy high interest rate. My credit is in the low 600s because of my student loans. Because of this, selling the car and getting something cheaper is not an option. Between my boyfriend and I now we pay $1500/month for a one bedroom apartment-so about $760 each. We will need to move within the year to a two bedroom to accommodate the baby. We also pay for electric (about $200 during the winter months) and cable (I don't know what this costs, my boyfriend pays this). I have two credit cards with a $1000 limit. Between them, I owe about $800. However, this number is constantly increasing because I only make minimum payments or have to keep using them for food, gas, etc. I took out a $5000 personal loan a couple of months ago to pay them off because they were maxed out. I also used this to pay my car insurance off for the next 6 months. I pay $211/month on this loan. I pay $70/month to my mom for my phone, since I am still on her plan. We have two large dogs who eat a TON of food. This costs me about $45 every 3 weeks. I also have to pay their vet bills. One has a bad leg which will most likely require another surgery soon. That will be about 3k. I try to put money away in savings, but it seems like something is ALWAYS coming up. So, I end up making just enough money to pay my bills and that is it. I always have to take money back out of my savings after I put it in because something unexpected pops up (dog gets sick, I get a flat tire, etc etc). At the end of the day, I can't save anything. And I am not paying anything at all right now towards my loans in collections. That is a huge issue that needs to be addressed. My maternity leave will be unpaid, except for 4 weeks through the state of Rhode Island, and that will only be partial pay. We will not be able to afford daycare when the baby comes. If we don't save enough, that 4 weeks is all I will be able to take. I have applied for per diem and part time jobs elsewhere for extra income, but not one place has even called me back, never mind hired me. I've been applying for months. My boyfriends parents offered me the name of their financial advisor, but I can't even pay the fee to see them once. I don't know what else to do. I grew up with a mom who makes overall absolutely terrible life choices and because of that, I have a lot of childhood trauma to deal with. I am so scared I'm going to do the same thing to my kid. I am willing to do whatever it takes to fix this and give my child the life they deserve. [link] [comments]  |
| Do Student Loan payoffs affect credit score? Posted: 06 Feb 2020 04:57 PM PST Currently going HARD on my student loans. Started at $102k in June of 2019, got it down to $76k as of now. My question is this - your credit generally lowers when you pay off loans and close accounts. This is the same for when I knock off each student loan, correct? Any idea on how much it will affect my credit score when I'm done knocking them all out? Credit score is right Round 770 right now. Thanks in advance! [link] [comments]  |
| Posted: 06 Feb 2020 03:57 PM PST I'm moving into a new apartment with my roommate. The last apartment I got stuck going 50/50 on rent when roomie had master room, private bathroom, walk in closet. Here is the floor plan for new apartment. Rent is $2200 I'm suggesting $1025 - room 1 $1175 - room 2: bigger room with walk in closet and private bathroom What do you guys think ? Edit: floor plan http://www.dienerproperties.com/images/1800-Biscayne-Plaza/Floor-Plans/newbrochure1800%206.pdf [link] [comments]  |
| Schedule C confusing me to the point of wanting to smash my computer Posted: 06 Feb 2020 06:47 PM PST I got my 1099 from Grubhub but am getting really frustrated over the schedule C form. Would I use Grubhub as the business name and their address or my own? Also, what do cash and accrual accounting methods mean? I get paid a fee, some mileage, and tips. I don't know what that would be categorized as and nothing online is helping to clear it up. Help would be much appreciated. Best case would be direction to a free chat site without signing up for anything. [link] [comments]  |
| Spousal Roth IRA. I made a big mistake. Posted: 06 Feb 2020 06:44 PM PST So... my wife and I opened a Roth IRA in her name with Schwab. She doesn't work. I do. I've been making max contributions for 5 years. When double checking the contribution limits just now, I realized there's an income limit for contributing to spousal Roth IRA. A limit that I exceed and have exceeded this whole time. What are my options here? The contributions are post tax, so I don't owe anything there. Can I roll it into a regular brokerage account? Any better ideas? I can't believe I overlooked this. I appreciate any input. [link] [comments]  |
| Father is 62, diagnosed with stage 4 throat cancer. Worried about health insurance/finances Posted: 06 Feb 2020 08:36 AM PST Hello, My father is 62, and in March he started seeing his primary care complaining about a cough. The doctor ran some tests, and told him it was allergies. He also had a sore throat. The cough and the throat got worse. Last week, he woke up with a lump in his neck and went to urgent care. They diagnosed him with cancer, but said they thought they caught it in the early stages. Today he saw an oncologist. Her opening statement was, and I quote, "I suggest you change your primary care, and think about suing him" which we all thought was unusual. She then went on to inform us he has stage 4 throat cancer, and it's spread in his oral cavity and sinuses. He is a 62 year old mason in the construction trade, roughly $250k in his 401k, and owns his house (worth approx $500k) outright. He is currently laid off, but was to return to work in the spring. Our concern at the moment is that when his employer inevitably finds out, he won't be able to return to work and will lose his health insurance, which will interrupt treatment and also cause a financial burden. I know other people have been in similar situations, and I really didn't know where to go for advice so I came here. Any and all suggestions/advice are appreciated. [link] [comments]  |
| Posted: 06 Feb 2020 08:52 AM PST I know this question comes up a lot but I wanted to post with my personal numbers to get your opinion. I'm getting a $10k+ bonus next month. I owe $11k on my car with a 5.69% interest rate If I max out the Roth I could still put a decent chunk towards paying down the car, or I could just pay off the whole car but contribute nothing to my Roth [link] [comments]  |
| Am I filing for my newborn too early? Posted: 06 Feb 2020 05:56 PM PST I recently filed my taxes and the only thing that changed this year was that my newborn was added as a dependent. He was born last year on December. I had just gotten his SS card yesterday and every time I transmit my file on turbo tax, it gets rejected. Could it be because he is too early in the system or maybe he is not in the database yet? [link] [comments]  |
| Posted: 06 Feb 2020 04:48 PM PST Yes - I should not have got in a black limo transport car. Anyway, the idiot borrowed my phone to look for directions, Cash Apped themselves $500, then tried to run all my credit cards in the back of the sleeve on my phone through their system. Going to lodge a police report, but for starters, on the credit card statement, it said 'allstar luxury transport.' Any idea how to look the merchant up? I will get the credit card charges back, but Cash App has refused to refund. [link] [comments]  |
| Employer did not withhold Federal & State taxes Posted: 06 Feb 2020 04:25 PM PST I have a family relative who works for a Mom & Pop retail establishment and she just noticed on her W-2 that they did not withhold any Fed or State taxes. To be completely accurate, they switched payment systems part way through the year to the Square Payroll app. So she received two W-2's. The W-2 for the earlier part of the year did include withheld taxes. But the Square W-2 did not. My question is, how was this even possible and isn't her employer responsible for withholding these taxes? They told her that she didn't check a box when she signed up on the Squareup app. But I would have assumed that this is something that is checked by default. Thanks for any insight offered on this. [link] [comments]  |
| Posted: 06 Feb 2020 05:10 PM PST I know that Federal Money Market Funds can have different exemptions at the state level. I was curious if this affected the Backdoor Roth IRA at all? Is there anything other than Form 8606 that would distinguish the earnings in the Traditional IRA Federal Money Market Fund prior to conversion to the Roth IRA as possibly being exempt at the state level? [link] [comments]  |
| Question about Dave Ramsey advice Posted: 06 Feb 2020 03:29 PM PST Hey all! I know a lot of the advice given out here is based on Dave Ramsey's teachings, which are mostly sound but also a little rigid. I keep thinking about this column from a few weeks ago, in which Dave lambasts the couple for having $50,000 in auto financing, which I agree is pretty high, but then advises them to buy "beaters." When I hear/see "beater" I think of a really old, unreliable car, probably with some body damage. Is that what he meant? It just really bugs me because having an unreliable car caused me so much anxiety, so I don't know why he would advise people to get one, let alone two. People who call in late to work with "car trouble" all the time don't usually keep their jobs for too long, so that would wipe out your income, right? If anyone could shine some light on this, that would be great! Thanks! [link] [comments]  |
| Looking for advice on how to proceed after receiving a fraudulent 50% tip Posted: 06 Feb 2020 06:47 AM PST Alright guys, I need some advice. Last weekend I went to nyc (Manhattan) for a friends birthday. I am fairly certain I closed out because I have my credit card and the transaction was processed at the time I left the bar, but I can't be 1000% certain ( I was out late and drunk). I emailed the bar and politely asked for an itemized receipt when I saw how high the bill was. I spent $90, and there was a $45 added tip which I am CERTAIN I did not add. Is it typical for the fee for not closing out to be this high in the area? Every policy about closing out I've encountered that has added an $18-20% tip. Nothing like 50%. Wondering if the server took advantage and what I should do next. Thanks! Additional information: The "gratuity" and "service fee" lines on the bill were listed at $0, and added tip listed at $45. [link] [comments]  |
| Posted: 06 Feb 2020 04:27 PM PST Last year I was on and off a job, while my previous job didn't withhold taxes, so I ended up owing $1220 in 2019..but unfortunately couldn't pay off due to bills and house expenses. I just filled out this years 2020 taxes, and I surprisingly get a refund of $1500, and just processed my refund through TurboTax. Will I still get this refund, or will the IRS automatically take all this to make up for last year? (Sorry, total tax noob here, trying to get my S*** together though) [link] [comments]  |
| Posted: 06 Feb 2020 05:54 PM PST I had some blood work done in December and then an ultrasound per my doctor's recommendation. I almost didn't do the ultrasound thinking there wasn't a point but my doctor urged me to do it. I received a bill today for JUST the bloodwork for $850.00. Being American I expected this was unfortunately correct, but called the billing line for the hospital to make sure and asked if anything could be done. I said I couldn't pay it and asked if the amount could be reduced (saw someone on here did that with success). They confirmed it was correct and said the only thing I could do is fill out a financial assistance request form. I then called my insurance company who said everything was coded correctly and the additional bill for the ultrasound ($470-) is on it's way. I have savings, but I just left my job to live with my parents and go back to school full time. I'm not working right now and taking $1300 out of my savings will hurt. Plus $1300 feels like extortion. Does anyone have experience with Ascension since they now own a lot of hospitals and negotiating bills? I'll apply for the assistance but if they don't cover it is there anything else I can do? TIA, next time I'm going with my gut unless it's life threatening. edited to correct typo in amounts. [link] [comments]  |
| Posted: 05 Feb 2020 11:43 AM PST I'm sure something like this has been posted here many times before. But I just wanted to share my story in the hope that someone else benefits from it. Last year I was working for a local casino in my area making about $16.00/hr after having been there for 2 years. I had countless commendations, been talked to about promoting and received numerous awards for my performance, so on my 2 year mark I decided to ask for a $1.00 raise that I knew I deserved. Not a huge raise, but I figured it was better than nothing. So I typed up a very formal letter listing the amount of the raise I wanted, and all the reasons why I felt I deserved it and signed the bottom. Gave it to a supervisor and verbalized what it was and what was on it. They were very impressed and said they'd get back to me in a week with an answer. A week goes by and they say they're still deciding. So I start to ask them every day and they tell me the same thing. Finally after 2 weeks they tell me no. Okay, fine. How about $0.50 or even $0.25. Also no. Okay, fine. I asked my supervisor and the supervisor in the smoking section if I could move to the smoking section since it paid $1.25/hr more. They said it shouldn't be a problem and they'd love to have me, but that they just had to run it by upper management. Fine. A week passes and both supervisors are avoiding me. So when I finally catch one of them, he said that this was also a no. Keep in mind that they were short staffed and our section was over staffed, so there was no good reason. All he said was "I'm not sure why but it's a no". Fine. I immediately told him (professionally) that I'd be quitting at the end of my work week. Turned in my resignation letter the following day. Come my last day, they're asking me if I'd stay if allowed to stay in the smoking section. I happily declined and finished my shift. Of course, this was a very scary transition since I have a fair amount of bills each month and no savings, but I figure all the time I spend there each day could be used toward finding a better opportunity. Ended up getting interviewed for a position as a surveillance investigator at a PI Firm. Basically sitting in a hot car filming people all day for $17.00/hr with a bunch of OT. When it came time for my last interview, I straight up told the boss that it didn't pay enough and suit the type of work I was looking for. He said to come in the next day and interview for another position that started at $19.00/hr and was work from home. Got the job last June and have already gotten a raise to $21.00/hr with another expected soon. I also have a company car, computer and phone and make my own schedule. And just as valuable is the fact that I feel much more appreciated as an employee on a daily basis. Know your worth. Edit: So I see that there are quite a few people that noted leaving a job without another lined up is a bad call. It may be a risky move, but given the circumstances (pay, how many hours worked per day, commute etc.) it might be worth it to just quit. For me, it was. I decided to put all my time and effort into getting a new job instead of spending about 10 hours per day 5 days per week at a job that did not appreciate me as an employee. Staying while searching would have given them the benefit of my work and detracted from my own time and energy to search. To each their own, but if you feel stuck like I did then quitting to help yourself search might be an option. Then again, I think you should take your own situation into consideration with regards to what you should do. Believe in yourself and don't let myself or anyone else here influence you TOO much [link] [comments]  |
| My Parents Are In Serious Debt Posted: 06 Feb 2020 03:01 AM PST I need help and advice on what is the best options for them. My mom unfortunately took out her entire 401k and is too late to return it so bankruptcy is worthless now. They have probably around 200k in credit card debt, plus maybe more in loans. My father has no savings or 401k, has been unemployed for years now. They have two homes including my grandmothers with mortgages on them, about 30% paid off. Like mentioned my mom just recently took out her 401k, should she pay off all her debts and basically be at $0? What other options do they have to settle all their debt and come out with as much money as possible? Thanks reddit your help is really appreciated. [link] [comments]  |
| How should I buy a new house and sell my current without a contingency. Posted: 06 Feb 2020 03:03 PM PST This situation would be very simple if I sell my house first but I plan on selling my house in the spring for around 189k. I have 90k in equity sitting in my current house that would be unlocked when it sells. I want to put an offer in on a house that is listed now for 270k with a conventional mortgage. I was thinking of doing a bridge loan where I can get about 60k of my current homes equity now to put down on my new house as a down payment. I don't have a problem with this since I know my current house will sell. My only debt in my life right now is my current mortgage. I was preapproved for 190k on a second house if I wanted to max out my DTI and have 2 mortgages. The whole issue I am seeing with this is that I'm forced to put down basically 30% on this new house because If I am approved for 190k now and buy a 270k house then I need 80k. If I get the 80k between the bridge loan and my own money, then at the end of all this I still have a 190k mortgage balance and would need to do a Heloc or something to get back some equity? [link] [comments]  |
| Expensive packages and credit card fraud? Posted: 06 Feb 2020 06:47 PM PST Last night an expensive charcoal stove that I didn't order arrived at my house, addressed to me with all my information correct except numbers switched around in my cell number. I thought this was odd and I checked my Chase app to see if I had purchased it and didn't remember. There were several unauthorized purchases on my account so I called Chase reported them as fraudulent, they closed my card and are investigating the charges. All good right? Today a pair of wireless Bluetooth headphones arrived, that I also didn't order and again, all my info was correct except for some more numbers moved around in my cell (different than the first time) and this time a few typos in my road name as well. The fraud charges on my card don't match up with who the packages are from so I'm not really sure what to make of all of this. Any ideas? [link] [comments]  |
| You are subscribed to email updates from Personal Finance. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment