Personal Finance Weekday Help and Victory Thread for the week of February 03, 2020 |
- Weekday Help and Victory Thread for the week of February 03, 2020
- Turbotax deluxe charges an additional $40 to take their fee from your returns
- Since it's that time of year again: if you get a call, text, or e-mail "from the IRS", they're almost 100% trying to scam you.
- Homeless and seeking immediate employment. Please help
- Before renewing a policy, originate a new inquiry to make sure you're not being penalized for loyalty.
- I’m getting $1100 cash, which card do I put it towards?
- Ally buckets live for me
- I’ve just been fired. Any and all advise is appreciated.
- What will happen if I deposit 70k cash into my bank?
- Lease End Advice
- H&R Block charges extra for paying taxes via credit card on pay1040.com
- 19y/o, with $11k in savings, what's the best way to invest that money?
- what to do about neither of my parents willing to pay medical bills from when i was a minor
- Unusual situation; received three raises and promotions in 2 years, however the raises were lower than promised.
- Some questions about being laid off...
- Child Care Credit on Federal Tax Return Questions
- What to do with recently inherited money?
- Company Revised Offer After I Accepted Their Initial Offer. How to Proceed?
- I see a ton of hype over credit unions. Why?
- Newborn(s) insurance question,
- Just found out my taxes were rejected in 2018 and 2019, and I never filed in 2017.
- Should I hire a "tax guy?"
- Dad passed - trying to help Mom plan
- Does payment date affect mortgage interest?
| Weekday Help and Victory Thread for the week of February 03, 2020 Posted: 03 Feb 2020 03:07 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Turbotax deluxe charges an additional $40 to take their fee from your returns Posted: 03 Feb 2020 07:18 AM PST Not sure if this is common knowledge but I noticed this yesterday when filing my federal taxes yesterday. I had to use TurboTax deluxe because of some additional things I had to add in and I don't want to use paper. They mention that it costs $40. No issue there. When choosing a payment method you have the options of using a card or allowing them to take it directly from your returns. Underneath the latter they mention they would take $40 directly from your returns. What they fail to mention is that it's an additional $40, not the $40 you pay for deluxe. So you'd end up paying $80 in total for choosing this method vs $40 for entering your card info. Caught it when I was reviewing everything. Heads up guys. EDIT: My problem with this is that they made it seem like it's a part of the initial $40 not as an additional fee. The language used seems intentionally misleading. EDIT 2: First time that I've had to get TT Deluxe. Very new to filing taxes too, sorry if this has been repeated before. It's honestly new information to me. [link] [comments]  |
| Posted: 03 Feb 2020 11:26 AM PST The IRS doesn't initiate contact by email, text, phone, or social media channels to request personal or financial information or to initially demand payment. Generally, the IRS's initial first method of contact is a letter. (There are some obvious exceptions to this like formal investigations and such.) If you get any contact that's not a letter from someone purporting to be from the IRS that isn't a letter: 1) don't provide the sender/caller with any information, 2) don't communicate with them any further, and 3) report it. The real IRS also won't demand immediate payment, payment using any certain type of payment method, make payment to any entity other than the "United States Treasury", not provide you with information about how to appeal/question or state the amount you owe or, most importantly, threaten to bring in law enforcement officers. The sender/caller mentioning any of these things are huge red flags. Also, if you experience the rare occurrence of having someone knock on your door claiming to be from the IRS, know that they will provide two forms of official credentials (a pocket commission and a HSPD-12 card) that you have a right to see. They'll also provide you with a dedicated IRS telephone number for verifying the information and confirming their identity if requested. So, in short, if you've never seen a letter or a bill from the IRS, there's an almost 100% chance you're being scammed. As a former IRS commissioner said: "If you are surprised to be hearing from us, you are not hearing from us." [link] [comments]  |
| Homeless and seeking immediate employment. Please help Posted: 03 Feb 2020 01:51 PM PST Hello, I am hoping someone can help by referring resources. I'll try to make my very long story short. I was in a very violent relationship (suffered concussions and injuries to legs and arms) and forced to quit my job and move out of my apartment bc I feared my ex doing more harm to me-threats were made that I would be killed. I have been hit in the head with a gun by my ex, so I did not take those threats lightly. My ex has since been arrested and sentenced to years in prison. Here's the problem, when you are a domestic violence survivor, battered women shelters offer you a place to live, but once the abuser has been convicted and detained, you're out of luck and the shelters will not help you because "you're no longer in danger". I am now homeless and unemployed in Los Angeles, and although I have contacted 211 for help, the organizations are overwhelmed and cannot help. I am college educated and just need an opportunity to get back on my feet. I have a car, but if I do not find a job soon, it may be repossessed. I never thought I would experience something this painful and traumatic. I am a very private person, so posting this is humiliating, but I am out of options. I grew up in foster care, so do not have support from family or friends. This is depressing and I am ready to give up. Work Experience:Project Coordinator in Healthcare(10 years) and Youth Sports Management (5 years). If anyone knows of any solutions, please help. Thank you! [link] [comments]  |
| Posted: 03 Feb 2020 08:50 AM PST One of the metrics used by insurance companies is a Loyalty Score. The less likely, according to their data, you are to switch companies the higher they jack your rates. You can circumvent this* by initiating a new policy request rather than renewing. You will retain any discounts/benefits associated with your account but lose the loyalty penalty. The penalty is especially egregious in that it continually stacks with successive renewals! I originated a 'new' policy today rather than renew and received a quote for 10% less for the exact same coverage. This has repeatedly been my experience ever since I became aware of the issue. *This experience is with Progressive and their website generated quotes. You may well have to switch providers on occasion with other servicers in order to avoid this penalty. [link] [comments]  |
| I’m getting $1100 cash, which card do I put it towards? Posted: 03 Feb 2020 05:12 PM PST I'm not sure which balance to attack first to help tackle my debt. Card 1 $1822 balance, $55 min, 24.49% APR Card 2 $3628 balance, $120 min, 29.49% APR Card 3 $728 balance, $38 min, 25.49% APR Card 4 $6982 balance, $198 min, 19.49% APR I pay half of the minimum payment for every card every 2 weeks. [link] [comments]  |
| Posted: 03 Feb 2020 06:02 AM PST I just signed in web browser app and a big notification with a video explaining buckets popped up. The dashboard is slightly redesigned with "organize" and "analyze" drop downs added below the different savings account tabs. [link] [comments]  |
| I’ve just been fired. Any and all advise is appreciated. Posted: 03 Feb 2020 06:54 PM PST Any and all advise would be greatly appreciated. I've filed for unemployment. I'm pulling enough cash out of my stocks to last me 1-2 months. I'm paying off my cc debt. Contacting close professional to inquire of job opportunities and buffing your my resume/portfolio/LinkedIn. Anything else I should do? Thank you! [link] [comments]  |
| What will happen if I deposit 70k cash into my bank? Posted: 03 Feb 2020 06:57 AM PST I sold my donut restaurant to a couple and they paid me in 60k cash. They could have borrowed it or saved it and I do have a bill of sale of the transaction. The other 10k, my mother loaned to me. I want to use the 70k to buy a foreclosed house. What kind of red flags will this set off? [link] [comments]  |
| Posted: 03 Feb 2020 07:01 PM PST Hi there, My car lease is about to mature in April and my plan is to just buy the car. I have never leased a car. Any insight from those of you who have? Any advice you don't mind sharing so I go in with a better understanding? [link] [comments]  |
| H&R Block charges extra for paying taxes via credit card on pay1040.com Posted: 03 Feb 2020 10:26 AM PST I did my taxes on Saturday and owe the government some money. At the end of filing with H&R Block, they offer an option to pay online with a credit card, via pay1040.com. If you click their link, the page has the H&R Block logo on the top left corner, and the page states:
However, if you then open up pay1040.com through an incognito tab, the page will state:
If you wish to pay taxes online with a credit card, don't use the link provided by H&R Block at the end, go straight to pay1040.com. Happy tax season! [link] [comments]  |
| 19y/o, with $11k in savings, what's the best way to invest that money? Posted: 03 Feb 2020 07:53 PM PST I've had a job ever since I was 16, and I'm a big saver/ financially responsible person. That paired with money that my parents had saved up for my college, and I have 11k in savings that are basically sitting in the bank. Right now, thanks to an account at a private credit union, I'm earning 2%/year interest in a savings account. But I think it's time I invest some of it, to be honest, and I need help figuring out the best way to do it. Right now, I'm living completely on my own and despite the fact that I'm now living in a big city where rent is high, I live very cheaply and I'm still able to put away a couple hundred dollars or so a month. I'm also planning on going to college this fall, so I'm assuming a lot of my savings are going to go towards that, although I'm expecting most of my tuition will be covered by scholarships. That said, what's the best way to approach this? Should I just leave them in the credit union? Is there a better way to do this? Thanks! [link] [comments]  |
| what to do about neither of my parents willing to pay medical bills from when i was a minor Posted: 03 Feb 2020 07:20 PM PST I'm 20 and when i was 16 and 17 my mom made me go to the dermatologist. But she didn't pay the bills because she said it needs to go on my dad's insurance which didn't accept the bills. Now she has forwarded the bills to me and I live with my dad now. My dad is saying he wont pay it and my mom is saying to call the insurance which I am added onto my dad's. So, what am I supposed to do? I don't have the money to pay for this.. and it's not from a collection agency. yet. [link] [comments]  |
| Posted: 03 Feb 2020 07:20 PM PST Hi there, So I graduated college in 2018 with about 2.5 years of internship/co-op experience at Fortune 100s with very successful results that my references spoke to. I was recruited by a young VP at a Fortune 25 who convinced me (read: pulled the wool over my eyes) that I would outpace my contemporaries in both salary and title very quickly if I worked here. Although I have been promoted 3 times in the past 1.75 years, my salary is not anywhere it could have been from 7 of my 9 other offers. I was hired in at about $72,000 plus $15,000 in bonuses. I had a 10%, 8%, and 9.3% raises, which put me at $93,500. However, my VP and my general manager both told me prior to me receiving the 8% and 9.3% raises, that they were supposed to be 12% and 15%, respectively. Effectively, I've been shorted 9.2% in raises. For the 8% raise, I stated I was not happy as I had been told I'd receive 12% and they said they'd cover the difference with my year end raise, which ended up being 1.5%. At that, they said it was some HR issue which wouldn't let them give me a 4% year end. My question is, how do I communicate to my general manager that I expect 5% and how do I get him to follow through with it? My dilemma is that, in reality, I was very lucky to have received three promotions and I believe they'll be dismissive for that reason. I'm considering leaving, however I'm currently a department manager (4 engineers and 6 supervisors with 20 hourly employees each reporting to me) and I don't think I have enough experience to leave to obtain a similar position at another organization since I'm only 23. [link] [comments]  |
| Some questions about being laid off... Posted: 03 Feb 2020 05:43 PM PST I was laid off last week and I'm not really sure where to go from here. They told me to file for unemployment straight away but I'm nervous. I paid off $10k worth of debt last year with only $3k left and built myself a decent little savings but I'm kind of freaking out because I've never gone through this before. So, I have a few questions: Will filing for unemployment impact my ability to find another job? If I file for unemployment, will that show up on my credit score? Will my landlord see it at any point? I finally got to a place where I'm paying more of the principal amount of my student loans than the interest, should I continue on that path or request to stop making payments for a couple of months? I apologize if any of these are stupid or "common sense" questions. I have a vacation abroad planned (bought back in December before lay off) for May and now I have to have the rest of my dental work without insurance. I have decided to put the rest of the dental work on credit because it allows me the breathing room of small monthly payments until I find something that allows me to pay it off. I'm terrified about getting back into debt, especially now that I've signed a lease (again, before lay off) and there's so much that I need for my own place. If you have any advice, I'd really appreciate it. I've worked really hard and I'm terrified of moving backwards. [link] [comments]  |
| Child Care Credit on Federal Tax Return Questions Posted: 03 Feb 2020 07:09 PM PST I just learned the cost of preK school is covered by the Child Care Credit. She is currently in her third and final year and I'm curious about filing amended returns for the two years we didn't know about this credit. What is the process? Related question: Tuition is paid in May for the upcoming school year. For example in May 2018 we paid full tuition that covered fall 2018 through spring 2019. How do I distinguish this for tax purposes? Do I claim in the tax return for the year the tuition was paid or do I need to somehow divide up the tuition across the two calendar years within the single academic year? Thanks [link] [comments]  |
| What to do with recently inherited money? Posted: 03 Feb 2020 04:12 PM PST If high interest debt is paid off, and about 6 month buffer is in savings. What are some options for around 200k. Not an expert with financial services and I want to make sure we do the smartest thing possible. Our bank is excited to help us out, but I don't know if that is the best avenue or not. Anyone have any thoughts on what to do? The priority would be for it to be pretty low risk whatever it is. We both have good careers so the idea would be to leave it alone and get the most bang for the buck for retirement in ~30 years or so. Unless there is a better option? maybe throw it all in ethereum? /s thanks for any help. edit: someone posted the wiki for me. I didn't know that existed. I noticed this is a pretty popular topic so I apologize lol [link] [comments]  |
| Company Revised Offer After I Accepted Their Initial Offer. How to Proceed? Posted: 03 Feb 2020 12:17 PM PST I have a BSEE with 1-2 years experience. In my area, the position for which I'm applying has a salary range of $62k-$105k with an average salary of $82k. The company I've been interviewing with sent me their initial offer of $80k with benefits/options. After negotiating via 2 phone calls with a sr. HR rep, I was unable to get them to change any terms (main reason given was "we do not offer these for this position"). I accepted this offer anyway since this was $10k higher than what the director I had interviewed with said he could get me. This morning I received an email asking to speak on the phone again. During the call, I was informed they have reviewed my package, and "after comparing with other candidates", my base salary offer is revised to $75k. I feel disrespected as the company initially offered on the lower end of the range and I already accepted it despite little apparent desire to negotiate. However, there was no signed paperwork filled out so they are within their rights to change their offer in whatever way they please. My cousin has suggested that I take the offer, as the difference isn't too much considering I need the money and experience (I've been unemployed for almost 11 months since leaving my previous job to move with my girlfriend for her job. I had my reasons for leaving and am still happily with my girlfriend). She said I can prove my worth and use this offer debacle as leverage for my performance review in July(was told to get eligibility in writing) to get more compensation in the long run. I could have some income and look for another job if I feel I'm not being treated fairly. I have no other offers from competitors. Should I accept their new offer as is? Negotiate for something in the middle? Stand up for myself now and stick to $80k? How would you suggest I proceed? [link] [comments]  |
| I see a ton of hype over credit unions. Why? Posted: 03 Feb 2020 06:39 AM PST I'm just asking this to resolve my personal ignorance, and maybe someone else will benefit from it as well. I see a ton of people on here praising credit unions, and I'm curious as to why. Like, what's the big upside? Better interest rates? Customer service? Fees? All of the above? I'm ready to board the hype train, because Wells Fargo has been annoying for quite some time, but I just want to know why I should board. Thanks! [link] [comments]  |
| Newborn(s) insurance question, Posted: 03 Feb 2020 05:12 PM PST Not sure if this the right place to post. We had 2 babies delivered December 2nd 2019. We received a call today saying that EMI insurance is denying coverage because the babies were not covered on those dates. The thing is, we were. Both my wife and I were covered under my work's insurance. Here is where it gets complicated: My work was going through an insurance provider change on early December, from EMI to SelectHealth. I notified the HR company (outsourced) of the additions and the babies were added to the new policy, but it seems like not the old policy which was active during baby delivery. The hospital originally sent the bill with no problems from the insurance, but few days ago we received notification that the insurance is denying the payment, right at after 2 months from delivery. I've contacted the HR company but no replies yet and this is eating my brains. I've read that deliveries are billed to the mother's insurance and not the kids, but can't find confirmation for this situation.. We payed for insurance all year long, an expensive tier too. Now the bill went from 3k to 20k...and we have newborn twins.. Any help is appreciated. [link] [comments]  |
| Just found out my taxes were rejected in 2018 and 2019, and I never filed in 2017. Posted: 03 Feb 2020 05:08 PM PST I'm in my second year of graduate school, and I never filled out a FAFSA the past two years. No, I don't know what I've been doing. I noticed I never received return money but for some reason I didn't address it. I found my W-2s and other documents from 2016 (the year I didn't file) and 2018. Not sure where the 2017 documents are. I wanted to get it together this year, complete the FAFSA, but then I looked into my emails and searched the website I did the taxes on and found old emails that say they were rejected. I don't know why I didn't address this before, having some negative feelings about it, but I want to get it taken care of preferably before February 15 when FAFSA is due. I also didn't have health insurance for just a couple months in 2018, and now I haven't had it since August of 2019. I made between 25 and 30,000 gross each of these years. Should I be going to turbo tax or another provider to help me out? I'm drowning. Any advice would be appreciated. [link] [comments]  |
| Posted: 03 Feb 2020 02:56 PM PST Hey guys, I've been doing my own taxes my whole life, but I have been thinking about paying somebody to take care of them. Most people in my industry (film/television) use a tax guy and swear by it. They all claim they get a bigger return. Some years I only have a few w-2s to worry about, some years I have lots of 1099s. There's not a lot of consistency to my taxes, but I've also never had much trouble filing myself via TurboTax (I know I know). I'll do freetaxusa this year if I file my own. But is it worth it to hire somebody? Will my return really be bigger if I do? [link] [comments]  |
| Dad passed - trying to help Mom plan Posted: 03 Feb 2020 01:45 PM PST The IRA is in a high assest / management fee company they paid over $8k in fees for the ~ $450k it is in a 65% / 35% stocks / bond asset mix. And for the sake of easy math, we'll say she has roughly another $500k that was saved up before the life insurance. so 1 million in savings / CD's and $450k in Trad. IRA that is high cost and still a few years from RMD's. She understands that the nest egg is losing value to inflation, and that it needs to be put into the market / assets to grow. My brother and I are both "bogleheads" and our other two siblings would agree with needing to grow the money. I am somewhat guessing, but with SS and the property income she'll be somewhere around $60-80k / yearly income. As I said above, she is risk adverse, so this would all happen slowly over time and she may only tolerate having $500k in the market. [link] [comments]  |
| Does payment date affect mortgage interest? Posted: 03 Feb 2020 03:14 PM PST Assume your monthly mortgage payment is due on the first of the month, you could pay that payment very early in the month, or very close to the due date. If you pay early in the month, is the payment applied to your principal on that date, therefore lowering your total interest compared to paying later in the month? Or is the payment always applied to principal on the due date? [link] [comments]  |
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