Personal Finance Is my landlord responsible for paying my exorbitantly high electricity bill? |
- Is my landlord responsible for paying my exorbitantly high electricity bill?
- In case you haven’t, you can call your auto insurance provider and lower your monthly payment if you’re no longer commuting to work due to social distancing!
- Son is dying, need advice on preparations
- Dad is dying and a student loan is in his name
- My credit is no longer zero!
- Now is a good time to cancel/pause anything that you don't use because you can't leave your house
- If you are now at home, consider lowering your phone data
- Does the IRS have my bank account information?
- With the 10% fine being removed when withdrawing 401k - would using it to pay off the mortgage be the right move?
- I think my dad wrongfully claimed me on his taxes
- Would it make sense to up my 401k contribution now?
- Our immigration plan was foiled just 2 weeks before leaving, and now the majority of our savings is tied up in country we can't enter
- QUESTION about "Be aware that you generally must have earned income to contribute to an IRA"
- My husband has $50,000 in private student loan debt through Citizens bank. Interest rate is 10-12%. Can/should we refinance through a private bank? And is now the best time to do it? I would co-sign and our credit is both 780+.
- Dad left my sister and I with 401k money after his death. He had no beneficiaries listed, so all money was sent to his wife, who is a heavy alcoholic and financially illiterate.
- Payed for AirBNB Downpayment via Credit. Cancelled. Now to pay everyone back via debit?
- After faxing form 8962 how long to expect a refund?
- Has anyone bought property in the US as a Canadian?
- Warning for those looking for loans.. TLDR - Beware of LendingTree
- Accepted a job offer, then the job offer was rescinded after quitting current job.
- Best things to do with tax refund (poor, lol)
- Paid less than payslip (uk)
- Fidelity Transfer Not Immediately Available
- Father is in hospice, but owes IRS for back taxes
| Is my landlord responsible for paying my exorbitantly high electricity bill? Posted: 26 Mar 2020 01:51 PM PDT Just moved into a new condo and we are the first renters. Just got our electricity bill for $760! Our daily living has not changed since moving and we never had a bill anywhere close to that. The landlord said he also had a bill of about $700 a month before we moved in. He had an HVAC guy come look and found the problem to be that the Nest was turned to use only auxiliary heating, which sucks up a lot of electricity. Now we're stuck with a $760 electricity bill because of improper set up. I feel like we should ask the landlord to take at least a few hundred off this months rent due to this. Is this something reasonable? [link] [comments]  |
| Posted: 25 Mar 2020 08:05 PM PDT Just to let ya'll know, if you started working from home and isn't really driving your car that often due to the Coronavirus outbreak and social distancing, you can actually call your auto insurance provider and request a lower premium for the duration of the situation because commuting distance is a factor that affects your premium. I called today and lowered my monthly bill by 30 bucks in two minutes, definitely worth a try if you wanna save some money! Edit: Remember to change it back when things go back to normal. Edit: I use Geico insurance in Texas, results may vary depending on insurance company and state [link] [comments]  |
| Son is dying, need advice on preparations Posted: 26 Mar 2020 02:42 PM PDT Hello reddit, I'll spare the details, but my son is 19 months old and currently in ICU with a grim outlook. I'm a bit lost in all of this, and not sure what preperation I need to make. The only thing I have currently is a plot of land for a burial. I've never had to orchestrate this before, and I'm not sure how everything works, let alone costs. Between medical Bills and being in the middle of a divorce, I'm not exactly rolling in cash. Could please use some help pointing me in the right direction so I'm not too blind during all of this. [link] [comments]  |
| Dad is dying and a student loan is in his name Posted: 26 Mar 2020 12:06 PM PDT I have a student loan that I am unsure what to do with. It is only under my dad's name and social, I am an authorized payer on it. Well he is unfortunately dying. He was given a death sentence of 3-6 months about a year ago, so I am very thankful that he is still with us and moving around. I have been paying on this loan for about 5 years now, and it has a balance of about $15,000. I did some googling and it said that if a loan is in a parents name and they pass, you can provide proof and they will discharge the loan. So I guess my question is: Is that true? Or will it pass onto his wife (married after we put the loan in his name)? Should I be trying to defer the loan until his time comes? This is the first major death that I'll be dealing with in my family and don't really know how any of this goes, and want to be prepared because I've heard how predatory these agencies can be. Trying to trick family members into taking over debts and what not. The loan is through My Great Lakes, and can provide more info if needed. Thank you in advance! [link] [comments]  |
| Posted: 26 Mar 2020 06:59 PM PDT I got my first credit card (Discover it secured) a couple weeks ago to start working on my credit and I'm happy to say that I now have a credit score above 650! [link] [comments]  |
| Now is a good time to cancel/pause anything that you don't use because you can't leave your house Posted: 26 Mar 2020 02:03 PM PDT The auto insurance post reminded me that there are currently things that I can pause now to save a bit of money since I will not be needing them while this situation continues. Examples:
There may be others that I haven't thought of as of now. If anyone has other ideas, please comment! [link] [comments]  |
| If you are now at home, consider lowering your phone data Posted: 26 Mar 2020 04:52 AM PDT Sorry if this seems like a "duh" thing, but I have been working from home for 2 weeks now and just remembered that I can lower my phone data during this time, since I have wifi at home. Saved me about $15 a month until this is all over and I am not spending as much time at home. [link] [comments]  |
| Does the IRS have my bank account information? Posted: 26 Mar 2020 02:05 PM PDT Reading about the stimulus checks: "The payments will be sent via direct deposit to Americans who already have provided the Internal Revenue Service with their bank account information. " I do taxes through turbotax. Does the IRS have my bank account information? [link] [comments]  |
| Posted: 26 Mar 2020 01:49 PM PDT Situation: Married, combined income around 120k Remaining mortgage around 47k @ 4.5apr Around $50k split between two 401k accounts (down about 15k so far...) If they pass the legislation to remove the 10% penalty, would pulling the 401ks and applying to the mortgage be the right move? My rough estimate is that we'd end up paying out around 15k in additional taxes next year, but I'm not sure if I've calculated that correctly. Is this too risky? Update: the general consensus is that yes, it is too risky. Thanks for the input. Also: here is a link to an article with some details: https://www.cnbc.com/2020/03/23/congress-may-let-you-take-100000-from-your-401k.html [link] [comments]  |
| I think my dad wrongfully claimed me on his taxes Posted: 26 Mar 2020 02:11 PM PDT Hello, looking for some tax assistance and hope this is the right place. I am recently married and am trying to start my new life by moving to England to be with my husband (I'm American, he's British). I was married on 1/23/20, after the Dec. 31st cutoff for 2019 tax year. I am 23 years old. In 2019 I attended massage school, of which I was only a part-time student (no more than 2 or 3 classes per term). I lived with my dad for a 1/4 the year and my mom for 3/4. My dad drove me to school for that 1/4, but I paid my own phone bill, worked a full time job and bought most of my groceries except if we had a family meal. For the other 3/4 I paid for and rode public transit. The agreement was living there to save money for school and moving out. Here is the problem - my dad claimed me on his taxes this year and I don't think I qualify. If he claims me my return is $164. If he doesn't my return is $2,015. I also don't qualify for the Covid-19 relief check of $1,200 if he claims me. He won't receive it as it caps off at $99,000 and he makes six figures/year. If I claim myself ASAP I will qualify for that plus the educational tax credit. I would be using the insurance credit, educational credit and exemption for claiming myself, plus money paid outside of fafsa deduction (books, etc). I have worked full or part time and been in school since 16. I don't have a car, parents don't pay for any kind of insurance, ever given me an allowance or anything. They did not help out with my small wedding and are not extremely supportive of me moving to England (my dad doesn't want to see me grow up). On the flip side, my husband's parents have essentially adopted me and offered to match whatever money I come up with for visa and moving. So getting that $3,215 seems like a no brainer. My dad can afford to lose that. FEDERAL Gross Income: $15,630.00 Adjusted Gross: $15,630.00 Total Deductions: $12,200.00 Total Taxable Income: $3,430.00 Total Tax: $0.00 Total Payments: $1,398.00 Refund Amount: $1,398.00 Amount You Owe: $0.00 STATE Gross Income: $15,630.00 Adjusted Gross: $15,630.00 Total Deductions: $2,270.00 Total Taxable Income: $9,886.00 Total Tax: $432.00 Total Payments: $1,049.00 Refund Amount: $617.00 Amount You Owe: $0.00 Please help - am I being selfish or is my dad? I don't want to seem like a spoilt child? Yet at the same time I could use that money. I am out of work because of Covid-19 until June 15th and my unemployment is only $200. Both my parents will be financially okay during this pandemic, my dad works from home as a pharmaceutical rep and trainer, and my mother is a surgical nurse. It only seems fair as a parent imo to want to let your kid get on their feet and start their adult life. I have already asked my dad to amend his taxes and he said he won't. So I am thinking of mailing mine in and having the IRS investigate it. My mom even agreed with me that it was selfish of him and that he shouldn't be claiming me as an adult. [link] [comments]  |
| Would it make sense to up my 401k contribution now? Posted: 26 Mar 2020 02:03 PM PDT I am lucky enough to have a job and still work. I don't have any debt or major payments, so I was curious if it makes sense to up my typical 401k contribution of 5% up to 10% with how low everything is in the market? (I have now plan of retiring with in the next 20ish years) [link] [comments]  |
| Posted: 26 Mar 2020 05:10 PM PDT We were just 2 weeks from the move to Australia we have been planning for years- I had a great job lined up and Husband was starting his doctorate program. We have 5 year temporary resident visas, but Australia has closed its borders, and we moved the majority of our money to a bank in Adelaide 3 months ago when the exchange rate was excellent. Our combination of personal savings as well as a generous inheritance totaled $350k american- had been budgeted to the last nickle to last for several years down there to eventually buy a house- now we're stuck in th US, no jobs here, job offer recinded there, husbands school not communicating well, insurance that runs out at the end of the month, and rent that was only feasible with both of us working. We checked the current exchange rate and we would lose thousands to try and transfer it back. We have $20k left here in the states to live on for however long the borders are shut but as luck would have it, i worked for airlines and my husband worked with the restaurant industry... no chance we're getting our old jobs back. I dont know if anyone has experience with international finances but it took so long to get this set up resposibly and now it all seems to slipping away- any advice, even just a kind word- would help so much. Maybe i just needed to type this into the void. Thanks, void. [link] [comments]  |
| QUESTION about "Be aware that you generally must have earned income to contribute to an IRA" Posted: 26 Mar 2020 04:32 PM PDT Age 70. So I read about the subject header above. I have no earned income (zilch) but I have savings (which I live on) that was "once" earned income and appropriately taxed at the time. I also have a lump sum pension distribution sitting in an ALLY TRADITIONAL IRA account soon to be moved over to a Vanguard IRA account. The money that was once earned income is decades old and sits in a non interest bearing checking account. Does that count? Can I say put some of that money that is sitting in that non interest checking account into my Vanguard traditional IRA? In other words can I take $7,000.00 out of that checking account and put it into a traditional IRA for tax year 2019 without getting in trouble? Since it is old money so to speak I am not looking to claim a tax deduction for the $7,000.00 IRA contribution I just want to know if I can legit add it to the IRA. Incidentally I already recently turbotaxed and e-filed for 2019. If in fact I am allowed to contribute the 7k to the IRA do I have to amend my tax filing? This was the first time I have filed taxes in years. The income I receive from social and a secondary monthly pension payout amounted to a hill of beans and I did not owe any taxes. TIA. [link] [comments]  |
| Posted: 26 Mar 2020 06:53 AM PDT I read recently that now is a good time to refinance student loans with the current economic climate. Is that true? We are members of a credit union, and could go through that for a new loan. But I'm hearing that student loan payments are being deferred until September for federal loans. And I have always heard going federal is better. We likely would qualify. We make around $55,000 a year together, with a baby on the way. EDIT: I have since been informed I can't transfer his private loans to federal, so disregard that portion. My question now is if it is best to refinance now during this economic situation. [link] [comments]  |
| Posted: 26 Mar 2020 02:55 PM PDT Hi all, I am in a bit of a frustrating situation that I am hoping someone might be able to help with. Background: My dad unfortunately lost his battle with cancer in mid-February of this year. My sister and I found out that he had left 50% of his 401k balance to be split between the two of us, with the other 50% going to his wife. My dad, as amazing of a man as he is, did tend to hold off on important affairs until very last minute, and among other things we learned that he didn't leave anyone as beneficiaries on his 401k. The 401k funds, by default, were allotted to his spouse who elected to cash out rather than leave it in the market. My dad's wife is completely financially illiterate and a very very heavy alcoholic who has not been processing his death well at all. This woman has never had to pay a bill, maintain any sort of steady employment, or hold any real responsibilities in the household. My father was never a wealthy man by any means, but was unfortunately stuck in a toxic, codependent relationship with her for 28 years. As it stands, my dad's wife is sitting on this check with no idea what to do with it. She has been informed that if she were to deposit the full amount, she could be hit with a large tax penalty as a result of the income bracket it would force her into. I have tried many times to communicate with her, but she starts drinking from the moment she wakes up and is completely incoherent when she speaks. My sister and I are fearful that we may lose our employment, as so many have amidst this pandemic, and just want some way to facilitate getting the funds that our father left to us so we can put this into savings. This woman has said repeatedly that she wants to honor my dad by giving us what he allocated to us in the will, but we are getting nowhere because she is often too inebriated to go anywhere or speak with any financial professional. Is there anything that we could do- legally on our end or just to better guide her? I am in unfamiliar territory here, and since my sister and I are in completely different states than this woman we are not able to do much of anything. Thanks in advance for any advice you can provide. Please stay safe out there! **Edit** Thanks for the replies so far! My sister and I understand that that money is hers legally, and she can do with it what she wants regardless of the will. My dad's wife has indicated that she wants to honor the will but has no idea what to do with the check in order to avoid a huge tax hit. I guess at this point, I am wondering what would be the best way that she can deposit and transfer the money that would have the least intensive tax implications? [link] [comments]  |
| Payed for AirBNB Downpayment via Credit. Cancelled. Now to pay everyone back via debit? Posted: 26 Mar 2020 08:24 AM PDT My friends and I planned a trip for spring break which was cut off due to COVID. I had put $1900 on my credit and had everyone else either Cash App/Venmo/Apple Pay me for their part of the stay. We decided to cancel and get the full refund back. Now all of that money is back into my credit, and I don't have enough money to pay everyone back via Cash App/Venmo/Apple Pay because I don't have enough money in my checking to get everyone back. Does anybody know of any method to get this credit to debit in order to send them back the money that they deserve back? [link] [comments]  |
| After faxing form 8962 how long to expect a refund? Posted: 26 Mar 2020 08:18 PM PDT So I royally fucked up when i decided to DIY my taxes this year and got a letter in the mail requesting form 8962 with 1095-A in February. I faxed those in ASAP and called the IRS a couple weeks later and they said it began processing on March 10th. I could REALLY use the funds from my tax refund right now. I'm anxiously checking where's my refund daily only to see TT 152 and "your return is still processing" with the same return amount showing.... Just wondering if anyone went through this and had a result already and if so, what did your timeline look like? [link] [comments]  |
| Has anyone bought property in the US as a Canadian? Posted: 26 Mar 2020 09:30 PM PDT How would you get a mortgage for a house in the us when I'm Canadian? Is TD Bank an option seeing as the operate in Canada as well as where I'm planning to buy in the US [link] [comments]  |
| Warning for those looking for loans.. TLDR - Beware of LendingTree Posted: 26 Mar 2020 06:24 PM PDT Hi all, I figured this is relevant in this community with the current economic climate.. i imagine people will be looking into loans and whatnot. Things have turned upside down for me/family and I needed a personal loan to assist with certain matters. I turned to LendingTree as i've seen it advertised here and there. 1) The process was quick and easy, input your personal information and they generate a quote for you. I found a decent loan package with appropriate APR. 2) Literally within 90 seconds of creating my account, i received numerous calls barraging my phone.. from various states. 3) I am now receiving a flood of emails from a string of lenders. 4) Some of these lenders lure you into their websites and force you to keep punching more and more of your information until you can get an actual confirmation on your loan quote. Often they'll keep the true APR to your loan until the end.. after you've committed to typing in so much information. At this point, what's 6% vs 7%? right. I am certain that my personal information has been blasted to hundreds of companies. I'm expecting a massive dump of snail mail at my front door next week. I am writing this to, hopefully, spare you of misery/abuse especially in such a vulnerable time. TLDR - Beware of LendingTree. Update: i was more surprised by the 9 calls and 10 emails within 90 seconds. more so. i understood the terms. the degree in which the terms would be carried out was the shock. i am also an average consumer. [link] [comments]  |
| Accepted a job offer, then the job offer was rescinded after quitting current job. Posted: 26 Mar 2020 03:08 PM PDT A friend of mine told me that he was given a job offer at a new company a few weeks back. He accepted the job offer and gave his notice of resignation with his current employer. Today was his last day at his current job and he received a phone call from the new employer that his job offer had been rescinded. They told him the company wasn't able to hire him due to the current market conditions (aka COVID-19) and it had nothing to do with him or his qualifications. He is desperately trying to get his position back with his old company. I'm really worried about him and that he may not be able to make his rent in the coming months. He also is unsure if he will be able to collect unemployment since he technically wouldn't have been fired. Are any of the new bills being passed by congress helping to protect people in situations like this? Any ideas would be appreciated! State of employment is Texas. [link] [comments]  |
| Best things to do with tax refund (poor, lol) Posted: 26 Mar 2020 08:36 PM PDT I'm getting a refund for both 2018 and 2019, it'll probably be around $1500 combined (as well as the stimulus check if it passes.) That'll be more than I've had in savings for several years. What would be the best thing to do with this money to actually start being financially responsible? I'll be in a higher paid position once the virus calms down and want to get a good head start. I've been paycheck to paycheck for ages, I might need to save some for rent if COVID drags on forever and I can't find enough day gigs or a temporary position. My cost of living is ridiculously low right now--under $40 a month for groceries and pretty much no unecessary spending whatsoever, even on things other people think are "necessary" lol. That doesn't really bother me right now. Aside from rent I'll have some flexibility with what I do with it. I have a Roth IRA that I've neglected this year. I also don't have any lines of credit open at all (some medical debt blitzed my credit before I even thought to apply for a credit card, and I haven't had enough extra money to open a secured card.) I don't know shit about investing. Any suggestions welcome! Thank you! [link] [comments]  |
| Posted: 26 Mar 2020 11:55 AM PDT Hi, Apologies if this isn't the best subreddit for this but I'm needing some advice. My employer paid me today but it is a significant amount less than what is on my payslip that they emailed 2 days ago. For context I'm one of the many people in the uk who have been furloughed as a result of the COVID-19 pandemic. I was sent a letter from my employer on the 23rd stating this and that I will be paid 80% of my salary as per the governments initiative. I stopped working on the 22nd. My payslip was sent to me on the 24th and today I have been paid approx £300 less than what was on my payslip. (Approx 25% less than the payslip) I have emailed the accounts team in my office but as the office is now closed indefinitely I haven't received a response and frankly don't expect one. Are employers able to pay you a different sum than presented on your payslip?? [link] [comments]  |
| Fidelity Transfer Not Immediately Available Posted: 26 Mar 2020 08:06 PM PDT I transferred 50 to my fidelity trading account today (after 4pm). Funds are usually available to trade as soon as I initiate it, but this time they aren't. They also haven't been deducted from my bank. Any ideas? [link] [comments]  |
| Father is in hospice, but owes IRS for back taxes Posted: 26 Mar 2020 04:06 PM PDT My father didn't file taxes for a few years, lets say 2012, 2013 and 2016. It was a difficult time, so he couldn't afford to pay taxes, so he just didn't. Now that he's going to pass away, he is trying to straighten out the taxes as much as he can. Could he technically file separately from my mom those years, and the taxes that he owes be forgiven when he passes away? I understand that my mom would still have to pay her own taxes for those years because it's usually joint, but just want to see if she's still on the hook for tax incurred from my dad's income. Any guidance here will help, i'll be trying to contact accountants too to see if there is anything that can be done. [link] [comments]  |
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