Personal Finance Bank doesn't understand the difference between gross and taxable income. Enjoy my misery. |
- Bank doesn't understand the difference between gross and taxable income. Enjoy my misery.
- 27 years old. Still don’t know anything about filing taxes, car insurance, and financial planning.
- Turning 30 & Seriously Behind Schedule Saving. Tips?
- My name is on a shady joint account I didn't know about and I need advice on fixing this
- Best way to grow 10k
- Lifetime gift exemption question
- 21 Austin. Wondering if I should quit?
- Which builds credit faster, paying down a a credit card, or paying down a car loan?
- If you were to leave the United States to another country, how would you go about transferring your money to a bank abroad?
- 18 y/o looking for advice
- 24 years old, 700+ credit score, No Debt, No Savings, Got Furloughed, Need Advice.
- In-laws asked if we wanted property or the value of the property upon their passing. Which is the better investment?
- Buying a car with a credit card...is there any reason for me not to do this?
- College Database was Hacked - What can I do to protect myself?
- Chase reduced my credit limit, will it affect my credit score?
- Quarterly institutional transactions — is there a way to track this?
- How can I save money when rent is over 50% of income
- Help disputing medical bill
- Timing both a home purchase and a car purchase in the same month
- money trapped in digit account
- How do I set up a scholarship?
- Someone used an ATM to take $700 from my savings account, please help.
- Can I afford to live alone?
| Bank doesn't understand the difference between gross and taxable income. Enjoy my misery. Posted: 06 Jun 2020 05:52 PM PDT In the process of getting a HELOC. Good credit, high income, ~45% equity in the house. Should be a no brainer. Underwriter keeps kicking back my application because the gross income reported by my company is about $10K higher than my taxable income on my W2. This is entirely because of pre-tax deductions for health insurance premiums and HSA contributions. The keep getting hung up on this "discrepancy" and asking me if maybe I got a second W2 from my work that shows "the rest" of my income. I'm like "it's right there in Boxes 12c and 14 of my W2, don't you know how these things work? You're a **** bank for crying out loud." Grrrrrr....... [link] [comments]  |
| 27 years old. Still don’t know anything about filing taxes, car insurance, and financial planning. Posted: 06 Jun 2020 07:12 AM PDT I'm a recent graduate in the healthcare field and I plan on moving out of my parents' house as soon as I get a job. However, being as old as I am, I feel like a baby and I hate it. My mom and dad handle everything as they insisted on doing, from my car insurance to paying bills and tuition and filing taxes for me. Although I appreciate it a lot, I want to learn how to be financially independent. I feel like all my friends know how to do all of this stuff and I don't. I'm pretty scared because I don't know where to start reading or how to do anything. It's kind of overwhelming. I don't even have my own credit card at this age, it's basically through my parents' bank account. Since I've been working part-time while in school for the past 5 years, I have approximately $50,000 saved in a high-yield savings account. I recently opened an investment account and put in about $8,000 since I'm new to it and don't know how I'll file taxes for it next year. Is there a resource that simplifies some of these aspects for me? I want to be able to handle my own bills and taxes so my parents don't have to. They're old and i want to take care of them once I get a job, but I feel like I won't be able to since they still do everything related to my finances. Thanks for any help or insight. EDIT: I'm receiving a lot of very helpful advice and suggestions, lots of time written on your posts and helpful messages. I can't respond to everyone but I just wanted to say thank you all for the words of encouragement and all the time out of the day you have all taken for me. I'm really thankful and hope these posts stay up so I can refer to them. Thanks again everyone. [link] [comments]  |
| Turning 30 & Seriously Behind Schedule Saving. Tips? Posted: 06 Jun 2020 10:02 AM PDT Hello Reddit, thank you in advance for the tips & advice. TLDR: No debt, small savings, good credit & want to jumpstart my $$ situation for big dreams but I'm not financially literate. Willing & eager to put the work in to learn. Backstory: I started my 1st "adult job" at 29 in New England. Unfortunately I had to get my mental health right before I could do anything else. I literally have no idea how to catch up in an expeditious efficient way (aside from the 40hr work week + OT). I'm not very financially literate & don't know where to begin. I make 52k, have no debt & 11k in savings. My goals are big & I'm going to put the work in. I'd like my 1st house to be a duplex to rent the 2nd unit cover the mortgage & build equity. My end goal is to obtain financial independence, travel 7-14 days a year & afford to have my first child within 3 years. How do I even start to catch up so this can be my reality? [link] [comments]  |
| My name is on a shady joint account I didn't know about and I need advice on fixing this Posted: 06 Jun 2020 05:11 PM PDT Hi all, I'm not sure if this is the right place to post this question. Please let me know if not. I recently found out my name is still on a joint savings account with my father that was opened while I was a child and that he has been putting money into the account for years. My father is not an honest person. He may be putting money into the account to hide it from his wife somehow or out of some sort of weird guilt because he spent the college fund my mom set up for me before I got to college, I really have no idea and I am seriously concerned. I don't know what financial consequences this might mean for me or if my name is involved with other accounts I don't know about. I don't want anything to do with the money or this situation. I do want to have all financial ties with him totally severed with as little family drama as possible. If I talk to him about it I know he will lie to me and will probably try to stop me closing the account. My plan is to call the bank without telling him and ask them to remove my name from the account. Can they do this without his permission? Is there any way I could owe taxes on this money? Is there a way for me to check if he has other accounts opened with my name? Are there other potential consequences to this situation I'm not thinking of? This is way out of my experience, I am very freaked out, and I have no idea what I am doing. [link] [comments]  |
| Posted: 06 Jun 2020 05:50 PM PDT So basically I'm 19, I just graduated HS last year. After HS I landed a decent job and I actually enjoy it, I make around 40k a year too. I'm young and I really enjoy saving money rather than spending it. I want some security for the future and feel it's best to start now. I've saved up $10,000 and I'm looking for ideas on what I should do to make more money with it. [link] [comments]  |
| Lifetime gift exemption question Posted: 06 Jun 2020 02:49 PM PDT Hello, I've been researching the lifetime gift exemption and have a question on how the TCJA changes might affect this in the future. The basic exclusion amount (BEA) amount basically doubled from $5.49 million in 2017 to ~$11.18 million in 2018 under the TCJA, but that's set to expire in 2025 and revert back to 2017 levels (adjusted for inflation). According to this statement by the IRS, if you make a large gift while the BEA is super high and then it drops by the time you die, you get to choose which BEA number to apply to the rest of your estate. Based on this, would it be possible to "lock in" a high BEA limit by making a gift just over the $15k annual limit? For example: a person is near retirement and has an $8 million estate and has never eaten into their lifetime exemption. They give their adult child a gift of $30k right now, which reduces their lifetime exemption amount by $15k (the other $15k goes towards the annual limit). They die in 2026 when the BEA drops to ~$5 million. If they didn't give the gift, estate taxes would be owed on the extra $3 million. But since they gave the gift now the estate taxes can be computed at the BEA amount when the gift was given (~$11 million) which would result in no taxes being owed. Of course the laws could change in the future, but is this the correct understanding of how things are slated to work right now? [link] [comments]  |
| 21 Austin. Wondering if I should quit? Posted: 06 Jun 2020 06:58 PM PDT Recently I got offered a promotion to come to Austin as a General Manager of a store. I took the offer and as of right now I am running the business great. Way better than other stores in the area. I feel like the work is not worth the pay. I make about 43k after taxes a year, and work about 50-60 hours a week. I have constant anxiety about the store and how it's doing, and it affected my health as I gained 25 pounds in the past 4o months. My relationship has definitely took a hit too as I am too tired to do anything with her. Should I just quit and look for another job with a pretty big pay cut? My monthly bills comes to about 1850 a month. [link] [comments]  |
| Which builds credit faster, paying down a a credit card, or paying down a car loan? Posted: 06 Jun 2020 06:55 PM PDT I have 725 credit, it was hovering around 800, however we financed a new car, so it dropped a bit. I have 4800 in CC debt on one Visa card, a rewards visa i pay off each month and have 5 years left of a 6 year simple interest car loan. We have never missed or been late on the car loan, and I stole the interest rate on the card with a balance,at 3.25% I am considering cashing in around 5k of an investment portfolio, to pay one of these down. Which will pact credit the most? Thanks in advance. End goal is a home purchase within 6-12 months. [link] [comments]  |
| Posted: 06 Jun 2020 08:06 AM PDT Are there any fees or other restrictions involved in transferring large sums of money outside the country, assuming you've paid all your taxes? Would it be better to transfer money to a certain country's bank over another before moving it to a bank at your destination? [link] [comments]  |
| Posted: 06 Jun 2020 11:38 AM PDT Hello. I have about 7k in savings from working the past two years and want to get a account that isn't shared with my parents so I can get a credit card to build credit. My parents are opposed because they like being able to monitor my spending. I plan on just using the credit card for gas and Spotify payment. To be honest I want to be completely independent when I graduate college and think this is a good first step. Should I go against my parents and do it anyways? [link] [comments]  |
| 24 years old, 700+ credit score, No Debt, No Savings, Got Furloughed, Need Advice. Posted: 06 Jun 2020 06:04 PM PDT I'm currently looking to move out. When I mean "looking to", meaning I've been given a month to find a new place, per my parents. I was furloughed in April 2020 and I've been on unemployment ever since. So far I m updating my resume and applying to some jobs. I don't have a degree but I'm in university to get one. I live in the bay area. I've never moved out or lived on my own before, Questions I have are: What financial goals do I need to hit by the end of the month? What opportunities do I have right now in terms of Jobs ? What are some things I'm not asking you or myself that I should be ? Flying in the dark rn Edit: Plan A is to set up an arrangement with my parents to maybe elongate my stay so I can build up more savings and lock-down a job. But this post is seeking financial advice on the off chance that Plan A doesn't happen. This was told to me today, they are serious and that's why I want to get a jump on things. [link] [comments]  |
| Posted: 06 Jun 2020 07:18 PM PDT I do not come from money. My spouse's family does have some and the in-laws have done well for themselves. Spouse's mother is dying and they have been discussing how to distribute assets once they pass. I honestly don't know which route to go so I thought I'd get some random advice. In-laws have three properties that they own outright and have as rental units at the moment. The properties are pretty much equal in value. Upon their passing, they want to give one property to each of their kids. Spouse and one sibling aren't interested in being landlords, but other sibling is and mentioned they'd rather have all three properties if spouse and first sibling were just going to sell them. So In-laws asked if spouse would rather have the property or current value (at the time of their passing) in cash and give all property to sibling who wants them. They have enough to give the cash equivalent to the two who don't want to be landlords and not have to sell the property. Spouse asked my opinion and I honestly don't know. So my question is: is the investment in real estate better than investing the cash equivalent in other means (stocks, IRAs, under a mattress)? Would taking the cash payout be a stupid move, or a wiser one? We do have a financial advisor and he does a good job of investing for us, but multiple opinions never hurt. [link] [comments]  |
| Buying a car with a credit card...is there any reason for me not to do this? Posted: 06 Jun 2020 03:29 PM PDT My wife and I are looking to buy a new used car. Since we have the cash on hand, and the interest rate is not great for used cars, we had planned on paying for the car in cash. However, a dealership told us that paying for the car with a credit card is an option, and they do not charge any fees. The idea of paying for the car with a credit card in this situation is attractive, as we'd get the points. We have a card with a high enough credit limit to cover what we'd want to pay for the car (though it would be close). While I understand our credit scores would take a temporary dip as we'd be utilizing a much higher portion of our credit than usual, our credit scores are high (low 800's), and we don't anticipate being in a situation where we'd need to have a good credit score (ex. taking out a loan of any kind) in the foreseeable future. Anyways, is paying for a car on a credit card too good to be true in my situation? Or is there something I'm overlooking? [link] [comments]  |
| College Database was Hacked - What can I do to protect myself? Posted: 06 Jun 2020 04:57 PM PDT My college's student and teacher database was hacked a few days ago and now all of my information is compromised. What can I do to make sure that nobody can do anything bad with my information so my life isn't ruined? Thanks. [link] [comments]  |
| Chase reduced my credit limit, will it affect my credit score? Posted: 06 Jun 2020 01:55 PM PDT Hi PF, Chase reduced my credit limit, will it affect my credit score? They mailed me a letter explaining that it will be reduced from 20k to 12k which will allow for my current usage. My balance is about $0 / yr in recent years. fico # is in high 700s should I do anything to retain available credit? pls halp Thanks, zombietesticle [link] [comments]  |
| Quarterly institutional transactions — is there a way to track this? Posted: 06 Jun 2020 06:04 PM PDT On CNN's stock pages one can see which institutions have bought or sold stock: https://money.cnn.com/quote/shareholders/shareholders.html?symb=VTR&subView=institutional Is there some data source that aggregates this information, or some way to get access to this information elsewhere? [link] [comments]  |
| How can I save money when rent is over 50% of income Posted: 06 Jun 2020 05:54 PM PDT Rent will be about 65% of my income. Income is $2,000 a month Rent is $1350 Phone is $60 This isn't my situation yet, but it will be. Any tips on saving money when Rent is so much and income is so low ? Is this even a sustainable way of living ? *edit The area where I live, rent is this high. There's no rent that is below $1,000 I will start a full time job paying minimum wage, $15 I'm basically getting kicked out of my parents house soon. So this is my only option :/ The place I want to rent is small as it is. But it's 2 miles from down town where my job is. I don't have a car or license, so I don't have that kind of expense. [link] [comments]  |
| Posted: 06 Jun 2020 12:54 PM PDT Hi all, I went to a primary care physician (first time using this physician) for a scheduled TDAP vaccine given my girlfriend is pregnant. I requested NO other services to be performed, both in scheduling the appointment and while in the office. I just got a bill from the provider today for $509, of which because of my high deductible plan, I will need to cover $280 out of pocket. The bill included: 1 - A wellness check which was $400 of the total. I did not request this nor did the doctor actually perform this. The doctor who gave me the vaccine just asked if I was afraid of COVID and how I was feeling. Nothing more! I certainly do not have a wellness report from the doctor. 2 - There was a $60 charge for a vaccine I do not recognize or request. I only got one shot in the office, and that was for the TDAP. The office is closed today so I can't call, but what is the most effective way to dispute this? It's not a huge amount in the grand scheme, but the doctor is clearly taking me for a ride and trying to make up for lost revenue during the pandemic. Btw, I'm located in NJ. Thanks! [link] [comments]  |
| Timing both a home purchase and a car purchase in the same month Posted: 06 Jun 2020 05:38 PM PDT A little backstory: My wife and I are looking to move out of our current rental and be in a home by the time our lease expires at the end of August this year. My wife also has a car lease up at the beginning of August where she either has to continue financing the vehicle or she turns in that lease and starts a new one. Our credit scores are both in the good range as well. -She currently has the lease on her credit report as X amount owed still. Would either buying out the lease and sticking with the same car or getting into a new lease really change her score since she already has an open line with that dealer?
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| money trapped in digit account Posted: 06 Jun 2020 05:35 PM PDT hey, this is my first post on this sub so if it's in the wrong place, i'll take it down. long story short, i opened up a digit account and put 600 dollars in there to act as my savings account because i didn't have one at the time. the last time i put money in there was in march. i haven't been able to access it since. i've emailed the company three times and i haven't been able to get far with anyone. has anybody had the same experiences with the app? thanks in advance! [link] [comments]  |
| How do I set up a scholarship? Posted: 06 Jun 2020 05:30 PM PDT Hi. I want to open up a very small scholarship fund. It will be funded by my wife and I and will consist of four $500 scholarships per year. What are the tax implications for us? What about the recipients? Do I need to set up anything formal like an nonprofit? I'm trying to do this as simply and quickly as possible. I appreciate any additional advice you can share. Thanks! Edit: words [link] [comments]  |
| Someone used an ATM to take $700 from my savings account, please help. Posted: 06 Jun 2020 12:09 PM PDT I bank with Wells Fargo. This morning I noticed that $700 was withdrawn from an ATM from a nearby town using my card. The bank has not been very helpful since it is the weekend. I've frozen all of my accounts. I physically have the card still. Could a copy have been made? What are my legal rights and does the bank have to reimburse me? Should I get the police involved? [link] [comments]  |
| Posted: 06 Jun 2020 11:55 AM PDT So I'm a 23 year old living in a standard COL city, I make 42K a year with another 3-5K in bonuses depending on performance. Right now I have a 15 year mortgage on a 3 bedroom apartment that I share with two roommates that brings in another 8K a year. I currently owe 83K on the mortgage and the apartment was valued at 110K when I purchased it. The rest of my financial picture is decent I carry no debt I have 23K split between a Roth IRA and a 401K through work. I currently contribute 25% of each paycheck to my 401K as well as 500 a month to the Roth in order to max it out. I also have 6K in cash between my checking and savings accounts. Due to certain hobbies (Glass blowing and wood work) I'd like to move to a small single family home where I can do those things again, I'm also just tired of sharing a space with other people I've always had roommates since I moved out at 18. So I know I could make mortgage payments alone if I took out a 30 year on a house that cost less than 180,000 I am just unsure if it's reasonable given how much I would have to cut back on my saving for retirement. I think I'll be making about 60K in 2-3 years unless my trajectory in the company I currently work at changes drastically but I obviously don't want to bank on that. I guess I'm looking for opinions on quality of life improvements at the cost of savings and how everyone else feels about decisions they've made to help me decide. [link] [comments]  |
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