Personal Finance Weekday Help and Victory Thread for the week of October 05, 2020 |
- Weekday Help and Victory Thread for the week of October 05, 2020
- First House - One Year In Expenses
- My landlord is selling house I am renting. Should I buy it?
- How do I explain that investing for retirement is not the same as gambling?
- I have both a Chase Sapphire Reserve card and a Chase Freedom Unlimited card. Do I need both?
- Estranged parents won’t remove me as an authorized user on their credit cards
- Should I go into debt to go back to school? Or stay in the workforce debt free?
- Grandmother in crippling debt, has lost 3 insurance policies, and is on verge of homelessness. I want to help and need advice!
- Former Employer Asking Me to Return
- Employer asking for W9 three months after I quit?
- Should I finish paying off student loans or string them along to keep my credit score up while looking for a house?
- Nanny family is retroactively changing me to a 1099.
- Details to include in an ICID (In Case I Die) document
- How to Save from Inheritance without a Job
- Used offer to get a raise, got head hunted and now have another offer for 20k more
- Big hospital bill with insurance
- Smart to trade in car?
- Consolidation Question
- Switching banks, leaving Wells Fargo.
- I’d love to get some feedback on how people save and file documents.
- 29yr old with 401k question
- Offer in Compromise, hire attorney, or suck it up and pay it all?
- Going to college, just medically separated from the Army. Denied unemployment, denied FAFSA.
| Weekday Help and Victory Thread for the week of October 05, 2020 Posted: 05 Oct 2020 04:00 AM PDT 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]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| First House - One Year In Expenses Posted: 05 Oct 2020 06:18 AM PDT Hey everyone, it's been a year since my wife and I moved into our first home and I wanted to post the numbers for what we incurred with expenses throughout the year in the hopes of giving others some insight into things to look out for when buying a house. Some of these expenses weren't expected to happen so quickly but we were lucky enough to saved for a rainy day. This is our first home, and it was a foreclosure that we picked up from a bank that had been fixed up. The only thing we knew about the previous owners was that they liked a variety of drugs more than they liked their mortgage payment. The owners before that also had problems with drugs, our neighbors have been able to give us this information on the previous owners. That doesn't mean much aside from knowing that they weren't people who likely spent a lot of money/time keeping the house in good shape. I rounded all of the expenses up/down to the nearest dollar. You'll notice some things weren't really necessary and were more geared towards things we wanted (looking at you Nest doorbell). I included them in the list to help others with the little things that come up along the way that might not be anticipated. These items are bold. We were able to put 20% down and avoided PMI, the house was purchased for $115,000 with a 30 year fixed rate at 4%. We are in the process of refinancing to a 15 year at 2.5%; it is costing us $1,500 to do that refinance and isn't included in these numbers.
Edit, Location is Detroit, Michigan. 1,200 sqft. Edit 2: This post has gotten a bit of exposure and I wanted to add some info to help clear things up for new home owners.
This list is just a list of things that we purchased; it's pretty easy to spot the things that could have been put off for a little bit (not everyone would need a couch that cost what we got). Also, I really am jealous of those people who have the skill-set and time to do things themselves or are in a situation to not worry about buying cheaper houses. A decade ago I was in financial trouble and felt like I would never find a way out. I've since made the decision to never be a slave to debt and outside of this house I pay for everything without financing. It's been a struggle, there were times I thought about giving up and succumbing to the tougher lifestyle, but I didn't. It's possible to dig yourself out of those holes. I appreciate all of the thoughtful comments and for those that have asked the tough questions. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| My landlord is selling house I am renting. Should I buy it? Posted: 05 Oct 2020 07:48 AM PDT Me and two other people rent out a townhouse for $2,200 a month +$100 for a pet fee that my roommate pays for his dog ($733 per person, $833 for the roommate with a dog). It's in a very popular town right outside of Philadelphia with a very very good school district and access to public transportation. My landlord is selling the 3 bedroom 2 bathroom house for an asking price of $389,900 and asked us if any of us were interested in buying it. We signed a 2 year lease that ends at the end of May and I was planning on buying a house in the area once the lease was up anyways. I currently have $40,000 saved for a down payment, closing costs, and overall home buying expenses. With that, I'm not 100% sure how much can be applied to down payment, but I've been using $30,000 as a safe estimate. I have been using Zillow's monthly payment estimator to factor in down payment, taxes, pmi, insurance, and everything to get a monthly payment if I were to purchase the house. If I put $30,000 down and went in at his asking price, my monthly payments for the house would be $2,375. My roommates both would like to stay in the house as renters, plus if any of them wanted to move out, I have quite a few other friends that rent in the area that could end up taking their spot if needed. Another thing about the area is that they are about to finish building a new office building that is going to bring in a lot of new jobs, supposedly further increasing the market in the area that is already a very competitive market. When we signed our lease, we had to complete with quite a few other applicants and ended up getting picked because we showed up with our deposits in hand and offered to sign a two year lease rather than a one year lease. So I already know that this house is very attractive to tenants, plus after living here for a year and a half, there would be no surprises after purchasing. Other things that are important to this decision is that I currently make just over $60,000 a year with no debt. I've paid off my student loans, no credit card debt, and I have a company car that includes personal and work related gas, expenses, and insurance. My credit score is around 800. What do you think about this decision? What advice do you have about the situation? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How do I explain that investing for retirement is not the same as gambling? Posted: 05 Oct 2020 12:50 PM PDT I have been having a very difficult time lately trying to explain how investing for the future, while it has risks, is not the same as just throwing all of our money at the casino to my partner. We are both fairly young and have been together almost five years. I have been setting money aside since I was 16 and am currently maxing out my 401k company match, taking advantage of my employer's stock purchase program, and contributing the yearly maximum to a roth ira. She just leaves her money sitting in a savings account with a low interest rate. I have tried to explain the fundamentals of inflation and how her money is essentially losing value, but she just cannot see past the potential for risk. Even after explaining safe investments such as CD's, she does not want to lose access to her money in the savings account. If you could give me any advice or help point me in the direction of quality explanatory information I would really appreciate it. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I have both a Chase Sapphire Reserve card and a Chase Freedom Unlimited card. Do I need both? Posted: 05 Oct 2020 08:12 AM PDT I am considering closing the Chase Sapphire Reserve but I'm struggling to make the final decision. I am grandfathered into the $450/yr fee, I believe - so that's a plus. Also, it's an automatic $300 back every year on travel/dining purchased with the card. So, really the fee is $150. I will be traveling internationally next year (I hope) and the year after I will be spending several months overseas as well. I see that I get 3x points on travel/dining with the Sapphire but I'm not sure that I eat out and travel enough to justify it. Meanwhile, with the Freedom Unlimited, I get 5% cash back on groceries, 1.5% cash back on all other purchases. I could keep the Reserve and primarily use the Freedom in order to transfer the points for 50% more value on travel purchased through Chase. Can anyone give me advice who has been in a similar predicament? Edit: Turns out I am not grandfathered in. I will be paying the increased fee in exchange for $60 Door Dash credit, and a free Door Dash membership. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estranged parents won’t remove me as an authorized user on their credit cards Posted: 05 Oct 2020 05:51 PM PDT I'm a college student and I recently cut off contact with my extremely abusive parents. I've asked them to remove me as an authorized user on their cards because having these cards on my credit report is preventing me from verifying my own identify as I don't know anything about the cards (like the credit limits and such). They said they won't because they want me to have to talk to them if I need to verify my identity. So basically they're using this as a way to get me to talk to them again. I need these cards off of my credit report. If I can't somehow get them to remove me from the cards, could I dispute the cards with the credit bureaus? I'm just not sure whether this would be a valid reason to dispute items on my credit report. The cards are helping my credit right now, but my parents have been doing some ridiculous things to harass me the past month so I fear that they'll use these cards to completely mess up my credit. I'd rather just have them gone so that I don't have to deal with this. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Should I go into debt to go back to school? Or stay in the workforce debt free? Posted: 05 Oct 2020 09:39 AM PDT Basically, here is my situation. I already have a degree debt free for a BA in Political Science. It hasn't helped me get any type of middle class work in the year since leaving school. Because of this, I'm stuck with low paying customer service work and living with renting a room to get by. I don't have debt, but I'm not getting ahead either. I'm wondering if I should go back to school for something more useful. I'm considering accounting, since it is a stable and high paying pathway I think I'd be good at. But at the same time, it means going back into debt and not re-entering the workforce until I'm 26/27. On the other hand, I'm wondering if it would be better if I just stay in the workforce and see where I go, even if the future is uncertain. I have 80k from an inheritance stored away I'm using for investments, plus about 10k of my own savings. So I'm also not 100% sure accounting is a field I really want to go into, or if I simply want it because I'm anxious about the job market. Want some advice on this. Thank you all! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Oct 2020 07:08 PM PDT My grandmother, who is now approaching her 80s, has been having a bad string of financial mistakes this year. She's grown more forgetful, and my uncle hasn't really done much to care for her or keep her finances in order. As a result, she is 6k in debt to the airbase credit card company, has lost 3 insurance policies with nothing to show for it, and we are currently relying entirely on my meager income to keep us in a home. My uncle has refused all efforts to get a job, my grandmother is very much too old, and I'm struggling to find work thanks to COVID and am subsisting off unemployment. This is a situation that very much won't last, and I'm not really able to get much info out of her because she's old, evasive, and kind of majorly disorganized. My questions are as follows: How can I work with her to get a full record of her debts, income, and assets? How can I use this to mitigate the problem? What options do I have for what I'm suspecting is a case of an old woman with a declining mental state being taken advantage of by dodgy creditors? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Former Employer Asking Me to Return Posted: 05 Oct 2020 10:29 AM PDT To sum up the situation: I left my former employer for a work-from-home job with slightly better pay. I originally came on with Former Employer as a salaried worker, but after COVID was working hourly and part-time due to obligations at home, and the money was just not enough. After I gave my two-week notice at the beginning of September, Former Employer asked me to stay on as a contractor, which I have been doing. Now, Former Employer is asking me to return and offering flexible hours plus full original salary and benefits. New Employer was paying the same salary I had with Former Employer. I informed New Employer that I am considering the offer (risky move, I know), and they bumped my salary by about 14% as incentive to stay with them. Note, they don't offer any benefits because it is a small company. I'm at a loss in how to proceed. I desperately want the flexibility (between both obligations, I'm working 12 hour days plus weekends plus caring for a young child with special needs). However, I also am thinking about asking Former Employer to match the salary New Employer offered me. They clearly want me back and value me as an employee (they told me this over the initial phone call soliciting me to come back). Is this a fair request? Or would it jeopardize my relationship with Former Employer? I have been going over this with numerous friends, family and even a former colleague and am still lost about what to do. I need to give an answer by this week, as I have already drawn this out for several days. HELP! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employer asking for W9 three months after I quit? Posted: 05 Oct 2020 07:17 PM PDT So I wound up working for a sales company for three weeks. The job was selling COVID test kits to clinics via cold calling, but I ultimately left because it seemed like the company wasn't legitimate and the bosses claimed they were "profiting off of people's pain". Anyway, I was encouraged by a former co-worker to ask for compensation for the hours worked. When I did so, the owner of the company asked me to sign a W9 after I didn't receive any hiring paperwork. He claimed he had the right to insist that I did so. Just curious if anyone knows if this is correct, or if there are any pros/cons for me to fill out the W9? Any help would be greatly appreciated! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Oct 2020 04:12 PM PDT Over the past few months I've been aggressively paying down my debt ($1500 per month). I was able to pay off my car this last month so now I'm moving all the money I was paying toward my car and putting it towards my student loans. I have just over $6,000 in student loans and only have federal loans left so they are all in deferment right now till December because of COVID. The loans range from 7% to 3% interest with amounts from 2500 the largest to 350 the smallest. The larger loans have higher interest but as of now they are all 0%. At the rate I'm paying them I will make my last payment in March. If I don't make minimum payments during the 0 interest period and then make only minimum payments then I could probably string it out for another 12-18 months. Any money I don't spend on Student Loan payments will be put into my house fund. My main worry is all these loans are pretty old. The oldest one is dated in 2008 when I started borrowing for college and I borrowed a little more each year till 2011 when I graduated. **Will paying off these loans drop my credit score by that much?** My credit score is currently hovering around 775 but I haven't checked it since I paid off my car earlier this month. That loan was a 4 year car loan I was able to pay off in less than 2 years. This isn't my only credit though. I've previously paid off 2 car loans in my name (my first had a co-signer when I was 16) and I currently have 3 credit cards the oldest being from 2008 and the total credit limit being over $20,000 though I've never really come close to that. I buy everything I can with my credit cards and pay them off at the end of every month since some of them give me pretty good rewards. I'm mostly asking because I'm looking at buying a house around this time next year so I want to get a good deal on the loan. I know interest rates are good right now but I'm currently in California and plan to move to the midwest to be closer to my soon-to-be wife's family (and cheaper houses). We are renting now. A few other details: I make 80k/year, my fiance makes 55k/year, both of us are still working as our jobs are largely unaffected by covid and the price range when we start looking at houses is between 200k-250k. Her credit is just under 800 and she is about 1 year into a 5 year car loan with 0.9% paying like 330 a month (yay Toyota-thon) which is our only other debt. We currently have about 35k saved up but are going for 50k minimum with the long goal of 60k. Both of our parents have expressed interest in helping us on our first house. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nanny family is retroactively changing me to a 1099. Posted: 05 Oct 2020 09:51 AM PDT Hello, I recently quit a nannying job, for which I was a W-2 employee. Because of the pandemic, I was furloughed for a while and recently just resumed nannying until some extraneous circumstances caused me to have to quit (pregnancy health reasons). My employer's CPA has informed me that they are retroactively switching me to a 1099 from W-2 for all my hours in 2020, since I was just shy of the $2200 threshold: https://www.homeworksolutions.com/knowledge-center/my-nanny-wants-to-be-treated-as-an-independent-contractor-can-i-do-that/ I'm concerned this is going to cause issues for the unemployment I received during the furlough and upcoming maternity leave benefits, as I'm losing all those hours. Is this legal? I've never heard of an employee status being changed retroactively like this. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details to include in an ICID (In Case I Die) document Posted: 05 Oct 2020 10:41 AM PDT Here's a rough draft for my situation. Is there anything else that you think I should add?ICID - In Case I Die Paycheck I have setup my paycheck to be distributed across the bank accounts (in the US) mentioned below automatically. Bank accounts
Credit cards
Life Insurance
Investments
Physical assets
Liabilities
What to do?
Do not hesitate to use the funds in times of need. That is exactly what they're meant for. Also don't give it away to people or charity for no reason. That is taken care of separately so this is just for your personal use. Take some time to grieve but then congratulations, you're a multi-millionaire now! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How to Save from Inheritance without a Job Posted: 05 Oct 2020 05:10 PM PDT Hi PF, Unfortunately my father recently passed away but in the process left me a fair amount of money (more than I've ever seen). The majority of it will be managed for me until I'm 25 & 30, however I'll still be receiving around 100k in cash within the next couple months. I'm more than grateful for this and realize it can definitely be a step towards retirement so I want to make sure I manage it well, especially the cash portion. I was going to immediately set around 6 months worth of expenses aside in a HYSA, though that will still leave me with around 85k worth of cash. Currently 20 years old with around 15k in student loans (3% interest rate, so not worried about paying them off anytime soon), and still a student and not working. Since I'm not working and don't have any "earned income" does that mean I cannot contribute to a ROTH IRA? At that point would you recommend just putting the cash in a brokerage account with an index fund? Any other options? I really appreciate the advice! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Used offer to get a raise, got head hunted and now have another offer for 20k more Posted: 05 Oct 2020 05:08 PM PDT I love my job but it's a bit stale and such, I had fully intended to take the last job however they matched the salary. I now got head hunted and entertained the company and came out with an offer that's 20k more, remote work, full time. I have a 2 year old and one on the way, money is speaking to me however this job is a bit more volatile. Would you stay with a stable less demanding job that's stale or a higher paying job? Benefits seem comparable. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Big hospital bill with insurance Posted: 05 Oct 2020 10:01 AM PDT My spouse and I recently had a hospital visit that spanned several days for a stillbirth. The bill came and even with insurance and all that, it's still close to 5 grand, which is ridiculous considering we pay almost 400 a month for insurance to begin with, but I digress. What is the best way to make sure we're not going into the hole when bills are already tough as is due to the strain health insurance puts on our income? I am currently trying to obtain an itemized bill as I understand is a good idea when dealing with medical ... but then what? I feel very overwhelmed between the tragedy of the hospital visit and the ridiculous amount of money we're going to have to come up with now. Thank you for any help. I may not be able to reply for a while, so I apologize if I left out any pertinent information. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Oct 2020 07:03 PM PDT I have a 17' wrangler w 30k miles that I owe 22k on. The 4wd will be nice come winter but the $430 a month car payment hurts considering I don't have power windows, boring interior and noisy drive. I've been considering trading it in on a used car something around 20k to hopefully get my car payment into the 200's, would this be a dumb idea? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Oct 2020 06:55 PM PDT I (28F, has MA, still looking for work) have huge amounts of debtor credit cards and maybe have an offer for stable work. I'm wondering now if it is prudent to do debt consolidation because I know you have to let your cards go late for a number of months. Is it worth the credit hit and closure of the cards in order to have one payment for a negotiated amount? Thank you, Desperate to get out of debt [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Switching banks, leaving Wells Fargo. Posted: 05 Oct 2020 03:06 PM PDT Hi all, I am in the process of getting my finances in order. I've opened a Vanguard account, started the process of rolling over my two previous employer 401k/IRA rollovers to that Vanguard account. I've recently opened an account with a credit union in my city that has much better interest return than Wells Fargo (seriously, they are giving me fucking peanuts) and has great options for auto. My current accounts with Wells Fargo - checking, savings, and a credit card. I do not want to hurt my credit score but I'm not sure if I can keep the card while closing the actual savings + checking accounts. Has anyone had experience with switching banks like that? I'm 25 and will be buying a new/new-ish car soon and a house is not out of the question in a few years so hurting my credit is not really something I want to risk at the moment. Edit: Thank you all! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I’d love to get some feedback on how people save and file documents. Posted: 05 Oct 2020 03:55 PM PDT About my situation - I rent an apartment, I no longer have a car, I do all my banking and bill pay online, I only get 1-2 pieces of mail a week. So 10 years ago, before everything went digital, I would sort my files into bins by type; banking, auto, home, medical, utilities, etc. All my bills came to my home. After the folders got too thick, I'd just toss the items over 5+ years old. Since I live in an apartment I don't have a ton of space for a file cabinet so I keep things in bins. 2020 - 100% of my bills are paid online. 95% of all mail that would normally come to my house is now online. Which also means statements, taxes, invoices, etc. are all a click away or can easily be requested online. Currently I have a stack of papers that I should go through. I'd guess I'll toss about 50% of it. But the rest are recent notices or invoices, not available online, that I should keep. Do you think it's worth it to sort and file papers anymore? I'm considering just putting them into a bag or box with the year(s) written on it. If I need to find something or get audited I would then sort and find what I need. Then I'll toss after it's 5+ years old. I could also take pictures of important files and just toss it all (pictures are much faster than my scanner). Of those that lead a largely digital life, I'd love to hear how you manage documents. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 05 Oct 2020 08:12 AM PDT I'm currently 29 yrs old making 40k with roughly 17k in my Roth 401k. Currently I invest 5% and receive the employer max match of 5%. Current contributions are split 5% Principal Bond Market Index 15% Principal Lifetime Hybrid 2050 CIT and 80% Principal LargeCap S&P 500 Index Would you recomend any changes to my holdings? And in the near future im looking to open an IRA, what might be recommendations for that account? Edit: Wow thanks for all the help and the responses. I'll try and get my plan options listed soon. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offer in Compromise, hire attorney, or suck it up and pay it all? Posted: 05 Oct 2020 04:17 PM PDT I am helping a relative with an audit where they discharged a small bit of debt and missed it as income, they owe under $5k. Income is fixed veteran retirement / SS. I completed the OIC worksheet and it said they would be eligible. They say to send a reasonable offer. If I'm working with ~$5K tax debt, and a $3k monthly income, what is the common wisdom or formula for what the IRS considers reasonable? Can I offer a settlement without the OIC paperwork, accepting the IRS's decision that they owe the debt? There is no question, it was a now closed bankruptcy and some debt consolidation. I have not read entirely the OIC 433-A, and form 656 I didn't think was eligible but I could be wrong. I see that if you're "currently not collectible" it keeps your interest and penalties going. So we don't want to do that. They are also having a lot of repair bills for their home rn. Would estimates or invoices be acceptable documentation for lowering the monthly available cash flow to get a better Offer in Compromise accepted? My question: has anyone had success handling on your own or for a family member/friend? If for another, did you get a Power of Attorney and type your name or just sign everything as the tax debtor? I don't mind doing the paperwork I just want some advice from anybody whose gone through this successfully. I wouldn't be opposed to hiring a lawyer for $750-$1500 if it saved $2-3K, but it seems unnecessary and the tax debt seems legit according to their financial records. One last thing, does an accepted Offer in Compromise of say, 50% owed mean the iRS accepts it as payment in full and your taxes go back to normal, or do they keep future returns until the debt is paid in full? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Going to college, just medically separated from the Army. Denied unemployment, denied FAFSA. Posted: 05 Oct 2020 07:48 PM PDT So I got out the Army after being injured. I was involuntarily separated due to a knee injury, am receiving 30% disability. So I filed for unemployment, FAFSA, and moved to another state to start a college. Well this stuff took forever to come back with the results so I've burn just about all my savings, we are desperately looking for work (married) and scared. As it stands I'm getting paid BAH, which is around 700 more than the rent, but I dont get that until next month. Unemployment denied me because I hit a button and went back, so it said I selected "unavailable to work" (Missouri) and I've been denied until 09/09/9999 unless I can make 6 times the approved amount, roughly 12k. However FAFSA said I was denied, and was very vague stating I probably didn't need it. The kicker is nobody bothered notifying me that my appeal date was 09/28 for unemployment and all previous attempts to talk to someone have been utterly useless. Help? [link] [comments]  |
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