Personal Finance A 50% interest rate by those cheeky 0% interest rate furniture store promotions. |
- A 50% interest rate by those cheeky 0% interest rate furniture store promotions.
- I screwed up on my taxes, the IRS sent me a letter I worked with them
- I called the IRS and got a $600 fine for filing late reduced to zero. Call them!
- 88k in debt at 35 years old
- We owe 17k now? (Unemployment)
- Did taxes wrong now owe IRS $14k
- Ex-Girlfriend pregnant and I have zero dollars to my name how do I go about it?
- Much Larger Home Insurance Payout Than Expected
- Tips for contesting medical bill?
- 25 y/o looking for retirement, investment and more personal finance help
- How much do you keep in your checking account vs savings?
- My charles schwab account has been locked due to “security concerns” for going on 3 weeks now with no updates and assistance from phone staff i need help please!
- Considering transferring my IRA out of Prudential and into Fidelity
- I paid off all my credit card debt, now what?
- The small business that my wife works for changed payroll companies a few months ago and the new company is reporting incorrect YTD values for her previous 2020 income and taxes
- Does it make sense to lease a car from my employer?
- Hourly to salary pay cut?
- Got served a complaint today from a debt collection agency. What’s my next step?
- Should I continue contributing to both 401k and a TD Ameritrade stock account or put it all towards 401k?
- Unpaid closed account got marked as derogatory on report
- Facebook Marketplace won't let me sell my car?
- What should I do with my 401k at previous employer?
- I need some help or some advice honestly
| A 50% interest rate by those cheeky 0% interest rate furniture store promotions. Posted: 08 Dec 2020 07:11 AM PST I had read a post some time ago about the hidden fees from furniture store promotions and their 0% interest deals. Which went into the back of my mind. My auto debit email popped up this morning which prompted me to log in and review the statements today. We bought a new couch on 07/19/2020 for $1401.69. No interest for 6 months. Why pay it all upfront if I can do smaller payments for free?? Right??? I never paid attention to my auto debit payments not adding up to pay off the cost of the couch in that 6 months. It would have left a $100 balance. The fine print shows that if we did not make a payoff payment by 01/11/2021 - we would get charged $659.29 in deferred interest on the couch. Almost HALF the price of the couch just in interest fees had I not checked this! Wish I could buy you guys a drink! Thanks again! EDIT: Thanks for all the continued advice. I definitely learned a lesson! I'm also glad I could help remind so many others in a similar situation!! It's too easy to set these things up and forget it. Proud of you all! [link] [comments]  |
| I screwed up on my taxes, the IRS sent me a letter I worked with them Posted: 08 Dec 2020 05:31 AM PST So I'll admit I got a little bit aggressive with some deductions, and didn't properly file my taxes a few years back. The IRS caught me. I was looking owing not a huge sum of money (very high 4 figures) but considering the economic impact of COVID19, and the fact that I have a baby on the way, on top of a business deal I was involved in going south in short I'm broke. Now that tax attorney idea, yea you see you need money for that and I didn't have that. So I decided screw it I'll just call up the IRS and be honest. And by honest I mean I told them what's going on. I told them my income has been slashed by COVID19, that I have a baby on the way, that I recently had things go south, and in short I don't have the money to pay them. I was given several options, I ultimate decided to do a payment plan. The IRS also waived my interest and I even got them to agree to not charge any interest. Also I won't be getting any tax return money until my debt is paid. But considering I basically got a 0% interest loan for a really long time to pay back the IRS...I'm fine with that. One agent even told me the IRS appreciates people who get in trouble talking to them. They recognize people screw up, fall on hard times, and will work with people. I even heard they sometimes completely forgive tax debt. Although you gotta provide documentation for everything and since I still have an income I didn't qualify for that. But they did say if my life situation changes (i.e I can't work at all, or I lose my job etc to just call them) I'm really happy I didn't employ a tax attorney, also over the amount I owed I don't think it would have been worth it. [link] [comments]  |
| I called the IRS and got a $600 fine for filing late reduced to zero. Call them! Posted: 08 Dec 2020 07:58 AM PST Someone else posted a 'contact the IRS, they're not bad guys' note recently. I'd like to second that. I recently got a note that I filed my 2019 tax forms (for an LLC) late. got a $600 fine. I replied by mail with all the requisite forms and information and proof that I filed on April 5. I also noted with them that COVID meant filings weren't due until much later. I got NO response. 2 months later I get a collections notice saying that now the fine is $615 and is being sent to collections. I felt I had to call (the only option on this form is 'call us'). I called. There was a message like "We are too busy, sorry. Call another time.". So I call like every 15 minutes for about 2 hours. Same message. Then I finally get a "please hold" message and I wait for 70 minutes on hold. When the person answered, I explained everything. They let me know that LLC filings aren't due April 15, but MARCH 15! I had no idea. I explain that and told them that especially since there were no funds due on that return, I would never have filed late if I had any idea. The person looked at my recent years' activity and found all payments made on time recently and said "OK, I'll just take the fine off. You've been honest with me." I received a letter a couple weeks later saying that this was a "one time" forgiveness and I'll be needing to file on time from now on, but that I owe nothing now. Call 'em up! *Note: Only items due after April 1 were extended out to July due to CoViD. My business forms were due march 15 so the deadline for them was not extended due to CoViD. [link] [comments]  |
| Posted: 08 Dec 2020 05:14 PM PST I'm 35 years old and single with 88k in debt. I might be able to pay it off by March 2023. Most of my paycheck will have to go towards paying debt. I only have 6k in savings. Will I be in bad shape for retirement? I only have 20k in my 401k. After my debt is paid, I'll be able to put away 1000-1500 per month in savings and maximize my 401k. Thoughts? Thanks for the encouragement. I feel under pressure to live off very little for the next two years and I'm worried about my age. [link] [comments]  |
| We owe 17k now? (Unemployment) Posted: 08 Dec 2020 05:34 PM PST My wife's work shut down back in March. She has been collecting unemployment benefits, but just received a letter from Government notifying her she wasn't supposed to get payments and now want us to pay back the 12k PLUS 5k in penalty. Any help/ideas would be very much appreciated. (WA state if that matters) [link] [comments]  |
| Did taxes wrong now owe IRS $14k Posted: 08 Dec 2020 06:03 PM PST When I was young, my mom opened a brokerage account for when I got older. About 10 years ago she gave it to me and everything was swell although I have no idea how to manage it so I left it alone. Two years ago a finance friend of mine told me to use Vanguard to open an IRA since I didn't have one. I decided to consolidate my money and move everything to Vanguard, so I closed out my account which was about $40k. I put $5k into the IRA to max out the contributions and the rest into a new brokerage account in Vanguard. Apparently I did my taxes wrong and now the IRS thinks I owe them about $14k in back taxes. Looking at my filed 1040, I reported the money going in to Vanguard (both the IRA and the new brokerage account) but I did not report the money leaving the old account because I honestly had no idea that I was supposed to. Each and every attempt in the last two days I cannot get a hold of anyone at the IRS to talk about this. Is there a number I can call? Any advice would be appreciated. [link] [comments]  |
| Ex-Girlfriend pregnant and I have zero dollars to my name how do I go about it? Posted: 08 Dec 2020 07:52 PM PST I feel like a fuck up. I wasted my early to mid twenties in a depressed state with nothing to show for it. Fast forward to now the only thing I have that is worth any money is my 2019 Subaru wrx which I only owe like 10k on. Realistically I could sell it and maybe get 12 to 14k out of it but I rather not if I don't have to. It's brand new with 15k miles which wouldn't make sense to sell it for a used car which may come with problems when I'm almost done paying it off but if I need to I would. I lost my full time job, my sanity and my savings all in the last 2 months. Litteraly got 4$ in my bank account with a maxed out credit card. I'm holding off till Thursday for a paycheck from a new job that only hired me seasonal but pays 17$ an hour due to covid. The hours they give are shit but its better than nothing as of right now. I don't have a college education I dropped out and maxed out the units for financial aid. Failed majority of my classes so I can't afford to go back and even so school doesn't seem like it's for me. Ex-girlfriend is keeping the kid and it's mine paternity test verified it. She's a little over 3 months pregnant. No communication or chances of us working together and yes I'm an idiot for not using protection and relying on birth control but that's besides the point. I'm 29 and she's 21 and I'm not the smartest guy around at least book smart. It's why I want to pick up a trade but I don't know how and where to start. I live in California and I want to work on being an electrician but literally with no money I don't know what to do. I don't mind hard work I had to bust my ass to get out of the state I was in to the life I led prior to meeting her which made everything spiral back down. My expenses are Rent-500$ Car insurance 266$ Car payment 320$ Phone bill 110$ Internet/cable 120 (I plan on cutting it once I catch up on payments) Gas-100 to 150$ a month Food - like 200$ a month Maybe 1500 to 1700$ a month in expenses [link] [comments]  |
| Much Larger Home Insurance Payout Than Expected Posted: 08 Dec 2020 04:26 PM PST Hey all, Recently I had a wind storm cause a tree to fall on my home, and i decided to go through home insurance to help cover the cost of repairs. Damage included small roof damage (just shingles no leaks), damage to small side porch, and decent amount of gutter damage and the tree was stuck up against the house. In my estimation, and based on a few quotes, about 5-6k worth of repair. I got insurance involved right away, and had the adjuster come out, he reviewed everything and then i didnt see or hear from him for about a month. In that time, i had the tree removed, fixed most of the gutters myself and now just need to get the small roof area repaired. I sent over an invoice for the tree removal of 2500. Today, i get an update that payment has been made to my account, and to my shock its for almost 19k. Much more than i expected this job to cost. Is this real? is that 19k mine? I havent gotten a check yet, but in the app it shows a check number, the amount, my name but also my mortgage banks name? Anybody have any experience with this? Did i get seriously lucky with my adjuster, do i need to give this back? First time using home insurance, so just looking for any guidance. Thank you!! [link] [comments]  |
| Tips for contesting medical bill? Posted: 08 Dec 2020 05:39 PM PST A couple months ago, I noticed a bump on one of my testicals. So, I went to the doctor, who poked it a bit, and told me I should get an ultrasound. I called up the ultrasound lab I was referred to, explained why I was calling, and asked what kind of bill I'd be looking at for the procedure. They told me $170 for a scrotal ultrasound, which seemed air to me. I booked it, paid them $170, and a few days later learned the bump was benign. Just today, I'm seeing that they've billed me an additional $450, for an abdominal ultrasound, which they are saying they did as part of the scrotal one. This was never mentioned to me when I asked about charges, during the procedure, nor after the procedure. In fact, today was the first I'd heard of it. It seems absurd that they could just tack on a second procedure that costs 2.5x as much as the one I consented to without even informing me. It isn't like I was unconscious or there as an emergency, so I'm pretty frustrated and feel cheated. I haven't really had to deal with medical billing before and am quite intimidated by the opacity of it all. Any tips for contesting this? [link] [comments]  |
| 25 y/o looking for retirement, investment and more personal finance help Posted: 08 Dec 2020 05:29 PM PST I am a 25 y/o who has never looked into retirement, and I need help. I am a professor at a college, so I have access to TIAA (?) I need help understanding 401k and Roth IRA/ traditional IRAs. I have $90,000 in savings, in a regular savings bank account. I make $105,000 gross in WA state. I'm considering investing as well. I cannot stress how new I am to this. Please help me make the best decisions and plan for my future. Let me know if I need to add more infomation. Thank you! [link] [comments]  |
| How much do you keep in your checking account vs savings? Posted: 08 Dec 2020 07:11 AM PST Hey everyone, I got my first "Real" job out of college back in June. I am currently taking home post tax around $2100 a month, weekly paychecks (which i might add, is really nice). I am currently saving around 43% of that post tax income each month. With around 14% of that going towards my Roth IRA (I don't get employee retirement until after 1 year) and the rest of it going towards my Emergency Fund/Long term savings and a couple miscellaneous funds like for vacation. After expenses, I have about 10% left over for my "fun money". Am I being too frugal? Not saving enough? Add more to my "fun" money? I like to never let my checking account get below $1k. But I am thinking about lowering that number to $500. Is that too low, still too high? I would love to hear how much you guys usually keep in your checking accounts. [link] [comments]  |
| Posted: 08 Dec 2020 06:44 PM PST Okay so long story short charles schwab placed a security freeze on my account for the above mentioned, with no reasoning three weeks ago. Every time i call customer support they have no information to give me . They say they will send an email to fraud team "i have heard this at least a dozen times now" and yet no resolve . I asked to speak to a supervisor and they state the same exact thing word for word that "they have no direct way of communicating with the fraud team and can only send emails" the supervisor allegedly sent an email to the fraud department manager the big head to get things moving along and yet again i have heard nothing! Im at my wits end . They are holding my money from me and not allowing me any insight as to why. I am desperate at this time. I need my money out of the account and they are not helping what so ever. What should my next step be? It has been three weeks with no updates from them. Just empty promises saying i will get a call back with info , I HAVE HEARD THAT A DOZEN TIMES TO NO RESOLVE! Please i need your advice how can i make them give me my money back or at least unlock my damn account ! Please and thank you. A desperate charles schwab customer [link] [comments]  |
| Considering transferring my IRA out of Prudential and into Fidelity Posted: 08 Dec 2020 05:21 PM PST I've been looking a bit deeper into my 401Ks and overall investments recently. From what I'm seeing on Prudential, the funds you are allowed to select are very limited, and based on my research, not very good. I'd like some guidance here from anybody who does use their platform though. I've noticed ~20 overall funds, and 1-3 total choices per type of fund (small cap, med, international, etc). I like to diversify, and am somewhat aggressive. I could be wrong here, but I'm just not impressed by what consists in these funds. If possible, I'd like to roll my IRA into my Fidelity IRA, and manage it myself. I'd still put the money into funds, but at least on there I could actually diversify the money. So my first question is, is my analysis of Prudential's options accurate? And two, am I allowed to roll over that IRA to a different company - is there a fee associated with this as well? [link] [comments]  |
| I paid off all my credit card debt, now what? Posted: 08 Dec 2020 06:20 PM PST I currently have 4 credit cards, and I paid all the balances to 0. Now what do I do? Do I close the accounts? Use them for small purchases every month? I'm totally lost. Im pretty dumb. Any help would be great [link] [comments]  |
| Posted: 08 Dec 2020 05:56 PM PST A few months ago the small business (12 employees or so) that my wife works for changed their payroll company to Paychex. It seems that the data they imported into their system was incorrect, as her YTD values for income and taxes (FIT, SS, Medicare) paid have been incorrect since the first paystub with Paychex. The amount she is getting paid/withheld looks correct; just the YTD values don't add up for all of her 2020 paystubs. It has been four pay periods and Paychex still hasn't fixed this despite over a dozen back and forth emails. I fear they won't get this resolved any time soon, if ever. Any ideas on how I can escalate this (can I contact the IRS for this?) since the people at Paychex seem like the most incompetent people we have ever dealt with? [link] [comments]  |
| Does it make sense to lease a car from my employer? Posted: 08 Dec 2020 04:44 PM PST Hello there. I'm eligible for the Ford employee discount. I can get a 45,000 Lincoln for $250 a month OTD for 36 months with $0 down. Because I work for an OEM, driving their cars is a big part of the culture. Am I crazy to not take this lease deal? It seems like this would easily be a $600-$700 a month lease to a non-employee. Having a monthly car payment doesn't really bother me. If I were to be fired, it doesn't not impact my payment. The discount applies to purchases, but it is much more drastic on leases. Thanks! [link] [comments]  |
| Posted: 08 Dec 2020 08:05 PM PST Hello, I need some advice. I work in a small office. (I am a female). I was making $19/hour for the last year and I typically get 35-40 hours per week. My responsibilities have changed a lot over the year and I'm doing a lot of things that I can actually do at home, so when I asked for a raise in my review, my employers suggested putting me on salary, which would give me some flexibility to finish things at home if need be. (Keep in mind that I'm not working from home— I'm still going in to the office five days a week and if I don't finish something at the office, I finish at home.) no new benefits. They started me at 37k and told me that it will basically be like a 40 hour work week every week for my pay. I wanted to be appreciative (and I am) but when I looked up what 37k amounts to per hour, it comes out to about 18.50 or just under 19 depending on which source I was looking at. Now, I don't always work a full 40 hours each week, and I haven't even gotten my first paycheck on salary yet. I will on the 15th. But I'm a little concerned that I actually almost took somewhat of a cut? My employers told me I average 32k per year so when I heard 37 I thought it was very generous. Now I'm not very sure. I might be missing something, so I'm hoping someone can shed some light on this situation. If this is not enough information, I'm happy to provide more. My employers are good people and I love them, but part of this doesn't seem to be quite adding up the way I had hoped/expected. Thanks in advance. [link] [comments]  |
| Got served a complaint today from a debt collection agency. What’s my next step? Posted: 08 Dec 2020 07:32 PM PST I know I need to answer the complaint. But I'm wondering how I should answer. For background, we received a letter from the debt collection agency and they listed some creditors, as well as "Other Creditors" as a reason for a large amount we owe. Being skeptical, we sent a debt validation letter to see all of the information regarding these debts. They sent a letter that got "crossed" with our debt validation letter (and I put that in quotes because the timing of the letters doesn't add up) where all they said is they already told us our rights (they didn't) and we need to pay or we will be sued. Next think I know, we are getting served our complaint. I don't want to admit the claim if I don't see the information regarding the claim just in case I don't owe it. But I don't want to deny the claim in case I DO owe it and it would be possible to settle instead of going to court and losing. So, how should I answer the complaint? Appreciate all the help I can get. [link] [comments]  |
| Posted: 08 Dec 2020 07:29 PM PST I'm 22 and working my first real job. I'm contributing 15% of my paycheck to my 401k. My company matches up to 4.5% so it comes out to about $430 ($331 from the paycheck & $99 match) twice a month to the 401k. I also put $500 from each paycheck to a regular TD Ameritrade account and put it in stocks/funds. I could instead contribute ~36% ($795) of my paycheck to the 401k and essentially max it out (plus employer contributions which I believe does not count toward the max limit?). I'd be investing pretty much the same amount of money and get an extra $100 on each paycheck thanks to the contribution being pre-tax. I already have a decent amount saved and my only significant costs are my rent and a few small bills so I feel like I'm not at the risk of investing too much. My Roth IRA is already maxed out for the year. I'm in a very lucky situation thanks to my parents and I'm trying to make the best decisions to keep it that way for my future (at the risk of sounding spoiled). Basically it comes down to $430 to the 401k and $500 in stocks vs $895 in the 401k and an extra $100 on the paycheck. I feel like I'd get better returns on the money in the TD account but don't get the tax benefits. What's the best play? [link] [comments]  |
| Unpaid closed account got marked as derogatory on report Posted: 08 Dec 2020 05:52 PM PST I have an unpaid account with Verizon for a little over $150 that's 4ish years old. It's been passed to about 4 different collection agencies since then. Ive talked to 1 of them over the phone and 1 by certified mail asking to validate the debt. Certified mail just got me screen shots the amount due and a copy of an old bill. The phone call resulted in nothing. Shows up as a closed account (or did) on my credit report. Was hit with a derogatory mark last week and disputed it. TransUnion removed it from my report. Never made it to my Equifax report and unsure of Experian since I don't have something that monitors that. I'm waiting til the new year to pull my yearly free reports. Will I screw myself if I just pay the collection agency and get it over and done with? Not sure on what's my best option to proceed. [link] [comments]  |
| Facebook Marketplace won't let me sell my car? Posted: 08 Dec 2020 05:51 PM PST I posted yesterday,and it didnt ask for my vin when i made the post. Today though, Facebook moved my post to action needed so no one can see my post. Ive repeatedly put the vin in to verify and itll only put me back to put it in again.... Any ideas where else to sell my wrecked but running 1991 Honda Accord Ex if facebook doesn't come through? [link] [comments]  |
| What should I do with my 401k at previous employer? Posted: 08 Dec 2020 07:23 PM PST I have about 43k in a 401k account at my old job in a fidelity account. Ive changed jobs. What are my options and what is best? [link] [comments]  |
| I need some help or some advice honestly Posted: 08 Dec 2020 04:26 PM PST Well to keep it simple, I'm over 7k in debt when it comes to my bills, court fees, and bank fees and the more I don't pay them, they add more to my bills. Idk what to do because the jobs I work don't pay enough and my probation officer keeps telling me to put off work to do whatever they need. Please. Some advice truly helps. [link] [comments]  |
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