Personal Finance Chase Bank misplaced funds during an 401k to IRA rollover. Who do I complain to, if the bank won't help? |
- Chase Bank misplaced funds during an 401k to IRA rollover. Who do I complain to, if the bank won't help?
- Credit score is around 500, how hard is it to rent an apartment?
- should i switch from paycheck budgeting to monthly budgeting?
- 15k month income from a side business, should I get an accountant?
- Just hit with $10K in taxes from moving a cash reserve certificate 2 years ago
- Buy a house in a few months with 5% down on an FHA loan, or wait one more year to put 20% down on a conventional loan?
- No job no money no car.. can’t use nursing degree
- IRA over-contribution issue
- I want to rent out a room in my house for $100 plus utilities. What will be taxed- $100 or the $100 + utilities?
- Gifting or selling car for $1?
- My credit score keeps dropping despite not having any credit
- Dad gifting me money to pay off debt
- I am doing fairly well for myself, but I'm still constantly stressing about money. Does anyone have experience with strategies to overcome this anxiety?
- How much to send home?
- Looking to Purchase First Home as an Investment Any Advice Appreciated!
- In service 401k rollover
- I could use some advice: fix my old ass car and hope it lasts, or get a newer used car and deal with monthly payments?
- How long does it take a credit score to bounce back after paying off a loan?
- Reporting income as a private tutor -- potentially a special case?
- Is it common for credit unions to use the same interface?
- How do I make the most of my Income and Save on Taxes?
- Buying a second home
- Received large gift in USD, but I live in Europe and the dollar is weak
- Disputing charges on a debit card thru the bank? Or calling the shipper?
| Posted: 26 Dec 2020 09:36 AM PST I initiated a rollover of my 401k account from an old employer to my current self managed IRA accounts. ADP sent me two checks, one with Roth contributions and the other with Traditional contributions. On Dec 14, I brought the checks to a different branch than I usually go to due to my local one having no bankers available due to Covid. The banker at the branch filled out transfer forms for both checks. One was to go to my Roth IRA and the other to my Traditional IRA. I have copies of the transfer forms (with correct account numbers) and copies of the deposit receipts (with the correct last 4 of the account numbers). However, only the Roth funds were deposited. I've tried calling the branch but they tell me all their bankers are busy and that they will call back when they can, but they never do. If they put me on hold, I get disconnected within a couple minutes. And if I try calling back, they won't answer. I've called other nearby branches to explain the situation and they've been friendly and somewhat helpful, but they told me they contacted the branch and couldn't get an answer for what happened. Their best guess was that a teller typed in a wrong number when making the deposit, and that I'd have to contact them to figure out how to fix it. I've called Chase customer service and they told me the same thing and that they see no pending transactions for the account the money was supposed to go to. My 401k account is zeroed out though. The problem branch is 40 minutes and a toll bridge away. I'm working 7 days week, so I would also need to take time off and lose money to go. Its just a headache and the lack of transparency makes me think I would waste my time by showing up. Who do I complain to for the quickest turnaround? Chase corporate? FDIC? [link] [comments]  |
| Credit score is around 500, how hard is it to rent an apartment? Posted: 26 Dec 2020 10:41 AM PST I've never had my own apartment before and unfortunately im staying with my family at the moment. Recently i got a better job and now that im making enough money i can finally see myself moving in couple of months however my credit score is not where i want it to be. Can I still move in a nice apartment or do i need to work on my credit score first? [link] [comments]  |
| should i switch from paycheck budgeting to monthly budgeting? Posted: 26 Dec 2020 06:34 AM PST For the past few years I've been tracking and budgeting for each paycheck. So my spreadsheet is broken down by each paycheck and then I track what needs to be paid before my next paycheck. I'm currently paying off car and 2 credit cards. The rest are the general monthly bills like cellphone, internet, etc. This type of budgeting has been working for the most part but I'm not saving. I think that I'm in the mindset of paycheck to paycheck which is preventing me from adding to my savings. I'm not sure if this makes complete sense but I guess I am trying to figure out if budgeting monthly would be more beneficial for me!! [link] [comments]  |
| 15k month income from a side business, should I get an accountant? Posted: 26 Dec 2020 11:56 AM PST 27, married, United States I started a side business in September. From there I'm now making about 15k a month from it. I also work a full time career remotely making 60k a year. I dabbled in stocks to this year and made about 6k doing that. I don't have many of any business expenses at all. Maybe like $100-$200 a month. Anyways, I called an accountant I found online who seemed to have a good reputation and reviews. He asked a lot of questions that seemed unrelated to anything he needed to know which kinda made me feel uneasy. It was just.. idk have me weird vibes. I decided I wasn't going to settle for accountant I felt that way about.. And was going to try calling around again. My whole question is.. Do I really need an accountant? My business expenses are so low so there isn't going to be much I can write off. If I do decide to use an accountant / CPA.. How much is that expected to cost me? And should I go for a bigger firm than an individual person? Also for what it is you can probably assume but that's all the info i'll be giving out related to it. [link] [comments]  |
| Just hit with $10K in taxes from moving a cash reserve certificate 2 years ago Posted: 26 Dec 2020 05:52 PM PST Two years ago I switched from Ameriprise to Fidelity. One of the Ameriprise accounts was a "Cash Reserve Certificate" which I funded every month by auto transferring from the checking account my paycheck direct deposited into to that account. It was a way to just stash money away in a separate account and institution so I could save to buy a house and wouldn't be tempted to spend it. When I changed to Fidelity, I moved over all my IRA's and had a check written for the balance of the cash reserve and deposited it in my in personal checking account, as I was getting closer to needing it for a down payment. Today I just got a letter from the IRS stating that I under-reported my "taxable income" and listed this as a security and 95% of the total discrepancy they found, resulting in almost $10K tax bill. I am reaching out to Ameriprise to figure out what's going on but am worried about needing to pay this. Can anyone explain this, and does this situation sound right? It seems very odd to me that I would pay taxes as "taxable income" because this account was funded with post-tax payroll finds to begin with. [link] [comments]  |
| Posted: 26 Dec 2020 02:06 PM PST I (21) graduated with a B.S. in Mathematics in May of 2020 and moved into an apartment by myself in the Midwest (KS) to begin my new desk job (working from home currently). Given my position and high performance, I know that I would like to stay with this company and in this city for awhile, so a home purchase has been on my radar ever since I moved in. My main question is: how long should I wait to buy a house? -Income: $52,000 Salary Paid Biweekly -Monthly Gross Income: $4,000 -Monthly Take-Home Pay: $3,000 -FICO Score: ~740 -Debt: $0 -Emergency Fund: $6,000 -Home Savings: $18,000 (+$1,500/month) -2021 Roth IRA Deposit Fund: $6,000 (+$500/month) -Roth IRA: ~$30,000 (Max every January) -401(k): ~$1,500 (3% in, 3% match) -Rent: $605/month -Food & Utilities: ~$395/month Homes I would like to purchase fall in the $150,000 range. My apartment lease ends in May of 2021 and I'm considering two options:
I would like to purchase a home sooner rather than later if it is financially viable for me to do so, thus I am leaning towards the first option. With my current $18,000 (and growing $1500/month) in allocated home savings, I could potentially use $7,500 of that as 5% down on a $150,000 home and $2,500 on upfront mortgage insurance, and whatever remains can go towards closing, inspection, and moving expenses. My monthly expenses for mortgage, FHA/homeowner's insurance, and property taxes would be ~$1030. I would refinance into a conventional loan once I surpass 20% equity in the property to lower my monthly payment. If I wait one more year, I would have $36,000 in home savings, use $30,000 down as 20% on a conventional loan, and avoid upfront and ongoing FHA mortgage insurance premiums. Monthly expenses would be ~$825. In either case, I would be able to use my dedicated $1,500 monthly home savings, as well as the $605 in rent I no longer have to pay, to cover my monthly payments as well as ongoing repair/upgrade expenses or extra principal payments. Additionally, I have several local friends who have expressed interest in renting out a few of my bedrooms after they graduate in December of 2021, so they may potentially be able to cover some or all of my monthly expenses if their tenancy occurs. Do either of the options seem more viable than the other? As previously mentioned, I would like to go with the first option so that I may get a jump-start on homeownership and equity building, but if it wouldn't be financially wise given my circumstances, I am content in waiting one more year and going with the latter option. Feel free to poke holes in my plans as you see fit. Side question: Would I even qualify for an FHA loan based on my employment history? I began my $52,000 salary position (semi-relevant to my degree) at the start of June of 2020, attended college for the past three years leading up to May of 2020, and worked part-time all throughout college, with an AGI of ~$26,000 in 2019 and ~$43,000 in 2020. Thank you Edit: Based on everyone's feedback alongside my own personal deliberation, I have decided to hold off on buying a home for the time being so that I can save more money for a down payment and upfront repair/upgrading expenses, and further decide if I want to truly purchase in this city with my company. I am in a financially stable position as it stands, and it is good to know that I could have pursued the 5% down plan if I chose to. Thank you all again [link] [comments]  |
| No job no money no car.. can’t use nursing degree Posted: 26 Dec 2020 07:29 PM PST Can someone help me figure out my best path out of this hole I'm in? Went back to nursing school as a mature student (30s).. used all my savings to move to a new state where I was eligible for loans to go to school. Graduated couple months ago .. with honours! And completely broke. It was going to cost over $1000 in state board fees to get licensed in that state, rent is ridiculous and the only job I could find was a minimum wage grocery cashier that I worked for the last few months. Started relying on payday loans to make rent and getting my nursing license was seeming farther away each day. So I took a big risk and moved back to my home state and am staying with my sister (a drug addict.. no judgement but it's not an ideal environment with her and her friends/dealers/buyers coming and going all day and night). But she's letting me stay rent free so I'm making due. I have less than $100 to my name. No car. In this city there is no public transit and it's impossible to get a job without a car. I need $400 to pay off all the nursing licensing fees here before I can become a licensed nurse, so until then the only jobs I qualify for are things like amazon warehouse, grocery, etc. But again no car so I can't get to them. Depending on food pantries for food. My credit is average (630s) but I have never been approved for a credit card so I don't have one. I can't even donate plasma because I have no way to get there without a car. I just need help figuring out what my options are and what steps to take. I'm feeling hopeless because I'm so close to being a nurse and even had offers I had to turn down due to not having my license completed. I could be making $60k plus but as of now I'm almost homeless and barely have enough to eat and those $400 in fees are the only thing stopping me. [link] [comments]  |
| Posted: 26 Dec 2020 09:58 AM PST Throwaway. I front-loaded $6000 in IRA contributions for 2020 in March (Vanguard self-managed). Since that contribution, the market has rallied and my portfolio is up by 50%. The problem is that I have been without employment (and unable to claim unemployment benefits or pandemic relief assistance) for the entirety of 2020, so I have no earned income for the year. This means that I over-contributed to my IRA by $6000. I am trying to decide if I should fix this by undoing my contribution (and paying capital gains), or instead just let it ride (and pay tax on over-contribution). To undo the contribution, I would need to pull the funds from my IRA before filing my 2020 return, and I would need to pay tax on the short-term capital gains. Since I have no earned income for 2020, my short-term-capital-gains-tax-bracket will likely be 10%. So, my tax burden (on gains as of today) would be:10% * 3000 (6000 * 50%) = $300 If, instead, I let it ride, the IRS says:
In my case this tax would be:6% * 6000 = $360 The IRS also says:
Page 36 of Publication 590-A: https://www.irs.gov/pub/irs-pdf/p590a.pdf Since the tax difference between these two paths is nominal, and I expect to have a job sometime in 2021, it seems preferable to leave the over-contribution in place and pay the 6%, and apply the contribution toward tax year 2021. This way, the investment continues to do work in my portfolio. TL;DR and summary question:Should I pay $300 in taxes to clean this up now, or pay $360 in taxes to clean it up later? (edits: formatting) [link] [comments]  |
| Posted: 26 Dec 2020 11:19 AM PST I'm in western NY. I'm considering getting a roommate to pay utilities and $100 rent. If it's possible only the $100 would be taxed, I'll reach out to a CPA to confirm. I lost half my salary due to COVID and I'm a single parent so daycare for three kids pretty much eats that. I've got savings to last a few months, but ANY unexpected repairs, accidents, medical bills, and I'm SOL. I've applied for a second job with several places, but childcare and first full time job are killing my availability. [link] [comments]  |
| Gifting or selling car for $1? Posted: 26 Dec 2020 04:00 PM PST My dad is looking to buy a new car soon and he will be giving me his 2013 Toyota RAV4, it has about 60,000 miles on it. Would it be better for him to gift it to me or sell it to me for $1? Which method would be better for both of us tax wise when transferring the vehicle, and also when we file our taxes for 2020? (We live in Washington state) [link] [comments]  |
| My credit score keeps dropping despite not having any credit Posted: 26 Dec 2020 05:44 PM PST I have a perfect credit payment history (no missed payments ever) and when I had my car loan my FICO was 782 per Bank of America's pulling of my TransUnion file. I then paid off that loan around August of this year and immediately the score dropped the next month to 764. It then suffered another hit starting in November of this year and is now 737. I have a good credit monitoring system that alerts me to any changes whatsoever to my credit (like when a new loan or credit card is opened) so it's unlikely to be fraud. I do however currently have zero credit utilization because I've been doing well financially and am fortunate enough to not need to be in any debt. Could that be a problem? Can your FICO go down 45 points or more simply if you don't put yourself intentionally in debt? Should I use my credit cards to boost my score even if I don't need to? If yes, can I pay off the CC balance within the same month before the interest hits or do I need to let it roll into a month so it's registered properly on credit files? [link] [comments]  |
| Dad gifting me money to pay off debt Posted: 26 Dec 2020 10:15 AM PST My dad recently received some money from the sale of his house. He's very generously decided to gift me $150k to help pay off my school debt. I've never received anything close to this sum of money before, and he's never gifted such a significant amount, so we're not sure of the best way to handle the transaction. Is it as simple as him cutting a personal check? Should he set up some sort of trust? Would it make sense for me to split the money between half a direct debt payment and investing the other half? TLDR: I'm feeling overwhelmed and would appreciate advice on the smartest way for my dad to transfer money, and for me to spend/invest it. [link] [comments]  |
| Posted: 26 Dec 2020 06:53 PM PST I guess I'll start by laying out my situation. I (27/m) grew up poor, and graduated college in 2015 and got a good paying job in video production straight out of college making about $100k/yr and bought a house the same year. I enjoyed the money, but the lifestyle was terrible so I switched careers and now work for the local government making ballpark $45k/yr in a job that I LOVE. I still roll with my old crowd from work, all of whom are clearing around $150k/yr at this point in their careers. I currently live with two roommates that pay $700/mo combined. My mortage payment is ~$800/mo. My assets and liabilities are as follows: Assets
Liabilities
That's it. As far as I can tell, I'm doing pretty well on paper, but I'm constantly concerned about money. Every month it feels like I'm just squeaking by, and I'm probably going to need a new car sometime in the next few years and it FREAKS ME OUT. I've considered contributing a little less to my 401(k) to give myself some liquidity, but I also recognize that's where a lot of my wealth is building so I'm very hesitant to do so. Does anyone have any advice for how to structure my finances so I'm not constantly thinking about them? I'm exhausted and I'm afraid at some point it's going to start having a negative impact on my relationships with those around me. Thanks in advance. [link] [comments]  |
| Posted: 26 Dec 2020 03:58 PM PST I'm graduating in the spring and am in dire need of some advice. First, some info about my finances:
Does anyone have any advice? I'm feeling so hopeless. Edit: Thank you all for your concerns. I really appreciate it. But I want to clarify that my family isn't being abusive: we are in a complicated situation where they just aren't able to support themselves, and I've always considered it my duty to support them as soon I start working (and am fine with the idea). I'm just worried that I don't earn enough to send $2k a month while saving some for my future... I guess I just wanted some consolation. Thanks again. [link] [comments]  |
| Looking to Purchase First Home as an Investment Any Advice Appreciated! Posted: 26 Dec 2020 06:44 PM PST Hi everyone, happy holidays! First time posting, but would appreciate any advice that you all might have for me. I'm looking to make my first investment into real estate and am green to industry from a homeowner perspective. I live in New York City and my parents live in New Jersey, so I am initially thinking of putting a down payment on a property in either of those two states for convenience. Some details about my situation below:
Again, any insight or recommendations would be greatly welcome. Thanks! [link] [comments]  |
| Posted: 26 Dec 2020 02:21 PM PST I've started reading about the ability to roll your 401k over to a ira while you still work for the company, but I can't seem to find much on transferring it to another 401k plan. Is that possible to do? [link] [comments]  |
| Posted: 26 Dec 2020 03:07 PM PST TL;DR Should I spend $1300 to fix my old car and pray it'll run fine for another year or two, or get a newer old car and sign up for 4-6 years of ~$250/mo payments? Hey everyone, I recently decided to really take my first steps towards becoming better at handling money. I'm fortunate I didn't end up with insane amounts of debt, but I'm always living paycheck to paycheck despite making decent money and I'm just.. over it. I started reading Dave Ramsey's Total Money Makeover book and it's already lit a fire under me, but I have an issue that needs to be taken care and that clashes from what I've learned from the book, so I was hoping for some outside opinions. My wife and I share an old 1998 Jeep Cherokee with 140k miles on it. It recently broke down (again, I spent $1k or so to fix another issue in September 2019) and the mechanic's estimate is $400 to make it run and drive again, and $900 to fix radiator and other issues so it can run properly again. My wife works just 10-15 min from home, while I work from home and occasionally (3-5 times a month) take photos for a store 35 min away from home. I used to drive all over to shoot weddings 6-12 times a month before the pandemic, so that may happen back in a few months when things go back to somewhat normal, but who knows.. Before I started reading Dave's book, I was planning on paying the $400 to get the Jeep running again, take it home, then get the cheapest available used car I could find through Carvana. I say Carvana because our credit is abysmal and we have no savings, they have a decent (read: awful, but decent considering our credit) APR and $0 down deals, so we could get a used car for like $240/mo if we put down a few hundred bucks as a down payment. We've been paying an extra $250/mo on rent for the last 6 months to make up for the 2 months we couldn't pay due to Covid 19, so I figured that money could now be rerouted to the car payment. Then eventually I could set aside the extra $900, finish fixing the old car and have two working cars (or sell the Jeep and get money to buy a newer car in cash). Then I started reading Dave's book and it made me even more wary of adding another monthly payment to our budget (more so than usual since I always hated owing money to creditors). I started thinking that maybe it would be better to pay the $1300 to fix the Jeep, use the extra $250/mo (plus any extra income) to set up a $1000 emergency fund in case the car breaks down again (which we should be able to build up in 2-3 months tops), then pay off our credit cards and start saving to buy a used car with cash in a year or so from now. We "only" have about $550 in credit card debt and a few hundred in past due utility bills so our debt isn't out of this world and we should be able to take care of it in just a few months if we avoid spending on useless stuff (and I'm planning on being ruthless with my budgeting to avoid any kind of frivolous spending). What would you do in this situation? Take a gamble on fixing the old car and hope it'll run fine after that (this set of repairs should finally allow it to do that and those Jeeps can last well past 300k miles), or get a newer car that may require less maintenance but with the downside of adding an extra monthly payment for 4-6 years (not considering potential refinancing when my credit improves or the possibility of paying it off early)? Any other options I'm not considering? For what it's worth, this month we ended up with quite a lot more money than usual thanks to me having a lot more photoshoots because of the holidays, so whether we fix the Jeep or get another car we'd still have $800+ left after all bills are taken care of. Sorry for the long post, just wanted to include as much info as possible. Any advice is appreciated, thank you! [link] [comments]  |
| How long does it take a credit score to bounce back after paying off a loan? Posted: 26 Dec 2020 07:46 PM PST I will be paying off my car loan the same year I plan to buy a house (2022). It should be June for the payoff, around November for the purchase. I expect my credit score to dip when I pay off the auto loan, but how many months should it take to rebound? [link] [comments]  |
| Reporting income as a private tutor -- potentially a special case? Posted: 26 Dec 2020 03:26 PM PST I tutor once a week alongside my full-time job. I have only one client and receive payment from them through Venmo. I don't consider myself a personal business or self-employed. Do I need to report this income? It is minuscule compared to my full-time job salary -- I just tutor for fun :) [link] [comments]  |
| Is it common for credit unions to use the same interface? Posted: 26 Dec 2020 09:21 AM PST I have accounts with 4 different credit unions. Two of them, service credit union and patelco, have the same layout. The other two, first tech and redstone credit union, share a different layout. Is this common among credit unions? Why do some CUs share the same layout? [link] [comments]  |
| How do I make the most of my Income and Save on Taxes? Posted: 26 Dec 2020 03:19 PM PST 27M, I have a basically minimum wage part time w2 job that I've made ~$23.5k and also self employment 1099-MISC income where I've made ~$24.5k so far in 2020 with <$1k expenses. I have a 401k with my w2 employer where they match %5 of contributions and I put in %6 taken from my pay checks. All my income goes into the same bank account so it's a little confusing but I opened an HSA last year which I put the maximum contribution in to save on SE taxes and will do that again. I have a marketplace health plan but just became eligible for employer insurance so I'm switching to that for next year (also HSA eligible and employer contributes $300). I was keeping as much as I could in a High Yield Savings account, but it's not doing much now that the rates are so bad. Just began investing some of my HSA balance. Have an Amazon Prime credit card that I use to pay for daily expenses and pay off regularly, also have no debt of any kind. Is there anything else I should be doing or changes I should make to make the most of my money and save on taxes? I'm guessing 401k contributions that come out of my w2 paycheck aren't deductible on my Self-Employment income right? Same with employer health insurance premiums? Thanks for any comments. [link] [comments]  |
| Posted: 26 Dec 2020 07:00 PM PST Hello, I was hoping someone can give me insight. I currently own a home and live in it. Theoretically speaking, if I want to buy another, and keep the current home to rent out. Would the lending company still require a 20% down payment for the second home? Or no since it would become my primary home? I know lending companies require a 20% if I buy an investment property, however I'm not sure if that's the case if I buy another property that's my primary home. Thank you. [link] [comments]  |
| Received large gift in USD, but I live in Europe and the dollar is weak Posted: 26 Dec 2020 06:32 PM PST Hi all, I'm from the US originally but I'm living long term in Europe (0% chance I will be moving back). I've recently received a gift of 30k USD - which is great - however I'm bummed about bringing it back into EUR given how weak the dollar is compared to a few months ago. I have some significant expenses in the near future for which the money could be useful, but nothing where I would absolutely need it. Also, my wife is vehemently against stocks so that's a no-go (we have invested in real estate). Right now I'm between the two following options: 1. Put the money in a "high" yield savings (Amex has .5% a year for example) and wait until the dollar turns around, even if it's a year or two down the line 2. Just bite the bullet and transfer the money to EUR. This would allow me to buy a used car 100% cash (instead of leasing as I'm currently planning to) or make a bigger down payment on an investment property I just bought (interest is .95% so it won't be a huge savings) Which of the options do you think is better (or do both suck)? Any other insight you could provide? Thanks very much for your help!!!! [link] [comments]  |
| Disputing charges on a debit card thru the bank? Or calling the shipper? Posted: 26 Dec 2020 04:06 PM PST Hey guys. So I ordered two Christmas gifts that were suppose to be delivered by FedEx. Both said they were delivered but I still do not have them nor do my neighbors. I'm missing $1000 of items I ordered between the two and FedEx doesn't seem to give a care in the world. Being said, I paid with my debit card as a I don't have a credit card yet.... can I dispute the charges with my bank being I never got my items? Or do I need to go the shipper to give me a refund? [link] [comments]  |
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