Personal Finance Reclassified as 1099 with zero days notice. Adjusted compensation package "forthcoming." Unsure of next steps. |
- Reclassified as 1099 with zero days notice. Adjusted compensation package "forthcoming." Unsure of next steps.
- Just turned 18 less then 5 days ago and I am starting to receive monthly payments.
- 32 and trying to get it together
- I'm a 26-year-old looking for some guidance and advice
- Start saving for my 6MO son - What would be the best way?
- Bank “insisting” we spend more
- Deep in debt and just got divorced. Trying to figure out my next move.
- 43, maxed out in debt. Need some direction
- Vanguard reinvested my ETF dividend at the wrong price. It may have happened to you as well.
- Received $600 from IRS yesterday but do not qualify, how to handle?
- Catching up in my 30s
- Programmer asking for a 4 day workweek?
- Brand new to investing, thinking Vanguard?
- Why in the world do backdoor Roth IRA conversions exist?
- Purchasing my parents house to take over their mortgage. Should I purchase for the remaining balance of the mortgage vs. fair market value?
- [US] The bank that holds my car loan does not allow me to see any statements regarding the loan. No history, nothing. Is this normal???
- Is this a good strategy to invest for my child?
- My Father-in-Law wants to give us money for a down payment, can we do it without getting screwed by taxes?
- Settling medical bills for deceased parent
- How to manage a windfall?
- Roth IRA - What to do
- Need a quick word of advice
- A better option than a 529 for my friend's kid?
| Posted: 31 Dec 2020 09:32 AM PST My wife provides services for people with special needs. We moved across country several years ago and she retained her position, working part-time remotely since the move. Until now, she was paid hourly. Today she learned by email that she is being reclassified as 1099 as of the new year, and that the full details of the new compensation package would be available sometime next week. So, she has no idea what she'll be making and zero working days to figure out the tax implications. So...any good resources for what a person should do when they find themselves classified as 1099? [link] [comments]  |
| Just turned 18 less then 5 days ago and I am starting to receive monthly payments. Posted: 31 Dec 2020 10:44 AM PST My mom told me a few days ago that she would be putting money into my account at the end of every month. She said so that I could save for a new car. So I just received a large amount of money under the name " SSA TREAS 310 XXSOC SEC". Backstory: my mom is retired and my dad died a few years back also being retired. So really what I'm trying to get at is knowing if the money is coming from her or was it already going to be mine once I turned 18. If anyone could pls explain this to me, I'd be so appreciative. [link] [comments]  |
| 32 and trying to get it together Posted: 31 Dec 2020 05:14 PM PST I'm 32 years old, currently in therapy, recently sober, and trying to fix everything that I did wrong during my more self destructive years. Trying to put the years of anxiety, depression, bipolar disorder, and alcoholism behind me, and focus on a positive future. Trying to save for a down payment for a house in the next two years. Blah blah blah sob story, I will cut to the chase - Ultimately I'm trying to improve my credit and save for a down payment on a house. I finally checked my credit report today for the first time in my life and I need some advice. To improve my credit score can I call these companies and negotiate the cost down/get them to delete them from my credit report? OR should I work with some local credit repair company who would better know how to do that. (Nervous about getting scammed) OR should I work with a national credit repair company? This is what appears on my credit report - My credit score is 567 - Two open accounts Student loan - $17,144 Student loan - $11,031 Open account total = $28,175 10 closed accounts Check credit or line of credit (6 years)- $12 Car lease (5 years) - $3,147 Dental credit card (5 years) - $354 Credit card (5 years) - $595 Check credit or line of credit (5 years) - $427 Factoring company (2 years) - $378 Collection department (2 years) - $144 Collection department (1year) - $139 Credit card (11 years) - N/A Check credit or line of credit (11 years) - N/A Closed account total = $5,196 Total = $33,371 Any advice on where to go from here would help me so much. [link] [comments]  |
| I'm a 26-year-old looking for some guidance and advice Posted: 31 Dec 2020 10:39 AM PST I am a 26 yo making about 53k as a second-year teacher. I am very fortunate that I currently do not have any debt or rent to pay. I hit my 50K savings goal this year and just transferred some money to my Roth IRA and into stocks this month. Currently:
My credit score is 807 I'm looking to either move out and/or go back to school to get my masters in a year or two. I want to see my savings do something for me rather than sit there, but I'm not sure where I should invest (403b, life insurance, stocks?). My ultimate goal is to live comfortably by my late 30s+ and have money saved for, hopefully, early retirement. Not sure if it's possible to have both. I'm just starting to focus in on my personal finances so any guidance or advice would be appreciated. [link] [comments]  |
| Start saving for my 6MO son - What would be the best way? Posted: 31 Dec 2020 07:50 AM PST Since Christmas has just pasted my 6 month old son has generously received a couple of checks from the rest of the family. This has sparked a fire under me that I really need to set up a proper savings for him. Here is what has been going through my mind so far: -The easy way would be just to open a Savings Account under his name but the interest rates are basically nothing. -CDs are an option but not sure if they are still worth it in today's market. Also if I decide to put away money every month for him, having that money just sit in a savings account and waiting to open another CD seems tedious and not efficient. -529 Index Fund is an idea but I want him to have a the freedom to use the money saved up to buy his first car like my father did for me. Would the penalty for not using the funds for education be worth it? -Dividend Stocks are on the top of the list of possibilities but not sure if it's the right move. I am probably missing other good investing ideas for him or maybe I am just overthinking this? Any advice on this would be greatly appreciated! EDIT: Thank you all for responding and giving me your examples of what you have done with your kids! It seems investing in a low cost index fund is the way to go with the amount of years his money will sit in there and without it being locked into education. [link] [comments]  |
| Bank “insisting” we spend more Posted: 31 Dec 2020 03:25 PM PST So we're approved for over $750k on a mortgage. The lender is kinda pushing the fact we should be spending way more than the $200k we're aiming for. Saying how we won't be happy, it'll be a mistake, good ol' fashion "I told you so." We don't live a luxurious lifestyle, we're happier sleeping out of tents in the mountains than at home so we don't want to spend a ton on a house and be "mortgage broke." We both took 3 months off this year to kinda just chill and do some skiing. With a fat mortgage we wouldn't be able to do that. We want the flexibility of being able to leave the house for months/years at a time to travel and not have it be a monthly burden. The lender is at this point being disrespectful. I get it's their job to upsell as they make more money on the larger sum we borrow. It's our first time, so I'm not sure if this is how they all are or not. Any insight? I'm thinking about switching lenders, mind you it's the same institution that I do all of my banking. [link] [comments]  |
| Deep in debt and just got divorced. Trying to figure out my next move. Posted: 31 Dec 2020 04:04 PM PST I am 36 and recently divorced, this and Covid really hit me and my credit hard. I stand currently with 2 home in AZ with about $220k in equity each and a beachfront condo in Mexico that I own free and clear ($300k) . I am currently renting an apartment in Denver to be with family. I am about $80k in debt which includes personal loans, credit cards and a lump sum I owe to the ex. Each of the AZ properties cash flows about $800 a month net and the Mexico property about $1200. My plan is to sell one of the properties in AZ, pay off my debts excluding the one other mortgage I would have and take the $140K leftover and buy another rental property in place like Texas or New Mexico in cash. Let that money sit in the market while I rebuild my credit and in a year or two either cash out refi or sell and take that money as a down payment for a house in Denver or AZ as my primary residence. Thoughts? [link] [comments]  |
| 43, maxed out in debt. Need some direction Posted: 31 Dec 2020 07:24 PM PST I work in IT. I do very well in my job. Make 80k and have an employer who offers a 401k and gives 3% as long as we give at least 5%. I am a problem solver and do very well in IT because of that. However I have issues reading books and can't handle large reads at all. My attention goes elsewhere. ADHD I guess. No direct idea why I have difficulties there. Not looking for a reason/excuse but relevance to this is my want to do Dave Ramsey Financial Peace University but no one near me that I have found offers classes or help and trying to follow books etc is more than I can handle with the rest of the stress in my life. I have issues with impulse buying and I do good refraining and will pay down some cards then something sets me off and spend I'll do. I have about 33k in debt with credit cards and vehicle loan and really need to find a way to budget properly. I can follow a budget once I get everything sorted and have logic behind why I'm paying/spending. Does anyone have any recommendations on literally ideas to help get me into the right direction. Is there any online Dave ramsey classes? Or something similar that can help me get to where I need to be without costing me tons more money I really don't have to spend. Appreciate any advice direction provided. [link] [comments]  |
| Vanguard reinvested my ETF dividend at the wrong price. It may have happened to you as well. Posted: 31 Dec 2020 07:17 PM PST Just logged into my Vanguard account to casually look at my end of year performance. I noticed something that didn't look right. Under cost basis in my Roth IRA account, it says it re-invested my December 28th VOO ETF dividend at $3+/share higher than VOO's all time high. I checked with my sibling who also has a Roth IRA with Vanguard and they too reported the same issue. Though their price was $1.50+/share higher than VOO's all time high. Furthermore, I hold VOO in 2 other types of Vanguard accounts including a taxable brokerage account. The prices for those dividend reinvestment were within market range, but the numbers reported in the cost basis did not match the numbers reported on transaction history (by as much as $0.60 a share). I don't know which number is accurate - maybe neither. This is extremely worrisome. [link] [comments]  |
| Received $600 from IRS yesterday but do not qualify, how to handle? Posted: 31 Dec 2020 05:03 AM PST I had $600 deposited into my checking act. by the IRS yesterday, but I made $130k last year so shouldn't qualify. Should I expect the funds to be withdrawn / taken back out of my account in the next few days? Or will I end up paying this back in some form when I file my taxes? I didn't qualify for the stimulus check in April due to income, not sure how/why I received the $600 yesterday... I'm assuming uncle Sam pulled the wrong lever on the money machine? Thanks for your input! [link] [comments]  |
| Posted: 31 Dec 2020 11:48 AM PST 30f, single, no kids, got a new job making 80k in HCOL area Saving/investing in my 20s was challenging because of higher ed expenses, moving out of family's home as soon as I could, working in a traditionally lower-paying sector, and having fun. Now with a higher income, I'm trying to catch up! Here's what I'm working with: 22k in savings 1,700 in stocks on Robinhood 6k in Rollover and Roth IRAs New 403b with 3% employer match Excellent credit Expenses: 1,100 in rent and utilities Aggressively paying off my only debt of student loans, 14k remaining with interest rates hovering around 6% Other expenses are relatively low, esp. with Covid, no car and working from home for now I'm planning to contribute and max out my IRAs once my loans are paid off. I'm aiming to be debt free by May 2021. I will likely open a high yield savings account even though rates are quite low at the moment Moving forward, I'd like to continue contributing max amounts on the IRAs and taking advantage of the employer match on 403b. I'd also like to grow my savings for a home purchase in the future. Am I on the right track? Are there better moves I could make? Edit: formatting [link] [comments]  |
| Programmer asking for a 4 day workweek? Posted: 31 Dec 2020 08:11 AM PST So my year anniversary at my company is coming soon. It's a smaller company that's been rapidly expanding, and I was hired at the halfway point for pretty relatively small amount (it was an entry level programming gig for a position that called for 1+ years of experience.) I consider myself very blessed to have this job, and have been able to save a bit and pay a good chunk forward to different charities/friends in need. Since then I've made a pretty big impact in my position, expanding way beyond my role as a programmer and taking charge of projects. Since it's still a startup, the roles are loose so I've been able to do that. The result is I think my standing in the company is rather good. Recently, however, I learned that my coworker (same title) is being paid around 53% more. He did come in to the job with more experience, however, Now, the kicker is that I've also been suffering from some mental issues that are harming my productivity (BP2, it's highs and lows and the lows really suck.) I'm muscling through it to get about the same amount of stuff going as usual, but I can't sustain that indefinitely. If I want to take my mental health seriously, I need more time to myself to have stuff like a regular therapist appointment and other just chill down. So with that, I'm considering instead of negotiating for a raise, I'm going to negotiate for a 4 day workweek. I was thinking first negotiating for a very solid 15% raise since I feel like I've done a lot for the company and my standing is rather strong. But then give them the option of saying, well, what I'd prefer over that instead is just the 4 day workweek and no/minimal raise. I'm fine with my salary as is if it means I have more time. I believe I can get the same amount of stuff done, just probably a lot better at it. Does this sound reasonable? Or is it too soon? Is mental health a strong enough justification? How would I avoid this backfiring (for example, them giving me neither/thinking I'm not dedicated to the company.) I feel like I've made my dedication clear, but this request may be considered unusual so the phrasing might need to be made? Could I use the fact I know my coworker is being paid 53% more as leverage for asking for a higher raise then use that as leverage for saying I would rather have the 4 day workweek (which would give them the same/better productivity for a cheaper price?) [link] [comments]  |
| Brand new to investing, thinking Vanguard? Posted: 31 Dec 2020 10:54 AM PST A little background, is a 23 year old in the Marines and I just got my reenlistment bonus. With taxes taken out already it's about $68,000. I don't want to touch it or blow it and would rather put it away to where it can grow. I've talked to my parents and my dad suggested Vanguard and putting it into the SP500 but warned me against putting it all in at once. I'm sorry if this question has been asked a million times but I'm really just wondering if there is a better route to take to see a better return in 20ish years? I want to invest the entire $68k since I already have a sizable savings account and a TSP setup with 16% of my salary going towards it each month. Thank you for any help! [link] [comments]  |
| Why in the world do backdoor Roth IRA conversions exist? Posted: 31 Dec 2020 02:20 PM PST I've been doing research on traditional IRAs vs. a Roth IRAs. If your income is too high to contribute to a Roth IRA, you can simply contribute to a traditional IRA and then convert it to a Roth. The instructions for doing this seem to be literally "contribute to your traditional IRA, then hit a button to convert it to a Roth IRA." Why in the world are there income limits on a Roth IRA at all if there's a simple (but annoying!) workaround? I can't find anything that tells me why Congress set up this seemingly dumb system. [link] [comments]  |
| Posted: 31 Dec 2020 04:50 PM PST Hi PF, I'm an 28yr old working professional in need of guidance. I'm not so bright in the finance area, and even after spending hours reading through reddit posts and online articles, I'm still a bit confused... I would love to receive some advice/info from everyone. My parents are growing old and they're having difficulties paying off their mortgage. In order to help my parents out, we talked about me purchasing their house to get a better interest rate and help them with their monthly payments. Our first idea was to purchase the house for the remaining balance of the mortgage ($110k) -- until I read other posts talking about pros of making the number be as high as possible/selling the house at a fair market value (around $240k) and receiving gift of equity + not dealing with capital gains when I sell the house in several years when my parents are ready to retire (my parents don't want to stay in the area). I saw different scenarios and mentions of taxes on the equity, gift tax, lifetime exclusion, tax forgiveness on capital gains, etc... and this is starting to go a little over my head and I want to make sure I don't miss out on anything. Would it be better for me to purchase the house at its fair market value then have my parents gift me a gift of equity of $130k? Or purchase the house for the remaining balance of their mortgage and potentially dealing with capital gains when we sell the house later on the difference? Any thoughts or advice on this situation? Additional info about my current situation: - This will be my primary residence but I will most likely move out to an apartment again when Covid response teleworking policy gets retreated at some point in 2021. (Will this cause any issues or there be any tax implications for owning a home in one state and living in another?) - We have about $30k saved up that we can use to put towards down payment and avoid PMI. - My parents have no other significant assets, I'm not married, we plan on selling the house in about 5-6 years. Thank you for reading! [link] [comments]  |
| Posted: 31 Dec 2020 04:47 PM PST I bought a car through a bank a couple of years ago. I've been working hard to pay it off ahead of time this year, but it seems like after making some significant payments earlier this year, there's more and more money left on the loan every time I check it. I can't get any sort of history or statements or anything for this loan. I'm not set up as paperless or anything, they just refuse to provide anything. I've never been late on a payment, didn't stop paying due to corona. What gives? Does this sound normal? Bank is Fifth Third bank. I messaged a CSR and he says they don't provide that information at all. The only thing they can do is mail me some sort of statement in 5-7 business days. Will paying off this loan next week instead of today accrue more interest or anything? Thanks in advance. [link] [comments]  |
| Is this a good strategy to invest for my child? Posted: 31 Dec 2020 12:06 PM PST Hello, first post here. I have read the Wiki on investing and investing for children. I know UTMA/UGMAs are often recommended, but I want to see if my strategy is ok too. I'm smart enough with money, but not super smart with investment terms. My daughter is 1.5, her dad and I are unmarried but make a combined $150k or so. We have very little debt other than a mortgage, savings are ok, retirement is ok. She is and will be an only child. We're in our mid-30s. We don't want to do a 529 because quite frankly we don't know what college will look like in 17 years or if she'll want any sort of higher ed, and don't want to lose money in a 529 if that's the case. So my thought is taking about $4000 and investing it in the following Vanguard ETFs: 40% BND 30% VTI 24% VXUS 6% VNQ And then more or less letting it sit there, adding birthday/holiday money to it as needed. Then when she's 18 she can use this money as she needs. Can her dad and I open a joint account in our names? Should we open one in her name? Is there a better option that can be ELI5? She won't qualify for federal aid/FAFSA assuming our incomes do not drastically decrease, so we're not really worried about impacts there. [link] [comments]  |
| Posted: 31 Dec 2020 06:23 PM PST My FIL is willing to give us up to $200k to help with a down payment. Is there anyway for him to give us that money without us losing a whole bunch of it to the IRS? [link] [comments]  |
| Settling medical bills for deceased parent Posted: 31 Dec 2020 01:46 PM PST My dad passed away earlier in December, leaving my mom the sole owner of their bank account and their house. They had a really difficult three years in which one or the both of them got really sick, which meant there were a lot of medical bills that didn't get fully covered by insurance, some of which were unpaid and eventually went to collections. I am helping my mom deal with this now. I have two questions:
Thanks for the advice in advance. I will also add (if someone mentions that debts will be paid by the executor of the estate before inheritances are distributed) that no estate has been opened because my mom is the joint owner on the house and the bank account, so those assets passed directly to her (no wills, also). The only other thing we have are two cars registered solely to my dad, which we will also need to deal with (see my post history). [link] [comments]  |
| Posted: 31 Dec 2020 06:18 PM PST In the next coming weeks I will be receiving a few hundred thousand dollars from an inheritance which my SO and I have already decided will go towards buffing up our retirement savings. I have a few questions about how to do it. Basic info about us.
So, with all that in mind, our immediate plan is to open up IRAs for both my SO and I. Should we do traditional or Roth IRAs? Beyond that, I am at a bit of a loss about what to do with the rest. We want to invest it but I start getting overwhelmed when thinking about how to best manage everything. I know we can each up our 401k contributions to $19,500 each but reducing our monthly income to accommodate that feels scary. We have a very comfortable budget based on our typical spending. Of course we could use the windfall to supplement the loss of monthly income but then we would need to keep it liquid and lose out on the gains we could get by investing it. Plus I worry that having liquid make it more susceptible to us nickel and diming it away, because we do tend to be spenders. If it is invested, I know we won't touch it unless something catastrophic happens. What is the middle ground approach? [link] [comments]  |
| Posted: 31 Dec 2020 04:41 PM PST Completely on me for not realizing this until right now but for the 2020 year I was dropping 500 a month from my savings into my roth Ira, at the start of the year I was working part time, but have been on unemployment since February.. The unemployment income is taxed if that makes any difference. My question is I realized I did not make 6k in wages this year due to covid but I maxed out the roth contributions. So what do I do know, how much is this gonna bite me in the ass lol [link] [comments]  |
| Posted: 31 Dec 2020 05:58 PM PST I'm 17 and have ~$6000 saved. I'm lucky enough to have the costs of college and housing covered, so I really won't need the money for a long time. My Dad got me a TD Ameritrade account for christmas. Index funds seem like a good idea to me since I don't know what I'm doing, but my dad does, and seems to want me to invest in more individual companies. I looked at some of the sub resources, but there is too much that I don't know to make anything out of it. Would I be better off investing in an index fund/something similar, or what my dad suggests? [link] [comments]  |
| A better option than a 529 for my friend's kid? Posted: 31 Dec 2020 02:01 PM PST Hello everyone, I would like to help the only child my friend has with their education. The child is less than a year old and I have plenty of time. My concern is when I was reading about noncustodial persons starting a 529 the withdrawals count as income for the student and would impact financial aid. Is the 529 the best course of action? If not what would you recommend? Are there other implications I should be aware of before launching this undertaking? [link] [comments]  |
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