Personal Finance Larger unit in apartment building is going for less than my studio. Anything I can do? |
- Larger unit in apartment building is going for less than my studio. Anything I can do?
- I can't afford my new company's health insurance and don't know what to do.
- You Can Deduct Student Loan Interest on Your 2020 Taxes Even if You Skipped Payments Last Year
- I have extra money, should I payoff mortgage or invest?
- Father is stealing tax returns and government relief funds. What can I do to make sure this does not happen again?
- What are 80-20 activities for personal finance?
- Would it be a terrible idea to ask my employer if I can work less time for a pay cut? If not, how do I broach the subject without putting myself at risk of termination?
- My name is on my parents mortgage. What are my options to get it off?
- HELP consequences of fraud
- Medical debt exceeds value of Dad's estate
- Does recasting make sense if paying mortgage down in 3 years anyway?
- 2020-2021 goals
- Question about how Long Term Capital Gains Tax Works
- If you use credit cards, other than points/rewards what hidden feature do you use?
- Accidentally Deposited a Fraudulent Cheque
- Closing a credit card
- is it better to have no HSA and no deductible or copay OR to have deductible and copay and HSA?
- Question about filing US tax returns while living and working in the UK?
- Promised raise to come back, 11 weeks later still no raise or back pay. Now making less than minimum wage.
- Is selling stock from a deceased person taxable?
- Is this a mistake with and IRS and what do I do?
- 19 yrs old, would appreciate advice about savings and help to make a plan.
- 17 and will be homeless at the end of this year.
- Should I continue aggressively paying down my student loans?
- People with unique jobs, do you consider job replaceability in your house budgeting?
| Larger unit in apartment building is going for less than my studio. Anything I can do? Posted: 09 Jan 2021 08:46 AM PST Just heard in the elevator someone showing people units. They said a one bedroom is going for 1200. I'm in a ALCOVE a fancy word for studio for 1424. Anything I can do? I just signed for second year lease back in October. [link] [comments]  |
| I can't afford my new company's health insurance and don't know what to do. Posted: 09 Jan 2021 10:10 AM PST My family and I recently moved from Indiana to Utah and I'm filling out new hire paperwork for my new job. The insurance costs are ridiculously high and I can't afford even the cheapest option. My son has a pretty serious heart condition so we will most likely pay the maximum out of pocket amount every year. The cheapest family plan is over $600 a month with a 12k deductible and 13k out of pocket max. The other 2 insurance plans they offer are not any better. Does this seem really high? Should I find a different job with better health insurance? Im not really sure what my options are at this point and any advice would be greatly appreciated. Edit* Thank you so much for all the very helpful comments and helping me better understand the situation I'm in. I have a lot of phone calls to make on Monday and I believe I'll get this all figured out thanks to you awesome people! [link] [comments]  |
| You Can Deduct Student Loan Interest on Your 2020 Taxes Even if You Skipped Payments Last Year Posted: 09 Jan 2021 05:54 PM PST How Does the Deduction Change for Federal Borrowers This Year? More that 35 million federal student loan borrowers have been in an interest-free forbearance period since mid-March. The value of the student loan interest deduction this year will be a lot smaller for most of those borrowers. Instead of claiming the total interest paid over a 12-month period, most borrowers have only paid interest for January, February and the beginning of March, before the CARES Act set interest rates to 0%. There are still plenty of people who can claim the full interest deduction this year. There are millions of borrowers with private student loans who weren't granted any relief on their interest rates this year, though some may have gotten temporary hardship forbearances from their lenders. There are also millions of borrowers with older federal loans that did not qualify for the relief in the CARES Act. That includes borrowers in the Federal Family Education Loan (FFEL) program, through which the government backed loans that are actually owned by commercial lenders, and those with Perkins Loans, some of which are owned by colleges. There are also income cutoffs to qualify for the maximum value of the deduction. If you're a single filer, you need a modified adjusted gross income of $70,000 or less. If you're married and filing jointly, the cutoff is $140,000. Borrowers earning up to $85,000 (single) or $170,000 (married) can qualify for a partial deduction. (Those income limits are based on the IRS's most recent guidelines, but the agency hasn't released a 2020 update yet.) Loans that count toward the deduction include any loan used to pay for an eligible student (you, a spouse or a dependent) for qualified education expenses, such as tuition, fees, books, supplies, and room and board, at an eligible institution. Finally, there are a few other stipulations to be able to claim this deduction, including that your filing status isn't married filing separately and that you can't be claimed as a dependent on another person's taxes. You also can't claim the deduction for payments you made on someone else's behalf (like a parent helping a child pay off debt). Since this is a deduction as opposed to a tax credit (which reduces your tax bill dollar-for-dollar) it takes a little math to figure out how much the deduction is actually worth. The maximum benefit from the student loan interest deduction is $550 this year, but the average amount — even in a typical year — is smaller. The average deduction is about $1,000 according to IRS data, which suggests that the average benefit is around $200, says Mark Kantrowitz, publisher of Savingforcollege.com. The value of the deduction depends both on how much a borrower earns and how much interest they're paying on their loans. Say a borrower has the average student loan balance of about $37,500 at 5% interest and is on a 10-year repayment plan. They'll pay more than $10,250 in interest alone if they make only the minimum payments for the full repayment period. That breaks down to roughly $1,800 in interest they could deduct in their first years of repayment. (As you continue reducing your principal, the amount of interest paid also declines.) If you earned $50,000 and paid $1,800 in interest, the deduction would save you $396. Of course, there are millions of borrowers who have six-figure student debt balances, and plenty who have interest rates well above 5%. Private student loans often carry rates that are double that. Borrowers with large balances or high interest rates can more easily hit the $2,500 maximum deduction. [link] [comments]  |
| I have extra money, should I payoff mortgage or invest? Posted: 09 Jan 2021 03:24 AM PST Backstory, I (with wife) have a home that cost about 268k with 4.something% interest. Bought it a couple of years ago with 20% down. So it's down to $210k. Monthly mortgage is about 1k and change. The first couple of years, we've been putting extra $1-2k to the principal. Just mid of 2020, we've started adding extra $1k, which now totals to a consistent $3k to the principal. Fast forward, we're now down to about 170k as of today. With a consistent $3k going to the principal, we're estimating we'll be able to payoff in a little over 4 years. That's our ultimate goal! Wife and I basically wanted to pay off our mortgage fast, and be done with it. We have no other loans aside from the mortgage. We've also been toying with the idea of getting s slightly bigger place, which will probably cost a lot more (perhaps a little over double than this place). So after we payoff our loan, that extra money goes to savings account for a down payment. In addition to the $3k, we have about another 1k (more or less) every month. Currently, it's divided between my kid's savings and the rest goes to a short term savings which is meant for us to use to do something fun (expensive vacation, buy new expensive TV, etc). We already have our emergency money set aside. Some of these cash are sitting on a money market (emergency, child savings) and the short-term is sitting on regular bank. Anyways, we've been toying with the idea of investing, but we both have very minimal knowledge when it comes to it. So we've been hesitant. Although just recently, we've started talking to a financial advisor and decided we're gonna put some of our extra 1k to investment, perhaps in a mutual funds. However, it just occurred to me: instead of putting all the extra $3k to the mortgage, what if we put half of it in a short-term investment? This way, part of still goes to the principal and the other half is earning returns. Then in 4 years, we could harvest the money from our investment and payoff the mortgage, which still puts on track of our ultimate goal. I'm sure the whatever the returns from that short time won't be big enough but it's still something. My wife, however, is hesitant because she's scared of the market crashing down within those 4 years, then we would have lost and not be able to pay off our mortgage. Thoughts? Looking for some real insights, advice. P.S. I should also mention that 15% of our salary goes to our 401k. Which we also recently started doing mid of last year. The last few years, we've had it about at no more than 5%. Just to put this in the equation just in case. [link] [comments]  |
| Posted: 09 Jan 2021 11:53 AM PST The gist of my story: I'm 23 years old graduated summer of 2019, I have let my dad help me file my taxes last year (Because I've never filed them before in my life). My relationship with my father has soured since then (for other life reasons). But its just come to my attention that my father seems to be routing my tax returns and the government relief checks to his own bank account instead of mine. Is there anything I can do remedy this with the IRS? What can I do to make sure this does not happen again? Thanks for the help Guys! [link] [comments]  |
| What are 80-20 activities for personal finance? Posted: 09 Jan 2021 06:01 PM PST I've been trying to apply the 80-20 rule to my personal finance. For a refresher: The 80-20 aphorism asserts that 80% of outcomes (or outputs) result from 20% of all causes (or inputs). What do you think are 20% activities? Here is a list I came up with and currently do. But, I'm wondering if there's more effective things I could be doing. What are your thoughts?
Any advice would be appreciated. [link] [comments]  |
| Posted: 09 Jan 2021 04:04 PM PST Hello, all. I am currently working as an engineer at a small-ish defense contractor in California. All in all it's one of the best jobs I could ask for in this field, but I've ended up feeling dissatisfied. I'm sure everyone feels that to some degree, but lately I've had multiple minor health issues that have turned out to be due to stress, and that has caused me to start rethinking my current and future employment. In my head, the best case scenario would be to continue to work this job in a manner where I work half of the hours that I worked before, and take home half the pay. I've never known anyone who's done something like this, so it feels like I'm being foolish to even entertain the idea of asking management about it. Does anyone here have any relevant knowledge or experience? Any advice is appreciated. For further information, here's my current pros/cons of this wild hare idea: Pros:
Cons:
How misguided is this idea, and what things should I start thinking about ahead of time? Thanks for any input. EDIT: I consulted the employee handbook and part time employees working more than 24 hours/week are eligible for benefits, some of which are on a pro-rata basis for part time [link] [comments]  |
| My name is on my parents mortgage. What are my options to get it off? Posted: 09 Jan 2021 02:17 PM PST Long story short I let my parents put me on the mortgage for our new house because I have great credit and it saved them 1% on the interest rate. (I know, I know). They're trying to refinance but the debt-to-income is wanky cause dad is semi-retired. They're offering an FHA loan, which they would qualify for, but that wouldn't change the payment a lot - which is half of why they want to do this, other part being to get me off the loan so I get qualify for a mortgage in the next couple years. In the event that they can not refi, what are my other options for getting off this thing? [link] [comments]  |
| Posted: 09 Jan 2021 07:18 PM PST Help with consequences of fraud. I'm only 18 my credit score is low and the situation is participated in high level fraud and under £5000 was passed through my account at different points in time. My bank Lloyds has frozen my account and therefore i can't access it or use it. I know and understand about the consequences of this and i regret it. I am aware of how severe this is. I think I have a CIFAS mark on my account but it hasn't been confirmed. I am aware that banks deny all people with these marks and therefore i won't be able to open a new account. My question is would the bank appreciate honesty or should i carry on my lie that i originally told that i had no idea where the money came from and i was selling Mc Queen dresses. Is there any other advice you would give me of what i can do. I need a bank account for my student loan after my gap year and i really want to open up my bank account again. i didn't know what i was getting myself into and i'm starting to worry a lot. I have looked into Monzo and apparently they abide by Cifas. i wanted to make money after finding out i was not being furloughed for my job and i needed money. so i was offered a way to make money just by giving someone my bank details and them using me as a mule essentially i didn't know they were taking money from other people. So the bank locked my account [link] [comments]  |
| Medical debt exceeds value of Dad's estate Posted: 09 Jan 2021 04:01 PM PST Long story short, my Dad died with very little money. Evicted from his house, almost no assets other than some furniture in a storage garage. He didn't have a will and lived out of state so it took me several months to get everything set up. Today I received a claim on the estate for over $16,000 more than the entirety of his estate. It's all medical debt. He died of heart failure less than 6 months after receiving a heart bypass surgery at the medical center who sent the claim. What kind of recourse do I have? I now know the estate is insolvent, but what does that mean for me and how I proceed? Thanks for any advice you have to offer. [link] [comments]  |
| Does recasting make sense if paying mortgage down in 3 years anyway? Posted: 09 Jan 2021 08:19 AM PST I have a friend that really wants to recast their mortgage to improve cashflow. They plan on doing a lump sum payment plus a $500 fee to recast. My recommendation is to just put that $500 towards principle instead. They plan on paying their house off in 3 years anyway, so I do not understand the benefit of lowering monthly minmum payment when they are planning on paying 2 or 3 times the payment anyway. Am I missing something? Any perspective would be appreciated! [link] [comments]  |
| Posted: 09 Jan 2021 06:13 PM PST So back in March 2020 the casino I worked for closed due to COVID I was furloughed took a job in Walmart's Human Resources department. Worked so much over time I felt I lived in the store and managed to accomplish the following Paid off 7k in student loans Paid off 12k on my auto loan I only owe 9k on my car witch I got brand new less then a year ago at this rate I'll own my car in a single year Lowered all credit cards to $0 shot my credit score up to 770 I'm not sure what I should do next I'm about to run out of debt lol I've been dropping my auto loan by $1000.00 a month so I'll be done in 9 months now [link] [comments]  |
| Question about how Long Term Capital Gains Tax Works Posted: 09 Jan 2021 04:26 PM PST So I've just started investing, and I have a few stocks where my plan is to sell them in a year or two. I see that if I sell under a year, that I'll get taxed higher, but I'm not sure how that timeline works. If I invest $4,000 on January 1st and buy 50 shares, and then on the first of each month after that I just buy $200 worth of shares from that same stock until February 1st of the next year. When I sell them all, would that initial $4,000 be taxed at a different rate than the other purchases made since it's over a year? So that I'd have the $4,000 taxed at a long term rate, but the purchases after that all taxed at a short term rate? [link] [comments]  |
| If you use credit cards, other than points/rewards what hidden feature do you use? Posted: 09 Jan 2021 07:09 PM PST I know there are some cc's with extra features that people don't take advantage of like I think one offers pet insurance or something. [link] [comments]  |
| Accidentally Deposited a Fraudulent Cheque Posted: 09 Jan 2021 05:24 PM PST So I am 17 and I sell my clothes and other stuff online through depop or just Instagram dm's. This woman wanted to buy a large amount of items including two handmade longboards so her total was around $1200 plus shipping. She said (for a reason that I now forget) that she could not use Paypal or e transfer but she would email me a cheque. Me being dumb didn't realize that this was probably fraud, however I do have a policy with every purchase someone makes that I ensure the funds are valid and don't bounce before shipping the items. So I deposited this cheque and was going to wait for the funds to deposit before I sent anything, when suddenly my bank account has a temporary block on it. So obviously I knew the cheque was fraudulent at that point and luckily I didn't use any of the funds. However, I have severe social and phone anxiety and have not been able to call my bank out of fear that they will be upset with me and such. It has been about a week now and I really need to call, does anyone have any idea of what they'd say/ask me? I'm just so scared (which I know is dumb). Any help/advice would be greatly appreciated. [link] [comments]  |
| Posted: 09 Jan 2021 06:30 PM PST I have a credit card that I hardly use. Currently there's a $1,000 balance on there that I'll get around to paying off eventually (it's at 0% interest for several more months and that's the only reason why I kept a balance on it in the first place) I have an old gym membership on that card that's charging me $65/month. I no longer go to that gym (don't even live in the same city anymore) and I tried cancelling but they wouldn't let me get out of my contract (this has nothing to do with covid or any lockdowns). I'm thinking if I close my credit card, they wouldn't be able to charge me anymore. Can I do this? If so, are there any consequences I should be aware of? I heard you can close an account with a balance on it, is this true? I do plan on paying it off in the next month but I want to close my account now before the gym charges me again I don't care about my credit score if someone is going to mention that closing a card will negatively affect it [link] [comments]  |
| is it better to have no HSA and no deductible or copay OR to have deductible and copay and HSA? Posted: 09 Jan 2021 06:20 PM PST I got a new work and this will be my first job and I dont know what insurance plan to pick. I rather have a smaller copay and smaller deductible because knowing myself if the pay is too high then I will defer it and eventually itll be a bigger problem. However, I love the tax benefits of HSA and I love that it grows free and I can use that for my medical needs but the higher copay might deter me from going to the doctor because I am a cheapo. What would you guys pick and why? [link] [comments]  |
| Question about filing US tax returns while living and working in the UK? Posted: 09 Jan 2021 04:06 AM PST Hi there. Hoping someone with a bit more knowledge on this could help me out. I hold a dual citizenship between Ireland and the US. I am currently working in the UK earning a salary of £25K + bonuses. I lived in California for 3 months in the Summer of 2019, where I worked as a waiter. In January 2020, I filed my US tax returns for the previous year, and everything went fine. Fast-forward to now, January 2021. I haven't lived in the US since being there in 2019. Do I still need to file, say, a simple tax return, stating I earned $0 in the last year, considering I didn't work in the US at all? Or would my UK salary now have some sort of impact on what taxes I owe to the US? If anyone knows of a better thread for me to post this, let me know. Thanks all! [link] [comments]  |
| Posted: 08 Jan 2021 06:43 AM PST Hello Reddit. Can't believe I'm the one making this post. I took a job offer last year and was eventually offered a substantial raise to come back to my old job. Here we are 11 weeks later, still no raise. No back pay, which has been promised on each paycheck since. I live in Missouri, who just raised their minimum wage Jan. 1st. For two days on this paycheck, I was actually making .30 cents less than minimum wage for those two days. I'm tired of waiting. What are my options? What other info do you need? My old boss that promised the raise is now at a different position in another state but for the same company, if that info is necessary. He has talked to the people at the office that handle this, and supposedly there were a few issues weeks back that they fixed, and expected the issue to fix itself. He is currently talking with them about the issue, again. Edit: trying to keep up with replies. We decided to refuse to work until we get some sort of written agreement to what we were promised. We've caused a big enough stink that they are meeting to discuss. After which my old boss is forwarding me any written communications he has. Will update Reddit when I know more! Thanks for all the helpful advice. [link] [comments]  |
| Is selling stock from a deceased person taxable? Posted: 09 Jan 2021 07:58 PM PST My mom recently passed and she left behind some stocks worth a fair amount. We'll be speaking an accountant next week but before we do, does such a sale create a tax liability for her estate (they are long term)? I know the inheritors face no liability upon receipt of any monies. [link] [comments]  |
| Is this a mistake with and IRS and what do I do? Posted: 09 Jan 2021 04:02 PM PST In 2018 my wife and I pulled $15,000 from a Roth IRA to put towards our first home. We built a home and the money was used as a deposit to the builder while he was building and then was used as a down payment. Today I got a letter from the IRS informing me that I need to pay taxes and penalties on that $15,000. From what I can tell this is an error. Am I mistaken and I am on the hook? If this is a mistake is this something I can clear up on my own or do I need to hire a tax professional to liaison with the IRS [link] [comments]  |
| 19 yrs old, would appreciate advice about savings and help to make a plan. Posted: 09 Jan 2021 07:40 PM PST Hello Everyone, I'm 19 years old and would really appreciate some guidance when it comes to saving and spending money. Currently, I make about 21,600 per year. My annual (base) expenses come out to $12,000 per year. I have no debt and am in school as well. Saved, I have $11,500. The reason I'm writing today is because I have somewhat bad relationships with spending money; I won't spend it even if I *really* need to because I'm terrified of not being able to retire like my family. I know this is illogical, but I need some reassurance and help looking at the future. My only real goals are 1). Move at the beginning of spring, which I believe will cost $2k at most, bringing me down to about $10,000. 2). To buy a house around 22/23. Please me me know your thoughts, ect. Any insight/advice is helpful since my family knows little about making wise financial decisions. I would like to see a budgeting plan that allows me a bit more spending money than I'm currently allotting, but will still help me grow my savings quickly. (Misc. spending is about $200/mo) [link] [comments]  |
| 17 and will be homeless at the end of this year. Posted: 09 Jan 2021 05:25 PM PST Title. I live in a house with a physically & emotionally abusive drunkard of a stepfather and an emotionally manipulative mother. I have no HS diploma and won't be getting one. I'm technically homeschooled but I don't take any courses (legal in my state) and wouldn't even graduate until 2022 anyway. My parents have made it very clear that come my birthday in early December, I either pay rent for the honor of living in this hell or get out. I'm also very openly trans which complicates things even more (military not an option, housing and work will probably be a major pain in the ass, etc.) My only marketable skills are in industries that fucking love degrees and connections (programming and film) so it would seem I'm out of luck there too. Regardless, I feel it's worth mentioning. Despite my lack of diploma I'm far from stupid. At least, I'd hope. I have literally $250 to my name and that amount will probably only double by the time I turn 18 so it's not exactly like I'm playing with tons of cash or options here. Please help. It feels like I have absolutely zero recourse and honestly I just don't know what to do anymore. I've been suicidal for as long as I can remember and honestly I feel I might just be at my breaking point. If I even make it to December, what the hell do I do? [link] [comments]  |
| Should I continue aggressively paying down my student loans? Posted: 09 Jan 2021 07:31 PM PST I graduated in August of 2019 with 30k. After the rate suspension I started making a lot of payments to take advantage of no interest. I'm at 25k. I pan on putting in another 5k soon and getting it to 20k (out of the 10k I have saved)before payments resume. But all the constant talks of forgiveness have me feeling like I'm wasting my money. Of course, at the same time I dont want to be that dude in 10 years still with a loan balance. I'd love some other opinions. For reference, I make 30k a year, so that is a lot of debt for me [link] [comments]  |
| People with unique jobs, do you consider job replaceability in your house budgeting? Posted: 09 Jan 2021 04:44 PM PST Hey everybody, Over the last year, I've thought about upgrading my living space. I currently rent a 1 bedroom and WFH in my living room. I want to add an office and a home gym, so I'm thinking of buying a 3-4 bedroom townhouse. This would bump my housing expenses up a lot from $1700 to $4000-$4500 for the same neighborhood. This is optional lifestyle inflation for comfort, but the mortgage would be well within the guidelines (15%-17% of gross income). My main concern is job replaceability. I don't feel overpaid, but I do feel that I have been unbelievably lucky the last few years. My company is also based in the Bay Area, so I'm paid above market for my area. If I was laid off, I don't know that I could find another job with anywhere near the same compensation. No reason to expect it, but planning for the worst case scenario is ingrained in my DNA. I can't help but worry about having to cover that mortgage on my income from previous jobs. It would be 35%-40% of my gross from 2015/2016 and well over 50% of my gross before that. I think the most rational approach is put 20% down, keep a good financial cushion, and simply accept the fact that I might lose money selling the house if things get messy, but I would love to hear if anybody has been in a similar boat (unique job with less certain replaceability) and thought about it differently or if anybody just thinks this is a bad idea and I should keep renting or buy in a cheaper neighborhood. Edit: To clarify the monthly mortgage number $4000-$4500 includes insurance, tax, and HOA. [link] [comments]  |
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