Personal Finance I get a separate check from the IRS every year around tax time and I don't know why. |
- I get a separate check from the IRS every year around tax time and I don't know why.
- Have to sell two houses and take grandfather in
- Explain periodically “Taking Profits”
- Parent recently widowed and in debt with no retirement
- Should I go back to renting?
- Geico change mailing address increases my premium by 70% [Boston]
- As a young adult, should I put 10% down payment on a condo or keep renting?
- About to take an job that requires me to travel ~2.5hrs away. Employer is not reimbursing lodging but mentioned I can do something with my taxes at the end of year called 'per diem.'
- We are in our mid 30s and have a nice nest egg of several hundred thousand but my husband still says we are behind in terms of saving.
- Filing Rental Car Vandalism Damage Claim with Chase Sapphire Preferred (Credit Card)
- Mom passed away in November and had an auto loan
- How to "legitimize" a rental? Ohio, USA
- Future IRS tax debt from forgiven loans, what are likely options?
- Capital Gains Carry Over
- Getting a mortgage as a college grad
- My mom said she was going to take my college fund money. Can she do this?
- Might die soon during a planned surgery. What is the safest/foolproof/"hands-off" way I can leave income for my family?
- Barely surviving with my debt
- My ex has his email set up with MY name for insurance/tax forms?
- Investing for my adopted daughter
- Can we afford this house?
- Should I close a credit card that was opened within six months or not?
- How should I pay down my debts ?
- IUL with Lifetime Income Rider - what’s the catch
| I get a separate check from the IRS every year around tax time and I don't know why. Posted: 28 Feb 2021 01:04 PM PST For a few years now I've gotten a check from IRS for a miniscule amount after my taxes are handled and my returns already come. I believe the very first check was for $1, and today's was $2.51. I never cash it because I think it's funny and cool and obviously I can live with out the money, but does anyone have a clue what these checks are for? Why not just wrap that amount into my return? [link] [comments]  |
| Have to sell two houses and take grandfather in Posted: 28 Feb 2021 12:21 PM PST Long story short my grandpa has lived in FL for a few years but his health has declined so much he needs help. I can't move down there due to work and all but we can bring him up here to NJ. My house is super small so we need to sell our house, sell his house (which is also hard due to his memory issues and all I feel it'll be rough) and buy a bigger house. Any tips or advice on how to make this process less stressful and quicker? Thanks everyone. [link] [comments]  |
| Explain periodically “Taking Profits” Posted: 28 Feb 2021 01:05 PM PST In many investment realms (mainly stock market, cryptocurrencies) I hear the adage remember to "take some profits". On the surface this is simple– you can't time markets, profit is profit, dont get greedy, bird in the hand, etc. I get that but at a deeper level I have trouble doing it. If I have my money in an investment that is growing or I believe will grow, why would I exchange that opportunity for fiat, unless I needed the fiat to buy something? With most assets, converting an investment to fiat also carries with it taxation. This part seems strange to me because if its a good investment there is a high chance I continue investing in that thing so I am basically selling it to take some profits, and then buying back in over time at possibly higher prices and paying more taxes when I sell it again to take more profits. Anyway, interested to hear some opinions from this community on taking profits and some strategies in doing so. Context: in my 30s. Intermediate financial skills and always looking to improve. Thanks! [link] [comments]  |
| Parent recently widowed and in debt with no retirement Posted: 28 Feb 2021 02:08 PM PST My mom was recently widowed at age 70. My first question immediately on hearing the news was asking where she was at financially, if that is a clue what mess she is in. My stepdad was in poor health so it wasn't surprising when he passed. She has worked her whole life 40-60 hours a week in the nursing field and makes around 70k a year. They were also collecting his veteran benefits but since she is his second wife and was not married to him while he was in the service those are about to be cut sharply back. She can also collect around 2k a month in social security but that might mean cutting back her work hours. She has no 401k or pension to speak of. They recently refinanced their house so might have 40-50k equity at most. In general they have lived a very expensive life style (expensive trips and toys, leasing cars etc) and now the that lifestyle is crashing down. She was two credit cards at 11k that she is aware of, many other credit cards such as cosco etc of course all maxed out. They had one pickup that they were paying $900 a month on that will go up for auction. Hopefully she only ends up owing 4-5k on that. They had another car for her they paid $500 a month and owe 17-18k on still. They had an RV they owed 68k and were making $700 dollar a month payments on. The dealership is just going to repose that. They somehow had 3 phones and the monthly bill was around $800 (!) but she think that was to pay off one of the phones. Selling his hobby cars and tools she is hoping to get around 10-12k. In general she has a steady job and 7k in the bank at age 70 and we are estimating 50-60k in debt. Since I feel most of these wounds are self inflicted I do want to help my mom out but not at the risk of bankrupting my family. My sister had a good suggestion that my Mom contact a financial advisor or attorney to get everything straightened out and figure if debt consolidation was a good idea. I have no problem paying for such a service. My question for you redditors is what type of financial advisor/attorney should I tell her to find near her? What would roughly the expected fees be and how can we verify we found a good one? I have no problem paying the fees but don't want to be milked or taken advantage of either. Throw away account for obvious reasons! [link] [comments]  |
| Posted: 28 Feb 2021 03:51 PM PST 31, single male, making about 90k/year right now. I get an annuity & pension from work, contribute 15% of my paycheck to a 401k and trying to max out my Roth IRA each year (just started doing this this year), only debt is car with about $10,000 left. I moved back home last June when the pandemic was happening. I would really like to move out again on my own and have tried to make a date of April/May to do that (i do realize if i decide to wait and buy a house this would be longer). I'm living rent free right now as my mother wants me to save for a down payment. Right now I have $25,000 in my savings for an E-fund and down payment (I had another $10,000 in this but paid my student loans off when i moved home, ). With an e-fund of about $10,000, that would leave me with only $15,000 for a down payment and closing costs. I'm looking for a house around 250K-300K but those are really hard to find where I live (suburbs of Boston). Living at home has been easy but I yearn for living on my own again. Rent in my area is around $1800/mo. Should I just go back to renting for another year or 2 and I get more of a down payment? I know I could live at home and save even more but I really would like to live on my own again, especially as a single 31-year old guy. [link] [comments]  |
| Geico change mailing address increases my premium by 70% [Boston] Posted: 28 Feb 2021 09:08 AM PST I moved within 3 miles from an apt building parking to another (Boston Backbay to Seaport). When I went online to change the address on Geico's website, it says my premium will increase from 103$ to 170$. Do you think I should call in or contact my agent? Or I really have to pay for this change? fyi, It's for a new car (bought in Oct 2020) and it's my first car in the US (i m 30yo). [link] [comments]  |
| As a young adult, should I put 10% down payment on a condo or keep renting? Posted: 28 Feb 2021 12:50 PM PST I have about 11-12 months emergency fund, and a little more than $80k in stocks/index funds, and no debt. I've realized to even become a real estate inventor, I probably don't have enough money to put 20% down on a single family home or duplex. My plan is to get a very small modern nice looking condo in a decent nice location, I don't need that much space because it's just me, and then 5-10 years from now, sell the condo and use the condo appreciation to put 20% down on a mortgage for a single family home or maybe even refinance and keep the condo but use what I have gained from the condo and put down 20% on single family home and rent out my condo..... [link] [comments]  |
| Posted: 28 Feb 2021 06:39 PM PST How exactly does this work? What do I need to do on my end? Does my employer need to file something on my behalf for me to do this per diem tax thing? I looked through here, https://www.gsa.gov/travel/plan-book/per-diem-rates/frequently-asked-questions-per-diem And found my rates (im in CA), does that mean for that month I'll be renting a motel I can deduct all or some of my lodging expenses at the end of year? [link] [comments]  |
| Posted: 28 Feb 2021 07:27 PM PST We both are attorneys and no kids yet, maybe never. I make $140K, husband makes 300K. I'm close to hitting the ceiling of how much I can make in my field but my husband can theoretically make more (he's in BigLaw). We have 200K in high yield savings which is kinda a joke nowadays. 100K in stocks. We were planning on buying a house but think the market is too ridiculous and are happy to stay in our Los Angeles 2 bedroom apartment for $1900/mo. I have $40K in a 401k and he has about 90K in a 401k. We would have more money saved but we had to pay 225K in debt which we just finished. My husband is constantly stressed that we haven't saved enough for retirement. He says we should have at least 500K in retirement by now. We're maxing out our 401ks now that we're free from school loan debt. Now he wants to transfer everything (after bills) to retirement since we have our downpayment for a home. We take home about 20K a month after taxes and maxing out 401k. Our monthly costs are about 4K. He wants to roll more than 13K a month towards retirement. Is that too much? Sounds kinda crazy to me. We're both low maintenance lifestyle people but I'm getting stressed by all this pressure to "make up" for years where we had to pay off debt at lower wages. I also feel like we're missing something by rolling over all leftover money per month into long term retirement accounts. We both aren't trying to retire early but would like to retire in our early 60s. Thoughts? [link] [comments]  |
| Filing Rental Car Vandalism Damage Claim with Chase Sapphire Preferred (Credit Card) Posted: 28 Feb 2021 01:00 PM PST Hey all, I rented a car in California and one of the windows was broken. A police report was filed and I initially opted to use my car insurance (GEICO from Florida) to cover the damage. However, I'd like to file a claim with Chase, because I used my Sapphire Preferred credit card to book this rental car. Because I initially opted to use my car insurance (GEICO from Florida), will they automatically be notified of the incident? I haven't reached out to them yet. Anyone have positive/negative experiences with filing a car rental damage claim with Chase? Anything I should know beforehand? Thanks a lot for any help, I definitely appreciate it! [link] [comments]  |
| Mom passed away in November and had an auto loan Posted: 28 Feb 2021 08:16 PM PST My mother passed away in November of 2020. She has a 30k loan on a 2019 Honda Pilot. I was her primary caretaker and was the one who drove her in it. Since her death my father still continues to make the payments (with his own money.) I know I need to call Honda finance about her passing. When I do, could they just put the loan in my, or my fathers name? Or do they take the car away? I'm in California. Not sure if that matters. Any idea what will happen? Thank you so much. [link] [comments]  |
| How to "legitimize" a rental? Ohio, USA Posted: 28 Feb 2021 12:52 PM PST Long story short, while in college, 10 years ago, I bought a house for me and my friends to live in, they paid me some rent off/on and it worked great. 6 years ago I got married, moved in to a new house with my wife and have kept renting out the house to my friends. Mainly because I would keep rent low for them and know they're going to keep the house in good shape. A win/win. Each month they pay me enough to cover the mortgage with a little extra that I just put into another account that's just there to cover expenses for the house itself (for instance, the house recently needed a new roof, so I used that money for a roof). I haven't ever spent any of the money they've given me, just keeping it in that extra account, but I understand I've "made" money in that they're paying off the mortgage. I never really set out to make money off a rental, just trying to help some friends out by not charging them an arm and a leg because I got a house when prices were super low (2010). I tried searching this sub for something like this and couldn't find anything, and maybe this is the wrong sub to ask this question in. If there's a better sub for it just let me know and I'll go there! Thanks!! [link] [comments]  |
| Future IRS tax debt from forgiven loans, what are likely options? Posted: 28 Feb 2021 03:33 PM PST It's a while in the future, but I'm on the income driven REPAYE plan for US student loans. If I understand correctly, when forgiven at the 20 year mark, the forgiven amount will be considered income. Given my large amount of debt, I expect that will come to a tax bill of about 30k. I was planning to save as much as possible toward that, however what happens if you have a large tax debt like that but cannot immediately pay it? [link] [comments]  |
| Posted: 28 Feb 2021 01:54 PM PST Am I understanding this correct or how does this work? Year X I lose $100k Year X+1 I break even and can deduct up to a maximum of $3k. Year X+2 I make $150k. Technically I still have $97k in carry over so does that bring down/offset the taxable gains to $53k? [link] [comments]  |
| Getting a mortgage as a college grad Posted: 28 Feb 2021 04:31 PM PST I am graduating this May, I have a $75,000 job that I will be starting right after graduation. I also have good credit, no debt, and $40,000 in savings from day trading and internships. If I wanted to buy a house right out of college for 150-200k in a low COL area would I be able to get a mortgage? I also have no student loans thanks to my scholarship and I plan on staying in the area for at least the next decade. [link] [comments]  |
| My mom said she was going to take my college fund money. Can she do this? Posted: 28 Feb 2021 03:05 PM PST I'm currently 22. I've known nothing about college, she didn't plan me to go to college, talk to me about it. I never knew about my college fund other than that money was put into it every year by my grandparents. Today she randomly brought up me going to college as a narcissistic tactic like she always does when I hang out with her instead of communicating with me. Today it was "you're not going to college and if you don't within the next 2-3 years I'm taking all the money out and using it for myself". She then continued to say she called the bank and they apparently said she can do that :| I call her bluff. What bank would let a parent do that?? Is there a way I can get ahold of them and talk about me being the only person on the account? And not letting anyone else have access to it? Edit: My mom is using this money to get what she wants which is buying new things for herself. She only brought it up because she said she wants the money... She doesn't care about me going to college. She never tried to get me help to go, stop assuming. Edit 2: Thank you for everyone whose been nice. Everyone whose choosing my moms side wtf? Have you never heard of a narcissistic parent? When it was my junior prom night and everyone's moms were standing around talking about college you know what my mom said? She said "watermelonsugar420 is too stupid to go to college anyways". So... She's not pushing me to go to college for my own benefit, she wants it for herself to use it on unnecessary things to buy. She's not going to use it to go to college herself. Also no she's not put any money into it. The only people who have is my grandparents and my dad. She shouldn't have control of it because the money is not hers, it's literally for me. I plan on going to college at some point but not right now. I'd like to have that money for myself to use for college when I choose to go. And I'm not going to go when she tries to "scare me" into going. That would be giving into her tactics. I'll go on my own time for my own benefit. None of you have any idea what stuff my mom has put me through with her behavior. My 2 younger siblings want to move in with my dad permanently. I only speak to her once every few months because when I try she brings me down and threatens me with something she came up with in her head. [link] [comments]  |
| Posted: 28 Feb 2021 12:30 AM PST Long story short, in the next 4-5 years, I will have to undergo a complicated surgery due to a health condition I have. While the surgery itself is relatively safe, I cannot grapple with the fact that I may die during it, and leave my family in financial distress. I just recently started making really good money a couple years ago (I work a sales job, and it is basically commission only, no benefits). I currently have saved close to $300,000 post-expenses/tax (majority of which I have not spent). At my current earnings/expenses, I am likely to save anywhere between $750,000 - $1.5 million in the next 5 years. My question is, what is the safest, most "hands-off" way I can leave behind guaranteed income for my family in case I die during my surgery (or otherwise). I am 27-years-old, married, with a baby on a way (we intend to more kids in the next 5 years). Due to my health condition, it doesn't make financial sense to get any kind of term-life insurance (from my research). I love my wife to death. However, she lacks much of the education or know-how to be able to "take care of" rental income, and I don't trust any property management company to last her entire lifetime. The other night, while trying to explain to her stocks and setting up a potential 529 plan for our child, she just could not understand it to a point where I'd feel confident in letting her handle everything in case of my death. I don't trust leaving her a lump sum of money either. She is very naive, and her greedy family (or mine) would figure out a way to take it from her. We don't have any close friends or family that I can trust with this kind of money either who would handle it in the event of my death. If it matters, I live in one of the highest COL areas in the United States. Ideally, I'm looking for something I can set up where she just gets a regular payment every week or month until she passes, and our kid(s) will inherit. Are there any such investment vehicles? Edit: Spelling/Grammar UPDATE: Thank you so much for the responses below! Just some clarification about my wife: She grew up in a 3rd world country. Her poor family basically raised her as a "maid" and gave her no formal schooling. She had an uncle who moved to the U.S. many years ago with a DV, and eventually migrated his entire family to the States. She's trying very hard to learn English and tried for a few years to get a GED (ultimately it was too difficult for her). She now works happily in a threading salon. I will speak with an estate planner and research further into annuities. [link] [comments]  |
| Posted: 28 Feb 2021 06:47 PM PST 30yo, make $36k/yr (paid $2k after taxes every month), have $34k in credit lines / personal loan debt, and $18k in car loan debt. I am barely surviving at this point now that I've managed to build up my debt this much after spending carelessly in college, not paying any of it down in my late 20s, and getting a car loan on top of it all before turning 30. This was strictly my doing and mine alone. Right now, my monthly bill structure looks as such: - Rent: $250 - Utilities: $110 - Groceries: $300 - Cats flea / worm treatment: $60 - Best Buy ($1000): $25 - Apple Card ($1500): $30 - PayPal Credit ($3800): $110 - Discover ($11000): $220 - Personal loan ($17000) $450 - Car loan ($18000): $430 I'm not even sure what sort of help to ask for here, but does anyone have any input on what I could do here, or questions? I'm scared. [link] [comments]  |
| My ex has his email set up with MY name for insurance/tax forms? Posted: 28 Feb 2021 01:13 PM PST I dont know if this is the right sub for this, please bear with me, I'm a total scatterbrain right now. I just received some mail today from a health insurance company (Pennie) telling me that i recently changed my delivery preferences to paperless. I havent changed anything, at all. It is adressed to me, my full name, with my ex's email at the bottom. It states that i will be receiving paperless notifications such as: Standard Notices from Pennie 1095-A tax form. Is it possible he is trying to steal my tax return? If so, other than calling the company tomorrow to get it straightend out, is there anything else i can do to prevent this happening in the future? Thanks in advanced. [link] [comments]  |
| Investing for my adopted daughter Posted: 28 Feb 2021 03:36 PM PST I recently, after almost 5 years of the court system, adopted my niece. She is now 15 years old. I would like to set her up financially for most of her adult life. She has PTSD from the abuses she's suffered, and I worry about her as she gets older. She is in therapy and is making great strides for everything she has been through (she's a B+ C+ student, which isn't wonderful, but very good considering where she came from when she was placed in my custody.) I can't guarantee she will get into a great college, but I think she'd excell very well if she could find a trade she could be passionate about. What are my best options to help her be comfortable in her adult life? I've debated bonds to mature over time. I've debated a trust fund (with stipulations). I've debated setting up a 401k for her.. (which the earlier it's started the better it becomes over time, but idk if you can set up at her age?) Any ideas and advice would be greatly appreciated. I'm open to any ideas. [link] [comments]  |
| Posted: 28 Feb 2021 08:03 PM PST The house is $379k. Central NJ. Husband and I make $123k pretax income. Monthly take home is about $7,700. Current savings: $80k approx. $3800 added per month Debt: $5k total in student loans Estimated monthly expenses: Rent: $1200 Car payment: $290 Everything else (food, internet, phone, etc): $1500 Edited to add: can we comfortably afford this house? Its important to us that we not be in a position where money is tight bc we bought too much house. [link] [comments]  |
| Should I close a credit card that was opened within six months or not? Posted: 28 Feb 2021 04:59 PM PST So I opened this credit card up back in November to take advantage of a couple perks being offered then when I bought a new hunting rifle, rifle was a decent penny. Well I paid off the card in January, and I really have no use for it. I have three other credit cards that have no balance on them. Now this fairly new one I don't even plan on using again. So would it be better to close it for good, or not? Would it all affect the age of credit that I have? Like hurt it in a bad way. Also, would closing the card affect my credit score much if any? Thanks. [link] [comments]  |
| How should I pay down my debts ? Posted: 28 Feb 2021 07:22 PM PST I'm a college student who has all the my credit pretty much at their limits. This month I was able to make almost 2k extra after working really hard and I'm wondering what would be the best way to pay my credit cards. I have:
Any help would be great. I'm anticipating that I should make $1600 extra in March. When I said extra I mean I can pay all my bills including minimum payments for those cards and have $1600 extra for next month. Right now I have 2k extra that I would like to put into good use. Thank you much. [link] [comments]  |
| IUL with Lifetime Income Rider - what’s the catch Posted: 28 Feb 2021 05:45 PM PST I'm posting for the first time ever, so I ask for your forgiveness ahead of time if I do not give enough information. I'm 55 and have been saving for early retirement, accumulating about 800k in 401k and 400k in liquid assets. I'm not sure how to transition from saver to retiree. I reached out to a fiduciary who's proposed several options, one of which is an IUL through Allianz. I am not looking at it for the life insurance payout, rather the rider for lifetime income. We've started the paperwork, so I do not yet have the specifics of the offer, but essentially if I put 33k per year for 10 years, I will be able to draw a "loan" of 110k per year for my life. This of course draws down any payout for death benefits, again, that is not my primary or secondary reason for considering this. I am interested in the lifetime income. I've read several posts about the cash value being horrible in the beginning, etc. I haven't seen anything about the Lifetime Income Rider. If anyone has any knowledge of this I would sincerely appreciate your information. [link] [comments]  |
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