Personal Finance Tax Thursday Thread for the week of February 11, 2021 |
- Tax Thursday Thread for the week of February 11, 2021
- Got scammed for work from home job
- Family member has been putting my leftover payments for a house aside and giving it back lump sum for a down payment - how to clarify it is not a gift?
- Parents always file taxes incorrectly - How to submit FAFSA?
- 41f, no retirement, no savings, no emergency fund, $15k cc debt, making $2k a month.
- First year married: I filed 'MFS', she filed 'Single'
- Debt Collector ruined my husband's credit because they never took a bill off.
- 40 years old and so far behind everyone else, any advice
- Late payment on a cosigned mortgage. What can I do?
- (CT) my insurance company does not my d&c’s due to a miscarriage. My bills are $30,000
- Miserable in current job. Should I accept a lower salary for potential happiness?
- Retirement Account Advice
- Why did my Credit Score Drop?
- Should I continue to contribute 7% to my 401k or pay off debt first?
- How to report capital gains tax stocks/crypto?
- [US] Will the IRS charge me interest if I choose a long-term payment plan?
- Fell Victim to Scam, Next Steps?
- Roth Ira Backdoor and Dollar Cost Averaging
- Vanguard Target Retirement Fund (VFIFX) 2050
- 19 and filing my taxes for the first time, but do I need to file taxes...?
- Currently paying $228 per month for car insurance. How can i find a better price?
- I’m turning 28 been really bad at saving money or keeping at least more than 1k saved / rebuild credit
- Is this a good deal on a 2021 Tacoma lease?
- Can I fund both a 401k and Simple IRA?
- Should I Start paying rent to keep my 401k or just quit my job ?
- Refinancing Car Loan
| Tax Thursday Thread for the week of February 11, 2021 Posted: 11 Feb 2021 03:00 AM PST Please read the PF tax wiki page to see if your question is answered there before posting.This weekly cross-sub thread will be posted through mid-April to give subscribers a chance to ask basic tax-related questions in a consolidated thread. We are also very lucky to have some folks from /r/accounting and /r/tax joining us here to help out. Since taxes can be a very complex topic, the main goal is to point people in the right direction, provide helpful information, and answer questions. (Please note that there is no protection under §7525 or attorney-client relationship when discussing matters in posts on a message board. Consult a reputable tax advisor in person if your situation demands it.) Make a top-level comment if you want to ask a tax-related question! If you have not received your answer within 24 hours, please feel free to start a discussion. For all of the Tax Thursday threads from this year, check out the Weekly Archive. [link] [comments]  |
| Got scammed for work from home job Posted: 11 Feb 2021 10:40 AM PST I applied for some Data Entry jobs on Indeed and got a text on my phone from a woman telling me that my resume has been approved for my application. I was told to download Telegram and speak with a woman who is an HR Manager for more information regarding my job and company. The woman who texted me also gave me a verification code. So I immediately download Telegram and speak with this lady and she starts briefing me about the job and starts an interview. I go along with the interview and at the end she told me to contact her back at 8AM EST (this morning) and so I did. She told me I was offered the position and told me to sign a few documents next week. After that she asked for a picture of my driver's license and my SSN. This is where I screwed up. I gave her both of those things and she told me she will contact me back before 6:00PM. I started doing some more research on the company and saw that it is super sketchy. I am an idiot for not catching on to this beforehand. I am 18 years old and do not have any type of credit card. Please help. [link] [comments]  |
| Posted: 11 Feb 2021 08:15 AM PST So I posted here earlier about the cosigning on an auto loan but I figured I'd make a new post So my grandmother bought this house ($90k) outright with my promise to get a mortgage within a few years to pay her back. I have been giving her $700 per month and whatever was left after taxes, insurance and sewer was going to the side in an account. So around $200 per month for just over 3 years. Now that I am preparing to apply for my mortgage she will be giving me back that money lump sum (to the tune of about $5000) as a down payment. In my research i have seen they are going to look into recent bank deposits and such, how do I tell the lender that it is not a gift but in fact a sum of payments I have been putting to the side for over 3 years? Do I just have her write a note regarding it and do they accept that? [link] [comments]  |
| Parents always file taxes incorrectly - How to submit FAFSA? Posted: 11 Feb 2021 01:11 PM PST My parents are both married and every year they file like this -> dad files as single and mom files as dependent under my older brother. Obviously that isn't right, but my parents don't care about anyone else. I didn't go to school last year because they didn't wanna fix their taxes. I was sitting down filling out my FAFSA last night when it hit me; the same thing is gonna happen again. So I'm asking for help: do I keep asking them to amend their 2019 taxes now and then fill out the FAFSA, or do I fill it out with their 2019 tax returns anyway and try to explain my situation with the school? I already sent the financial aid office an email today so now I'm just wondering what I should do on my FAFSA [link] [comments]  |
| 41f, no retirement, no savings, no emergency fund, $15k cc debt, making $2k a month. Posted: 11 Feb 2021 04:51 PM PST See title. I'm coming into $4k next week. How should I spend it? I'm terrible with math/money. CC APR is greater than 7%. [link] [comments]  |
| First year married: I filed 'MFS', she filed 'Single' Posted: 11 Feb 2021 05:11 PM PST We got married at the end of September. We have different tax advisors. We are working on coordinating that better. We had talked about it and agreed to file as 'Married Filing Separately'. I file my taxes. She has her appointment, and files her taxes. Then I ask about if she had my SSN for her forms, and she said they didn't need it. So we pull out the documents, and hers has 'single' checked. Where do we go from here? A co worker told me you can file single up to 6 months from being married, but I would think we would both have to file the same way. Thanks for the help. [link] [comments]  |
| Debt Collector ruined my husband's credit because they never took a bill off. Posted: 11 Feb 2021 02:33 PM PST So I'll try to be brief. We are trying to refinance our house at a lower interest rate. Bank runs credit report, Husband sees his credit has dropped 150 points. WTH. So he checks on it and the Professional Debt Collections Agency never took off a bill he paid in April last year. So apparently it's been sitting there ruining his credit. The woman says there's nothing they can do to get his score to go back up asap. It will take a few weeks. I don't understand why. Who is in charge of credit scores and why can't they just put it back because it was their mistake in the first place! What steps do I need to take to speed the process up. Any help is appreciated. Thanks. [link] [comments]  |
| 40 years old and so far behind everyone else, any advice Posted: 11 Feb 2021 04:30 PM PST I'm not a complete moron because I do realize how irresponsible I've been the last 20 years. Between a serious drug problem in my 20s, and then using a lot of my income for traveling internationally in my 30s, I am so far behind financially. Here is where I stand now with a 45k a year job with no degree. 30k in savings 25k in an IRA No debt No car payment 1200 a month rent / utilities 85 dollar cell phone bill ( I know it can be cheaper but I have reasons for wanting it) no wife and no kids *** my father is always saying I need over a million dollars to just retire but I know it's not possible because of how bad I screwed up. ** Aside from maxing out an IRA, and investing most of it in the s and p 500, is there anything else I should be trying to take advantage of for my future self? I am hesitant to go into debt for a degree and have taken steps to transition into IT with certifications hopefully. I just feel so far behind everyone else and I have nothing to show for it. [link] [comments]  |
| Late payment on a cosigned mortgage. What can I do? Posted: 11 Feb 2021 12:17 PM PST I know I'm an idiot, but I cosigned a mortgage with my Dad to help get it approved. I dont help pay, he manages all of it. He has auto pay set to pay a fixed amount every month. Not sure why, but the monthly cost increased and he ended up paying only a partial amount. We only found out about this because it got reported to a collections agency and my credit score went from 790 to 660. Is this reversible at this point? Edit: Sorry should've clarified. I'd like to know if the damage to my credit score is reversible. I was planning to take out a mortgage in July after we refinanced and removed my name off my dad's mortgage.. Edit: Thanks for the help everyone! My Dad sent a dispute to the lender and we're waiting to hear back. The 'missed' payment was due on January 1, 2021 and the remaining balance was $251. [link] [comments]  |
| (CT) my insurance company does not my d&c’s due to a miscarriage. My bills are $30,000 Posted: 11 Feb 2021 07:09 PM PST I'm not sure if I'm in the right place, if I'm not please tell me and I'll delete it. I found out my pregnancy ended on December 22nd. December 23rd I needed a D&C to remove my 13 week pregnancy. I asked my doctor if I can pass this on my own. He said no because of risks of sepsis, needing blood transfusions, and damaging my uterus and cervix. So it was a no brainer to go in. On December 25th I called the doctor with complications. She told me to come in to the emergency room. Long story short, on December 26th I needed a second surgery. In the report it mentioned "products of conception" left behind. I was worried about the price and the doctor said it was necessary for me to get the second surgery because I would not pass it on my own. My question is: would It be arguable that I am not liable for the second surgery because products of conception were left behind from the first one? Could It be arguable that these surgery's were medically necessary and my insurance would cover this? What do you think my best options are? I do not qualify for Medicaid, and yes, as if January 1sf I enrolled in different coverage so future pregnancy's will be covered. Edit: I am a dependent on my fathers insurance. His insurance does not cover pregnancy for his dependents other then his spouse. Unfortunately, my surgery's were 12/23/2020 and 12/26/2020. My new insurance with my husband didn't start until 1/1/2021. [link] [comments]  |
| Miserable in current job. Should I accept a lower salary for potential happiness? Posted: 11 Feb 2021 08:42 AM PST Current Job: 88K per year, 10% bonus, ESPP, sitting on 34k of stock that I can sell in November, 4 weeks PTO, 16 weeks paid maternity (planning on getting pregnant in the next year). Husband works at the same company making 115k. Very large tech company everyone has heard of. Job offer: 75k, good benefits but not as good as large tech companies. Job is at a hospital. 3 weeks PTO, 2 weeks sick time, no bonuses or ESPP, 3 months maternity leave but I would have to use PTO/sick time. The problem is I am SO miserable in my current job. I work 50-70 hours per week and it's becoming more technical. I am struggling in the position and I'm honestly crying at my desk (work from home) because I hate the job so much. This new job would be 40-50 hours per week and much less technical which the pay cut illustrates. We also just opened offices in India and I was told all new hires need to be in low cost geographies so the future of my department is shakey. I could wait it out and apply for an internal transfer in a different department with a better culture. 8k employees in my city so it's a large HQ. What would you do? I have two small kids at home and Im having a hard time logging back on the computer at 7pm after they go to bed. We live in Texas and COL is low-ish. We can get by on my husband's salary so all my money goes into savings. Will going from 88k to 75k (plus losing bonus and stock options) be a huge mistake? [link] [comments]  |
| Posted: 11 Feb 2021 06:31 PM PST When my FIL passed away a few years ago, the family sold the house and split it amongst his two children: my wife and her brother. With the money, she decided to open a retirement account since her job did not and still does not offer any type of retirement benefits. She went to Bremer where she banked and asked their financial advisors to help. They set her up with a Raymond James Freedom account along with a Roth IRA. She asked them to invest in low risk options as she does not "trust" retirement accounts. She just realized (received her tax documents) that Raymond James charges for their services quarterly. Her account (~$60k) only made ~$1500 this year and the fees were nearly $600. She wasn't very happy. My understanding is that this is a taxable account and not the same as an IRA or 401K. Are there better options for her to invest her money? My thought was for her to roll the money into a Vanguard retirement date account as I believe they have fairly low fees. I would also have her move her Roth IRA over as well. Is this the best move for her? Is it as easy as rolling over a 401k when switching companies? [link] [comments]  |
| Posted: 11 Feb 2021 05:09 PM PST I am a 20 year old male and I have only had a discover student card for roughly 7-8 months. My score was around 730 I believe and I applied for a bank of america card like a month ago, and when I checked my score today, it was 698. Why did it drop? How can I get it back up? [link] [comments]  |
| Should I continue to contribute 7% to my 401k or pay off debt first? Posted: 11 Feb 2021 01:17 PM PST First time poster, long time lurker, so I apologize if I inadvertently break any rules. I 25[M], have been debating whether I should continue contributing 7% of my pay to my 401K or if I should contribute only up to my employer match (3%) and use the rest to pay off my debt. I am in no way struggling to pay any of my bills/debt, but I would like to start paying off my debt faster and sooner. A break down of my income/contributions is as follows:
A break down of my debt (Im not behind on any payments, i'm actually ahead on all of these)
As mentioned above, i'm not struggling to pay off any of my debt but i'd love to be more aggressive about paying it off. Thanks in advance for any advice and help. TL;DR Should I decrease my 401k contribution to my and put that money towards paying off my debt faster? [link] [comments]  |
| How to report capital gains tax stocks/crypto? Posted: 11 Feb 2021 12:26 PM PST I googled around a bit and looked at some older reddit posts regarding the same question however I'm still confused. If I owe capital gains taxes how would I go about paying/ reporting what I owe? Is there any way to make a single direct payment as soon as possible? [link] [comments]  |
| [US] Will the IRS charge me interest if I choose a long-term payment plan? Posted: 11 Feb 2021 04:57 PM PST I owe about $4000 in taxes this year because of a W-4 form mistake that I made earlier in the year. I don't have the money to pay it off right now. I saw on their website that they have a long-term payment plan where I can have up to 72mos to pay the amount. Will the IRS charge me interest for choosing this plan? [link] [comments]  |
| Fell Victim to Scam, Next Steps? Posted: 11 Feb 2021 05:55 PM PST Yes, I'm an idiot. I've frozen my credit with all three reporting agencies. I am in the process of applying to the Fidelity credit card (2% back Visa) and was called from someone claiming to be from Elan, which is the company that manages Fidelity's Visa card. They asked for my zip code, last 4 of social, and income. You can probably guess by the title I gave it to them, because I'm young and stupid and assumed it was indeed Elan--because how else would they know my name and the fact I've just applied to Elan. Looking up the phone number immediately after shows it's a scam number, generally claiming to be from US Bank. After freezing my credit, what other steps should I take to protect myself? I can't call Elan cardholder services because I don't have a card. I'm just beating myself up for being so stupid and gullible, and thinking of the damage they can do. Realistically, what can happen from this, and what else should I do? [link] [comments]  |
| Roth Ira Backdoor and Dollar Cost Averaging Posted: 11 Feb 2021 07:00 PM PST I'd like to contribute a little bit to my Roth Ira monthly, but my income is over the limit so I'll have to do a Roth Ira backdoor. If I still want to contribute some amount monthly, how should I go about doing this? [link] [comments]  |
| Vanguard Target Retirement Fund (VFIFX) 2050 Posted: 11 Feb 2021 01:30 PM PST Hello, quick background I'm 38, I have zero investments and unfortunately my career and degree don't compensate well (Sub 40k). Pre Covid I was working 60+ now it's hard to hit 25 hours per week and I don't see the job coming back... ever. With that said. I feel I need to start a Roth IRA now to count towards 2020 contributions as I feel I am now so far behind. I am not up On the markets and and don't wish to actively manage a fund. Thoughts, advice, opinions? Thank you. [link] [comments]  |
| 19 and filing my taxes for the first time, but do I need to file taxes...? Posted: 11 Feb 2021 08:16 PM PST Alright, so, I have a job that I don't think I made enough money to file taxes for. I live in California, I'm a first year college student, and my parents still claim me as a dependent on their taxes since I still live at home and they pay for my college. Here's a picture of the portion of my W-2 which shows how much money I made. From my understanding, I would have to make $12,200 in a year in order to file taxes, but I made less than that... so I don't have to file taxes at all? I have an ETRADE account which I have only purchased stocks on. I've never sold any positions, but my unrealized gain is +50% in the past year (about $3,200). I don't need to file taxes on that since I never sold any positions right? So no taxes there either...? Lastly, I have a Roth IRA which I funded with $6,000 for 2020-2021, and another $6,000 for this year. I did sell stocks within the Roth, but obviously I never withdrew the money for a realized gain. Because it's a tax-advantaged account, do I need to file taxes on the few shares I sold for "profit" that just went back into a different ETF? If you're wondering where the money came from that funded my investments, I have worked for 3 years but this year, I hardly worked because COVID shut my job down for months. I now have about $7,500 in the bank, and I make about $1,000 a month (I usually only work 2-3 shifts a week). Any help is much appreciated. [link] [comments]  |
| Currently paying $228 per month for car insurance. How can i find a better price? Posted: 11 Feb 2021 08:14 PM PST I am 24, been a driver for 14 months. My insurance was $173/month thru AAA with an extra $45 per year for home insurance, which was the cheapest plan. However i got a ticket for speeding in 2019 and now i have to pay $228. Can i find a better price? [link] [comments]  |
| Posted: 11 Feb 2021 05:27 PM PST I'm turning 28 august I really just started saving money and cutting back on on impulse buying and buying things. I don't need but is there any tips or plans that could help me save more my credit is at 520 Have a payday loan in collection from speedy cash 10 months old in collection . I have a 401k I'm getting 20% put in from my paycheck just started this month. Should I lower the rate or keep it the same. Thanks for the help /advice [link] [comments]  |
| Is this a good deal on a 2021 Tacoma lease? Posted: 11 Feb 2021 04:16 PM PST 2021 Tacoma SR Lease - is this a good deal? Hi y'all- potentially signing a 36/39 month lease next Friday. Initially the deal was $3k down, 198 a month (not including taxes/fees). I decided against 3k down and split it amongst the rest of the payments. My totals are $319.35/month for the 36 month lease or $328.61/month for the 39 month lease. 12,000 miles/year included. These prices include taxes and fees. 1) Is this a good deal? 2) Would you guys recommend 36 or 39 months? I'm leaning towards 36 but the 39 will give me a fourth spring to take my boat out. Edit: I forgot to include sale price and residual. The truck is $34,132 MSRP. After a $1,000 rebate and an $1,150 "discount" the total is $31,981 before taxes and fees. Out the door price is $34,854. Residual value is $27,988 on the 36 month and $27,647 on the 39. I live in Utah with a stupidly high Tacoma demand. As requested, HERE is a breakdown of all the info [link] [comments]  |
| Can I fund both a 401k and Simple IRA? Posted: 11 Feb 2021 07:06 PM PST I have a W2 job that provides me with a 401k and have am LLC for side jobs. Can I contribute to an Simple IRA when I'm maxing out my 401k in the W2 job? If my wife is a member of the LLC can I also fund the Simple IRA for her as well? My goal is to maximize retirement savings and minimize my adjusted gross income so I can contribute to a Roth as long as possible. [link] [comments]  |
| Should I Start paying rent to keep my 401k or just quit my job ? Posted: 11 Feb 2021 06:57 PM PST I'm 23, a recent college graduate who is also in the Reserves. When the pandemic hit I was forced to finish school and work from home so I moved out of my college town and back into my parents house (8 hrs away) in order to save money on the rent. A few months after graduating I asked for Military Leave because I was put on orders (currently still on orders). By the time my military leave is complete (May), I will have worked at my company for 2 years and 5 months. I currently have $13k in my employer 401k but am not yet vested. They match 6% and vest employees at the 3 YEAR mark. If you quit before the 3 year mark they take away everything they ever contributed. Though the problem is, we are no longer working from home... If I were to stay at my company I would have to move back to my college town, find a place to live, and pay rent of at least $700 monthly. My current employers pays me $3500 before taxes so the rent money isn't really an issue. I was thinking of just quitting my job and staying at my parents house. Instead of going through the hassle of moving back and finding a place to live. I'm fairly certain I could find a new job near my parents house with a higher salary. Though 13k is a lot of money to just throw down the drain. But the job isn't exactly something I want to keep doing for 7 months after I'm done with my training. Also I don't think i would be as happy living back in my college town working a job I see as a dead end. But I don't want to just throw away a nice chunk of change because it isn't what is making me "happy". What do you guys think? Should I stick it out for another 7 months after I get back home for the 401k or just quit? [link] [comments]  |
| Posted: 11 Feb 2021 06:53 PM PST Hi everyone, I posted here before and this community has given me great advice and I learn a lot from the posts here as well. My significant other is trying to refinance her car she's had since 2018. Her interest rate is really high (20%+) and her monthly is about $470 with about 13k remaining on the car. I helped her put in a request to refinance at Mission Federal bank but they denied her today unfortunately. Is it worth trying other institutions or do we have to wait a couple months? Does anyone suggest any refinancing companies? Any advice or feedback is well appreciated! Thank you all. [link] [comments]  |
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