Personal Finance Tax Thursday Thread for the week of February 25, 2021 |
- Tax Thursday Thread for the week of February 25, 2021
- Small debt from a dentist on my report; dentist has closed, debt collector can't locate account. What do I do?
- Buying a home and my offer got accepted last night - mortgage rates just went up pretty high today - what do I do?
- $30k savings -- 1st house?
- Rejected mortgage due to size
- Angela Singleton charged my account for $1.44? Who tf is Angela Singleton?
- Made the mistake of going with a debt settlement company. Where do I go from here?
- Fear of having to work until I’m dead
- Didn't file taxes in 2015 and I can't obtain my W2 information from my employers so I can file. Is there another way I can make sure this is filed?
- Should I exceed my companies 401k match or just meet the match limit and invest excess into a Roth IRA?
- Can you use two health insurance plans for pregnancy to save in any way?
- Can I afford this?
- Have my parents been committing tax fraud against me?
- Confused over 1098-T
- If I open a Roth IRA today, am I able to contribute for the prior year or am I stuck to only this year because it would be a new account?
- Tips for someone making $32,500 salary?
- Getting kicked out at 18, any tips for me to survive?
- Can I get a car on a $45K/yr salary?
- Mom wants me to Cosign for a new house since my dad passed away
- Totaled car that I still owe and only liability insurance
- Unexpected raise puts me above max income for 2021 IRA contribution, but I've already made 2021 contribution
- Are my Parents Lying about their Taxes?
- Started a new job. How much should I invest into my work 401k if I’m currently living paycheck to paycheck?
- Question for my elderly mother about stocks
- When i apply for a new job i have to do the w4 obviously. Do i claim "1" like before or how do i fill it out now?
- Vanguard vs Fidelity for Roth IRA
| Tax Thursday Thread for the week of February 25, 2021 Posted: 25 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]  |
| Posted: 25 Feb 2021 06:30 AM PST So, I owed $110 to my dentist, when they closed due to COVID. Looking at my credit report, the debt was sent to an RMP Services 3 months ago, but RMP Services is unable to locate any account and told me to contact the dentist (who's closed.) Should I just dispute it at this point? [link] [comments]  |
| Posted: 25 Feb 2021 03:44 PM PST My contract says if I can't get financing within 15 days, then I'm in default and I lose my 10k deposit. The problem is mortgage rates went up for from 2.65% about a month ago to about 3.25% today (per the quote from my loan officer), Do I wait it out a week and see if rates drop, or do I just lock in this higher rate? [link] [comments]  |
| Posted: 25 Feb 2021 06:55 PM PST Hello! I just recently got a new job that pays $60k before tax. I've been saving up and have about $30k total saved so far. I really, really want to move out and into my own place due to personal family problems. The thing I want some advice about is... is $30k enough to buy a house? I'm looking for a house not more than $240k (average for my area). I also have $5k saved as emergency funds (which I put in a % from each paycheck). Would it be possible for me to put down a smaller down payment such as 10%? Thank you! [link] [comments]  |
| Posted: 25 Feb 2021 03:46 AM PST Hi, I'm in the process of obtaining a mortgage through private sale, from a Big 5 bank in ON, Canada. Had a few hurdles along the road, but now I believe I've hit a wall. It's my grandparents home on 3/4 acres lot, with 600sqft single family residential building, detached garage apprx 500sqft, couple small sheds in the back. I just heard back that the bank cannot do financing because of the square footage of the house. Has anyone heard of this? I'm not finding anything online related. It's an older home (50yr+). Not a modular or "tiny" home. 2br, 1 bath kitchen/dining and separate living room. I know it's small, but I'm confused as to why they couldn't do lending for this place? My grandparents lived there for 45 years, and I'm currently living there. House is in fair shape, just a bit outdated. Any help or direction is appreciated thank you. [link] [comments]  |
| Angela Singleton charged my account for $1.44? Who tf is Angela Singleton? Posted: 24 Feb 2021 11:28 AM PST Hello! I just got debited out of my checking account $1.44 cents from a girl named Angela Singleton with her phone number attached to it. My checking is with Chase Bank. Apparently tons of people got this charge. Does anybody know anything about this?? Kinda sketch.. Who else got it?? EDIT - For everybody asking, I called Chase and they took care of it (I think). The charge was charged from my debit card so they canceled my debit card and am receiving a new one in the mail. Transfered all my money out of my account. Waiting until Chase closes my claim and then will close the account. Thanks for your help everyone! Edit #2: Someone said this in here but the only thing I use my debit card for is PayPal/Ebay for when I sell or buy something on Ebay. There's a lot of people in here saying they found the same charge because they saw this post. Those who found the charge, did you use PayPal/Ebay with that account?? [link] [comments]  |
| Made the mistake of going with a debt settlement company. Where do I go from here? Posted: 25 Feb 2021 08:13 PM PST I started a debt settlement program 3/27/20 thinking I was going to better my credit card debt situation but I was completely wrong. After a year into the program and realizing it was a mistake, I'm trying to see what you guys would do in my situation. Prior to enrolling, I had racked up around $15k in credit card debt between 5 creditors and felt like I was drowning. I was able to make minimum payments on time every month but it felt like I was throwing my money away and that the card balances would just never drop. I signed up for a debt settlement program, one where they essentially let your accounts go delinquent while you make payments into an escrow account that the company uses when they reach a "settlement" with your creditor. This has cost me a ton in extra fees and a major drop/damage to my credit score. Granted, I am the one to blame for not doing my research prior to getting into this. The program as of today has reached settlements on 3/5 accounts (1 paid off/closed and 2 being paid off with structured monthly payments from the escrow account). The other 2 have higher balances and a settlement has still not been reached. I checked on annualcreditreport.com and saw that 4/5 of the cards were charged off and unable to be removed until February/March 2027. I realize a lot of the damage is already done and probably can only be fixed with time, but is there anything I can do as damage control to possibly better my situation? I see people mentioning different things such as contacting creditors or collection agencies directly, or sending pay for delete letters. I appreciate any insight you guys have so thank you in advance. Let me know if there is any other information you guys may need. [link] [comments]  |
| Fear of having to work until I’m dead Posted: 25 Feb 2021 12:46 PM PST I'm 32 years old and have about $20,000 in all my retirement accounts combined. Right now I'm saving 3% of my salary and my employer contributes a little under 3% matching (something like 2.5 or so). I make $72,000 a year (just got a raise!) from $65,000 previously. My wife makes around $64,000 a year and hasn't been contributing much to her 401k recently because we've had some large expenses recently, but she has about $20,000 saved up too. She's a contractor and doesn't have 401k matching. I'm so stressed about saving enough for retirement. I don't want to work until I'm 70 or even 65 really, but will if I have to. Right now I also cannot afford to contribute much more than 3% to my retirement. I was stupid and have credit card debt that I'm trying to pay off as fast as possible. After that, I will be paying the amount I put towards the credit card towards retirement so about $600 a month. But that still seems like not enough. Anyone else stressed out about retirement? How can I make sure that I'm financially secure? I read about people contributing 10-15% of their salary and I just don't think that I can do that (at least currently). What are your plans like? *Edit, thanks for the advice everyone. [link] [comments]  |
| Posted: 25 Feb 2021 01:59 PM PST Is there another way to obtain my W2 information even though I did not file my taxes for that year? [link] [comments]  |
| Posted: 25 Feb 2021 05:18 PM PST [27M] I've had a stable job with the same company for the last 5 years. Ive recently (in the last year) started taking my future retirement seriously. Prior to 2020, i only looked at my 401k a handful of times and never adjusted my contribution. Currently have 40K in my 401K, I believe my company matches up to 7%. However, I just opened a Roth IRA that I will be contributing to monthly towards Target date funds, and ETF's. Wish I would have done this sooner. My question is, should I continue to exceed the company match contribution to my 401K, or notch it down just to get the percentage match limit and put the rest into my Roth? New to all this, but from what Ive researched I should get a more efficient return in a Roth IRA, right? [link] [comments]  |
| Can you use two health insurance plans for pregnancy to save in any way? Posted: 25 Feb 2021 02:57 PM PST [California, US] We found out a bit ago that wife is pregnant. She currently has health insurance through her company. I have mine through my company, but my enrollment period is open right now so I was wondering if it made sense at all to add her so he has two insurance since there will probably be a lot of expenses during this year. That being said she is also highly likely to leave her current job this year (possibly before due date) and switch to a new company. There might not be a lot of choice here, since we moved states and she's just working remote for her old company temporarily. If that did happen we obviously don't want her uninsured for however long until her new insurance kicks in too. So we are leaning towards adding her regardless to mine. My current payments are ~80/mo and with adding her it goes up to ~3xx/mo. So definitely not cheap, but it also seems like when comparing our two plans that my deductibles/copays are a lot better than hers, so maybe it even makes sense to have her leave her companies plan and we just use mine (that is if there is no benefit to having two). And anyone have any good resources on preparing financially for pregnancy (not long-term, more like FSA/HSA stuff)? Thanks! [link] [comments]  |
| Posted: 25 Feb 2021 05:03 PM PST Hi.. advice needed please. My partner and I are splitting up - I have the option to sell the house we live in, or keep it. I'm nervous I'll be stretching my budget too thin but I know it's a great investment (beautiful renovated house in a beautiful and expanding neighborhood). After all of my bills are paid, insurance, car, utilities and the mortgage is paid, I will have around $1500 a month left for food, savings (and retirement), gas, dog and cat food and leisure and any home maintenance. This is only if I don't make additional commission that month. I try to structure everything off my base pay and not my commission because it's not guaranteed. My commission is based on year over year numbers and I had a good sales year in 2020. So, naturally, I may be able to expect my commissions to be lower this year and rise again in 2022 (In theory). Included in the $1700 mortgage is $200 of PMI since we did an FHA loan. I can anticipate refinancing and having this dropped sometime in 2022, or perhaps 2023 which would give me an additional $200 of wiggle room. So I guess my question is.. is $1500 enough left over to take care of the things listed above (again this is IF I make no commission) This is my first house and I'm scared. Please don't judge.. I need advice Thank you [link] [comments]  |
| Have my parents been committing tax fraud against me? Posted: 25 Feb 2021 01:40 PM PST So I live with my parents at 30 years old. I have a learning disability but I am able to lead a relatively normal life. I work part time and I am taking several prerequisites to be able to get my associates. Ultimately I want to become a physician. I have maintained a GPA of 3.5-3.6 in my freshman year of college, i go to community college online as I struggle to drive. I used the Covid money to pay for classes because I was never able to afford school before. I do have a genetic disorder that has caused my learning disability but as I said above I lead a relatively normal life( I say relative because I still live with my parents). Anyway I looked at what qualifies as a disabled dependent on the Irs website and Mass Gov website. Both of these say "He or she has to be permanently and totally disabled" He or she cannot engage in any substantial activity because of a physical or mental condition" "A doctor determines the condition has lasted a year or can be expected to last continuously for at leat a year or can lead to death". I made $11000 this past year paid $125 a month for rent and $45 a month for my cell phone line. I also paid $1690 per semester for classes all on my own without any help financially from my parents. They have not done taxes on me this year but would they be committing tax fraud if they count me as a dependent? I didnt work much in my early adult years so I never made enough to file a claim [link] [comments]  |
| Posted: 25 Feb 2021 06:58 PM PST So I'm a freshman in college. I received a 1098-T. I've tried doing some research, but I've only seen that you have to file them if the scholarship received was above the expenses. But my scholarships are lower. I tried seeing if TurboTax free file helps, but it brought my refund down to $1. So do I have to file it with my taxes or would it be okay if I didn't? For reference, box 1 $9,730.50 and box 2 is $7,873.00. [link] [comments]  |
| Posted: 25 Feb 2021 06:56 PM PST 27M. I've started my investing journey this past month. Been reading up on things like crazy to make up for lost time. But one thing I can't seem to pin down are prior year contributions on an account I just opened. If I open a Roth IRA right now, am I able to max it out for last year's max as well as this year or am I subject only to the current year? [link] [comments]  |
| Tips for someone making $32,500 salary? Posted: 25 Feb 2021 06:30 PM PST I just got an entry level job at this salary and am looking for advice on how to capitalize on and make the most out of every penny. After rent, health insurance, and taxes, I'll have ~$200-$300 per week extra cash. What budgeting tips do you all have to offer? Investing tips? Savings advice? Credit/credit card info? Favorite money resources? I basically want to find the most efficient and effective way to use my money at this income level. [link] [comments]  |
| Getting kicked out at 18, any tips for me to survive? Posted: 25 Feb 2021 04:57 PM PST Due to escalating family issues and conflicts at my parents's home, I will be kicked out of the house soon. Might be in a month, or might be in a week. I haven't finished high school yet as I am in the final semester of my senior year. I have no friends, no money, no car, and no jobs (never held a job before because my parents prevented me from having a job due to their fear of me potentially spreading covid to them). My phone will be taken away from me soon too. I will soon be on the street with nothing but cloths on me. What should I do after I am kicked out? [link] [comments]  |
| Can I get a car on a $45K/yr salary? Posted: 25 Feb 2021 06:01 PM PST Hi, adulting is hard and I'm still trying to figure out how much to pay for The Big Shit. I make about $3800/mo. My job requires a LOT of travel, and I've had my poor old man since I was a teenager (2006 Volvo). It's fairly dependable, but doesn't have good storage and my boyfriend, who I'm moving in with, doesn't have a car, so I'm debating selling my boy to him and getting an SUV. I'm not looking for anything fancy, just a tank w/ decent gas mileage, extra storage and maybe a backup camera, but even that's negotiable. How much should I reasonably pay per month on a car, assuming my total living costs are about $1000 per month? [link] [comments]  |
| Mom wants me to Cosign for a new house since my dad passed away Posted: 25 Feb 2021 07:14 PM PST Hey all, So I am kind of lost right now so here I am! Here is my (29f) situation. I am married, already cosigned with my husband on our current house, have student loans, car payments, and looking to sell and move to a new house before our first child is born. I'm due in July 2021. Overall, I have over $300k to my name and I only make 35k a year. Husband makes $102k. We live in MD. My mom (69) currently lives in a house in SC but wants to move to a new house in SC. They want to keep the old house to rent for additional income. My brother(28) lives with her and he is making around 30k. Mom doesn't work but she getting survivors benefits and Social Security. When my dad was still alive in January 2021 he and my mom were about to buy the house but now that he passed away in February it cuts their finances down and now the lender wants either a cosigner or mom has to put down $101k for the down payment on the new house. Even if they do sell the old house they won't make enough to cover the down payment. Mom says that my brother can't cosign because he he single and doesn't make a lot of money and it's better if I cosign since I am married. I do not want to cosign because I am worried about how this will effect my credit and when me and my husband go to buy our next house. I tell my mom my concerns but she won't listen and then turns on the water works and says "you want us to live in an apartment!" IDK guys. I feel bad about my mom but I'm worried about my future. Would I even be approved with my mom and brother? What happens if I do cosign? What are the options for my mom of I don't cosign? Edit: Mom sys they have renters wanting to move in in May and they already gave her $4000 . [link] [comments]  |
| Totaled car that I still owe and only liability insurance Posted: 25 Feb 2021 03:28 PM PST I financed my car with Toyota on December 2019. I was told I needed full coverage insurance and to sign up with Geico and I could change it later. It was too expensive for me so I put it on my parents insurance in January 2020 because it was cheaper. I told the insurance agent to remove our old car and to put my new car. I was not clear and did not say to put full coverage so the agent put whatever coverage the old car had which was just liability. The whole year I had it I just assumed I had full coverage and never read the statements we got in the mail. I got into an accident that was my fault and my car is totaled. The insurance is only covering the other car but not mine. The gap insurance is still processing the claim but if they do approve it they're only covering around $2,000 which still leaves me with $18,000. I've been told by multiple shops that it's not worth fixing. I don't want to mess up my credit by not paying it and I was told I can't sell it because it has a lien on it. Do I have any options besides paying on a car I can't use? Can I sell it for parts? Can I finance another car and add it to my remaining balance? [link] [comments]  |
| Posted: 25 Feb 2021 07:16 AM PST EDIT/UPDATE: I had completely forgotten about backdoor IRA contributions. I have an old 401k that rolled into a trad IRA in 2017. Does this mean I have pre-tax money in an existing IRA? I realize I am very fortunate to have this problem, but: yesterday I received a big, and unexpected raise. This puts my and my spouse's projected total taxable income about $213K for the year. This includes us maxing out our 401k contributions. The complication here is that we've already made our max ROTH IRA contributions for 2021. Here are my questions:
Thanks. [link] [comments]  |
| Are my Parents Lying about their Taxes? Posted: 25 Feb 2021 04:09 PM PST I was in this forum earlier this year, asking if my parents had any rights to claim me on their taxes. The consensus was no, they couldn't. Unfortunately though, I went to discuss this and my mom threw a fit and refused to talk about taxes with me. She told me she would, "file as normally" and when I asked if they meant claiming me, she wouldn't answer. Fast forward several weeks, she asks if I filed like I wanted and blew up on me for not doing it that way. She claimed that she didn't claim me and I needed to fix my taxes. I can fix them 2/26/21 and today she messaged me claiming that, she had to "refile her taxes because they came back wrong and she had to claim me" the day before I could fix my taxes. I just want to know if that's actually possible or if she's lying to me. I was told previously that I could file dependently and everyone assured me that was the case as I didn't qualify for her to claim me at all yet she's claiming that her taxes say that she does have to. [link] [comments]  |
| Posted: 25 Feb 2021 08:45 PM PST Currently living paycheck to paycheck but thanks to this sub and debt free sub I've made some changes in my spending. I'm slowly paying off credit cards and personal loans that I have. My goal is to be debt free in 12-15 months. Does it make sense to start with 2-4% into my 401k then increase the percentage next year when I'm in a better situation? Should I even be thinking about my 401k when I could use that money to pay my debt a month or two sooner? I'm in my late 20's but finally found a job and company I could see myself staying with for 35-40 years. Any advice is appreciated. Thank you [link] [comments]  |
| Question for my elderly mother about stocks Posted: 25 Feb 2021 07:58 AM PST My mom had a decent sized career at a southeastern grocery chain called Winn-Dixie. Her employer gave her stocks with the 401k. Well in 2005 Winn-Dixie filed for bankruptcy. They are currently owned by Southeastern grocers. Is there any way she would have access to these shares anymore? If not that is okay, I just wanted to check. We both are not well with technology or anything like that. I would greatly appreciate the help. [link] [comments]  |
| Posted: 25 Feb 2021 08:40 PM PST So i noticed you no longer claim "1" for yourself on taxes. Do i have to claim anything if i'm single, not married, no dependants, just the most basic thing? I see instead there's a 500 per other dependant. You're dependant on yourself so can you claim 500, or do you just not fill anything additional out if you're single no dependants? [link] [comments]  |
| Vanguard vs Fidelity for Roth IRA Posted: 25 Feb 2021 04:18 AM PST Im 23 years old and want to open a Roth IRA but don't know much about it and these companies seem to be the main ones. I want to put 5000 in it and contribute monthly around $100- $150. Which one would you recommend in my position. [link] [comments]  |
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