Personal Finance Weekday Help and Victory Thread for the week of February 01, 2021 |
- Weekday Help and Victory Thread for the week of February 01, 2021
- 17 year old seeking advice
- Update: AT&T denied me promotion eligibility 2 months after giving me a $1,000 credit.
- TurboTax is horrible
- Where do people with low credit scores actually live?
- Paying cash for new car. Can I use this to bargain?
- what’s the reason your credit tanks when you pay off a car
- Chase Bank Employee Stole 60k and Chase Refuses to Talk to me.
- Neighbor cashed my check. Recourse?
- I work at one of the top performing companies within the S&P500 that offer employees a 15% discount on their stock. What's a good strategy to take advantage of this benefit?
- When does it make more sense to contribute to a Traditional 401k rather than a Roth 401k?
- Dad owes 15k in taxes in 2010 to the IRS because of an uncertified tax accountant
- Should I get an Identity Protection PIN (IP PIN) from the IRS when I file my 2020 tax return?
- How to calculate "emergency savings" when one lives with parents?
- Amazon gift cards refunded, un-refunded and then deactivated
- Is it smarter to put 5% or 20% down on a house?
- Contributed into Roth IRA, ended up making over the single limit for 2020. Just rolled over Roth 401k into Roth IRA this AM.
- Looking at losing our biz, house and car...
- Quick Fact Checks about IRAs/401K
- Does Fidelity charge you for fees when you buy or sell stocks?
- Help me course correct - 27 y/o and $30k+ in Credit Card debt
- Move back in with parents and save $30,000/year or stay in California
- Friend missed a Comcast bill in my name, it went to collections. Can I fix this?
- Help with breaking a lease
- Avis Rental Car Fiasco
| Weekday Help and Victory Thread for the week of February 01, 2021 Posted: 01 Feb 2021 03:00 AM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Posted: 01 Feb 2021 11:42 AM PST I'm 17 and have saved up about 20,000$ from working since I was 13. I have graduated high school and am currently in a trade school that I will be graduating from within less than a year and starting to work. I have no student debt of any kind (Full cost of my school was about 500$). I have some expenses like my phone bill and car stuff. However the car is paid off. This leaves with the money and I'm just not sure what to do with it whether I should invest or just keep saving. Not sure what to do. I can add more detail, its just I'm at work right now on break and didn't have too long to write this lol. Any advice?? Thank you [link] [comments]  |
| Update: AT&T denied me promotion eligibility 2 months after giving me a $1,000 credit. Posted: 01 Feb 2021 03:39 PM PST Link to original post: https://www.reddit.com/r/personalfinance/comments/l8n4so/should_i_tell_cc_company_to_deny_payment_to_att/ I updated the original thread but I felt this was worth another post, in case it helps anyone else. The BBB was awesome. After almost 3 months of AT&T giving me the runaround and telling me basically where I could stick it, 20 minutes making a complaint to the BBB solved it. I submitted my complaint Sunday evening, Monday afternoon I had 2 people from the AT&T Presidents office call me apologizing profusely and assuring me the promoton will be shown on my next billing statement, as agreed upon by the original store. Moral of the story - I had no idea the BBB was so effective. Thanks to this forum for all the help, you beautiful people saved me $1,000. Thanks everyone!!! [link] [comments]  |
| Posted: 01 Feb 2021 03:00 PM PST Decided to try TurboTax this year, since using Credit Karma was resulting in my mailbox filling up on a weekly basis with loan spam. 1st attempt: using the free online page, amounts match what I had last year. At the very end I am taken hostage with a "Pay for Deluxe or we won't let you submit, since you have an HSA". There goes an hour of my time. 2nd attempt: bought their Deluxe for $30 off Costco, start reentering all that on the desktop program. When it gets to state filing, it holds me hostage again to pay another $40. My state refund is about $100 tops. I call in customer service and get put on hold for about an hour by a rep who had better things to do (55 mins to be exact). So TurboTax stole about 2-3 hours of my life at this point, Meanwhile I put laundry in the drier, vacuum the room a bit, register again on Credit Karma, file the entire thing and submit before finally telling the agent I did not need her help anymore. [link] [comments]  |
| Where do people with low credit scores actually live? Posted: 01 Feb 2021 09:36 AM PST I have good income, but a credit score of 589, and I'm trying find somewhere to live in upstate NY. [link] [comments]  |
| Paying cash for new car. Can I use this to bargain? Posted: 01 Feb 2021 08:51 AM PST I'm purchasing a new car with MSRP 35K. I will be able to pay cash after a trade-in value at approx. 6.5K. My question is: can I use the fact I'm paying cash as a bargaining chip? Is there any advantage to the dealer that I pay cash (as opposed to financing or leasing)? TIA EDIT: Thanks to all of you for your quick responses! Sounds like financing with incentives then paying off is the way to go, and this makes total sense. Much love! [link] [comments]  |
| what’s the reason your credit tanks when you pay off a car Posted: 01 Feb 2021 07:14 PM PST Recently paid off my truck, 5 years never missed a payment and my credit dropped 44 points. Just doesn't make sense to me. [link] [comments]  |
| Chase Bank Employee Stole 60k and Chase Refuses to Talk to me. Posted: 01 Feb 2021 12:31 PM PST Dear Group: My friend had a chase business account. He noticed someone withdrew 30k from his account and he went to his bank and the employee filled out a report for a fraudulent withdrawal. The employee said don't worry about the problem. Then, my friend noticed that his account was overdrawn and he went back to Chase bank. They told him that he was overdrawn for the total amount and that he owed that money to the bank. They refused to talk to him. Does anyone know the proper people to talk to at Chase. They appear to be stonewalling him. [link] [comments]  |
| Neighbor cashed my check. Recourse? Posted: 01 Feb 2021 04:32 PM PST Not sure if this is right place to ask, but please redirect me if not. Also, standard mobile disclaimer. So three years ago I moved from a rental house to a house I bought in the same neighborhood. I set up mail forwarding to my new address, renewed it for the first two years, and never had any problems. A couple of weeks ago, my grandmother asked if I ever got the Christmas card she sent me. She said that the one she sent my wife had bounced back, but she hadn't gotten mine back yet. We chatted through it and determined that she had mailed both cards to my old address by mistake. She said she was going to wait a few day for my card to be returned and then send both cards to the correct address in a single envelope. Well, today my grandmother calls and says that the card she sent me never came back. In fact, her credit union shows that the check inside the card was cashed on 1/24. She says that her CU wasn't able to say where the check was cashed or provide her with a copy of the endorsed check. This doesn't sound right to me as her CU had to approve the transfer of funds to somewhere and it doesn't sound like something they wouldn't keep records of. My grandmother says it may be because the check was cashed by a 3rd party, but that 3rd party must have requested the funds be sent to a location to have received the funds, right? Anyway, now I'm in a situation where I'm only doors away from the likely thieves and would like to ask them about it. But I'd like to know what options I have to do anything about this when these people tell me off. Anyone have any experience with anything like this? [link] [comments]  |
| Posted: 01 Feb 2021 01:44 PM PST As the title mentions I work at one of the top 5 performing companies within the S&P500 and they offer employees a 15% discount. Priority for me is to max 401k/Roth IRA so assuming I have that squared away, what's the right approach for taking advantage of an automatic 15% discount? Should I buy monthly and sell a month later for an almost guaranteed return for monthly cash flow? [link] [comments]  |
| When does it make more sense to contribute to a Traditional 401k rather than a Roth 401k? Posted: 01 Feb 2021 03:18 PM PST I'm considering changing my contributions from being to a Roth 401k to a Traditional 401k. My thinking is that right now, my current Roth contributions are at a higher marginal rate then what will likely be the effective tax rate later on. Is there a point in career - either income level or years until retirement, where a Traditional 401k makes more sense then a Roth 401k? Thanks! [link] [comments]  |
| Dad owes 15k in taxes in 2010 to the IRS because of an uncertified tax accountant Posted: 01 Feb 2021 07:37 PM PST Background: Parents are immigrants, can't speak English well, worked the same crappy contractor job making about ~20-25k/yr before taxes for about 10+ yrs, live paycheck to paycheck with barely anything in savings. I recently learned how awful their credit history and finances are. Over time I was able to improve their credit score and remove/modify some of their delinquent accounts. I recently created an account on the IRS for them to view their tax history since I knew that they owed taxes. My mom is fine, but my dad's history is a whole other issue. My dad owes about ~18k to the IRS with the main bulk of the debt from 2010. My parents weren't the smartest when it came to filing taxes back in the day and went to shady/uncertified tax accountants to do it for them. They didn't know any better. My issue is the 2010 taxes, which shows that my dad owes about ~15k (not including accrued interest) for just that one year, was filed incorrectly because there's no way my parents can make that much even with their incomes combined. I estimate that with their income they owe about 3-4k in taxes at max before expenses/deductions. Is there any way for me to fix this? What should I do? Would the IRS waive/forgive the tax owed for that particular year? Tl,dr: Dad owes ~15k in taxes for 2010 because of a bad tax accountant. What can I do to help them? [link] [comments]  |
| Should I get an Identity Protection PIN (IP PIN) from the IRS when I file my 2020 tax return? Posted: 01 Feb 2021 06:59 AM PST The IRS is now letting the general public get Identity Protection PINs to prevent scammers from filing tax returns on their behalf. See this press release: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin I've never experienced any sort of identity theft beyond having my credit card number stolen at the gas pump/shopping around time a few times, which seems to happen once in a while, no matter what I do. I've frozen all my accounts with the three major agencies, use a password manager, and otherwise try to keep my digital presence secure. Is it worth it to establish an IP PIN and get it online through the IRS? (Thank God I'm not a victim of tax fraud and don't have to receive the IP PIN in the mail, if I choose to opt-in.) Do you think there are going to be any tech snafus that will make filing with an IP PIN insufferable? I'm curious what y'all think. UPDATE: I signed up for an IP PIN through the IRS website. Thanks for the advice, y'all! [link] [comments]  |
| How to calculate "emergency savings" when one lives with parents? Posted: 01 Feb 2021 09:28 AM PST I'm supposing it's better to save for six months of living expenses in "the real world" rather than six months of living expenses while living with parents? What is your opinion on this? [link] [comments]  |
| Amazon gift cards refunded, un-refunded and then deactivated Posted: 01 Feb 2021 07:01 PM PST Not sure if a credit card charge dispute is appropriate at this point. So here's the situation, I ordered $100 of Amazon gift cards the ones that come with a cool greeting card on Dec 19 and it says delivered on the 21st. Yes I know cutting it close to Christmas. I look at my door nothing, my neighbors, nothing. I panic, reach out to Amazon and they give a prompt refund. A few hours later one of my neighbors bring me my package delivered to her house 10 houses down lol. So I call Amazon and explain the situation, they thank me for my honesty and recharge me $100. They assure me the gift cards are still valid, whew! Last minute Christmas gifts good to go. Fast forward now my recipients try to redem the gift cards and find that they are deactivated. I contact Amazon and they give me the runaround swearing they only charged me once and refunded me. My CC statement clearly has two $100 charges. And one $100 refund. So dispute or nah? Also will amazon see my situation as scammy since it involves gift cards? [link] [comments]  |
| Is it smarter to put 5% or 20% down on a house? Posted: 01 Feb 2021 05:23 PM PST I'm moving soon for work and preparing to sell my house here and eventually purchase a new house in a new city. I'm going to make a good amount of money on my house sell, so I will have plenty of money to put 20% or even 25% down on a new house. I was talking to a mortgage broker friend, and he was telling me that at these interest rates/PMI rates, it is smarter to put 5% down and bank/invest the rest. Some of his reasoning:
Thoughts? I was prepared to throw all of my equity into a new place, but this has me rethinking. [link] [comments]  |
| Posted: 01 Feb 2021 05:24 PM PST Hi All, As I was beginning to fill out my 2020 taxes, I saw that I owed money based on my Roth IRA contributions. After some digging (which I should've done before setting up a Roth IRA) turned out it was because my income was above the Roth IRA limit. 2020 was the first year I set up a Roth IRA, and I contributed the full $6,000 into it. Additionally, I recently moved to a new job, and as of this morning transferred my Roth 401k into my Roth IRA. The questions I have are the following:
I am continuing to do research on this, though the rollover transaction that is in the works currently is making me nervous. I appreciate any and all advice, thank you! [link] [comments]  |
| Looking at losing our biz, house and car... Posted: 01 Feb 2021 07:50 PM PST Hi all, last year amid the pandemic my wife and I bought a doggy kennel/daycare/grooming business in central VA. We have a little retail but boarding is the biggest moneymaker. Daycare keeps the lights on, but because nobody is traveling boarding is dried up. We've struggled every month to pay bills etc. we own our home but have a mortgage with little equity if any, and we have a car with three years of payments left. We may have bitten off more than we can chew at a bad time but I was thinking it could be the perfect time to buy a business even though it's grim. In years past the business made triple what we're doing now. We're super lucky that as of now we're not behind on bills but the credit cards we racked up trying to keep afloat have amounted to around 25K. We've cut staff to nearly nothing just so we can take a break from our 70 hour week for both of us. It's very depressing cleaning a kennel when there's not even enough dogs to make it dirty, but I am optimistic that the vaccine wakes people up and everyone can get out again. I've tried PPP, eidl, 7a and 504 loans and were not eligible for anything because we haven't been open long enough. What should I do to try to dig ourselves out? Thanks in advance! [link] [comments]  |
| Quick Fact Checks about IRAs/401K Posted: 01 Feb 2021 08:59 PM PST Very simple (I think) question that Google can't seem to answer for me: (Possibly) Relevant facts: Household income is ~$190k/year The wife and I both have 401k plans with work that offer matching and have good expense ratios (under .2%) so we'd like to max those out. But I can't for the life of me confirm the contribution limits. For an individual (under 50) it seems fairly straight forward that it's $19,500. But for married couple is it 2x that, or is there some other limit? Also, from what I can tell, we can both contribute 6k/year to an IRA (combined between Traditional and Roth) so we can contribute 12k total, is that right? However, it looks like since we are covered by a work program, we might be phased our of the deductible limits for IRA contributions based on https://www.fool.com/taxes/401k-ira-maximum-contribution-limits-for-2021/, correct? Is there anything that I'm missing that [link] [comments]  |
| Does Fidelity charge you for fees when you buy or sell stocks? Posted: 01 Feb 2021 08:56 PM PST I noticed that Vanguard has been doing buy/sell for free, but wondering if Fidelity does it too. [link] [comments]  |
| Help me course correct - 27 y/o and $30k+ in Credit Card debt Posted: 01 Feb 2021 11:59 AM PST I'm 27 y/o and working to fix the financial mistakes of my early 20s. I grew up not understanding fundamental aspects of personal finance and didn't have a family that knew better either. Now I'm trying to owe up to my relationship with money and do better. I'm sorting out spending habits and working to make and stick to a tight budget but feel so overwhelmed and a bit hopeless and could use advice on where to start. Worried about ruining my credit for 10+ years with bankruptcy, but will do what I have to do since I got myself here. Below are current balances & outlook: Chase: $8,163.88 / APR 22.24% (Limit: $10,000) Amex: $7,246.80 / APR 29.24% (Limit: $15,000) Discover: $1,522.44 / APR 19.99% (Limit: $14,500) Early consolidation loan w/ Best Egg: $11,594.31 left (2 more years left on payments) Student Loans: $121,302 - all my loans are federal and thus paused because of COVID but adding this in to keep myself accountable. I was just approved for a balance transfer card (Citi Diamond Preferred) w/ a credit limit of $4,100 and 18m no interest. I was going to transfer small portion but perhaps this isn't a good idea. —- Income: Base salary: $60,600 I am a freelance writer and am working to try and pick up as many other jobs where I can but they come and go. Also trying to find another part time job but I work 80+ hours for my current full time gig and having trouble finding restaurant work with COVID. I want to be clear that I'm incredibly ashamed to be in this position and take responsibility for bad habits/ living beyond my means. I want to fix my future but fear I can't bail myself out. Worried I'be doomed myself to the cycle of poverty I've tried to outrun. Would appreciate any help/ guidance. [link] [comments]  |
| Move back in with parents and save $30,000/year or stay in California Posted: 01 Feb 2021 06:46 PM PST I've been living in California for almost 2 years. I'm renting an apartment for $1564 and the lease is up at the end of March. I ended up in Cali because of a job opportunity that let me go within less than a year. Luckily, my last job picked me back up as a remote worker and is paying me the same salary as the job that let me go which pays real good. My end goal is to own a home and it's hard to save up for one in Cali due to the high expenses and student loans I'm paying. I've tried looking for a home to buy out here but from what I can afford there's nothing really worth the investment. I already have some money saved up but moving back in with my parents who live in Ohio will help me save a lot more in a short period of time. I really like California and I'm pretty comfortable living here but I'm trying to figure out what would be most beneficial for my future self. Here's a pros and cons list I've come up with so far: Pros:
Cons:
I welcome all feedback and questions on this situation! [link] [comments]  |
| Friend missed a Comcast bill in my name, it went to collections. Can I fix this? Posted: 01 Feb 2021 07:59 PM PST I lived with some friends about 1.5 years ago. The Comcast account was in my name, and continued to be in my name after I moved out (stupid I know). When the old roommates went to cancel my account and make a new account without me, they accidentally missed the last payment on my account. I lived somewhere new, and they never realized they had missed a payment. A week ago I get alerts on all my tracking sites that my score had gone down due to collections. It said it was a Comcast account and after asking my old roommates apparently I had 3 letters there from collections that they had never opened for me. I never received any indication I was in collections to my phone or email, and they only sent written notice to my previous address, which I never got until months later. Anyone have any idea what the best course of action is? Pay Comcast? Pay collections? Pay to remove hopefully? Dispute with credit bureaus? Will it help my case at all that they sent the collection letters to my previous address? Thank you. [link] [comments]  |
| Posted: 01 Feb 2021 07:18 AM PST My partner and I broke up recently, and both our names are on the lease as primary tenants, however, he is moving out this month and I am being left with the full rent. I want to break the lease, however, he does not agree to that, therefore is basically leaving for free. Does anyone have any tips or leads on what I can do? I don't have anyone to sublet, or become my roommate. I cannot afford the entire rent on my own. Breaking the lease is 2 months rent on top of rent and a 30 day notice. The relationship is highly mentally and emotionally abusive. I have been in an inpatient and outpatient program for my mental health because of everything. Any help? Are there ways to break the lease on terms of abuse? And the fact that he's abandoning basically and leaving me with ALL the expenses? [link] [comments]  |
| Posted: 01 Feb 2021 06:45 AM PST I will try to keep this short. I rented a car from Avis back in December. The vehicle was rented for a week, driven from one city in FL to another. I double and triple checked that mileage was unlimited when renting the vehicle. I return the car, and receive a receipt that looked a little high, inquired about it and they had charged me for gas even though I had a full tank. No big deal, the representative at the return location fixed it, printed a new receipt and signed/ included his phone number. I realize about a week later, they charged my credit card about $300 more than my receipt shows- surely has to be a mistake. I call them and they state I did not have unlimited mileage and the receipt I have means nothing. I submit a claim, copies of receipt, etc. Denied. So I went through my credit card company, who opened a claim, and refunded me the difference. Avis mailed me a letter stating I had to pay the difference the credit card company refunded me or I'd be sent to collections. My credit score is over 800, I have never even paid a bill late, so I dont want that tarnished. Can Avis really do this? Do I have any other recourse here? Its pretty shitty that they can just make me pay whatever amount they deem appropriate despite me having documentation proving otherwise. [link] [comments]  |
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