Personal Finance My tax preparer didn't file my 2017 and 2018 taxes. I just found out and now she's ghosting me, what do I do and what kind of penalties should I expect? |
- My tax preparer didn't file my 2017 and 2018 taxes. I just found out and now she's ghosting me, what do I do and what kind of penalties should I expect?
- 50 years old. Should I max out my employer's 401k or save cash for a house?
- Mother passed away and I'm not sure what to do
- In the US, Turning 70 soon and not clear about 401K withdrawals, are they required at 70?
- Is a 23yo grad student living with parents independent?
- “Your tax return is still being processed. A refund date will be provided when available.”
- I have a money hoarding problem
- My Grandmother got a letter in the mail with the last 4 digits of her SS#
- Windfall from selling a collection
- Possible Refund after Filing Taxes?
- Is there a primer on the tax changes in the Rescue Act
- PSLF and Student Loans
- I'm having trouble finding resources online, how can I file my taxes as a dependent myself?
- Invested in mutual fund with Primerica when I was 21. Now 26 and realize it is an MLM and want out
- Does Credit Amount affect your score?
- To pay off house or not?
- 401k: Who controls what
- Brokerage account restricted
- Someone backed up into my car. Will insurance cover me?
- Help me understand the Wash Rule
- Is unemployment taxed as regular earned income? Why am I only reading 10% is withheld?
- IRS Notice for Amended Return - Follow-Up
- How to prepare for a few years of retirement before being eligible for medicare/how to keep income artificially low
- 22, making $9.50 an hour and don't know where to go in life.
| Posted: 06 Mar 2021 04:56 PM PST The title pretty much explains it, so here's some context:
I'm pretty anxious and I don't know what to do. I have so many questions, but here are the ones that are most urgent for me: [link] [comments]  |
| 50 years old. Should I max out my employer's 401k or save cash for a house? Posted: 06 Mar 2021 12:39 PM PST I'm 50 years old and trying to decide if I should max out my employer's 401k or save for a house downpayment. My situation is:
We would like a house as we would like a yard/space for our child. My employer will match 5% with immediate vesting. Would it make sense to max out the 401k and slowly build a house downpayment? Should we prioritize on saving a house downpayment and only do 5% in the 401k? Then once we buy a house to focus on max'ing the 401k? My thoughts is to maximize the 401k as the stock market has been performing well and I'm more concerned about building a retirement fund. Thanks for the advice. [link] [comments]  |
| Mother passed away and I'm not sure what to do Posted: 06 Mar 2021 01:20 PM PST I really didn't know how to title this because I'm still not really thinking clearly. Before my mom passed i would help her with paying the bills online. Now that she has passed the bills/mortgage is still coming in and I don't have enough to pay for it on my own. I know she has more than enough to pay for it in her account but since it is her account and she has passed i don't know if I am able to pay with that account. I don't want to do anything that could get me in trouble but I also don't want to get behind on payments. Has anyone been in this situation or can suggest what i can do. Thank you. EDIT: Forgot to mention my older sister and i are still living in my mom's house here in Southern California and we both work although right now I've been on leave for a month because I myself am battling Covid (does not make this easier at all). I would just like to thank all of you from the bottom of my heart for your kind words and helpful advice. I wasn't sure what to expect but I'm glad that even though I'm stuck here in my room with nothing but my thoughts, there is a community that i can reach out to that can steer me in the right direction at least in terms of legal help/finances but also so much more. Thank you. [link] [comments]  |
| In the US, Turning 70 soon and not clear about 401K withdrawals, are they required at 70? Posted: 06 Mar 2021 08:58 AM PST Kind of simple, do I need to/am I required to start withdrawals from my 401K even if I don't need the income from it? Are there penalties for leaving it ride and not taking distributions after reaching 70 years old? [link] [comments]  |
| Is a 23yo grad student living with parents independent? Posted: 06 Mar 2021 03:16 PM PST Hi all! I'm doing my taxes for the first time by myself using software, and I'm wondering if I'm considered independent since my parents are not claiming me. I was claimed as a dependent in 2019 and didn't get any stimulus checks, so I want to know this to see if I would qualify for the Recovery Rebate. I live with my parents and we share expenses, so I'm not sure if I pay for more than half. Even if my parents do pay for more than half, if they decline to claim me as a dependent, would I still be considered an independent? Thanks for any help you can provide- I'm realizing I'm financially illiterate but I'm learning :-) [link] [comments]  |
| “Your tax return is still being processed. A refund date will be provided when available.” Posted: 06 Mar 2021 03:06 PM PST I'm mostly asking what's going on because from what I've online, it seems to be a bad sign. I'm trying to get my line 30 stimulus credit -- my estimated date was 3-5, now my IRS refund tracker tool has no progress bars and is giving the line in the title of this post. Can anyone give information on this? [link] [comments]  |
| I have a money hoarding problem Posted: 06 Mar 2021 12:42 PM PST Probably not the worse thing in the world, but I feel like it can be at the same time, I have this weird problem where I don't want to spend my money or have a fear of seeing it go. I always feel like I'll never have enough, no matter how much it is. My therapist asked me how much would "enough be" but I honestly don't even know. I use to have 13k in my savings years ago but even then that didn't feel like enough to me and I was afraid of spending it. (of course I did utilize it on moving out expenses however) It gets so bad to the point where I don't even want to buy groceries sometimes because I know it'll take about $100-150 of my money. Sounds crazy I know, but I get scared seeing large expenses like that being taken out. I like to keep at least $1,000 in my checking at all times just in case for unexpected but also as a buffer for when bills get taken out, and never like to go below that, then I have my savings and a retirement account with my employer. Any time it does go below $1,000, and it hits $950 or even $900 I panic and feel sick almost. Like 'oh gosh, I went below my threshold, I don't have any money anymore." etc. I hate it, I hate that I feel that way. It's like I know I have money and in my savings and CC for back up, but I still feel scared. I always tell myself I need to save more and more, and I won't even buy myself the things I want because I tell myself it would be a waste of money and that I don't really need those things, like a switch for example or a new wallet. I do treat myself every once in a while though and go on vacations once or twice a year but that's about it. I guess the real reason why I feel this way is because I don't make a ton of money, my salary is only $37.5k, and for me to work hard and save up my money to say $10k I can't replenish that 10k easily when it goes. So I feel scared and hold on to it and try to save up a butt load. I also don't have a budget that I go off of. This may sound stupid but I don't fully understand budgets and I suck at creating them. I've heard of things like the $0 budget plan but never understood it, and when I try to fill out budgets it'll say things like "beauty" or "entertainment" but I never have an amount to put there, I don't get my hair done every month nor do I go out that often every month my friends and I usually have game board/video game nights at someone's place or we go hiking, we try to find free actives most of the time. Could someone maybe explain budgeting in an easy way for me? Or point me towards one that isn't mint or truebill. Maybe a budget will help with my hoarding issue? Thanks in advance. Edit: thank you everyone for your responses. I am trying to reply back to them all but if I don't reply back to yours, I'm sorry! [link] [comments]  |
| My Grandmother got a letter in the mail with the last 4 digits of her SS# Posted: 06 Mar 2021 03:47 PM PST My grandmother recently got a scam letter in the mail supposedly from the state department of job and family services. Within the letter are three pages with questions asking about unemployment and insurance. It has XXX-XX-last four digits of her social. It has her "employer's name" (my grandmother is retired.) We're freezing her credit but aren't sure if they have the whole social security number. My grandmother called the police before we came but they just said they'd call her back in 2-3 weeks. What else should we do? We've been googling things but I'm worried because my grandmother doesn't seem to fully understand the importance. We're explaining what it means and that it's not the same as "oh everyone has my data." Is there anything else to do asap? Thanks. [link] [comments]  |
| Windfall from selling a collection Posted: 06 Mar 2021 06:02 PM PST I have a collection from a certain franchise that is really hot right now and plan to sell on eBay this month. I would ultimately like this money to end up in a mutual fund (VTSAX per say). Assume I sell 10-12 items that net 80k into a Paypal account from eBay. Can I just directly transfer these funds into my bank and then to Vanguard? Are there any tax implications from the sale? Does it help if I transfer funds periodically instead of the whole lump sum? Edit: Not trying to be sneaky here, just wanted to know what's the best path legally. Edit2: Pokemon cards, it's the 25th anniversary [link] [comments]  |
| Possible Refund after Filing Taxes? Posted: 06 Mar 2021 07:40 PM PST I read that there was an amendment to the new Stimulus Relief that taxes from Unemployment Income will be waived. However, I had already filed my Tax Returns for 2020 in which I owed about $900 due to not withholding taxes from unemployment last year. Once the bill becomes law, will there be a way for me to receive a refund for that amount? [link] [comments]  |
| Is there a primer on the tax changes in the Rescue Act Posted: 06 Mar 2021 11:13 AM PST Question is in the title, I looked but couldn't find the info on the tax changes in regards to the Covid Bill this morning. Mainly on clarification in regards to 2020 tax with the unemployment and EITC [link] [comments]  |
| Posted: 06 Mar 2021 06:27 PM PST Hi! I am a recent graduate from grad school with almost $200k in loans, and luckily have a few job offers on the table. One that I'm super interested in is state government starting at $72k and pretty rapid raises, and I have a private offer for $130k. I'd rather take the gov job, but I was doing some research and saw that the PSLF, if ended by Congress, wouldn't cover people who are still in the middle of their 10 years of payments, since the yearly recertification only means that you can get loan forgiveness if the program still exists at the time you apply. Is this true, or can I expect to be grandfathered in regardless of what happens? [link] [comments]  |
| I'm having trouble finding resources online, how can I file my taxes as a dependent myself? Posted: 06 Mar 2021 02:56 PM PST Like the title says. My parents claimed me as a dependent, how can I file my own taxes since I worked this year without causing an audit or something? Is there any special steps or? Much appreciated! [link] [comments]  |
| Invested in mutual fund with Primerica when I was 21. Now 26 and realize it is an MLM and want out Posted: 06 Mar 2021 04:43 PM PST I received a large chunk of money when my grandfather passed away when I was 21, and a coworker at the time was a Primerica rep. I wanted to invest the money and was completely naive about finances (still am, really), but I trusted this person to help me find a good solution. I currently have about $15,000 in a mutual fund with them, but now realize that its basically a scam and an MLM. I am still friendly with this old coworker and we are meeting in a few weeks to go over finances and talk about Primerica. THANKFULLY I decided to look more into Primerica and I want to move my funds somewhere else. My questions are:
I'm so mad that I was so naive and trusting, but at least I know now and can hopefully make some changes before I added more money to the account. Thanks for any advice! Edit: I also just learned that my husband's family has always worked with Waddel and Reed. I can't find as much info on them but is there any input on if they are good/bad to work with? [link] [comments]  |
| Does Credit Amount affect your score? Posted: 06 Mar 2021 07:53 PM PST It's hard for me to explain, so I'll give a scenario Person A and person B both make the same income, and have almost identical credit history. Both person A and person B took out a 60 month auto loan with 6% apr. They both just finished off paying their loans off. However, person A had a loan of $60,000 whereas person B had a loan of $30,000 Would person A's credit score benefit from paying more? Or would both persons credit scores stay equal to one another. [link] [comments]  |
| Posted: 06 Mar 2021 01:35 PM PST Due to a inheritance, I have the option to pay off a townhome In 2007 that I purchased as a "house hack" intending to either flip it or rent it. Because I purchased it right before the housing crash, it ended up being my primary residence for half of that time up until now because it wasn't worth selling it. To this day, it hasn't appreciated much in value unfortunately from what my purchase price was back then (mostly due to lack of good comps in a primarily single family home area and the other townhomes are absolute dumps that need to be torn down) but rentals in the area are high because of the good schools. My other option is to use half of my inheritance for a down payment on a new home to avoid PMI and pay down the principal of the townhouse. I have a family member on a fixed income in a HCOL area who needs to leave California and come here, and she could afford to rent out my home for about $300/less month then market value for our area, and which would result in about a $400/month profit over my expenses, if I don't pay it off. She's responsible and one of the few family members I have left alive so it's important to me that she can be close by and looked after. She also has agreed to us not making any improvements, which we estimate would otherwise cost $5k, and we wouldn't need a property manager. Prior to this immediate family crisis, we had intended to stay here for about six more months to see if housing prices came down and to save up for a down payment, pay this place off, rent it out and move. My question is...do I pay this place off and have about $1100/month in profit, or pay it half down (or not at all) and have less money for a down payment (but still avoid PMI)? My other concern is that due to the pandemic, my income was cut 50% starting last March, and what I could qualify for based on my income alone would either put me in a less desirable home, or further out from work. I've been with my company for 24 years so I have no desire to look for work elsewhere, unless I'm forced out. So which is better? Having less liability on a rental property, or more to put toward my forever home? I'm 47, with six years to go to retirement. [link] [comments]  |
| Posted: 06 Mar 2021 03:02 PM PST Can an employer, the sponsor, without consulting the worker, pull out of investments and move money into 100% cash within a 401k company plan? And then, walk in and say a month later, we are investing the money again? Who should be making such decisions? It doesn't seem to me from reading that the sponsor should be making that decision alone. [link] [comments]  |
| Posted: 06 Mar 2021 06:20 PM PST Brokerage account noob here. I recently opened my first ever IRA with Schwab. I had previously had an empty Individual Brokerage account and Investor Checking account w/ Schwab but hadn't used them in years (I only had the brokerage account since the Investor Checking account comes packaged with it), and they both had close to zero balance. After successfully opening the IRA, I transferred $1000 from my external bank account. When I verified that the transfer was complete I placed orders for about $950 in Vanguard ETFs. The next day I checked on the status of my orders, and I was shocked to find out that somehow I had placed the orders *not* for the IRA but from the Individual Brokerage account. Again, while the IRA now had $1000 balance, the Individual Brokerage account had almost nothing, and so I had effectively spent about $950 of money I did not have. I was puzzled as hell about how this would even be possible to place such an order w/ such insufficient funds, but I quickly sold off those ETF (at a loss) and initiated another transfer of $1000 from my external bank account to the Individual Brokerage account to get the balance in the black. Too little too late I suppose, since the next morning I received an email from Schwab saying that my Individual Brokerage account had been restricted: "The trade(s) you placed on 03/03/2021 was not settled in accordance with securities industry regulations. In cases like this, regulations require that we restrict your trading for the next 90 days just to the funds available in your account. In cases where there's a history of settlement violations, this restriction will not expire." I came to find out that this also meant that I was unable to transfer out any of the money that I had transferred in. I spent an hour yesterday on hold trying to get through to a human at Schwab and eventually gave up. I then walked to a local Schwab branch only to find out it was locked and by appointment only, but the number that they gave on the door to make an appointment did not seem to offer any way to make an appointment (it seemed to just route me back to the main Schwab phone tree). I guess I just have a lot of questions. Will this hurt my credit? Will this be on any sort of permanent record? Is it common to let a client place a $950 order from an account w/ $0 balance? If I could talk to a human at Schwab I would, but I can't so I'm hoping someone here might be knowledgeable. [link] [comments]  |
| Someone backed up into my car. Will insurance cover me? Posted: 06 Mar 2021 03:31 PM PST Hi and thanks for reading. Today someone backed up into my car at a parking lot. It was raining, so I quickly hoped in to drive home. (Check the weather in Miami right now) I did not notice until I came back home, parked, and saw. The damage is minimal, but since I have a lease, I have full protection over the car (as required by the dealer). But since the person just drove off, I fear the insurance won't believe me. I haven't been able to report this yet to the dealer or insurance because they're both closed for the weekend. My dad assures me that the insurance will take care of it and that the damage is minimal. But I'm nervous because it's a lease. I'm not sure how the dealer will react, or if they will get mad. I'm also nervous because I'm afraid my insurance will find me at fault, but I didn't do anything. Any advice, or helpful tips or anything will help. This is the first time this happens to me. I'm 22. [link] [comments]  |
| Help me understand the Wash Rule Posted: 06 Mar 2021 03:22 PM PST So I've read a bit about the Wash Rule and I am trying to understand why it's so "terrible"? Let's say I sell a stock for a $500 loss and then repurchase it within 30 days. Now I understand that I can not claim that loss in the current tax year but doesn't the adjustment to the current cost basis essentially carry over the difference into the next year? So in this case if I sell the stock after a $500 gain from the 2nd purchase wouldn't my total tax liability be $0? Next question is what happens if I sell that stock yet again for ANOTHER $500 loss. Will this be considered a $1k loss the following year? Thanks [link] [comments]  |
| Is unemployment taxed as regular earned income? Why am I only reading 10% is withheld? Posted: 06 Mar 2021 08:20 PM PST My understanding is that unemployment is regular income and will be taxed accordingly. Still, I'm confused why the withholdings are only ~10%, when I'm normally taxed 35% of my income? [link] [comments]  |
| IRS Notice for Amended Return - Follow-Up Posted: 06 Mar 2021 07:46 PM PST Hey guys, I wanted to follow up on a post I made earlier regarding a notice I received for Amended Return - https://www.reddit.com/r/personalfinance/comments/kswnny/irs_notice_for_amended_return/ I went ahead and sent them the 1040X along with my adjusted 1040 (column 4c changed due to a rollover of 401k from previous employer to 401k of new employer) with the information I found here - https://ttlc.intuit.com/community/retirement/discussion/what-to-include-when-amending-a-return-for-a-rollover-1099-r/00/403128 When I check the IRS website for the status of amended return, I see that it was adjusted on 26th Feb - https://imgur.com/9igrldp I received a letter in the mail today dated 24th Feb (2 days before the date of adjustment) saying they can't process the amended return because they did not receive the supporting documents. The website does say that I'll receive a letter within 3 weeks explaining the adjustment. I'm a little confused. Are they still looking for more information or should I expect another letter saying the amendment has been processed? The letter also has a phone number that I can call for any questions - 800-829-0922 between 4.30pm and 1.00am CST. When I called that number, it says they are open from 7am - 7pm. I don't understand. Does anyone have experience with this and can help me out here? Thanks! [link] [comments]  |
| Posted: 06 Mar 2021 07:43 PM PST My parents are planning to retire in 2022. My mom will be 63 and my dad will be 68, so my mom will need to pay for her own health insurance for 2 years. They have about $1.7 M saved (I believe it's mostly in a traditional IRA and a normal brokerage account), their mortgage is paid off, and between my mom's 2 pensions and my dad's social security, I think their income will be about $4k a month. They are looking to stay below the income threshhold so they qualify for Obamacare subsidies. They said it's $75,000 for a couple, and I haven't checked to see if they're correct, but there's time to iron it out for sure before they retire. The issue is that they want to have enough money to not have to worry about some emergency, and not have to dip into those retirement accounts enough to put themselves over and not get the subsidies. They also have to worry about dividends from the investments in their brokerage account, which also count as income. I think they currently have about $50k in cash, so I suggested they take another $200k out of their brokerage account this year so that they will have a big emergency fund they can access without having to worry about taking money out and raising their income once they're retired. I'm wondering if it also might be an idea to make their brokerage account mostly bonds? They are about 60/40 stocks and bonds (since they are approaching retirement), but I thought maybe they'd have to worry less about dividend income if their brokerage account is mostly in bonds. Does that make sense? And if not, does anyone have any suggestions? [link] [comments]  |
| 22, making $9.50 an hour and don't know where to go in life. Posted: 05 Mar 2021 11:26 PM PST My parents have provided a cushioned life for me since I graduated high school. Rent only being $50 a week when I got out, now $75 a week. When I was in school I was the kid who it all came natural to so studying never became a habit for me and I paid for it in my later years in HS. So I messed up my grades and didn't end up going to college. Now I'm working a $9.50 job that brings in about $1,200 a month. Rent + gas money for my ride to work takes out $340 of that. My grocery costs are $200-$250 a month. I don't have any debt thankfully and no car payment yet. I plan on getting a car soon and using it to do food delivery on my days off to bolster up my monthly income until I really decide what I want to do. The problem is after I get my car I don't really know where to go with my life. I don't have any savings and I feel like when I eventually have to move out and I don't find a better job, I'm going to struggle a lot. [link] [comments]  |
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