Personal Finance Tax Thursday Thread for the week of March 04, 2021 |
- Tax Thursday Thread for the week of March 04, 2021
- Medical Bills of $9,000 plus sent to collections. I was 18, parents were addicts, I just need the advice I didn’t know how to ask for.
- Randomly got $36.89 from a strange Venmo account?
- I was hacked and I lost 6k. I don't know what to do. Please help.
- [Need Advice] Mom passed away and held all the cards
- After a couple interviews this employer asked me about my preferred salary in an email. What's the best way to approach this?
- Can anyone help me write a letter of resignation to my new contingent employer?
- $48,000 in savings not sure what to do with it
- My credit score is 750+ with all 3 bureaus, but I have 15 late mortgage payments (all 4 years or older). How will this affect getting a mortgage loan?
- Health insurance denied a claim because a test I did in network was sent out of network for processing
- New to Roth IRA
- Form 1099-C cancellation of debt
- What is the practical baseline amount of car insurance one should have beyond the state minimum? (US)
- HELOC Advice Needed
- Preferred stock ETFs: if you never plan to withdraw principle, are they reliable income?
- New to Credit Scores - Advice?
- Boss wants to pay me to drive my truck to the job site daily, how do I figure out what a good set amount is?
- Free US/State filing options for EVERYONE (not income restricted)
- Medical bill sent to debt collector
- Want to retire later this year... what am I missing?
- How Do I fill out an IL W-4 Withholding Allowance Certificate?
- I owe $4,000 in medical debt, collection agency told me they never report it to my credit even if I don't pay. What gives?
- My therapist is recommending a payee to help manage my money for me, but I have no idea where to get a payee since I'm not using SSI
| Tax Thursday Thread for the week of March 04, 2021 Posted: 04 Mar 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: 04 Mar 2021 03:44 AM PST I was born with a heart disorder and at 18 I had my first real life threatening scare. My heartbeat dropped so low when I was at a theme park that I couldn't stand up. I couldn't understand what was happening and I was scared. Someone called an Ambulance and I found myself at a Hospital where they managed to get me back to safe levels. They couldn't diagnose what exactly was wrong but referred me to a cardiologist. Long story short, this episode happened when I was 18 and I am now 21. I have finally been accepted into Medicaid and am going to see a cardiologist. I am doing my best, but I was young, lost and had no guidance. At 18 I couldn't even fathom what $10,000.00 looked like, then I was told that was what I owed to the hospital. I am now at the point where my bills have been sent to collections and I am doing my absolute best to understand how I can fix this. I have had a full time job but only make $10 an hour (Idaho) and bought my first small truck on credit to make it to work. I spoke with a financial lawyer and he told me that I have to file bankruptcy to settle the debt unless I can pay $6,000.00 now. but that I will lose my truck. He said that I may as well go to my cardiologist and get my surgery and add it to the debt and then file. I just feel like this is a terrible idea and I feel like someone may have some stronger advice for me. Does anyone have any advice to navigate this whole situation, I am doing my absolute best to keep moving forward. Thank you for your time. [link] [comments]  |
| Randomly got $36.89 from a strange Venmo account? Posted: 04 Mar 2021 03:04 PM PST Hi everyone, I'm pretty confused right now. I just got paid $36.89 from a Venmo account called "B Settlement", with the note "Your B Settlement payment is now available in Venmo." I have no idea who this came from, as far as I know I don't have my venmo linked to any social media accounts or anything, and it seems like an automated message so they won't respond to my comment asking who this is from or why I received it. Is this some kind of scam? Should I not accept the money? Does anyone have any idea why I could have received it? I'm so confused. EDIT: I think I figured it out, thanks to /u/SecretSentinel09. It was a Bumble class action lawsuit I signed up for a while ago and only recently got paid, so probably not a scam. Thanks for the advice everyone! [link] [comments]  |
| I was hacked and I lost 6k. I don't know what to do. Please help. Posted: 04 Mar 2021 10:36 AM PST If there is a more appropriate sub for this, please let me know. TLDR I got malware, and it managed to get into my coinbase account (crypto) and everything was wiped out Some background of the malware I downloaded some software off the internet, and I later recognized that I was hacked. I noticed that I when I opened a new tab it redirected me to a scammy search engine which I wasn't able to remove. Malwarebytes recognized several threats, but after a while they turn up again. Tired many other antiviruses, nothing worked. So I formatted my drive. The virus kept appearing. After a lot of searching, I realized that it was lodged into chrome itself, so chrome's sync kept re-downloading the malware. After I recognized that, I followed a guide that unsynced chrome and ran MB later, and that seemed to fix it. At least I didn't get any detected threats. I later saw an invoce from Facebook for 200€ in ads, and I realized it was from the hacking. I was really annoyed, but whatever, it could have been worse, and I saw some people that managed to get that refunded (already contacted FB). I also took better care of my privacy: I bought Kaspersky, changed the passwords and put two factor authorization in my main accounts, and I stopped using Chrome's password manager and started using LastPass instead. Coinbase hacking But now I was just logging into my CoinBase account (that I use for crypto), and I noticed I wasn't getting an email for the log in confirmation. So I went on my phone, which is already logged in, and that all my bitcoin was wiped out. I had 6k there, which is a lot of money for me. I'm completely crushed. I don't even understand how this happened. I believe I always had 2FA there, and I didn't get email about any transactions or anything. I'm at a loss. I already contacted support, but I doubt they will respond anytime soon, and given the nature of crypto, the money is likely long gone and I doubt they can do anything. Is there any hope of recovering the money lost? And also, now I'm worried they might steal more money from elsewhere. What should I do in terms of privacy to protect myself? Thank you very much for any help. [link] [comments]  |
| [Need Advice] Mom passed away and held all the cards Posted: 04 Mar 2021 03:21 AM PST TL;DR at bottom My mother passed away unexpectedly Tuesday. The passing was very sudden so my family and I are reeling from it. With that said, I am very aware to the fact that she handled everything in the household. I haven't yet spoken to my Dad about any financials to give him space to grieve but I know their financial situation is complex so it's something that needs to be discussed soon. What are some things I should ask him about? Below are some questions/topics I've already compiled.
I know the list is short but this is a new world for me and will very much need to hold my Dad's hand through this process. To add some clarity to some of the points above, my Mom was a nurse for the same network my sister-in-law worked for. SIL said yesterday that when she worked there, they offered a cheap life insurance policy through benefits. Don't know how much but that's on the list to find out. Also, my Dad is on disability so he has disability insurance. I don't know if my sister, who is 19, is covered under that like she was for my Mom's insurance. Lastly, my Mom was handling a lot of the estate stuff for my Aunt who passed last April. While my Aunt was very well-off and had little debts, I'm unsure of what was left to do for that so that is another can of worms that needs to be opened. As an aside, if you have a faith, I ask for prayers for myself and my family as well as my wife and her family. My Father-in-law currently has a very, very narrow chance of surviving complications from covid so we're reeling from both sides. Couple all this with my wife is pregnant with our 3rd child entering the 3rd trimester and she's been having troubles with her HR from stress. She's been in touch with her doctor and they've offered prescription/advice so hopefully that will all help. So yeah, full plate and a lot of this typing has been good for me to get out so if I don't receive any responses, it's been good to at least get out in the open. TL;DR Mom died, did it all. Dad is in the dark. What are some tips for getting his financial house in order? Thanks for any advice in advance. [link] [comments]  |
| Posted: 04 Mar 2021 06:00 PM PST I am a designer applying to what I would expect to be amazing dream job facing what I imagine is a highly competitive pool of candidates. First interview was a screening chat. The second, which happened today, was showing them the work I put together from a homework assignment they gave me. It went well, and we left the call with the employer saying it'd be 7–10 days before I'll hear from them on how they want to move forward. An hour or two later I sent them a thank-you correspondence and the employer simply responded with a few follow-up questions: my desired salary and start date. This totally threw me off. Start date is easy, I can start any time. The salary is much more tricky. I would much rather this be a conversation we'd be having rather than something handled over email. My preference is for the employer to notify me the salary range or the budget for the role...but hey. What's the best way for me to respond? I'm in the total dark about what to do here. I want this job so badly, y'all. I make $54K. The jobs I'm looking for are between $80–$125K, so if I was showing my cards in this future email, I'd include that. The roles I'm applying for are product design, UI/UX design which tends to pay higher. $54K feeds me and the cat, but I realize it's quite the underpay I've realized as I've been looking around. Note: this has all been with the leader of the company; not HR. thank ü 122anon [link] [comments]  |
| Can anyone help me write a letter of resignation to my new contingent employer? Posted: 04 Mar 2021 04:24 AM PST Long story short, I accepted a job offer from company A which came with a lot of sign on bonuses I've not yet received. The job offer is "contingent" because they are still processing all my security clearance paperwork. Recently I received another job offer from company B, which is much more appealing to me. I'm really struggling to write this email to company A recruiter without stepping on any toes. I guess I would say I'm "resigning effective immediately", even thought I'm not technically employed? Looking for help. [link] [comments]  |
| $48,000 in savings not sure what to do with it Posted: 04 Mar 2021 08:33 AM PST I am 32 years old with $48,000 in a regular Chase savings account. Annual income is $60k. I have a Vanguard Roth IRA invested 100% in VTSAX with total contributions of $12,000. I contributed max last year and this year. Consider my monthly expenses to be $500 for now. I don't know what to do with the $48,000. I was considering opening a personal non-retirement brokerage account with Vanguard. Is there a way I can invest it to get maybe $100 per month of passive income somehow? Or would it be better to invest it in stocks for better gains over the short or long-term? I don't have any urgent need pay for anything right now so I am free to do whatever I can with the savings. I don't know much about investing at all...trying to learn but so many choices. Thanks! [link] [comments]  |
| Posted: 04 Mar 2021 03:11 PM PST I live in South Carolina. So from 4 to 7 years ago, I was late on a total of 14 mortgage payments due to a stupid mistake on my part (I misunderstood the due date and was generally only a couple of days late each time). Am I screwed as far as getting a loan for building a new home? Is it not a big deal since it will all be 5+ years old by the time I apply? My debt to credit ratio is literally 0. My current home is paid off, no car payments, 3 credit cards with 0 balance. [link] [comments]  |
| Posted: 04 Mar 2021 04:01 PM PST Hi everyone I've seen many posts about how people suddenly get surprised by their tests being out of network because a doctor or physician that was in the room for a procedure was out of network and I've always wondered if something of the sort would ever happen to me. Well, I am now having my first experience with something like this. I used my health insurance's search engine to find a cardiologist in network. I was in their office and they ordered a heart monitor for me to wear for 24 hours. The in network doctor ordered the test and I was in his office when they put it on me and took it off. There was never any mention that the monitor had to be sent to someone out of network to process it. Well, cut to two weeks later and I see a bill and a denied claim from my insurance provider. I called my insurance to ask why this was and they said they don't cover diagnostic testing in Houston, Texas which is where my heart monitor was sent to. I live in Los Angeles, California and did literally everything I thought was correct to stay in network for all of this. Is there anything that I can do? Thanks in advance! [link] [comments]  |
| Posted: 04 Mar 2021 02:54 PM PST I've never invested in a Roth IRA and am looking for advice. My wife and I have been consistently contributing to our 403bs at work. My wife is close to hitting the annual contribution limits on her 403b. I'm contributing about 25% of my pre-tax salary to a 403b and a small amount to a 457 (more on that later). We have some extra money this year we want to invest. I've already maxed my HSA for 2020. Since we are covered by employer-sponsored retirement plans and our income is too high we aren't eligible for a tax deduction for investing in a Traditional IRA (which I of course learned after investing $6,000 in December lol). Should she contribute to a Roth IRA for 2020? Should we contribute less to our pre-tax 403b plans and consider maxing the Roth each year (if we have the money)? No idea what our tax rate will be in 30 years. Also, while we're here, we both have the ability to contribute to 457 plans at work. My wife has never contributed, I contribute a minimal amount, but the more I read about them the more I think we should be more heavily contributing to our 457s vs 403b because there is no early withdrawal penalty. Thanks in advance! [link] [comments]  |
| Form 1099-C cancellation of debt Posted: 04 Mar 2021 07:27 PM PST Just stumbled across this thread, hoping it's the correct one for this post How do these work? I got a 1099-C for an old car payment, so I have to file it and pay taxes on it. It's $12k,(USD) but thanks to the state of the world I only grossed $8k this past year. I read you can claim Insolvency but I'm not sure how. Anyone dealt with these, I have 3 main questions 1. Is there any website I can file it for free? Turbotax, credit karma, tax act, and tax free all couldn't. 2. How can I claim insolvency ? 3. Would it be best to just pay someone to do it? I figure I won't get any return (if I don't end up owing because of this.) So it would all be out of pocket. Figure its gotta be cheaper to pay someone than to pay taxes on more money than I made all year? [link] [comments]  |
| Posted: 04 Mar 2021 03:31 AM PST We are all required to have a minimum level of insurance, but from what I understand the state minimum doesn't really cover much if you do need to use it. I understand that most professionals recommend a higher level of protection, but I don't know how to discern between what is practical and what is a sales-job. I don't want a Cadillac plan but I don't want to be caught in a an underinsured situation, either. What's your advice? [link] [comments]  |
| Posted: 04 Mar 2021 06:50 PM PST We have approximately $100K of equity in our home (purchased 18 months ago.) Our mortgage is affordable, even in the event one of us loses our job. We bought the home - our first - with this at the forefront of our mind. The trade off we made was buying an older home, albeit in a nicer established neighborhood. We knew it needed work, which we planned to do in phases. We tackled the most urgent matters first (mitigation of previous damage from cat urine and general neglect.) We then had a bit of bad luck in the form of a plumbing leak which took out 2/3 bathrooms straight away, both of which had to be torn down to the studs. We successfully remodeled the master bath at a total cost of $4K. Our savings fund has only recently been built back up after we used it towards the down payment on the house. All consumer debt was paid off entirely leading up to applying for the mortgage. We then leaned on those cards for the labor & materials of the remodel work (e.g. the most critical things.) These balances are now also almost paid off. Student loans and car payments are the other things we're financially burdened by, but not excessively so. I'm considering a HELOC ($25K) to get another chunk of the remodel done and have received mostly positive feedback. I feel like we need to continue to make progress on the house, one we plan to reside in for a minimum of 10 years, for my own mental well being, if nothing else. I'd like to not overthink this, just do the HELOC and get the work done, but I thought I would solicit feedback from this community first. Thank you in advance... [link] [comments]  |
| Preferred stock ETFs: if you never plan to withdraw principle, are they reliable income? Posted: 04 Mar 2021 06:42 PM PST Since preferred stock ETFs such as PFXF hold many companies, if you make a large enough investment so that you can live off PFXF's dividends, can you feel reasonably safe that the dividends won't suddenly stop / suffer massive drops, even if things such as 2008 or March 2020 happen? I get that when there are stock market selloffs, the value of my principle would go down but if my plan is to never sell and live completely off dividends, is there a big risk there? [link] [comments]  |
| New to Credit Scores - Advice? Posted: 04 Mar 2021 02:03 PM PST Hi, I'm a 22 f graduating college this spring. A year ago I ended up in the ER. 2 accounts went into collections from that: one for $621 and one for $82. I was under the impression they were already paid (thought my parents had done so) but they weren't! My credit score is at 550 and I paid both accounts off today. Will they come off my credit score? I don't have ANY credit history except this and I want to buy myself a truck after I graduate (3 months, but probably would do so around 5-8 months). As is, I can't even get a credit card. I've applied for a few and been rejected by each one. Does that mean my timeline for getting a vehicle unrealistic? I just don't want to get stuck in Alaska (joining the AF as a Russian linguist) with my 1999 Volkswagen Beetle! [link] [comments]  |
| Posted: 04 Mar 2021 06:38 PM PST I work construction in north east Ohio. Typically I drive from my house to my bosses shop which is roughly half an hour drive. I pick up the work truck, then drive too the job site. Today my boss suggested he pays me a flat amount of money per month for me to drive my truck too the job site daily. In theory it's a win for the both of us, I make more money, I have access to my personal vehicle daily and can head straight home when I'm done working instead of going too the shop getting my truck and then heading home. I drive a 2015 2500hd gas truck. Roughly right now spending just about 200$ in gas a month. The jobs we have right now are 45mins/1 hour from my house. I'd imagine I'd fill up twice weekly being 140$ a week. 560$ monthly. We haven't talked about what that flat amount he'd pay me would be yet but am I crazy too think that 6/700$ a month is too much? I feel like that's a crazy amount but wear and tear on my vehicle, oil changes, filters, tires, brakes, hell even the gas alone is almost $600 a month. Is there some kind of equation I can do to get a more realistic/broken down answer on how much I should be looking for? [link] [comments]  |
| Free US/State filing options for EVERYONE (not income restricted) Posted: 04 Mar 2021 08:49 AM PST No income requirement.
Income restricted:
Don't get swindled into being charged!
Please share! [link] [comments]  |
| Medical bill sent to debt collector Posted: 04 Mar 2021 06:31 PM PST I had a $100 doctor's office visit bill from December get forwarded to a debt collector on 2/26. The office sent me literally one bill in the mail and I accidentally threw it out and haven't payed it since because my family and myself came down with covid. I have a perfect credit history. I really don't want this on my history, is there anything I can do? Are the bureaus being any lenient at all given the economic situation? If I pay it right now, will it still be on my credit report? Given that the doctor's office only waited two months to pass the debt on, isn't that too small of a time period for this to be on my credit history? I'm really bummed out about this. Has anyone ever gotten out of this? Update: after doing some research, I'm getting a lot of conflicting advice. Some sites say the bill will stay on my credit report for 7 years even if I pay it immediately. Some articles/people online say the debt won't appear if it's paid in 180 days, and will go away once it's payed. I'm not even sure what to believe, this is just insane. [link] [comments]  |
| Want to retire later this year... what am I missing? Posted: 04 Mar 2021 07:49 AM PST We live in a small southern town with a pretty low cost-of-living. We've always lived below our means (small, old house, used cars, etc.). I'm 55 and make about 90K/year. Wife is 57 and retired last year from the USPS. Our plan is for me to retire later this year after paying off the mortgage in Sept. (Me) 401k balance at retirement - $300,000 (Wife) 401K balance – $230,000 THE PLAN: Income from retirement until age 62:
Income after age 62:
(Wife) is currently not withdrawing any money from her 401K – this would be used for emergency or special situations (travel, home repair, etc.) Current monthly bills – includes utilities, Hulu, internet, Orkin, Cell phones, House and Car insurance, etc.- $850/month. No credit card debt, loans, or other obligations. We have about $25K in checking/savings. Mortgage – will be paid off before retirement. Property tax is appx. $1,500 per year Cars – (2) currently owned. Wife's Hyundai is 2014 with 40K miles. My Infiniti is 2012 with 176K miles. What am I missing? We've been planning for this for years but now that's it's close, I'm starting to second guess and doubt. Leaving a good job of 20+ years is a big step but I'm really ready to slow down and enjoy our golden years.. thanks for your input! [link] [comments]  |
| How Do I fill out an IL W-4 Withholding Allowance Certificate? Posted: 04 Mar 2021 03:33 PM PST I am 18 and I just got employed to a new job. They have been sending me forms online to fill out and I am very confused on how to fill out the Withholding form. I know I am claimed as a dependent on one of my parents taxes and im not 65+ or legally blind, I just don't know how to fill out the other questions. Any help would be appreciated, thanks. [link] [comments]  |
| Posted: 04 Mar 2021 04:32 PM PST Pennsylvania here. As the title suggests, I was speaking with a debt collection agency, mentioned I wanted to speak with the hospital to try and negotiate again before this thing hurts my credit, and the guy told me "we don't report to any credit bureau." Why would they tell me this? And if it's true, why would anyone pay? I'm so confused. Is this a tactic of some kind, or did I get good guy Greg trying to help me? [link] [comments]  |
| Posted: 04 Mar 2021 12:40 PM PST He recommended I reach out to my bank, but I'm not showing anything related to a payee to handle paying my bills for me. Where can I find a payee if I'm not on disability? [link] [comments]  |
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