Personal Finance So, I screwed up and didn't my taxes the past two times. What do I do? |
- So, I screwed up and didn't my taxes the past two times. What do I do?
- I am 23 Y.O., homeless, no college education, with no debts or income. What do I do to get to a point where I can have income-generating assets?
- Receiving an inheritance annuity, but they won’t tell me a number. Is this normal? (NY)
- Joining the Navy - should I switch banks?
- Accepting a raise offered after attempting to hand my resignation letter?
- We just got our mortgage conditionally approved. There is one condition we are worried about. should we really be worrying?
- Company matches a maximum of 1.2 % if I contribute 5 % of my salary to their retirement plan, is it really bad? Is it typical for the USA?
- How to estimate Social Security Benefit if you stop working before age 62?
- Should I buy a car used with cash or new with under 2%Apr and invest the cash for a better return
- Planning to buy a house in the next year after success with in index funds
- Lots of student debt and don’t even know where to begin
- New employer doesn’t have 401k plan. How do I roll over my old employer 401k?
- Can I open a Roth IRA for my wife?
- How do international taxes on an ETF work in a taxable account?
- Looking for best possible way to get out of debt.
- Mortgage company has been giving me the run around for 6 months now.
- Moving out, is it safe?
- (Possibly stupid) Question re: auto financing
- I inherited 50% of a condo and my brother wants to buy me out. I want to make the right move.
- Is 34% of take home pay to a mortgage payment too much?
- Could potentially turn a large profit by selling our house and having trouble deciding next steps.
- Will my credit score/history be impacted if I am taken off as an authorized user on credit cards?
| So, I screwed up and didn't my taxes the past two times. What do I do? Posted: 09 Jun 2021 02:58 PM PDT Yep, I'm an idiot. I spent most of last year and this year in a pretty severe depression and paying taxes just slipped out of my mind among other things. The fog's lifting little by little these days, thankfully. But I'm at a loss with what to do. Normally I've gone to H&R Block to get them done, but I don't even know if that's an option. I don't even know where of my paperwork is, I have to shift through the several bags of mail I accumulated the past 1.5 years. I'm not overly worried about this year, I think if I file now, I'll just pay a small fine. But I'm concern about last year. How much trouble am I potentially in? I'm really at a loss, so any advice is welcomed. Thanks in advance. [link] [comments]  |
| Posted: 09 Jun 2021 12:01 PM PDT I understand the title is alot, but it's something I've been wondering. I've been in/out of shelters since I was 18 and moved away from California for being too expensive, Covid fucked me over as far as work went for a while, but I want to know that since I am lucky enough to not be dealing with massive debts, and I don't use credit cards since I didn't feel responsible enough yet to do so, how do I begin making my own money? I have yet to go to even community college, and am pretty much at a clean slate of my life where I have many choices to choose from as far what I want to do and what I should focus on to gain more assets. Coming from a extremely poor upbringing, I don't have much financial experience besides the basic budgeting for existing and to not spend outside what I can't afford ie. credit cards. I barely know how to escape poverty, let alone be able to begin building my own assets. How do I get to a point in life where I am for example, living in an apartment, having a job and going to community college and I want to get some kind of ball rolling as far as having assets that would help build my wealth rather than just living in the constant cycle that most end up in from debts or loans? [link] [comments]  |
| Receiving an inheritance annuity, but they won’t tell me a number. Is this normal? (NY) Posted: 09 Jun 2021 05:08 PM PDT The company paying out keeps dodging any questions on how much it is. They're asking me to fill out an annuity form for payout, which has a space for a number, but it's blank. I'm not sure if I want to do a lump sum payout or take the 5 year payout and I don't know how I'm supposed to make this decision without a number, but they won't give me one. Is this normal? [link] [comments]  |
| Joining the Navy - should I switch banks? Posted: 09 Jun 2021 05:39 PM PDT I'm in the process of joining the Navy, and am considering getting going with NFCU. My dad was in the Navy also, so I'm able to get an account set up now if I want. I use a bank called Vectra Bank, it's a bank we only have in Colorado, but it's owned by Zions Bancorporation out of Utah. They seem to own banks in several states that act as "sister banks" within the same network. Vectra has been in my town since they started in 1989. My grandparents and parents use them, and I use them to. I've never had any issues with fees. Branches all look very nice and well kept. The same tellers and staff seem to stay at the bank for a long time because they all know me by name and I never need to show my ID for things. Phone support is also amazing and though they're not 24/7, I've never had to wait to speak to someone and they're always great. Their mobile banking used to be pretty limited, but this month they launched a new app and it's basically a one-stop-shop. It's a nice experience, and it's within walking distance to my house. I switched to US Bank for a month to get a better mobile banking experience last year, and it is great. But their customer service on the phone was unimpressive, the branches in my town all seem pretty run down and outdated, and there are always crazy lines in the drive through and lobby. So back to Vectra I went lol I have had such a good experience with Vectra, I'm considering just keeping them when I'm in the service. Is there a reason I might want to switch to NFCU? I know military pay is supposed to come to NFCU accounts like 2 days early, but that's not really a big deal to me. [link] [comments]  |
| Accepting a raise offered after attempting to hand my resignation letter? Posted: 09 Jun 2021 09:31 AM PDT Long story short, i had some beef with a middle manager, got fed up and started looking for another job. I found two places that made me an offer, one is basically same, the other one offers about 10% higher salary and slightly better and a bit cheaper health insurance ( basically copay is $10 cheaper and deductible is $500 less are the only differences, maybe the doctor network is different but i don't know). I was going to accept the second. When i went to talk to HR about my resignation, they offered me a 20% raise, and transfer to another team with a different manager. Doing the same things i was doing previously, no new responsibilities. At least on paper i am honestly not sure if that'll be the case. For what i have heard from coworkers the new manager is a better person than the one i have. But i don't know them personally. I also don't really know how the work life is in the companies that made me the offers besides a few comments on glass door and what i got out of interviewers, which all seem nice. The offer seems like a good reason to stay, but this has never happened to me or anyone i know before. A few things concern me. Does anyone here have any experience on staying at a company after being offered a raise when attempting to leave? Did upper management or HR start treating you any different (either worse or better)? Were they more strict or picky on annual evaluations? Did they attempted to push more things onto you because of the raise? Were you let go after a short period of time? [link] [comments]  |
| Posted: 09 Jun 2021 12:33 PM PDT To start off me and my fiancé have reached the conditional approval phase of the mortgage process. My email notification came with no conditions needed and I just received disclosure paperwork which just said that I must maintain the same job, credit score, debt etc., which will be verified again near closing. As for my fiancé she had 3 items, 1 of which is making us worry. The item is verification of employment via W2s for 2015 and 2016. Around that time, she did work however it was private and she got paid via personal checks. She does have a record of deposits via statements of those checks in her bank account. During the initial process, we did mention that she worked privately during that time and provided contacts and a reference letter so they can contact the employer (She was a private home health aide for an elderly woman.) The reason they are asking for this is that she needs to reflect 2 years of employment. (Also, to note she was also attending University during those years.) She did however have employment in previous years. We could only locate W2 records from 2011, 2012, 2013, 2019, 2020. 2014 to 2016 were private work. Should we worry or will the underwriter and processor use the other years of W2s to validate that she has 2 years of employment? (I would like to also add that in all the jobs that she ever held except for her current one she has never filed for taxes, as she never made enough to have to file for taxes.) Can a condition be waived or is there another condition that can be brought up? [link] [comments]  |
| Posted: 09 Jun 2021 06:04 PM PDT The company where I work now matches only 1.2 % if I contribute 5 %. Even worse, I will be vested for this match if I work there for at least 3 years. Their retirement plan is with Prudential. Last year, when I was hired, HR manager was very proud of their retirement benefits. But I see them as bad. I do not understand what is here to be proud of. The company has ca. 200 employees. Is it typical to have such retirement benefits for this company size in the USA? [link] [comments]  |
| How to estimate Social Security Benefit if you stop working before age 62? Posted: 09 Jun 2021 03:14 PM PDT I am trying to figure out a question for a friend. Through SSA.gov he got his Social Security Benefit estimate that says he will receive ~$5,000 per month if he keeps working until he is 62 and earns 111K per year. However he is 56 now and would like to stop working. He can live off investment income in the mean time, but wants to know what his estimated SS benefit will be once he applies for it in 6 years. Does anyone know how to estimate this? Can the Benefit go down if he earns less, or just go up if he earns more? [link] [comments]  |
| Should I buy a car used with cash or new with under 2%Apr and invest the cash for a better return Posted: 09 Jun 2021 07:15 PM PDT Need a new Suv for growing family. The car will be with me for long term....well thats the plan. For a new car with financing under 2% apr, I can go for car worth $35k. For a used, I can pay $25k cash. Currently a 3 to 5 year old used cars are good dont have a lot of maintenance. Well, thats what all the experts are saying. So the car is not a factor. Should I lose the cash now and get a used one? Or buy with a low APR and invest the cash worth of the car in an index fund prolly getting 8% to 10% annual return over 10 years.....what do you guys suggest? Thanks for the help! [link] [comments]  |
| Planning to buy a house in the next year after success with in index funds Posted: 09 Jun 2021 04:13 PM PDT My portfolio has done very well this past year, particularly with an index fund that has grown to be a very large size. Theoretically, myself and my partner could fund our entire home sale with proceeds from that fund. I have a few other accounts that are IRAs and 401k for retirement that won't be touched. As we are searching for a home, the area we are in has a very small amount of inventory. So far we haven't been able to find anything. We are worried it may take some time, perhaps even 6 months to a year. My partner is having considerable anxiety about the market dropping back down and us losing our "house money". He thinks there is going to be a recession and we will be waiting 10 years to get back to this point. He thinks we should plan for a certain point, like if the value drops 50k for example, then we would withdraw the money that is left and keep it safe, partially in gold and silver. Obviously I know that index funds are high risk and that losing the money is always an option. In my mind, if we were unable to buy the house in cash, we would settle for a less expensive home. We would get a mortgage with a small down payment from the index fund, keeping the majority of money in the market to ride out the recession. Are there any less risky options I could put the money into? Do I pull it or leave it as is? [link] [comments]  |
| Lots of student debt and don’t even know where to begin Posted: 09 Jun 2021 03:29 PM PDT Just graduated with 140k in student loans and I have no idea where to begin The loans are mostly parent plus loans but they're spread out between my two parents, direct, and indirect federal loans. My brothers loans are also under my parents name. Mine total $140k but I'm not sure what the % interests break down between each amount. I start my job next week making $45k, I'm single, living in Boston paying $800 for rent until at least September 2023. I was thinking Income Contingent Repayment 1. Do I consolidate? I'm not looking to work for the government 2. Do I stick with the government or go private? I don't even know where to begin. Please help! My parents don't want them under their name anymore. [link] [comments]  |
| New employer doesn’t have 401k plan. How do I roll over my old employer 401k? Posted: 09 Jun 2021 07:09 PM PDT I had been contributing to a 401k through my previous employer for several years but have recently started a new role with a company that does not yet have a 401k plan setup. How should I go about setting up a personal 401k and rolling over my old account into? Are there any steps I should take to prepare for filing taxes in this way as well? Thanks in advance for any help [link] [comments]  |
| Can I open a Roth IRA for my wife? Posted: 09 Jun 2021 04:53 PM PDT My wife is an alien, she isn't working right now (stay at home mom). We filed our 2020 tax return jointly, and our income is about 60,000. Can I open a Roth IRA for her under her name and contribute on her behalf? [link] [comments]  |
| How do international taxes on an ETF work in a taxable account? Posted: 09 Jun 2021 07:03 PM PDT I'm in the US and thinking of adding VXUS to my portfolio in a taxable brokerage account (Schwab). How are international taxes paid on this (dividends and when I sell shares)? From the searches I've done, I have only been able to figure out that form 1099-DIV will tell me if I've paid foreign taxes but how are they paid? Is this all done internally through the fund manager and my dividend is reduced by the tax paid? Do I have to pay the foreign tax directly? I'm trying to diversify by adding the total international exposure but if this is going to make filing taxes a pain, I'll stick with just U.S. funds. Maybe this is in the PF wiki but I couldn't find it. [link] [comments]  |
| Looking for best possible way to get out of debt. Posted: 09 Jun 2021 05:49 PM PDT Currently I owe about $18,000 in credit card debt. My income is approx $3800 a month after taxes. My monthly expenses add up to about $1300 rent, $310 car payment, $80 utilities, $280 phone bill (pay for my family and they pay may car insurance), and ~$100 extra to a total of ~$2080 I currently also have lawyer/dui fees that total about $2000 I have a 401k/Roth IRA with ~$30,000 in it. I have the option to move back home which would help a lot, but it would definitely weigh heavily on my mental health, not healthiest household in anyway. I'm not sure if I should take out a personal loan to try to tackle my debt, Start a better budgeting plan (don't really have one currently), or make the big move and move back home. I definitely have some spending problems (legos, hockey jerseys, electronics), Thinking about selling some of these off and living leaner. Overall looking for advice on what someone would do in my situation. Starting a legit budget is definitely on my mind but honestly am unsure how. I've always been bad with money, and don't wanna get any deeper into the hole that I currently have dug for myself. Any help would be greatly appreciated and if there's any pertinent info you may need to give a better answer I'll be happy to give as long as its not too personal. [link] [comments]  |
| Mortgage company has been giving me the run around for 6 months now. Posted: 09 Jun 2021 03:57 PM PDT Not sure if this is the right place but I'm about to lose my mind. I have been trying to get a partial release done on my mortgage for 6 months now and the bank keeps sending me back to first base. I am trying to have 1 acre of my land removed from my mortgage. I am essentially selling it to my son. I have all of the qualifications to be approved for this and way more than enough equity to cover it. The bank sent me a notice of everything I need to gather and email to them, which I did. They were supposed to get an appraisal done and contact me. They never did either so I called and they told me to resubmit everything and they would start the process over. This series of events has happened 7 times now. They tell me to submit info, I do, and a week later they say sorry we made a mistake we need to start over. Is there anything I can do or anyone I can call to get them to take this seriously? TLDR: bank not responding to information submitted to move forward with a partial release. [link] [comments]  |
| Posted: 09 Jun 2021 02:32 PM PDT Hello everyone. As the title says, im trying to move out with my s/o for the first time. He believes we can do it but im very wary. How much we make monthly together after taxes: February: 1,993.96 March: 1,747.2 April: 2,964.57 May: 3,257.39 With utilities, car insurance, etc the estimated bill is $504.00 Most places here go for rent of 1,000 which I think is out of our range but he seems to think other wise. Advice please, alternatives would be helpful. I think a studio apartment would be wiser as their cheaper or renting a room possibly. [link] [comments]  |
| (Possibly stupid) Question re: auto financing Posted: 09 Jun 2021 07:38 PM PDT So my car is trying to crap out on me (VW Tiguan, do yourself a favor and never own one) again, requiring engine work again (yes, again) at 75k miles. I want to just trade it in. Thing is, it's underwater because I've been focusing on paying other debts (since it's interest rate is so much lower) - I have a second job specifically for this purpose. My best estimate at this point is about $4k underwater. I've saved $4k currently (that I was planning to dump on said other debts, but I digress), and will have about $2k - $2.5k extra in the next month, when I plan to buy/finance a new car (probably at a higher rate than my current loan is, since my debt ratio is higher than when I purchased the VW). So, my stupid question is would it be smarter to dump money on the current car loan, or wait until I go to trade in the car? [link] [comments]  |
| I inherited 50% of a condo and my brother wants to buy me out. I want to make the right move. Posted: 08 Jun 2021 08:08 AM PDT My (30M) mother recently passed away and left my brother(54M) to split everything evenly between us. This includes my mother's condo. My brother also has a 25% interest in my home as my mother co signed and helped me with the down payment. I currently only make $60K/year and have $17K in savings. Condo - Appraises @ $425K with $180K left on mortgage House - Appraises @ $400K with $202K left on mortgage My brother's proposition is to have me pay him the 25% equity in my home ~$49,000 and relinquish his interest. Then he'll refinance the condo in his name and pay me out ~$122,000. So after my payout that's $73K in the bank. However we are in the hottest real estate market in the country (I'll let you guess where) and my fear is that I'm losing interest in a good investment. The condo pays for itself and more using an Airbnb service. Unfortunately I don't think I can buy him out without taking on a substantial amount of debt. I hope r/personalfinance can shed some light on my dilemma. [link] [comments]  |
| Is 34% of take home pay to a mortgage payment too much? Posted: 09 Jun 2021 03:11 PM PDT I'm a single 28F and want to buy or build a new home in the next year. I make 72K/yr and am looking for a house in the 225-250K range in upstate NY where cost of living is lower. I have ~130K to put down from living at home and saving most everything I earn for the past few years. I know that's a lot but it's the only way I can see having a reasonable payment of ~1,250/month. I've budgeted out a proposed monthly payment for everything else and it all seems reasonable (if not a little conservative in some spots). I have enough emergency savings to get me through 6+ months if I were to lose my job I could dig into for a downpayment but I'd rather not. I have a separate 401K through work that gets about 12% of my paycheck. Every guideline I read says to not exceed 36% of your total debts. I currently have no debt but down the road I'll need a new car and a 300/month payment would push me over over that limit. I could likely afford it but I don't want to make other areas like food tight. I still want to save at least 10% of my monthly take-home pay for home maintenance, unexpected medical expenses, trips, etc. Am I way out of line on thinking 34% of my pay to mortgage is too much? Or am I overthinking things? [link] [comments]  |
| Could potentially turn a large profit by selling our house and having trouble deciding next steps. Posted: 09 Jun 2021 06:55 PM PDT I live near Dallas, TX and the market in our area, like most of the country, is insanely active right now. We bought our current house 10 years ago, when the market was very low, and currently owe about ~220k between our primary mortgage and a HELOC we used to do some much needed renovations. Similar houses in our area are selling for ~400-440k at the moment, so we are debating whether or not we want take advantage and sell. Of course, this raises the question of what we would do next. Our options are: 1) Take a large chunk of the profit and use it as a down payment towards a marginally better house. Doing this would upgrade our living situation a bit, though we are perfectly comfortable where we are now, and give us a nice profit that we could use to pay off some remaining debt and top of the kid's college funds. 2) Keep all of the profit, pay off debt, and invest the rest. I did a quick survey today and there are some similar houses in our neighborhood (we really want to stay around here so the kids don't have to change school districts) that rent for basically what we pay in mortgage + escrow + HELOC every month. 3) Drop the whole idea and just stay put. This is certainly the simplest option, but it feels like this would probably be a mistake financially. So, I'm curious what people's opinions on this are. Also, if we did keep the profit and rent, what sort of investment strategy would you suggest. If it helps, I work as an RN and between my spouse and I, we make around 100k/year and have two kids. Thanks! [link] [comments]  |
| Will my credit score/history be impacted if I am taken off as an authorized user on credit cards? Posted: 09 Jun 2021 01:35 PM PDT I share 3 credits cards with my sister who is the primary account holder (I am just an authorized user). I rarely use the credit cards unless I am using it for travel/large purchases. The combined credit limit is 30k and we are at 90% capacity. I personally owe about $2000 of that (comes mostly from paying for conferences ahead of time, which my company reimburses me for, after I attend). My current credit score is about 630 and I have about 100k in student loan debt. I make 50k a year. If I am taken off of those cards will my credit score get better and will that negative debt be "erased" from my credit history because I wasn't the primary account holder? Also, would I likely be approved for other credit cards on my own? Or should I wait for my credit score to rise before applying for a credit card on my own? [link] [comments]  |
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