Personal Finance Sold house and now we are homeless |
- Sold house and now we are homeless
- My mom 65/F who is living paycheck to paycheck wants to start life insurance policy for grandson...
- Financial benefits of marriage
- I just recently quit my job, but had a HSA account through that employer. Is that account now void, or can I still use it?
- Urgent Life Advice After Parent Loss
- A company gave me a 1099-NEC for a freelance job but was giving me paychecks that seemed to have tax withheld.
- Small deposits into Roth IRA
- Understanding Roth IRA contribution withdrawals and taxes
- 401k plan is being cancelled, what to do?
- Using tuition reimbursement from employer or pay out of pocket?
- I have a debt collection that I want to pay, but my middle name initial is wrong
- Student Loans UK (loans written off)
- Thoughts on my plan to reduce interest on debt?
- What would be the fastest way I can pay back my student loans?
- Keep Life Insurance After Divorce? (no kids)
- Why does my checking account balance increase at night?
- Book recommendations for late starters?
- payment question using turbo tax
- I was offered the highest paying job I've ever had but I want to go to school.
- Received Form 1099-INT: file or not file?
- My taxes seem very low
- Overcontributed to Roth IRA - can I back door Roth IRA for tax year 2021?
- About to start a 401k at 20years old. Need advice
| Sold house and now we are homeless Posted: 26 Feb 2022 09:24 AM PST reposting this from another subreddit I apologize in advance for the lack of knowledge of some subjects. I don't know much about financial stuff and real estate stuff, as most of my knowledge is coming from overhearing what my family is saying. Backstory: My family and I recently were in the process of selling our house so that we would be able to buy a new larger house (we took in more family so we need more space). We have been in escrow about 5 times over the past half a year, because all of our buyers keep backing out at the last minute. This last buyer, everything was going good, we got to the very end to the point where our house sold. The next step after that was supposed to be the funding for the loan to buy our new house. At the last minute, we were told that our loan could not be funded due to it showing in a credit report or something that our loan was in a modification? (This is the part where I might sound a little dumb as I have no knowledge on the subject and I'm just basically repeating what my family has told others) The situation was that our loan was in deferment due to covid reasons I believe. The deferment period was going to end and the only way to get out of that was to do a loan modification. However we were about to close our house before the paperwork for the modification was ever even signed so it never went through. But suddenly it shows on our report that our loan was under modification and our loan wasn't able to get funded. This whole situation leaves us homeless starting Tuesday, as we have to vacate our current house since the property is already sold and under the new buyers name, and we can't buy the new house due to the loan not going through. Our realtor and lender were well aware of our situation regarding the modification and deferment and we never imagined this would be an issue and we are upset we weren't notified of this earlier before it was too late. Legally, is there anything we are able to do about this? Since this situation left us homeless with nowhere to go. [link] [comments] |
| My mom 65/F who is living paycheck to paycheck wants to start life insurance policy for grandson... Posted: 26 Feb 2022 07:22 AM PST The terms are that since she is 65 it will be $50 a month for $10,000 in coverage. Please equip me with why this is a dumb idea. The main reason that I know is that it will take $50 from her monthly for the rest of her life when she is already not making it without help from her kids who can't spare it. Other than that, why are life insurance policies like Mutual of Omaha not really worth it? By my math she can just put aside $50 a month and have that money saved up in 16 years. Hoping she lives til/past 81. I think I'm just going to lay it on her that she needs the money and that this is dumb but any additional support in the actual policy would be helpful too. Thanks! [link] [comments] |
| Financial benefits of marriage Posted: 26 Feb 2022 12:15 PM PST My partner and I have been together for 5 years. We have always gone back and forth of being legally married and the benefits financially. We know there are benefits with insurances, in the worst case scenario death benefits, and it is easier to own things together. Although, it is unclear whether financially it is better for tax reasons or any other benefits. Currently, my partner is a tech student so he is working part time while going to school. He makes about 35k. He will graduate in about two years. I make about 60k and in my profession I'll probably cap out at 70k. We don't really plan on ever having children. We are happy to continue being unmarried, but is there significant benefits financially of being married? Edit: I should also add that his schooling is paid by his employer and I don't have student loans. He has I think 7k in debt from his first year of undergrad and he is paying that off on his own. [link] [comments] |
| Posted: 26 Feb 2022 05:32 PM PST There's $500 in the account so if I can use it, I'd be super stoked. Never had a HSA prior, or quit a job without a new one with benefits being immediately accepted, so not sure how this works. [link] [comments] |
| Urgent Life Advice After Parent Loss Posted: 26 Feb 2022 09:58 AM PST My mom passed away very unexpectedly 3 days ago. On top of grief I have a lot of financial stress. I am 20 and had just enrolled to begin my college education in the fall semester. My mom was very supportive about me continuing my education and wanted to support me through it. I will be applying for FAFSA but I have no clue how I will be able to afford school full time and affording housing since I am currently homeless due to the circumstances. [link] [comments] |
| Posted: 26 Feb 2022 10:27 PM PST I was working for a few months as a freelance in the production industry before I became employed at my current full time job. When the tax documents came in, that employed sent me a 1099-NEC which means he never withheld taxes but all the checks he sent me weren't in whole numbers meaning some amount was taken away. It really reduces my tax return and I only made around $850 with him. What should I do? should I report it to the BBB or IRS or not risk the attention it might draw to my return. I suspect he was skimming my checks since he knew my work was temporary and we didn't necessarily get along too well. I also know his employees weren't exactly legal. [link] [comments] |
| Posted: 26 Feb 2022 05:12 PM PST I've had a Roth IRA for about 3 years now. I don't make a lot of money, and I live in a HCoL, so I don't have a lot to put into my Roth IRA. For the 3 years, I've deposited $50 a month into it (and more into my work's pension plan because they match). Does $50 a month actually do anything? Even just a little? Or am I basically spending/losing money because it's too small? [link] [comments] |
| Understanding Roth IRA contribution withdrawals and taxes Posted: 26 Feb 2022 01:53 PM PST I believe I have a misunderstanding of how taxes work on Roth IRA contribution withdrawals. I'm hoping someone can clarify how taxes are supposed to work. I made my first contribution to my Roth IRA in June 2018, so the account if less than five years old. Since that date, I've maxed out my contributions. In July of 2021, I purchased my first house, and to make a downpayment, I withdrew about $15,000 from my Roth IRA. My understanding was that one of the qualifying events for withdrawing from a Roth IRA was for the downpayment on a new home (up to $10,000. I was also under the impression that I can withdraw contributions from a Roth IRA without taxation since the contributions are post-tax. As I'm going through my taxes this year, it looks like I owe taxes on this withdrawal, minus the $10,000 that was used to make a downpayment. Are the taxes I owe due to capital gains on my investment, or is there something fundamental I'm missing? Is it an early withdrawal penalty? I'm hoping someone can clarify my understanding. [link] [comments] |
| 401k plan is being cancelled, what to do? Posted: 26 Feb 2022 05:07 PM PST The plan is being canceled, it's managed by ADP, they are telling me to cash out or rollover to another approved plan. Current w2 employer doesn't offer 401k, I don't want to cash out and pay penalties. What are my options. There's about 35k in the for the last 4 years I have until April 2nd to make a decision. [link] [comments] |
| Using tuition reimbursement from employer or pay out of pocket? Posted: 26 Feb 2022 08:07 PM PST Hi guys. I posted a few weeks ago about if I could use my savings and my husbands income to live off of while I get my msw. Thankfully, I got offered a part time job I can work while in school that will cover about half of our expenses. In addition, I'll have full benefits, including tuition reimbursement. The only issue I have with that is I'll have to work for the company for as long as I use the benefit, so about a year and a half after I graduate. If I don't stay with the company, I have to pay it all back to the company. Would I be better off to just pay for school out of savings? It would completely deplete our savings. Thanks all [link] [comments] |
| I have a debt collection that I want to pay, but my middle name initial is wrong Posted: 26 Feb 2022 01:58 PM PST As title says, I'm trying to pay a collection and they have my middle name as "F" when it's actually supposed to be "G". I'm trying to call them and they're supposed to be open but it keeps prompting me to leave a voicemail… should I still pay it even thought my middle initial is wrong? Or should I keep trying to call? [link] [comments] |
| Student Loans UK (loans written off) Posted: 26 Feb 2022 09:42 PM PST I'm a bit confused by when my student loan will be written off. I went on the UK gov website and found out I'm under Plan 1. Plan 1 says if you have taken a loan out 2005/2006 or earlier, the loan will be written off when you reach 65 years old. It also says if you've taken a loan out 2006/2007 or later, your loan will be written off 25 years after the April you were first due to repay. My situation is, I took out a loan in 2004 (that was when I started uni). However, I took out a loan each year until 2008 for my undergrad degree. Then I took out a loan in 2011/2012 for my PGCE too. So 3 years of my loans are earlier than 2006 and 2 years of my loans are after 2007. Will they write off these loans seperately according to the dates, or will they just lump them all together and count it from the first time I took out a loan? [link] [comments] |
| Thoughts on my plan to reduce interest on debt? Posted: 26 Feb 2022 11:37 PM PST Hey everyone. Through being an absolute idiot, I racked up 25k in debt. I was able to pay off 7k today, paying off my 2 lower balances, and am left with a 18k balance on a single credit card paying 20% interest. Now I'm in an interesting position. I could
Any thoughts would be appreciated. [link] [comments] |
| What would be the fastest way I can pay back my student loans? Posted: 26 Feb 2022 08:59 PM PST My list of loans is 8 Direct Subsidized Stafford with each being 0.000% fixed currently. >$3,437.22 I have 5 Direct Unsubsidized Stafford loans >$6,176.01 I just found out you could view the individual loans and pay each off in a targeted payment. I can only afford to put up a payment of $250.00 on my next paycheck. Should I start attacking the lowest ones first or should I attack the biggest ($7,191.71) ? Also does it matter that I have returned to community college to start over a new major and am paying out of pocket for classes? I am not ever taking out student loans again. To my understanding if you are still in school unsubsidized starts counting in interest. But the thing I am confused on is does it count if I am in school if I am not taking out more loans? Like would both start collecting interest again on May 1st or just the unsubsidized? I just really am bad at math (I have a learning disability/autism) I have no idea about finances really. I just want to learn and I want to know what people who would do in my situation. [link] [comments] |
| Keep Life Insurance After Divorce? (no kids) Posted: 26 Feb 2022 10:57 AM PST I'm 39 years old and just went through a divorce; luckily I have no kids. I don't know if I'll be getting married or having kids in the future and I'm not in a relationship right now. Should I keep my life insurance or drop it? *edit* I have no mortgage, no debt, no alimony. My wallet is 50% lighter because of the divorce but I could be worse off. I pay about $175 per month for it. I can technically still afford it, but I don't know if it'll ever come to any use for me. [link] [comments] |
| Why does my checking account balance increase at night? Posted: 26 Feb 2022 10:52 PM PST I use U.S. Bank. The only thing I've always found strange, is that the balance in my checking account will fluctuate. If I check it between like 12am and 4am, it will have more money in it, then by about 6 it levels out. Some probably wouldn't notice but I have. Are transactions happening overnight? Are things "going through"? Why does this happen? I keep my savings in NFCU and I notice this never happens and my balance is always the same and doesn't fluctuate. I don't want to ask a teller at the bank because they might think I'm nuts. [link] [comments] |
| Book recommendations for late starters? Posted: 26 Feb 2022 11:52 AM PST I'm 38 and am just coming around to the importance of saving for retirement. Does anyone have any good book recommendations for people in my situation? I saw that David Bach has one called "Start Late, Finish Rich" but the reviews say it's pretty outdated at this point. Thanks! [link] [comments] |
| payment question using turbo tax Posted: 26 Feb 2022 08:28 PM PST my wife and I are filing tax using turbotax. Currently thinking to pay one time or using installment options 1st: if direct debit: since my wife is the one currently filling the application. Can I enter my bank information when paying using direct debit? Do they check the account user name to match the applicant name? Do the site even ask who is the account holder name are? 2nd: also thinking to pay IRS installment. Anyone know the interest rate for it? And if are tax due is about 80k, what are the chances of success rate getting approved? [link] [comments] |
| I was offered the highest paying job I've ever had but I want to go to school. Posted: 25 Feb 2022 07:31 PM PST I am in my early 20's. I was working right out of Highschool and have limited higher education, really just an accredited certificate in IT that took one year. Recently I was able to land a job in IT support that would offer the highest salary I've gotten so far in my career; nothing insane but still the highest I've personally gotten, around $45k which is good for my location. I start in about two weeks. However over the last few years I've been having a consistent thought in my head that I really want to go to school to major in Computer Engineering like I've always wanted to. I'm getting to that age where I am afraid to wait much longer to do so. IT is okay, but my passion is in the sciences, and IT jobs are really not going to offer me the experience or knowledge necessary to do what I really want to be doing as a long term career. My desires have put me in a predicament. With this new job, I will have no time to take classes due to the work hours taking up the entire day and many weekends and my school does not offer classes early enough or late enough (not even online) for me to even take a single class, let alone full time. Full time work and school while extremely taxing is not something I am opposed to doing, but with this essentially non-negotiable schedule it won't even be possible. So the options are find a different part time job or full time job with more flexible hours, but certainly less pay. I would certainly need to take out students loans and be in debt for the next 4 years if this is a choice I made and I would be required to consistently budget hard and be low on cash since I live on my own and have many bills to pay; all this to be able to eventually be on my path to my desired career that I feel more passionate about. On the other hand, I could keep this job and not go to school and live comfortably as a single person for the foreseeable future but not get my desired education anytime soon. What decision would you make here? [link] [comments] |
| Received Form 1099-INT: file or not file? Posted: 27 Feb 2022 01:18 AM PST I received 1099-INT in the mail, says Box 1, Interest Income: $16. Called up the bank: they said that it was actually a refund that was directly deposited into my checking account few months ago (without my knowledge). Do I file these tax? [link] [comments] |
| Posted: 27 Feb 2022 01:01 AM PST My income tripled between 2020 and 2021 (not much so not super impressive) but my tax return for 2021 is on the double digits higher than my 2020 return. I'm single with no dependents so is there something I'm missing? [link] [comments] |
| Overcontributed to Roth IRA - can I back door Roth IRA for tax year 2021? Posted: 26 Feb 2022 06:47 PM PST I made a bit more than I expected in 2021 because of bonuses and over contributed to Roth IRA. I just moved the excess contribution edit and earnings end edit to a taxable brokerage account edit using vanguard's website, where they have a form for dealing with Roth IRA excess contribution end edit. Since I moved all of that excess contribution out, am I back to having contributed 0 to IRA for 2021? As in, can I now contribute $6000 to a traditional IRA for 2021 and convert it into my Roth account? Edit 3 - I'm not sure the fix it guide linked by one of the commenters answers my question. It says "Bear in mind that starting in 2018, you can no longer do recharacterizations of Roth CONVERSIONS (not contributions). This eliminated the "Roth IRA Conversion Horserace" technique for tax reduction." I didn't recharacterize the excess IRA contributions as traditional IRA. I moved it to a taxable account, and that money is staying there. I want to know if I can contribute another $6000 to traditional, or if the $6000 I over contributed to Roth and moved stops me from contributing to traditional for 2021. Edit 4 - sounds like the answer is yes. Thank you! [link] [comments] |
| About to start a 401k at 20years old. Need advice Posted: 27 Feb 2022 12:41 AM PST Hello everybody i just landed a decent job after busting my ass for a few years. Currently working 12 hours a day projected to make at least 75k+ gross a year. My company is offering benefits since day 1 and i want to open a 401k. I dont understand much about it. Should i pick easy enrollment or standard? How do i invest it? How much money should i put in it to retire comfortably. Also what else should i start doing at my age?. Any advice and explanation are hugely appreciated. ! [link] [comments] |
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