Personal Finance Tax Thursday Thread for the week of February 03, 2022 |
- Tax Thursday Thread for the week of February 03, 2022
- my inheritance check from my aunt was voided 20 days ago, I forgot to cash it. Is there anyway to get the money still?
- Dad passed away where did his retirement go?
- Too expensive to live alone?
- Hospital sent some of my debt to collections
- Smart move to pay off mortgage?
- Hi, I'm 33yrs old and I never contributed into a 401k. Any suggestions on how much I should put in to catch up?
- Is an "annual strategy call" from our 401k people, Edward Jones, really required?
- Just received a job offer that I cannot refuse. However it's a 1099 position, and I have never done that before. Help?
- Don't qualify for HSA but had on through last employer
- Not sure how to determine affordability
- Loan question for affirm
- How do you all budget for fun/hobbies?
- How do I dispute this dentist bill?
- About to be sent to collections - please help
- taxes, dependent dispute-never married
- What do I do with my extra money?
- Bank lost my money in a transfer… what can I do?
- Compare rent vs buy prices?
- Starting over at 47 - Advice Sought
- How to get rid of my parents’ Westgate Time Share
- Employer 401k in Fidelity FJTKX
- Help with Health Insurance
- Accidental bonus in paycheck removed the following week. Tax question
- Hi, can somebody give me any advice? 18 years old, around 40k across 3 bank accounts. What should I do?
- Changing from Non-Deductible IRA contribution to Roth IRA
| Tax Thursday Thread for the week of February 03, 2022 Posted: 03 Feb 2022 03:00 AM PST Please read the PF tax wiki page to see if your question is answered there before posting. Also check out the Tax Filing Software Megathread.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. 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 the last year, check out the Weekly Archive. [link] [comments] |
| Posted: 03 Feb 2022 05:41 AM PST I had gotten my brother to send me inheritance checks for my share of my aunts will, I forgot I had them and they say they were void 20 days ago, is there anyway for me to get the money still or does the state now own it? Sigh... im so stupid... there must be a way... [link] [comments] |
| Dad passed away where did his retirement go? Posted: 02 Feb 2022 11:12 PM PST Father passed away i have no idea how to see if i can somehow get his social security that he was paying into. He never added us his kids as dependents and he passed away almost 10 years ago. i also don't know what life insurance he was paying into. He didn't have a will. My sister at the time of his death was under age and i read that she could have been getting a check from the government for that. Can she still get that money now? [link] [comments] |
| Posted: 02 Feb 2022 10:18 AM PST Hi, I moved to Hawaii for a job. Rent is $2600 a month for a tiny old unit in a roach infested building, I take home about $4400 split across 2 paychecks a month. Parking, gas, insurance, food, etc leaves me with very little each month. It also doesn't help that my mom died, and I had to pay her mortgage to keep her house in the estate. I really don't think I can afford to live here as a single person. I also don't want to leave, but I feel this is a place retire once you have struck it big and the costs are nothing to you. Just wanted some input from someone outside of this situation. [link] [comments] |
| Hospital sent some of my debt to collections Posted: 03 Feb 2022 05:20 AM PST So, I just checked my credit as I have been to see if it was finally there and apparently the hospital sent some of my debts to collections despite the fact that I applied for their financial aid and notified for them to wait a month for it to process through. I was told it would take 30 days but it ended up taking longer. I never had credit before and now I'm starting out at 552- I've been making my car payments on time and other payments I've had to build credit but this sucks. Is there anything I can do about this? Will it stay on my credit for years?? I'm pretty bummed out about this. It's even shown that I've been paying off my loans and stuff on time but the only ding I have is this. Please help. It said my credit was at 607 before :/ im 19 and I'm just learning about this stuff and I'm worried that Im screwed for some years. Edit: forgot to add but their financial aid did kick in IN JANUARY despite me applying in October and being told to wait 30 but they did wipe my med debt clean completely- would it be the same for collections??? Thank you :( [link] [comments] |
| Smart move to pay off mortgage? Posted: 02 Feb 2022 10:54 PM PST My partner and I discussed paying off our mortgage this month only after 3 years in our property, both have maxed out retirement accounts currently and will be putting whatever we pay into our mortgage into some other retirement accounts to keep stacking. The rate is below 5, but not as good as 2.5 and we do have a few years of savings put away so no worries there. Stable careers, no debt at all and we are good with finances. We don't get any tax benefits for mortgage interest or anything for that matter based on our tax bracket. Any downside to moving forward with this? [link] [comments] |
| Posted: 02 Feb 2022 09:02 PM PST Hi all, as the title states, I am 33 years old and I have never contributed to a 401K. I had just been offered a full time job with full benefits including 401k. In the benefits packet that I received, under the retirement section talking about 401k, it says:
How much should I contribute into my 401K if I want to catch up to say if I had started contributing into it since I was 25 years old? (Not even sure if that's a good age to start) [link] [comments] |
| Is an "annual strategy call" from our 401k people, Edward Jones, really required? Posted: 02 Feb 2022 12:42 PM PST I am told that every year, we are required to have a phone call with our Edward Jones guy that does our company 401k. However, these have turned into nothing more than sales calls fishing for information, trying to get us to to do things like take out HELOC's and invest the money with them, etc. I hate hate it. However, we are told, and they keep calling, saying the annual "strategy" review is required. Is that actually true? I've been ducking them, I'm not even sure what the "penalty" would be if I didn't have this "session". Thanks [link] [comments] |
| Posted: 02 Feb 2022 07:00 PM PST I work as a data analyst in Phoenix AZ making an okay salary. I just received a job offer for double my current salary as a data engineer. Only issue is it's a 1099 position, and I have never worked self employed before. I can give solid numbers if you need, but I don't see it as necessary as I'm mostly asking for general advice and personal experiences. I am reading through the FAQ and general resources now, but I would really like to hear this subs opinion on 1099 employment and the extra challenges it entails. Thanks in advance for any advice. [link] [comments] |
| Don't qualify for HSA but had on through last employer Posted: 03 Feb 2022 03:09 AM PST So basically my issue is that my previous employer offered an HSA and I deposited around $1,100 into it. My current employer's health insurance plan does not support an HSA (the way the pricing was it made no sense to go for the HSA one). So what do I do with the current one that I have? Is there any way I can withdraw the money since I don't qualify for an HSA anymore without getting any penalties? Or do I just have to leave that money there? [link] [comments] |
| Not sure how to determine affordability Posted: 02 Feb 2022 06:12 PM PST I am currently looking at apartments. I make $87,000 as a base but with bonuses etc. I am anticipated to make around $93,000 annually. With this sort of salary what is an acceptable amount to pay for rent? This is my first "real job" so I am not sure the best conventions as far as creating budgets. If you could point me to other resources regarding budgeting etc I'd also love to do my own research. Thanks! [link] [comments] |
| Posted: 03 Feb 2022 01:10 AM PST Hey am new to loans, but I was wondering is it worth using affirm to buy a laptop that cost 1,200 dollars. Or is it better to save your money and pay it in full. [link] [comments] |
| How do you all budget for fun/hobbies? Posted: 03 Feb 2022 06:47 AM PST I'm curious to see if anyone follows any strict formulas, general tactics, or personal rules for how they spend their money on fun and hobbies. Highlights of my situation are below. I am a 32 year old male and I currently make $70k pre-tax and live in a LCOL. I rent with a roommate and spend $500/month utilities included. I'm completely debt free as of 6 months ago after aggressively paying off $50k in student loans and paying off my car. I have $25k in savings and $22k in a 401k and these are the only savings/investments I am working on at the moment. I contribute 9% to my 401k. My short-term financial goal is to buy a single family home in a more desirable location than I am in now (my job is remote) which is why I am content with that amount of cash in my savings account. However, the current state of the housing market has probably delayed this by at least a couple more years while I save for a good down payment. My long-term financial goal is financial stability which will eventually involve more investing and continuing to live minimally. I'm undecided on marriage/kids. So, back to the point. I've worked so hard to get debt free and being conscious of my financial health that I have developed this sort of guilt and anxiety that comes with spending money to the point where I ignore my hobbies now more than ever. I don't want to feel like my purpose in life is to just work all the time and constantly worry about the future while ignoring my drive to enjoy life now before it's too late. Thanks in advance for the tips!! [link] [comments] |
| How do I dispute this dentist bill? Posted: 02 Feb 2022 08:56 PM PST So i needed 2 teeth removed as part of an orthodontist treatment, my regular dentist could not do the procedure for me so they referred me to an oral surgeon that was suppose to be within my network. I went to this oral surgeon for a consultation. The appointment was a total of 5 minutes. I sat in a chair, someone came in and said yeah we can do those for you, lets make you an appointment for that. we made the appointment and I left. No xrays were done or tools used in my mouth. No one disclosed any costs with me over the phone or when I went in for the appointment. I did not get the procedure done and 2 weeks later they sent me a $180 bill for an "examination" fee. I work a minimum wage job and cannot pay this, i do not have any savings to pay this off, and i feel like this fee is something they should've made clear with me the 3 times I talked to them on the phone as well as when I came in for my appointment. Is there anyway I can dispute this? [link] [comments] |
| About to be sent to collections - please help Posted: 03 Feb 2022 06:15 AM PST Hi there. I'm a dumb, dumb 21 year old who forgot to pay tuition for classes that I stopped attending last semester due to mental health reasons. I've got around $2.7k in debt that I'm about to be sent to collections for on 02/20 - and I really, really can't have that happen. I've been trying to sell off personal items so far, but haven't had much luck; my paycheck comes next week, but only will be around $600. Unfortunately my tax return of $1,200 may or may not come through before then. I am freaking out right now. I'm sitting at around $300 total right now. I don't know what to do, please help me. I am so inexperienced with finances and all that, I'm not even going to lie, I've been a sheltered 21 year old. I don't even have a credit card, and I'm terrified. [link] [comments] |
| taxes, dependent dispute-never married Posted: 03 Feb 2022 06:05 AM PST Hi i have a question So my kids father, and i of 15 years separated in Aug. The kids live with me in the home i own. we have 3 kids. Normally i have let him claim the youngest for the last 4 years. Since i am with them the majority of the time ( monday through friday) he only gets them every other weekend. I filed all 3 this year. He was upset and said that next year his lawyer said he will get to claim all 3. Anyone have any experience with this? I am in the process of hiring a lawyer for child support, custody and visitation. Its just been hell. Can someone shed some advice. Is this accurate? or is this something that we have to settle in mediation? If i fight for full custody ( which i am) will i be able to claim the kids? [link] [comments] |
| What do I do with my extra money? Posted: 02 Feb 2022 04:29 PM PST I am 22 years old and right now my total monthly expenses are around $775. This includes rent, utilities, groceries, phone bill, gym membership, etc. I receive a biweekly paycheck of around $1450 as well as another $500ish from a side hustle. I've been following the 50/20/30 rule but find myself with a lot more money left over than I really "need". I already have a little under a years worth of expenses saved up, and have started DCAing into the S&P 500. I also rarely spend any extra moneys Is it time to put even more into the market? Roth IRA? I feel like my money is being wasted just stacking up in my savings account and want to put that money to work. [link] [comments] |
| Bank lost my money in a transfer… what can I do? Posted: 02 Feb 2022 09:00 PM PST I need serious help with this, I hope this is the best place to post this. At the beginning of January, I tried to electronically transfer $800 from my savings account at Bank A to my savings account at Bank B. I have transferred back and forth between these accounts before with no issues at all, but the funds never arrived in my account. At this point, I have spent hours on the phone with representatives from both of the banks trying to get this resolved. Bank B originally said they were unable to locate the funds without the 15-digit trace number associated with the transfer. After spending over a week to obtain this number from Bank A, Bank B is still unable to locate the funds. They are recommending that I contact Bank A about this issue, but in my last communication with Bank A, they said that Bank B would need to locate it. The funds have been missing for a month now. While I plan to contact Bank A again tomorrow, I am feeling pretty hopeless about this, and I really need those funds. What are my rights as a consumer? I originally tried to transfer these funds for a bill that was due almost a month ago. Do I need to seek legal action? Is there a government department to reach out to? How can I even do that? [link] [comments] |
| Posted: 03 Feb 2022 12:25 AM PST We need to move in the next few months and have been debating buying again or just renting as we are not sure how long we are going to stay. But let's assume we are staying for a few years how do I calculate what an equivalent rent would be vs a mortgage. Is there an easy way to do this. Rent costs seem to be cash for rent Buying costs are: Mortgage (but is it really just the interest as principal is paying yourself) Insurance Property taxes Mortgage tax deduction (in CA) Closing costs etc Is there a spreadsheet that someone has built where I can plug in numbers? Just trying to figure out how much costs are minus the benefits/savings of buying vs renting. [link] [comments] |
| Starting over at 47 - Advice Sought Posted: 02 Feb 2022 08:51 PM PST I'm looking for some advice on a way forward considering my situation. I'm 47. Owing to poor life decisions and a savage addiction I've finally emerged from, I have virtually no savings or investments. My addiction quite literally cost me everything and for years I would spend any budget surplus on it. I also ran my own business, in which I did not engage in any retirement planning and also mishandled my tax liabilities (more on that below). I'm hoping to give an honest picture of my current finances and ask for any advice on how to get on track toward not working until I literally die. I just got a full time job that pays a decent salary. They offer 100% 401k matching up to 6%. So I signed up for 6% contributions on my first day. I also receive restricted stock grants each year that will be worth variable amounts depending on the grants and performance of the stock. But on average it looks to be $30k - $60k annually. I've slimmed my budget as much as I can and I have an average of $1950 surplus each month. I'm putting my daughter through college so that takes up a lot of my budget currently. I didn't want her to have student loans hanging over her head so I made a goal long ago to use 529 funds and pay out of pocket. The 529 funds gave out after her second year so I'm paying around $6000/semester tuition out of pocket. My major debts are as follows:
I own my poor choices and now that I've kicked my addiction I want to move forward in the smartest way possible. So I'm looking for any advice on:
Thank you in advance. [link] [comments] |
| How to get rid of my parents’ Westgate Time Share Posted: 02 Feb 2022 07:23 PM PST My parents signed up for a Westgate timeshare when I was a kid and they have been paying the fee for over 15 years. They believe they have to pay until they die. Is there anyway for them to get out of the contract? [link] [comments] |
| Employer 401k in Fidelity FJTKX Posted: 03 Feb 2022 07:14 AM PST Hi, I'm 40 and I just started a new 401k with a new employer. So far the investment is being put into the Fidelity FJTKX. Should I change that to something else, like the FID 500? [link] [comments] |
| Posted: 03 Feb 2022 07:14 AM PST Good morning: We have coverage through ACA and it has gone up to $1385.00 per month for a family of 3. Obviously, it's very expensive. We don't qualify for any help as we earn too much. We are about ready to renew (we're in Florida, btw) but I figured I'd ask to see if maybe there was another option that I'm not aware of for reliable health insurance. As it is, we have like a 7k deductible. Healthcare in our country is an abject failure. But that's a conversation for a different day. Thanks for any help you can offer! [link] [comments] |
| Accidental bonus in paycheck removed the following week. Tax question Posted: 03 Feb 2022 07:07 AM PST Hello, I received an accidental bonus one week but it wasn't caught right away. I obviously didn't take home the entire amount because I paid taxes on it. This week there was a miscellaneous deduction to remove the full amount. So I'm out the taxes until next year when I file correct? Kinda annoying it works like that. Just wanted to hear other inputs if people have had to deal with this before. [link] [comments] |
| Posted: 03 Feb 2022 07:05 AM PST Hi all, Title says it all - just need some assistance and don't want to blow it all up the wall. Not really too bothered about looking into stocks and shares, more so property so it anyone can give me any advice on that it'd be greatly appreciated. (I'm from the UK) Thanks! [link] [comments] |
| Changing from Non-Deductible IRA contribution to Roth IRA Posted: 03 Feb 2022 07:03 AM PST Hi PF, I started contributing towards a new IRA at Fidelity towards the end of last year, but as I was filling out the taxes for the year, I realized that my income was in the region where the contributions are partly non-deductible. I wasn't aware that this would be an issue when I started contributing towards an IRA. If I knew that the IRA contributions were going to be non-deductible, I would have contributed to my Roth IRA instead. Based on a bit of reading, it seems like the non-deductible IRA contributions are not really worth the effort and don't have any significant benefits over a Roth IRA. It seems like I'd have to start maintaining Form 8606 records so that I'm not double-taxed on it. My question is, what can I do to change the non-deductible IRA contributions to Roth contributions? Is it still possible to do it before I file my tax returns for FY2021? What other alternatives do I have? Thanks! [link] [comments] |
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