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moana posted:See if you can get a cash out refi and knock off that 401k loan, assuming prices have gone up enough to give you cash back options. Getting a 30 year fixed for a point lower, plus enough cash out to pay off the 401k loan 
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Nov 18, 2020 21:52
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Hurray, great success!
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Nov 19, 2020 07:09
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Grumpwagon posted:Looking for some opinions on when refinancing isn't worth it. I have roughly $170,000 and 11 years remaining on my mortgage. I refinanced away from a 3.65% APR 30 year mortgage to a 3.00% APR 12 year mortgage back in March. My credit union was running a special where the total closing costs (paid up front, nothing rolled into the loan) was about $300. A no-brainer, especially since I really did not like our previous servicer.
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Nov 19, 2020 14:34
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To me it's more a question of effort - you've just done the process so you know how much effort it takes. Would you pay yourself something like $2000 right now to do it? (time value of money on the future payments)
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Nov 19, 2020 15:05
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Is it BWM to live on your own even if your parents are fine with you living with them rent-free? I had to live at home for several months because of COVID this year, and then I found a job and a place to like on the other side of the country for $400/month. I'm living in a dorm room with access to a kitchen but I've enjoyed it more than living at home. Don't get me wrong, my parents are great but I just felt really stressed and awkward around them, especially after my sister moved out. Now I lost my job and I'm not sure if I can find another job here. I've been looking into remote work as well. I figured if I could find a remote job I might as well keep living here instead of going home. In addition to rent I'd be missing out on free groceries too.
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Dec 4, 2020 02:46
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The mental health benefits of not living with your parents are definitely worth some money. The question is how much. That's a very personal matter, and no one else can put a dollar amount on it for you.
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Dec 4, 2020 03:07
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i would pay far more than 400 per month to not live with my parents but that might change a bit if i had no income
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Dec 4, 2020 13:27
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It's also way too dependent on what "living with your parents" really means. Like something that is effectively an apartment, where you're able to be by yourself, have a friend over, don't have to interact if you don't want to? Parents that aren't in your business, and effectively treat you like a tenant? Or "You have to eat dinner with us every night or you don't love us, wait your turn for the shower your dad's having a hard time getting this massive poo poo out?" There's a pretty broad continuum. In general though, part of adulting is making it on your own, and not being beholden to anyone else financially. The world sucks, and I don't blame anyone who can't get there (because the world is aligned against that for a lot of people), but I think it should still be the goal, and if you're capable of it, generally speaking, do it. But that is obviously my opinion, and it's not one where I would say anyone who disagrees is crazy. Part of it is just personal preference and worldview.
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Dec 4, 2020 18:16
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Probably dumb question but I don't get it. I have payroll set up for filing single and with zero withholdings. My job is my only source of income. I project I still will have underwithheld by approximately 10k this year. How/why does this happen? I can roll with the hit, but I'm annoyed.
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Dec 8, 2020 20:19
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Bushido Brown posted:Probably dumb question but I don't get it. I assume you mean single with no allowances/exemptions, not no withholding. Something seems fishy here, that withholding should almost certainly cover your income tax liability (and probably extra). How are you doing the math to project your tax bill? Are you not accounting for progressive tax brackets? Guinness fucked around with this message at 20:38 on Dec 8, 2020 |
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Dec 8, 2020 20:31
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Going to go for the lowest hanging fruit: do you know how progressive taxation works?
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Dec 8, 2020 20:37
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Bushido Brown posted:Probably dumb question but I don't get it. Did your job do the Trump thing where they didn't have to withhold their* half of your fed income taxes for 'corona stimulus' reasons? I remember that being a thing. My office's accountant sent an email basically saying "uh that's dumb we're gonna withhold at the normal rate" but maybe yours didn't? *Edit: correction - they could choose not to withhold the worker's half of fed tax contributions, not their own. KitConstantine fucked around with this message at 20:54 on Dec 8, 2020 |
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Dec 8, 2020 20:52
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I use the IRS's tax calculator to estimate my total tax obligations for the year. I understand that my income is taxed at different rates as I earn it. And that's right, re: claiming no deductions. Apologies for mixing terms up.
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Dec 8, 2020 20:53
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Bushido Brown posted:I use the IRS's tax calculator to estimate my total tax obligations for the year. Take your total income for the year, deduct $12,400 if you're single, deduct your 401k, FSA, and DCA withholdings if appropriate, go to the tax tables and lookup your tax. How close are you? For example: $100,000 income -$12,400 standard deduction -$19,000 401k -$2,000 FSA = $78,600. https://www.irs.gov/pub/irs-pdf/i1040tt.pdf -> $13,156. Edit: Oops, that was 2019. Here's the draft 2020 ones: https://www.irs.gov/pub/irs-dft/i1040tt--dft.pdf -> $12,648. H110Hawk fucked around with this message at 21:03 on Dec 8, 2020 |
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Dec 8, 2020 21:00
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KitConstantine posted:Did your job do the Trump thing where they didn't have to withhold their* half of your fed income taxes for 'corona stimulus' reasons? I remember that being a thing. Good call out as a possible edge case. My company did the same thing, seeing as it was just a complicated deferral with no actual benefit. I'm not sure what the IRS calculator is spitting out, but you can do a real rough back of the napkin math on your own. For example, single person earning $120k W2 salary per year, taking the standard deduction of $12,400 for 2020, has an AGI of $107,600 10% up to $9,875 = $988 12% from $9,875 to $40,125 = $3630 22% from $40,126 to $85,525 = $9988 24% from $85,525 to $107,600 = $5298 Total federal income tax estimated: $19,904. That's assuming no other deductions (401k, HSA, etc) that would bring the AGI down even further. And don't forget FICA of 7.65% on all of it as well, for another $9180, but that's not technically federal income tax. Hopefully that's all correct, I whipped that off pretty quick. Guinness fucked around with this message at 21:12 on Dec 8, 2020 |
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Dec 8, 2020 21:08
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Napkin math still leads me to the same place. Just taking what I have earned this year, I'm about 7k off of where it would land me: Gross is around 328, less 19.5 for 401k, 2.1 for HSA, and 12.4 for standard deduction, puts me at 294 for the year. I should owe 47,367 plus 35% of the amount earned in that bracket, or about 30,328. Puts my total obligation at about 77.7k. But they've only withheld 70.3k.
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Dec 8, 2020 21:26
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Bushido Brown posted:Napkin math still leads me to the same place. Lame. Have they also underwithheld your Medicare surcharge? Was any of this stock income or bonus? Sometimes that's at a flat 22% because the world is terrible.
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Dec 8, 2020 21:50
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Question about kid's and stolen identity. My children's school was hacked and we are told to assume all the data the school has is in other people's hands. That means my kids address, SSN, birthday, etc are all out there now. What's my best course of action to make sure nobody uses this info to get credit cards or bank accounts? I'm thinking of just doing some kind of credit monitoring, and not freezing it, but what are my options? Thanks
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Dec 8, 2020 22:02
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spacetoaster posted:Question about kid's and stolen identity. My children's school was hacked and we are told to assume all the data the school has is in other people's hands. That means my kids address, SSN, birthday, etc are all out there now. Freeze it. If anything shows up remind the creditors they aren't 18 and see how quickly it vanishes.  Also ask the school for free credit monitoring.
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Dec 8, 2020 22:04
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Dec 8, 2020 22:39
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H110Hawk posted:Lame. Have they also underwithheld your Medicare surcharge? None was stock but a fair amount was bonus. I'll check the withholding rate on that to see if that's what happened. I had thought they withheld at 37% on the bonus (which makes the delta even more confusing) but maybe that was faulty. Looks like Medicare withholding was accurate. edit: seems like the shortfall was fully coming from that bonus. RIP. Bushido Brown fucked around with this message at 23:01 on Dec 8, 2020 |
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Dec 8, 2020 22:45
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Withholding is frequently screwy on bonuses even if not calculated as a flat 22% because payroll systems make some projections and assumptions about the proper withholding amount. When I got several smaller bonuses through the year, I tended to be under-withheld, and when I got one large bonus at EOY that tended to be over-withheld because it assumed that was a monthly income amount.
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Dec 8, 2020 22:58
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Bushido Brown posted:None was stock but a fair amount was bonus. I'll check the withholding rate on that to see if that's what happened. I had thought they withheld at 37% on the bonus (which makes the delta even more confusing) but maybe that was faulty.  My income is mostly from stock and they withhold at a fixed 22%. Doing the math to figure out the difference is fun.  Unrelated: are you a product manager in a bay area tech company? There was a horrifying realization made by some in the long term investing thread and it would make me chuckle if you were.
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Dec 8, 2020 23:25
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Unfortunately that is basically impossible to fix rip
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Dec 8, 2020 23:46
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H110Hawk posted:
Yeah, that's brutal. I'm a lawyer and given that annual bonuses are part of our normal comp, I'm a bit baffled that they bungled it this way. At least I'll be able to address the issue in advance next year, now that I understand it.
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Dec 8, 2020 23:58
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I am telling you it's not bungled, it's a function of how your payroll software works. edit: i mean your payroll software is probably crap but like, it's not because your company specifically is bad at this
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Dec 9, 2020 00:08
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Bushido Brown posted:I'm a lawyer So much worse.
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Dec 9, 2020 00:37
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KYOON GRIFFEY JR posted:I am telling you it's not bungled, it's a function of how your payroll software works. I get that. I'm more just annoyed that they don't have instructions to the payroll service provider for this issue. Which is maybe me just being a whiny brat but hey.
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Dec 9, 2020 02:07
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what exactly do you expect your company to do here? im kind of baffled
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Dec 9, 2020 02:42
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KYOON GRIFFEY JR posted:what exactly do you expect your company to do here? im kind of baffled I get the frustration. They want their payroll software to not suck.
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Dec 9, 2020 02:55
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H110Hawk posted:I get the frustration. They want their payroll software to not suck. it all sucks in the same way though, this isn't a unique problem
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Dec 9, 2020 03:12
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I've been told that companies do have another option for withholding bonuses that normally over withholds, but should be closer. My company supposedly doesn't do that because it isn't really supported by the payroll company, but I could be completely wrong here.
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Dec 9, 2020 08:50
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asur posted:I've been told that companies do have another option for withholding bonuses that normally over withholds, but should be closer. My company supposedly doesn't do that because it isn't really supported by the payroll company, but I could be completely wrong here. at least at my company which i am pretty sure uses ADP, this is what happens - but it's not truly an option. you just turn on the setting that treats the bonus check as a periodic check, which means that for instance if you are paid monthly, it takes the bonus check and assumes your income is that x 12, and sets the withholding amount accordingly. note that this is actually not more accurate at all. withholding is a very inexact science because your employer has no idea what your actual tax liability is
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Dec 9, 2020 12:46
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Bushido Brown posted:I get that. I'm more just annoyed that they don't have instructions to the payroll service provider for this issue. Which is maybe me just being a whiny brat but hey. Hindsight is 20/20, but going forward it's probably a good idea to keep tabs on your withholding. We usually check ours a couple times a year and adjust if necessary. Withholding tables are BS and only work for a handful of scenarios. Start the year by using the IRS calculator to determine what you should be withholding (it'll tell you what numbers to punch in and/or if you need to withhold extra). After you get a bonus/raise or otherwise have a change in your tax situation, check again with your new numbers and see what adjustments you need to make. It can get annoying, but it's better than owing a ton of money and having to pay underwithholding penalties. edit: OK so to be sure: you CAN withhold extra. There's a lot of scenarios, especially for high-income people, where putting a 0 on there still won't withhold enough. edit again: I completely forgot that they hosed around with the W4 for 2020. Did you fill a new one out for 2020? Maybe something didn't get transferred correctly? DaveSauce fucked around with this message at 13:32 on Dec 9, 2020 |
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Dec 9, 2020 13:22
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I request additional withholding taken out if I have income other than from a paycheck like capital gains from selling stocks in my non-retirement account. That way it all balances out at filing time.
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Dec 9, 2020 15:40
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Quick question about heathcare companies & collection agencies in the US that I hate with the fire of a thousand suns. I received a notice from a collections agency in the mail today. It's for a bill I didn't even know I had. After getting the notice, I logged into my healthcare provider's MyChart account, and sure enough, there was a statement there from an appointment I had in August. They never emailed me anything saying "you have a bill due!" The only way I would have known about this would be if I randomly decided to check my MyChart account in the intervening months. Is this going to go on my credit report, even if I pay it off immediately? The amount of the bill isn't even high. I stupidly panicked when I saw that it was legitimate and paid it immediately. It's only now in hindsight that I'm realizing maybe I shouldn't have done that, and I should have contacted the hospital to see if there would be any way to pay the bill to them now that I actually loving know about it. But would that even have been possible once it was already sent to the collections agency? Is there anything to be done here, aside from immediately turning off "paperless billing" in my MyChart? OldSenileGuy fucked around with this message at 21:40 on Dec 16, 2020 |
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Dec 16, 2020 21:37
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OldSenileGuy posted:Quick question about heathcare companies & collection agencies in the US that I hate with the fire of a thousand suns. So for starters, never do paperless billing, but you covered that. This goes for everyone. Never do it - support your local post office. If the bill is valid and already in collections I don't know if the medical provider can take it back. No matter what you do get in writing (or on recording - get consent on the line) something along the lines of: "If I pay this in full will you agree to not report this to my credit report, and remove any existing information in regards to this account?" It's a yes or no question. I just did this stupid dance with an ambulance company collections and they tried to weasel out of "yes" - do not let them, repeat the question. You must cover both of those points. "Sir why would we report it to your credit report if you pay it?" - That isn't what I asked, and I am not an expert here. Yes or no, <repeat question.> It's best just to get it in writing.
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Dec 16, 2020 21:48
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Thanks for the info. Like I said, I stupidly paid this already, so I think I'm out of luck on a "negotiating to pay it in exchange for keeping it off my credit report" deal. But I have found some information that says in 2017 the rules were changed so that a medical bill can't be posted on your credit report until it's been delinquent for 180 days? If that's true, I should be ok I guess? I'm probably going to call up the collections company to tell them I've already paid it and ask them if that means it won't show up on my credit report, but I've read enough about collections agencies to know that I can't necessarily believe anything they tell me.
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Dec 16, 2020 21:55
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OldSenileGuy posted:Thanks for the info. Like I said, I stupidly paid this already, so I think I'm out of luck on a "negotiating to pay it in exchange for keeping it off my credit report" deal. This is why you record it, get consent. They may lie but you can use that recording to your advantage. It's probably fine.
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Dec 16, 2020 21:57
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I've been paying off my car for a while, but I still have a few years to go. However, I will likely have to move to a city where having a car doesn't make economic sense, and I don't drive an enormous amount as it is. From what I can tell, I could get a personal loan (from the credit union that owns my car?), pay off the car, trade in the car, use whatever I get to pay part off the new loan off, and then focus on paying that loan off. But I didn't know if there was any other way or method that I'm overlooking, or anything else that would make more sense or impact my credit score less. My score is 780 right now, and I obviously will have to get a new apartment when I move.
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Dec 19, 2020 21:44
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