Recent comments in /f/personalfinance

SkelterHelter68 t1_j2fk90m wrote

Reply to Will using money from a trust for a down payment on a house trigger gift tax? by yjlevg

There is never a "gift tax" to the receiver, even though it is a common misconception.

There *could be* a tax consequence to the giver, depending on their overall lifetime gifting amounts, but since everything is part of a trust, it's even more complicated than that because the trust has its own EIN and tax filings.

You probably need to talk to a CPA or estate planning attorney.

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1hotjava t1_j2fk4b5 wrote

Reply to Will using money from a trust for a down payment on a house trigger gift tax? by yjlevg

Since this is a hugely mis-understood subject that seems to come up multiple times a week:

Gifter: They don’t pay any tax until they exceed $12.06M in their lifetime. They have to report gifts over $16k in a given tax year but it’s not taxed.

Receiver: Never pays gift or income tax on gifts. Doesn’t matter how large the gift is.

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/amp/L5tGWVC8N

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Default87 t1_j2fjvil wrote

Reply to Is it wise to start dumping everything I have into the market? by Mattl54o

> I have an emergency fund that would cover about 6-7 months expenses however ideally I want to use that for a wedding and housing downpayment in 2-3 years.

Your emergency fund should be separate from your house down payment or wedding funds. So if 2-3 years from now you want to buy a house and have a wedding, you need tos ave up for those goals separelty from the money you currently have for an emergency fund.

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MadameTree t1_j2fjtfq wrote

Reply to What to do with my assets when I die? by yoyokittychicky

I got a will done by a lawyer for $125. You can even do it online but I prefer to actualy talk to one. You'll want to I assume specifically exclude your sister as she would be your nearest heir. Don't worry, the Humane Society will be able to handle it as long as you name them.

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micha8st t1_j2fjmyc wrote

Reply to Spend tracking apps that don’t require to be linked to a bank? by [deleted]

I think you could do this in quicken.

I use quicken for Mac, and unfortunately, Quicken thinks in terms of accounts. I think in terms of purpose. At one investment company I have an account that is mostly intended as college savings (to supplement the kids' 529s), but there is a mutual fund that is NOT part of the college savings.

In Quicken, I download transactions and then drag them from the account they were downloaded into to the account I want them in.

Oh....another thought: in Quicken, I can look at accounts, and I can look at groups of accounts. Quicken aggregates the separate account data from my 3 credit cards into "Credit Cards." I can look at accounts separately or together, as I see fit.

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Default87 t1_j2fjkz6 wrote

Reply to What’s the back door Roth deadline? by iamsailorm00n

The backdoor consists of two steps. The first step is the contribution, which has annual deadlines. The second step is the conversion, which has no defined deadline (but generally is best done soon after the first step to minimize tax implications).

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schroedingersnewcat t1_j2fjbs1 wrote

Reply to Doctor took money for copay when insurance says there is none, and is refusing to give it back almost a year later. help? by GamerGrl90

You could always file a complaint with your insurance company, saying that the doctor's office collected money for services covered under insurance. Insurance company can light a fire.

Also, you can contact the state licensing board for the doctor or your state AGs office. Doctor's offices despise regulators breathing down their necks.

Third option is small claims court.

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1hotjava t1_j2fj97w wrote

Reply to Getting paid in this way for the first time. Had to fill out a W-9. What are the tax implications for me now? by BakedPastaParty

>Ive also kept a detialed list, more detailed than any previous reporting year of all of my work-related expenses (clothing and gloves for the first job. Gas and mileage for one of my current jobs).

None of this is deductible from your W2 income. If you have expenses related to your contract work you can deduct those from that income. Don’t claim expenses for W2 work as deductions from your 1099 work.

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fawningandconning t1_j2fj8du wrote

Reply to comment by BakedPastaParty in Getting paid in this way for the first time. Had to fill out a W-9. What are the tax implications for me now? by BakedPastaParty

No, all of that if you're paid via W2 (you fill out a W4 to receive a W2) is not deductible. Your work should be reimbursing you for that, all of these work-related deductions went away with the 2019 tax law changes and the increase in the standard deduction.

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