Recent comments in /f/personalfinance

SereneFrost72 OP t1_j6n610w wrote

Reply to comment by My_soliloquy in Other person's car insurance may not cover my car repair, even though they backed into my parked car? by SereneFrost72

Thank you so much for sharing your experience here. I’m really hoping I don’t have to go through my insurance if it means an increase in my premiums. Conceptually, it seems so counterintuitive that someone backing into my car could lead to an increase in my own insurance rate 🙄

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wijwijwij t1_j6n58u5 wrote

Reply to comment by dragunight in I feel like my bonus is being taxed too much by dragunight

Sounds like they're calculating the withholding using the method (b) that is described in Publication 15 on withholding supplemental wages. I guess they can do that with separate checks as long as it's "paid concurrently."

>...Figure the income tax withholding as if the total of the regular wages and supplemental wages is a single payment. Subtract the tax already withheld or to be withheld from the regular wages. Withhold the remaining tax from the supplemental wages.

https://www.irs.gov/pub/irs-pdf/p15.pdf (page 19)

If you don't like the idea of overpaying so much during the year and waiting for refund, consider making an adjustment to W-4 that counters this across the year. It would be a Step 3 adjustment.

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SuitableTurn t1_j6n58ar wrote

Reply to Keep money in savings or kill all CC debt? by coconut_icedcoffee

Knock out your CC debt first for sure. As others have said, there’s really no question that is what you NEED to do. CC debt is like borrowing from a loan shark. 20+% interest really is no joke.

You’re still young and have plenty of time to contribute to all those other tax benefit accounts (Roth/HSA). Just keep a rainy day fund and put the rest into paying off the debt.

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wickedkittylitter t1_j6n518m wrote

Reply to What to do with 10k raise by MyLittlePegasus87

My best advice is to get over the idea of my income and his income when it comes to paying bills and savings goals. The same for the 50/50 contribution to the HYSA for goals. The same for who contributes what amount for a house purchase. If you must continue to contribute using a percentage method, use the method of who makes what percentage of income. If you make 60% of the total household income, your contribution needs to be 60% of the total goal amount, not 50%. Your husband's contribution would be 40% of the goal.

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swollennode t1_j6n50sk wrote

Reply to Keep money in savings or kill all CC debt? by coconut_icedcoffee

People are telling you to payoff your credit card with your savings.

I’m on the opposite train in that you should save your savings. The reason is that you’re planning on getting a new job with a pay cut. You don’t know if your new job is going to keep you long term or if they’re just going to lay you off within a few months. You should always keep at least 6 months worth of expenses in a savings account for emergency. Losing a job is considered one of the emergencies. Likewise, being at a job for 18 months isn’t a guarantee that you’ll be there in the next 2.

I would transfer your current credit card to a 0% apr credit card so you can pay it off over time. Most credit cards have that offer if you have good credit and is opening a new card.

Always have enough savings for the unexpected.

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CrimsonRaider2357 t1_j6n5018 wrote

Reply to This person is saying that you can claim your down payment back on a car loan. Sounds too good to be true by [deleted]

>There’s no statute of limitations on fraud, because that is in fact what putting a down payment on a vehicle is

Putting aside the fact that putting a down payment on a vehicle is not fraud, the statute of limitations on fraud is generally ten years.

The invoice says deposit, so she probably put down a deposit to have them hold a car for her, and once she paid for the car she got the deposit back.

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