> will I be punished with an iron fist if I'm a couple bucks off?

This is a common misconception with the IRS.

The IRS is more like a very understanding parent.

Understanding parents know that their children are going to mess up. Understanding parents are not out to deliver punishments out of joy/fear. Understanding parents just want their children to follow the rules.

The IRS is very reasonable. The IRS wants to work with the Taxpayer.

Just don't do illegal things like intentionally evade the rules.

He might. I'm not sure, I really like my employer and coworkers. But the amount of talk he gives me about being important to the future of the company, and his 'big plans for me' compared to the compensation provided just makes me weary.

But this isn’t even close to protecting himself financially.

The four of them agreeing to pay 25% is meaningless to the mortgage company. If a roommate doesn’t pay, the rest of them are still responsible for paying the full mortgage. If mortgage payments are late or the house is foreclosed, it’s hurts all of them, even the ones that paid their share on time

And contracts don’t exist in limbo. OP needs to understand the laws in their state. Can any owner legally force the sell of the house? If so, it likely doesn’t matter what they agreed to. Likewise, if all owners have to agree to sell, it once again likely won’t matter what they agree to.

This stuff is way too complicated for a subreddit and OP needs to have a lawyer involved.

I just sent them an email terminating my services with them. I already have a ROTH IRA managed by NWM, trying to see if I can have full access to it. Also, cancel my whole life insurance with them.

What makes you believe this rather than the slue of problems most other people are posting?

I’m reading about One indirect IRA rollover a year

That is incredibly smart. I think you should do it if you feel comfortable with your friends, as it seems you do. You are setting yourself up to be one step ahead vs. Drowning in college debt. Good for you!!!

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Oh my goodness, thank you so much for taking the time to write this out. I truly appreciate it. If I wasn't in debt, I would give you gold, haha!

I'm not a high earner (yet) and make $52k pre tax so I don't think I'll reach that threshold super soon.

I will send an email right now about the match because yes, the 35% on it's own just doesn't make sense to me.

I'll keep my 401k in that mutual fund for now as 2055 is approx retirement age for me.

Again, thank you so much! I will come back to this comment when I am confused.

It won't be any easier to get another car loan once you have this one. It sounds like your credit score isn't the issue and your verifiable income is. That won't change quickly.

> didn’t realize it was only one time a year.

What led you to this conclusion?

Because it doesn't exist.

Conversions are unlimited both with dollar amount and frequency.

I would go pull your free credit report from the government site https://www.annualcreditreport.com/index.action and see if you can get that at all major companies. It won't give you your credit score but it should tell if you if the individual companies have your info correct so you know it's a Mint thing vs your credit file thing.

Someone on my brokerage customer service said I can only do 1 traditional to Roth conversion a year. Now I’m trying to look this up and understand if there are tax implications if I do multiple a year or if it’s even possible.

Simple enough. I have most of the numbers but will I be punished with an iron fist if I'm a couple bucks off? Always a worry in the back of my mind

Poster is right get the check sent to you coded as a Direct Rollover, then send it on to Fidelity as above. Don’t sign the back, Fidelity will stamp it correctly before depositing.

>would it be unwise to take a loan for 7k of money I've set aside for retirement?

Yes it is.

Taking a 401k loan means the funds are out of the market until repaid, so hurts your growth and plan balance over the long run.

Short term, in the unlikely event you lose your job, the entire loan could become due immediately, and would be taxable + 10% penalty if not paid. And since a loan has no withholding when originally taken, that's a possibly large tax bill.

401ks also have strict rules about loan eligibility: you can only take max 50% of your balance up to $50k, with a 12 month look-back rule on that limit. So if you took a loan now and then had a truly dire emergency, you'd be possibly unable to take another loan at that time.

Heh I do (smartly) play the credit card game so that works too

You can do as many roth conversions as you want. I've done them for $1. You're thinking of something else. Go forth and convert.

I'm in a retail management position for a local business the company is highly profitable, I'm in Ohio making 19.50/hr. I've been here for 8 years and I'm relied on heavily for multiple roles outside of what I was hired for as well as day to day operations. The owner works along side us and I'm very much the 'goto guy'. We have an in-house tech department that the want me to take over in a couple years when the current guy retires, as I've done a lot of work along side him over the years. A lot of employees here work 6-7 days a week, I just feel like I'm compensated less than others because I've never spoken up and asked for more. I usually get .50 - 1.00 raise every year

2 weeks paid vacation No other benefits

There were a couple items sold for a pretty large profit (2 or 300 bucks profit before fees and shipping) but most was for a loss or breaking even

No, you'd pay interest on the balance every day until you pay it off.

Look up the "hidden costs" of owning a home. When you rent and the furnace goes out you call your landlord and they are obligated to restore heat in a timely manner. When the heat goes out in your house all of that is your headache and responsibility.

If one of you is able to get a mortgage alone it might be a better route

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You probably will not be able to directly deposit a DIrect Rollover check into a personal account. This check should be made out to “Fidelity Investments- FBO “your name” IRA. If you get a check made out to you alone, your 401k custodian should code this a full distribution and try to withhold taxes. Getting this fixed is a pain, why subject yourself to this risk?

Send the check USPS certified mail with tracking and return receipt requested. You will have full documentation of the received status of the check at Fidelity.

What I budgeted was only for room at college, I didn't include food, but all your other points I agree with.