Yes, this is key - you get a “stepped up basis” which will greatly reduce any capital gains taxes if you want to sell and invest in something else.

> Is this an error?

No because you crossed tax years. You’ll report the conversion in your 2023 taxes.

i just don't know what incentive i would have to lie about applying to taco bell lol. i live in a mid-ish sized college town.

Are there specific broad market funds I should be looking at?

No. Leave them on that one. Leave 100 bucks in it. Open a completely new account and never link it to anyone.

I know you came for your own question, but since I got you here, any recommended reading for someone who lives in the US and really needs to learn the basics?

See ive only been working here 8 months plus I dont have my masters which made me less competitive. I will have to thug it out

Depending on your state of licensure, you may just need “credits” to hit the 150 if your accounting bachelors covers the core competencies required. That means you can just take throwaway classes at a community college.

Get that CPA

Easy way is to just move to a different bank, and obviously fail to put your parents on the account. Then give them some excuse as to why you had to move your account and some other excuse as to why they couldnt be on it/it wasn't easy to accomplish etc. Boom, done.

> I am an only child so I bare this responsibility alone.

It is not your responsibility. You bear harassment, not responsibility.

It's never easy to set boundaries, but it will be infinitely easier to set them now than 5, 10, 15 years from now.

Budgeting.

Saving vs paying back loans

The value of having cash as in always being liquid.

A useful exercise would be to have students calculate what they should pay in taxes based on a imaginary situation. And then make a budget.

You can put in $17,000 per year or $85,000 and “superfund” it over 5 years without needing to file a gift tax form. Even if you exceed these amounts, it’s just filing a form; there is no tax impact until you hit the $12.9 million lifetime limit.

> Edit: what if I just put it into my personal Roth IRA since the taxes have already been taken? And then select 2022 rolll over instead of 2023 contributions? Can I do that?

I don't recommend doing this. For one thing, it probably doesn't make sense to do a Roth conversion unless you are in a particularly low income year.

For another thing, even if you do decide to do a Roth conversion, it's better to pay the taxes from pocket rather than an IRA withholding. IRA contributions are limited and you are reducing future growth by dipping into your IRA to pay the taxes. And if you are below retirement age, withdrawing from your IRA to pay taxes is actually a non-qualified withdrawal and you'll be penalized for that.

The easiest thing to do is to roll the entire amount into a Rollover (Traditional) IRA, including the amounts that were withheld for taxes and penalties. If you decide to do a Roth conversion at some point down the line, make that a separate distinct decision.

I'm of the opinion that staying with the parents for the year is the best choice. Paying down those debts and focusing on excellence at the work place so you can advance faster may be more worthwhile. Getting rid of the debt will allow you more freedom financially in the future to be more flexible.

I'm personally living with my parents and grossing 80k a year. It sucks for the dating life but I'll be more comfortable in the future with a good financial support structure behind me.

They're well known among upper crust Northeasterners who want to send their kids to ivy league schools.

That is not "well known" in ant meaningful sense. Exeter enrolls 1000 kids. So over 20 years there have been roughly 5k graduates, or about - out or a population of 400 million in the US - about .00125% of thr population. Or if you prefer it this way, assuming Exeter graduates are evenly distributed throughout the USA, there are 5 in the entire state of Wyoming. To the best of my knowledge - and I'm around OPs income - I have never dated, worked with, or worked for a graduate of Exeter.

You are likely on the edge if you use the 28% rule (mortgage+taxes+insurance under 28% of gross monthly income). Are the $350k homes livable and of sufficient size for your family? Or are you going to need to put additional money into repairs in the next couple of years? Do they have newer roofs, windows, insulation, HVAC? Each of those things could cost $10-50k dollars easily.

I would suggest putting $2500 in a savings account each month starting now. This will allow you to test if a $3500 payment is doable for you as well as help you save up some more cash for a down payment or to pay off your debt.

It looks like rates are going to continue to climb but hopefully home prices are stabilizing, so you should not be out anything by being slow and methodical about this. When does your lease end?

2006-2007 many have felt hopeless. Almost time

You may find these links helpful:

• Retirement Accounts
• "How to handle $"

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I am considering doing that but I will have to save prolly 13k before I move. I have to take 7 extra classes along with passing the cpa exam( different from most accounting students who have a masters) .dont have the masters

Definitely going over the difference between W-2 employees and 1099 employees. A lot of people are doing side hustles like door dash and uber, but don't understand how the taxes work on those 1099 jobs. They end up in a mess come tax season.

Maybe a lesson on cost of making just one meal. Last summer I sent each one of my 14 year old twins to the grocery store with $25.00 and ask them to buy food to prepare a meal for our family of 4 to eat that night. They had to come up with a meal in their head, find the ingredients and do the math to make sure they stayed in the $25.00 budget including any taxes. They both came home stating that was really hard to figure out what made a good meal and what food actually costs just for 1 meal for a family of 4. We had pasta with garlic bread and salad for one meal and the other did tacos/quesadillas with spanish rice. It was a very good learning lesson for them, especially when they complain that I didn't get something they wanted at the store when I shop.

You would pay 10% additional tax on the amount that was withheld and not rolled over

> I diagree with this because I couldn't wait to get out on my own and I had and still have a good relationsip with my father and that was 25 years ago. Every ones situation is diffrent. I would however, always plan for the worst case scenario.

Check out OP's posting history for extra reasons to why I believe OP's father will reneg on giving OP the car.

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It’s not just a good idea in the long run, it’s a great idea in the right now run. Must do!

You shouldn't refinance if there are fees, payoff provisions, other details that make refinancing more expensive for how you plan to pay the loan off.