In relation to investing, it's the "fancy" stuff that causes people to underperform with their portfolio. Fortunately Mr. John "Jack" Bogle, the man credited with inventing index investing, realized that and happily shared it with the world.

That’s not an error.

Unlike contributions, conversions go by calendar year. You created $6000 of basis in your traditional IRA for 2022 by making a contribution designated for 2022, but you didn’t actually use up that basis in 2022 since you did the conversion in 2023, so it hangs around on line 14, to be carried over to next year’s Form 8606 line 2. You’ll report the conversion on the 2023 8606, not the 2022 8606.

Why the switch from ally to Marcus?

I doubt someone is going to steal their identity and actually walk into a bank to withdraw money from an account they don't know about.

I love this!

I've always done my own IRA, it just seems better to keep it in my control. But there are other options.

This is a mild fun fact about the Roth 401(k)/IRA. It’s not ROTH as if it is an acronym, but Roth because it’s named after former Senator William Roth.

It's not your money if it's a joint account.

It's her money. She can take it all out if she wanted to.

That sounds ridiculous right?

Open a new account, move the money.

My rent is actually 850 a month. 2k was my total living expenses monthly

OP,

your mortgage will be 800-1200 more than a year ago. if possible try to get a spot for less than 300k.

talking to people who work in my desired field got me the work that i have now (~7.5 hours a week, $20/hr doing field campaign work for a few school board races). i appreciate your kindness. its very frustrating when you do the things everyone tells you do (good resume, apply constantly, be persistent, etc.) and not only do you not get the outcome you're expecting, but you're blamed for circumstances that you can't control.

You are owner child is beneficiary. If at 18 your child decides to join the circus, you can move it to other children or wait until you get grandkids and name them as beneficiary. At all times, you own it. As long as you use it correctly for schooling of most sorts, taxes don’t come into play unless you get a credit by state for finding.

[removed]

[removed]

There's another reason to close this account and open a new one, especially if they are having financial difficulties. If they overdraw their accounts, the bank can come after your assets to make things right, because of that connection.

Years ago, my kids kept me on their accounts after they moved out, because it was convenient to move money back and forth to reimburse each other for expenses. Then my son's account was hacked, and it was left over overdrawn by over $6k. I learned that the bank could just take money out of any of my accounts because I was on his hacked account, and it could even take money from one of his brothers accounts because of my connection. It came out well in the end, thanks to the CFPB, but I removed myself from all their accounts, and we all use Venmo now.

It's not like it's tied to their account, they were just cosigners or whatever when I opened it when I was 13.

>Should I disconnect my parents from my Bank Account
>
>I am 26 F

Yes

>My mom has a bad habit of texting me when shes broke asking for money cause she has not gotten paid yet.

This alone is a problem for a parent and adult-child relationship

>I usually will say Yes, but she takes the money before she even asks.

And this is a major problem - get a new bank account ASAP.

Even if you didn't have this difficult dynamic going on, the advice should still be to get your parents off your bank account, credit card, etc. It's just good sense to have your own financial situation and not have it influenced by a parent.

There's ways you can position yourself for success in terms of cutting the cord, but just remember you can't control her reaction. Best of luck

I’ll remove them or make a new account. If one of your parents get their identity stolen, you’re also fucked too, since they have access.

Having more people to your account just leaves more access entries

Most of the time what you need is not a budget app but and expense tracking app. One that allows you to use categories but that don't care to track account in and outs. At the end of the month you just look at your budget spreadsheet and input the totals.

I use smart receipts plus. When I buy something be it in cash, credit, Amazon, or what have you, I track it. Just the act of tracking saves you a ton of money because it makes you very conscious of money flowing out on stupid things that don't even make you happy.

There is a free version of the app but if you want to upgrade to the full version from it the option is a subscription, or you can delete it and install the full version for a flat cost.

Well, if you've got to move out anyway, I'd look at this option along with whatever other options you have in the area. Definitely start on this now before getting forced to move out as buying a house can take months.

Assuming you're single and putting some money into retirement, I'd guess your take home is ~55-65k, so this would be somewhere around 40% of that. I'd check your accounts to see if you're currently saving >$1000 in cash, and see if you can afford to make several $1000+ fixes to the townhouse and still have an emergency fund after you make the $80k down payment.

This could get pretty sticky pretty fast. If I were you I would respectfully let them know that you’ve been happy to help but that you won’t be able to assist them so freely anymore. That in a true emergency you’ll see what you can do but that you’re taking them off your bank account because you can’t continue to afford to help them like you have been. Suggest they need to figure things out with budgeting, etc

And if your parent get hacked? and so they get you to?

Theres not really any "good" reason to share your main account like this. Keep it as a secondary account that's fine, but most of your finances shouldn't be accessible by other parties even if you trust them.

Yes and yes to your first questions. I'm not sure what qualifies as "significant" but she does currently have both a "checking" and "savings" account, they are just tied to my account w/USAA.

Cheap expense ratio S&P or world market ones. Whatever your brokerage offers.

It's technically within the rule of 36 (or 40). But not sure if you've adjusted for property taxes, maintenance, HOAs, or insurance, which may make it a little tight for you.