I'm in similar boat but the cheapest townhomes in my area are minimum 450k and they're all at least a decade old. New ones are 650k or higher.
I have no idea how I'd be able to afford it now, whereas a year ago It'd have been so much easier.

You're fine. As others have said, depending on the interest rates on the car vs student loans, it may make sense to pay more off towards the car if the interest rate is higher. You're still able to save $1000/month! Not many people can say that.

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>Unfortunately I only have a SIMPLE IRA account starting this year.

You cannot do a clean backdoor Roth for the forseeable future.

If you can get MAGI low enough by increasing workplace contributions (your SIMPLE IRA + spouse's workplace account), contribute directly to Roth IRA (recharacterize the two traditional IRA contributions you already made).

If you cannot get MAGI low enough, reverse your 2022 and 2023 IRA contributions. The procedure is called "removal of excess contribution"

It seems so odd that a 175k income cannot afford 350k anymore. Even if it's cuz of the interest rates.

Cash it out.Count your losses and walk away.Get a term life before you cancel your current scam,policy I mean.

Thank you so much for the explanation. I’m assuming they can’t sue for for the $250 either? That’s what I’m worried about it. My partner thinks I should pay it to avoid additional fees and a lawsuit.

You have an unhealthy relationship with debt. Borrowing money to fix a luxury item when you owe money to the IRS is not a good look.

You are the current normal American - $500k house, two new cars in the driveway, and can’t afford to pay for the basic upkeep of your home.

This might be a completely separate discussion but would it be possible to focus on the house, buy in ~10 years, and then when we are ready to retire, sell the house to rent instead?

Never take money out of your 401k. If you can find a scenario worse than that, it would be during a market downturn, like now.

But I agree with you, get out of rent. It's a zero-sum game. Even if someone tries to justify it to you, in the long-run, you never win.

Thank you. I will look into them.

>u can get a house costing much more then 100k with a downpayment and a home loan right?

Please don't take this the wrong way, I'm not coming down on you and mean no offense: If you don't fully understand the concept of a mortgage, it's highly unlikely that you're going to make a lot of money being the landlord of a single family rental. I would read the wiki linked on sub and follow the steps pertinent to you. This will help you preserve (and grow) your inheritance while you educate yourself about real estate investing.

There is a specific portion of the W4 related to other income you and anyone you are filing jointly with have. Otherwise every job will withhold only what they “see” as your income. I would assume the W-2 withheld almost nothing in federal taxes. Depending on your regular job I am going to assume you cracked the 22% mark and really should have had 22% taken from those checks.

It’s your job to inform all your jobs of other income. Your job didn’t make an error, unfortunately you did.

I'm not sure that's really an option either with current rates. Our $510k mortgage has a payment of $2500 including tax/insurance.

Even if we downsized to a $300k house at current rates (7%ish), the loan calculator says our payment would be somewhere in the ballpark of $2300. A $200 difference.

Even if it were $500/mo difference, it still doesn't seem worth giving up our property (which we love) for $500/mo considering we'd be getting into something worth $300-350k and getting of something worth $625k.

Yeah I was thinking of upping my 401k (Roth is already being maxed out) I just want to also save a good chunk of money for sooner goals such as property down payments and upgrading my car. But getting my monthly retirement contributions up to ~$1200 is doable and a good goal

Unfortunately I only have a SIMPLE IRA account starting this year.

So you signed a contract and they are violating the contract? Did you remind them of this?

I would simultaneously find a new job and a lawyer.

Yup... my husband had to sign my forms and he's not even from the US!

How are your dogs able to hold their bladder for that long? My dog has to be let out of the house to use the bathroom. I work 12 hour shifts, that’s too long to not let my dog to go the bathroom.

Yeah I was unclear my b, the $400 I contribute is all me, so after taxes + 401k contributions I have $3600 net each month

This comes as a surprise to a lot. In some cases, such as the Revised Pay As You Earn (REPAYE) payment plan, it doesn’t matter if you file separately or jointly, they still add up all household income.

I always take "others" perfect plans with a grain of salt. $330,000 is an awful lot in student loans, like a shit ton.

Many people fall into the trap that a big salary means you buy big things. If you truly will make that much money upfront, stay focused on paying your debt. You can also reasonably enjoy yourself, but don't overdo it.

Will play around with the budget a bit but I think the main goal is to just get better jobs at this point. I don't think our standard of living will get more expensive but the most I can see us doing right now is 40k per year. Thank you for your input.

My opinion, don't start deducting expenses until you have moved from hobby to business.

Understood. I would be taking another job at another company.