Call the card company to get yourself removed or just talk to your father.

Damn. Hats off if you did the math yourself. If not where did you find the table I need one for CA. Very informative

No, this not what I want to do. In the past, when I used the card at a dental office I just swipped it, it was approved and that was it. I was using my own FSA or HSA funds and not insurance. I was interested in knowing if following up was a thing.

> American Funds 2060 Trgt Date Retire R6

Target date funds have the retirement year in the name (so 2060) and it invests into stocks/bonds/etc. and the more closely the date approaches it changes the allocation more to bonds and less to stocks (just imagine people 1 year out from retirement with everything in stocks and then Covid hit and they lose hundreds of thousands).

It’s a hands-off approach. Because it is more safe, it has less gains than just say a fund tracking the S&P 500, but that’s the price you pay.

>From what I read I have my doubts, because your credit score is great and his -apparently- isn’t.

OP being added as AU won't help the father's score at all.

>If you signed something, check the contract.

AUs don't need to sign anything. Many lenders don't even take AUs to be of age where they legally could sign anything.

Why are you assuming his isn't? High utilization on one card =/= bad credit

> * After 5 years, I can withdraw money without taxes and penalty. This will save me 15% capital gains taxes. > * Before 5 years, I'll need to pay taxes on earnings and 10% penalty.

Incorrect.

1. You already paid tax when you earned the income.
2. When you contribute to traditional IRA, you do not take a tax deduction, making the contribution "nondeductible".
3. When you convert to Roth IRA, you won't pay any more tax since the entire IRA is filled with only nondeductible contribution. The only exception is if you allow the earnings to pile up before converting.
4. Since the conversion was not taxable, you don't need to wait 5 years to withdraw.

Not enough info.

Income? Budget? Other savings? 401k balance? Have the causes of $30k CC debt been addressed?

In general, no, it's not a good idea unless you're reaching the "rationing insulin" point. OTOH, if your 401k balance is $875k then raiding $30k is still a bad idea, but a less bad one.

Most plans will ask for documentation on the purchase to validate that they are qualified because they want to make sure their plan remains in good standing and qualified.

So there is a pretty good chance that it is caught, unless you plan on outright lying to them. Then that's entirely different ballgame...

It depends on your goals here. But I would (assuming you have no other debt) pay off the car loan right now and put $43,200 in a HYSA so you gain some interest while your student loans are at 0%. Keep contributing your 1K monthly, should be $1,300 now since your car is paid off, and once those student loans start charging interest again pay it off.

Or if you find a house you like and its affordable you use that money for a downpayment on a house. Then work on paying off those student loans. Ideally your income will increase and you'll be able to save more or pay more towards the loans.

You're in a good place. Great job saving 50K.

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I think a 401k loan is a bad idea for the majority of people. I would recommend getting a loan from a bank instead. If you can get a loan from the bank you’re going to save a ton compared to the interest you’d pay otherwise

Well it’s fraud. Better off just working out a payment plan, stop your contributions and pay for it that way if you want.

I get $115 a week, which pays for my vacations basically.

No on the 401k loan.

Get on a tight written budget.

Stop using CCs.

Use debt snowball methos to prioritize paying them off.

Thanks for the comment. I definitely need to diversify and I plan to do so when I sell the house, but truth be told at the time I just didn't have enough money to meaningfully invest in the S&P. I bought this house when I was 22 with around $1,200 of my own money all-in (closing costs and a roof repair) and the house itself has been smooth sailing ever since -- it's losing our main stream of income earlier than we were anticipating that has put us tight. But you're totally right, we should be much more liquid at this point.

With that said, I'm definitely going to look into Index funds, I appreciate your input.

> the government knows how much I make already

Taxes aren't based only on what you earn. They're also based on your filing status for that year, how many dependents you have, account interest earned that didn't generate a form (IIRC most banks don't send this unless it's over $10), money you gifted over the annual exclusion limit (not taxed until you use up your lifetime limit, but the IRS doesn't know about this until it happens), how much you contributed to IRAs (any forms generated for this happens after taxes close out), how much you contributed to HSAs (other than through your employer), etc., etc.

Point is they may know how much you make, but until they know everything above and more they don't know how much you owe.

Could they send everyone an estimated tax return? Yes. Would that eliminate the need for people to scrutinize their work and correct any errors? No.

>He’s probably using you to boost his credit

Then the plan isn't working. OP being the AU would do nothing for their father.

>Talk to a lawyer.

No need. AU is a very easy fix. A phone call to the lender should be all that's needed to remove it completely.

Thank you, could you please elaborate on this? Not a dependent under a plan. Is it pretty much a given that this would be detected as not my transaction and if so, what kind of penalty could there be?

Notify your insurance. This smells fishy. Maybe it's no big deal, or maybe symptoms of whiplash will show up a week from now and you'll start feeling really crappy. That's why they don't want your insurance company to know. And I hope you've been checked out

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My choice would be to Pay off the car note. Take some of the cash and save as rainy day fund, then put the rest as downpayment for a piece of property. Don't buy your dream house right away. Buy the bare minimum to fit your current needs to keep payments low, even if you can afford more. Take the extra monthly money and double up on your mortgage to pay off the house early and save lots of $ on interest. Then, when you pay that one off, upgrade and keep the first house as an income property. When you make the extra mortgage payments, separate it from your normal minimum payment and Notate on the extra payment that it goes to Principal Only. If you do not do that last part, depending on who you get the mortgage from, they will most likely apply just apply it as an early payment for the next month.

Also, I recommend using a Credit Union for the Mortgate.

You’ll be charged interest on any purchases on top of the balance transfer but any payments you make go towards the interest charging portion of your debt first. So using the card once or twice would be ok if you pay off asap but be careful not to trap yourself into not paying off the entire balance by the end of the promo or you are REALLY going to owe some interest.

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