I said based on the original value is what is required by law. Look at the part of the OP that I originally quoted.

Based on the current value is dependent on the lender, which typically means the big loan investors requirements.

The 10-year Statute of Limitations doesn't apply if you willfully failed to file a tax return. The clock starts ticking on the later of the date of an IRS assessment or when the tax return is filed. 11 years of back taxes are rightfully owed here.

yeah but job 1 also work most weekends with no double pay

>I would still contribute on a regular schedule to my ROTH to take advantage of the full $6500 limit for 2023, but I've read that lump summing on 1/1 tends to do better in the long run. If

Doesn't meaningfully matter

https://old.reddit.com/r/personalfinance/comments/z907wc/weighing_my_options_maxing_401k_via_annual_bonus/iye8ohh/

You said it’s based on the original value, which is not true. Most banks will reappraise for a small fee. That reappraisal value is used to remove PMI.

Has this been the same employer or different ones? Your employer can choose to contribute $1200, but it is not legally mandated, and an employer can choose to have no contribution.

You'd be better off spending some time on education. Look into community colleges that have online classes that you can do that are in the line of work you are interested in. There are lots of business oriented topics and degrees you can get, even two year degrees. Working up the ranks will be far easier once you have credential, and ideally you learn some of the skills that will be useful to you as you progress.

75% is a standard LTV without substantial improvements being done. Some allow for 80%, but many do not.

I think you can borrow against your 401k. U take out a loan against yourself. It's ridiculous. America.

I didn't say it wasn't possible, I said it's not required by law for them to do this. If you look further on that link, that part is covered:

>Loan investors, including Fannie Mae and Freddie Mac, often create their own PMI cancellation guidelines that may include PMI cancellation provisions beyond what the HPA provides. But these guidelines cannot restrict the rights that the HPA provides to borrowers. For example, the HPA does not contain any requirements for a loan’s tenure before a borrower may request cancellation or be eligible for automatic PMI termination (known as a “seasoning” requirement).

What’s the max out of pocket for each? I have a similar setup and if I were to max out the PPO costs me 7K more per year.

Not sure you are correct on the $1200 limit, as my employer contributes $3000 total ($750 per quarter). The only limitation is the max $7300 for Families and $3650 for a single person. Keep in mind both employee and employer contributions are included in those max amounts.

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It doesn't meaningfully matter. I did analysis using portfolio visualizer and across 20 years, if investing in VTSAX, the final difference in balance is less than 1% (not per year, in total) between investing 20500 up front on Jan 1 vs spread through the year . For a longer time frame, the difference would be smaller

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I will go against the grain a bit and offer an alternative.

Do you have space for a home gym? Gym equipment is expensive but $200 a month adds up pretty fast and certain gym equipment can be had very very cheaply on the second hand market. People are giving away treadmills in the spring but they can and do break but stuff like barbells, racks, and weights are steel or iron and will pretty much last forever.

I was at this point and decided that I invest in a home gym. I did it slowly and until I got certain pieces of equipment I felt very limited in what I could do. But after about a year I have what I need and I got most of it second hand for pennies on the dollar.

The best part is them other then cardio stuff most gym equipment holds value very well because I got such good deals I could probably sell this stuff and break even or make a bit if I was patient.

> My thoughts are that if he can explain the financial hardship to the IRS and get payments on the back taxes delayed,

He may be able to get on a payment plan, sure.

> when he shows capital losses in 2022 (by realizing the big loss on current stocks), those losses will offset the owed taxes.

Losses in 2022 do not reduce taxes for any previous year.

> If so, we can also request a case review with Medicare to explain that he never actually had any income, this was all just a couple of trades that are now underwater.

He did actually have income. He then spent that income on new stuff, but if spending your income meant it didn’t exist then nobody would ever have any income.

It's crazy how wildly unaffordable home ownership is in places like California or New York unless you're in like the top ~5% of earners.

> The only exception might be when you approach the end of the year and haven't maxxed out your contributions yet.

Even then, you could contribute the money to hit your max, but just not invest it

Salary jobcs could make you work well over 40hrs a week

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Then these jobs wouldn't interest you. I have the option to do weekend work for additional pay. My job doesn't affect my mental, physical, and emotional health significantly. Sometimes I have better things to do and nothing will make me come work on a nice weekend. Sometimes it is the decision between making extra money and playing video games for half the day, or playing video games all day in which case I'd rather work. Tho my weekend hours are usually 6am-noon. I still have half the day to do things and lunch is provided.

This. Roths are a great place to stash emergency fund money if you are not otherwise going to be maxing your IRA space. Just don't invest it and it will be as safe as cash and just as available. Then when you start to get more cash flow going, you can build up a cash account for your Efund and you now have more money in a taxadvataged account that you couldn't get in there otherwise.

Not true, the bank will reappraise based on current market value.

Source: We removed PMI this way, it was a very simple process. The lender was Chase.

That’s my assumption too. I’m just not buying it. Costs go up yeah but 26% sounds out of line.