Werewolfdad
Werewolfdad t1_j2bmiaj wrote
An index fund is a type of investment, not an account. What type of account is it in?
Werewolfdad t1_j2bd0dx wrote
Reply to How to handle existing 401(k) account when starting the Prime Directive Method by Emanresu123p
Withdrawing is rarely a good idea.
Just leave it Or roll it over
Werewolfdad t1_j2ayl91 wrote
Werewolfdad t1_j29ibai wrote
Reply to Huge spike in electric bill YOY by cowpokecaleb
Have you compared the bills?
You’ve included essentially none of the important details like price per kilowatt or usage
Werewolfdad t1_j28vowy wrote
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics
Roth or traditional: https://www.reddit.com/r/personalfinance/wiki/rothortraditional and https://www.madfientist.com/traditional-ira-vs-roth-ira/
Some math: https://reddit.com/r/personalfinance/comments/z5hb8v/_/ixw89x5/?context=1
Werewolfdad t1_j27ip0a wrote
Reply to comment by nkyguy1988 in Should I only ever hold my money in the markets? by srekai
Professionals with armies of quants behind them.
Werewolfdad t1_j276wbd wrote
Reply to comment by Celtictussle in Budget Struggles: Can't Afford my car, but can't live without one by dannyj611
Man, if this isn't the truest thing I've read in a while
Werewolfdad t1_j267718 wrote
Reply to comment by [deleted] in Owe taxes this year? by [deleted]
Irs gave you a free loan. That’s excellent.
Werewolfdad t1_j264rcu wrote
Reply to comment by johnnybayarea in Wells Fargo closed my account for a negative balance + not having a job for 2 months by Mrzeldaootfan
Oh sure. Agree there.
Werewolfdad t1_j263tml wrote
Reply to comment by johnnybayarea in Wells Fargo closed my account for a negative balance + not having a job for 2 months by Mrzeldaootfan
All the banks and CUs are subject to the same guidance which says accounts should be charged off when they’re uncollectible or 60 days, whichever is first, so this would have happened everywhere
Werewolfdad t1_j263nft wrote
Reply to comment by Mrzeldaootfan in Wells Fargo closed my account for a negative balance + not having a job for 2 months by Mrzeldaootfan
Banking guidance says overdrawn accounts should be charged off no later than 60 days.
Any calls were a courtesy you weren’t entitled to. That was just them being nice
Don’t overdraft and it won’t be an issue.
Werewolfdad t1_j261uow wrote
No there’s no risk in doing a normal thing
Werewolfdad t1_j261o7m wrote
Reply to Owe taxes this year? by [deleted]
Owning $500 is perfect
Good job
Werewolfdad t1_j261l5d wrote
Reply to Wells Fargo closed my account for a negative balance + not having a job for 2 months by Mrzeldaootfan
Any bank would do that If you were overdrawn for two months.
Open a new account elsewhere
Werewolfdad t1_j25ryxm wrote
Reply to comment by beckagrosst in How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst
Yeah
Werewolfdad t1_j25rhdm wrote
Reply to comment by beckagrosst in How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst
Your post is asking about federal rules and you didn’t include your state
Regardless, your cost basis in a gift is either the donors adjusted Basis or FMV, whichever is “worse” for you, so it doesn’t matter since you don’t have a gain
Werewolfdad t1_j25qnj9 wrote
Reply to comment by beckagrosst in How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst
The 1099-k rules were delayed another year
And It’s not income
Werewolfdad t1_j25q31c wrote
Reply to comment by beckagrosst in How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst
You can’t deduct expenses for a hobby
So you just sold random stuff you owned? That doesn’t require any tax form let alone a business tax return
Werewolfdad t1_j25pmtp wrote
Reply to How should I deduct cost of goods sold for gifted household items for eBay taxes? by beckagrosst
Are these business assets or household items? Your choice of phrasing makes it difficult to tell
Werewolfdad t1_j2545ly wrote
Reply to What is the positive part about the 1099k requirements through 3rd party being delayed another year? by sprinklesnglitz
It’s not a perk. It’s an extension so the irs can develop guidance and the payment processor can become compliant
Werewolfdad t1_j24ky9v wrote
>bc I cannot easily see my friends or do things.
Spending $800/month so you can 'do things' suggests your priorities are out of whack especially given how small the other line items in your budget are
Werewolfdad t1_j23y8f7 wrote
Reply to comment by Nagisan in Girlfriend is changing jobs. Should she move her 401K into the TSP? by buskingengineer
Oh damn I hadn’t realized the fees were that awful. Wow. NeverMind on that at all then
Werewolfdad t1_j23wbww wrote
Reply to comment by Nagisan in Girlfriend is changing jobs. Should she move her 401K into the TSP? by buskingengineer
> in case I need to backdoor Roth in the future.
Yeah, I think my bias is showing since that is such a more important consideration in this forum than perhaps in the world at large.
The new brokerage link option narrows the issue with broader investment choices.. NeverMind. Super bad.
I agree about the other flexibilities with IRAs
Werewolfdad t1_j2bn0n8 wrote
Reply to comment by DestinationForever in I’m having trouble getting started with what I should do with my money. Have I saved enough? What direction do I need to take next? by DestinationForever
Yes. What’s hard to understand?