Unlocking the Power of AI Legalese Decoder: Your Key to Weekday Help and Victory – Week of April 01, 2024
- April 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Need Personal Finance Help? Check out the PF Wiki
If you are in need of assistance with your personal finances, the PF Wiki is a great resource to explore for potential answers to your questions. Whether you are looking for advice on budgeting, saving, investing, or any other financial topic, the PF Wiki can provide valuable insights and information to help you make informed decisions.
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In situations where you may require assistance deciphering complex legal language or documents related to your personal finances, the AI Legalese Decoder can be a valuable tool. By using advanced artificial intelligence technology, this tool can analyze and interpret legal jargon, providing you with clear and simplified explanations to help you better understand your rights, obligations, and options. Whether you are reviewing a contract, agreement, or any other legal document, the AI Legalese Decoder can empower you to make well-informed decisions and protect your financial interests.
## Join the Discussion and Share Success Stories
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## Celebrating the Community Support
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****** just grabbed a
What are the chances that New York is going to go after my 2023 self-employment income that I earned after moving out of New York?
I made about $5,000 in cash side gigs after moving to Florida during 2023. None of it was made in New York. However, I have zero records of this self-employment activity nor any other tax statements. People paid me cash and I didn’t keep any records besides just tallying up how much I’ve been paid. I was just going to report the income voluntarily. There is no record of me making this money at all and thus no way for me to prove that I didn’t make it in New York (even though I didn’t).
I’ve heard that New York’s tax department likes to go after people that leave the state. My total income went from $40,000 in 2022 to $120,000 in 2023. I can prove that activity through other tax statements that shows I earned almost all of it after leaving New York – I just can’t prove the self-employment income specifically.
I’m worried that my change in income on the year I left New York may draw attention and then they’ll try to demand tax on the self-employment income, asking for proof that I didn’t earn it in New York (which I can’t provide).
Why are Bond/CDs near maturity selling near face value?
Hi, I’m trying to buy CDs on Schwab. I noticed that Bond/CDs that will mature at the end of this month are priced near face value (asks are like 99.98 or 100.04) or so. The coupon rate varies between 3% to 5% and coupon frequency is “at maturity”
This makes me very confused as it sounds way too good. Why would someone sell their CD/Bond that are about to mature at face value?
Why choose HYSA over SGOV?
Just wondering why the general consensus is to stick everything in a HYSA over SGOV, which currently has a rate of 5.3% I believe in addition to tax advantages.
I currently invest in SGOV as my saving, but wanted to make sure I’m not missing any issues aside from liquidity.
Where to put extra funds?
I am 24yo gross 58K/yr. I contribute 17% to my 401K. Now am maxing my Roth IRA each year the past couple years and am just starting to max HSA. I just graduated with a bachelors, here is the breakdown
Not sure what is the best allocation if I come across extra funds from budgeting more/getting a bonus, etc.
Student Loan: 17K total loans, range from 3.0-4.75% interest
No credit card debt
No personal/auto loans
No mortgage, I rent and split the cost
Roth IRA Balance: 16K
401K Balance: 17K
HSA: 3.5K
Emergency savings: 13K
Misc. expenses, rainy day fund: 2K
Short term goal fund: 1.2K (car, maybe a house in 3-5 yrs)
Vacation fund: 1K
Victory: after my most recent 401k contribution went through, I’m officially over $100k invested!
The past few days have been agonizing, watching my balance hover in the $99k range for what felt like forever 😅
Can you move money between HYSAs every single month to get multiple interest payments?
For example, Wealthfront pays on the 1st of the month, AmEx pays on the 8th. Can you get the Wealthfront earned interest payment, then move the money to AmEx to earn that interest too, every single month? Or do they calculate the interest based on the number of days per month that the money is in your account?
Can I ask about annuities here? I’m not sure I understand the concept of them.
A very over simplification of the situation is my mother was given a large(ish) sum of money when my father died in an accident. Overwhelmed and underinformed, she put it in an annuity with her insurance agent. It’s been in that annuity for 15+ years. It earned 1%.
She’s started receiving cash from the annuity a year or so ago. It’s my understanding that her account no longer earns her interest.
It seems to be that she was convinced to give a large sum of money to a company, earn practically nothing, and then be given it back in small doses while they (probably) keep it invested and make money on it themselves.
It seems a bit scammy to me. Where is my thinking wrong?
Hey guys, I’m very confused and not sure if I need to file taxes.
I did not work in 2023 but sold $27,877 in stocks to pay for expenses. But the net gain was not much ($4,085) . Do I need to file taxes? I live in California.
Total proceeds: $27,877
Net gain/loss: + $4,085 (all long-term gains)
How do the penalties for not withholding enough money from your paychecks work?
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Any downside to having more than one HYSA and just transfer funds to the one with higher rates? If it’s possible.
Best High Yield Savings & Starter Stocks
i have a couple thousand just sitting in my savings account and i want to put it somewhere where it’s going to be useful instead of just taking up space. ideally i’d like to put it in a high yield savings account, and maybe invest in a stock or two but i’m unsure of where to start or look for the best information. most of google results when i look is sponsored or promoted posts so i don’t necessarily trust that as the best option. i’m really trying to be smart about my money and find the best option- any advice?
I have a good amount (relative) that I just let sit in my discover HYSA, which earns at least 4% interest. Otherwise, I put most of what I make in my checking account (no or negligible interest) and pay my credit card bills from there, because there is a monthly transaction limit on the savings account. What I’m wondering is, if I have two credits cards that I pay off in full each month (so two payments per month; everything I spend money on goes on a credit card), should I just keep all or most of my money in the HYSA for as long as I can, knowing that I probably wont exceed the transaction limit (which is 6, I believe)? I only have the checking account because I was worried about having to exceed this limit, but I wait until the end of the billing cycle to pay my credit cards and don’t use my debit card anyway. This way, I could earn extra interest. It is probably important to note that I am a student, work part time, and don’t make/have a ton of money. So I’m talking about interest in terms of single dollars, not thousands. So I don’t know if that makes it insignificant enough to not worry about it.
Trying to save for a wedding and maximize savings available without being stuck in other forms of saving.
Found [Jenius Bank](https://www.jeniusbank.com/savings) which seems like a good deal. Anyone had experience with them?
Several years back I rolled over a 401k into my IRA and now my Traditional IRA balance is 135k and only 30k being non-deductible. I understand this would be a lot of taxes to pay to convert to roth so rolling over the pre-tax amount to a 401k is ideal, however I recently became unemployed and am ineligible to roll funds into my most recent 401k.
**My question is**, do I still make a $7000 non-deductible contribution for 2024 to the Traditional IRA, increasing the non-deductible percentage even more with the plan of just waiting until I am able to roll over all of the pre-tax into a 401k (at a future job) even if that isn’t until next tax year? With my balance I assume it only makes sense to do a conversion once the IRA only has non-deductible funds remaining.
Or does it not make sense to keep increasing the Traditional IRA account with non-deductible contributions if my goal is to eventually be doing backdoor every year.
I also anticipate my income to be much less in 2024 due to my layoff, so is it worth considering biting the bullet and doing conversion IRA to Roth this year if I did married filing **separately** (wife 250k+)
I understand backdoor roth pro-rata has been discussed many times, and I have seen similar scenarios to mine but none clarifying one point, so apologies if this is repetitive.
I changed jobs this year and accidentally over contributed to my 401ks by $281. I contacted my employer and had a corrective distribution made in March of 2024. I understand that I’m supposed to fix my over contribution by tax day, which I have done. I don’t know how I indicate that I have done this on my taxes though. I’ve been told that I will be receiving a 1099-R next year from the 401k provider for the corrective distribution. But how do I avoid a penalty in the meantime? Did my 401k provider inform the IRS when they made the corrective distribution?
How do I start shopping for term life insurance? I’ve done some initial research on Google but I’m wondering if there are specific insurers to avoid/look more into and what red/green flags to look for?
Have a two year old and a baby and daycare, diapers, formula, medical, etc. is absolutely killing us. I know people say your costs don’t go lower they just change as the kids age – but that can’t be true right? How does it stay the same cost when you are paying out the nose on diapers, daycare, formula, etc. – like I get sports teams and school but jesus it can’t be this bad right?
26 (soon to be 27). Dug myself out of debt this
Year and now am over an 800 across the board for all my credit
By the end of the year I want to get a condo so I can start building equity instead of dumping rent money down the drain (rent in NJ is outrageous). Issue is I am not going to have nearly enough for a down payment.
By the end of the year I should have around 10k in an emergency fund, 10k in savings for a down payment, and access to a 10k first time homebuyer grant my state offers. Beyond that I will have a little over 20k in my 401k.
With the 20k I have between the grant and my savings (not touching the 10k emergency fund), I have a minimal down payment to maintain a conventional loan with low mortgage insurance but I will still need funds to cover closing costs. Would taking 5k from my 401k as a withdrawal be a huge issue? I understand I will be fined and taxed, but I keep weighing it out and having a more affordable living situation that can later be treated as an investment seems like a better long term strategy considering how much I’m pouring down the drain currently with rent.
I hope I understood right that you can share a victory story here.
Got married recently and we managed to pay all celebration expenses including lodging for 100 guests without getting into long term debt.
Total cost for everything is close to 30k EUR for a full wedding weekend. We will most likely recover 50% from gifts.
Only loan I took was 2 months salary with 4% fee and 12 months term. 0% interest on the loan. I had the cash to close it but wanted to keep some liquidity and the cost of the loan was low.
I still have >6 months emergency fund.
I know success is debatable here as many people would probably say that the money was better invested but hopefully I will only get married once. Me and my partner also were overjoyed with happiness in seeing my family and friends come from all over and enjoying their company.
In search of a good HYSA
Any suggestions for a good HYSA? I currently work at a credit union and have $2,300 in my money market, but it’s only .35% APY compounding monthly. I know $2,300 isn’t a lot, but I’m 22M about to graduate college, so I’m just happy to have any savings😅 and once I get a full time job, I want a solid savings account for my emergency fund.
I got a message today from credit karma about their savings account, 5.1% APY and no fees. Anyone know more about this, and whether it’s a good option? Any other suggestions for a good HYSA?
Hello all. I’m thinking about upgrading my capital one Quicksilver One card, into a Savor One card. I keep getting offers to apply for a Savor One card instead of being able to upgrade to it. Should I just go with the Savor One card, or try to wait it out until I get the offer to upgrade to Savor One?
What are your best resources for retirement withdrawal strategies? I’ve got my savings on-track to get to the start of retirement, but I would like to have my withdrawal strategy ironed out so I can be even more confident in my savings plans.
I’ve done some basic research on fixed amount, fixed percentage, and basic variations like The Guyton/Klinger method. I’d like to find and learn about as many of these variations as possible.
Should I put all my money for bills into a HYSA or keep it liquid?
Im at the point in my financial life where 99% of my transactions are done on my credit card. I have my emergency fund and whatnot stashed away in a HYSA with a 5.21% interest rate and it’s an easy way for my savings to grow effortlessly.
It got me thinking, is there any reason for me to not just dump all the money in my checking account into my HYSA and then pull what I need at the end of the month to pay off my card? Ideally have two checking accounts, so id keep the other one liquid but could I put one of them in a HYSA if I just use it for bills?
My girl and i are not married but bought a house together. Can one of us itemize the full interest payment on our taxes or do we both need to show some?
Is there a free online resource for filing state and federal taxes for **2022**? There’s plenty for the current year, but everything for 2022 is no longer free.
Am I imagining things with the Saver’s Credit for taxes?
Suppose your income qualifies you for the 50% tax credit for saving $2000. On April 3, you open a Roth IRA and deposit $2000. That entitles you to a tax credit of $1000. So you get an extra $1000 in your refund.
Could you not just take the $2000 in contributions back out of your Roth IRA after tax day and have made a free $1000?
I read somewhere that if the savings you have is generating more than interest you’re paying on the car, don’t pay off the car.
Currently have $40k sitting in savings (some of that is for taxes I’m getting ready to pay) but I will have enough to pay off my car ($31k).
My savings are in a HYSA. Last month it made $135 in interest and we paid $110 of interest on the car. Is this principle still the same or should I pay the car off and begin saving up on the 3-6 month emergency fund?
I have no debt outside the car (the car I am considering paying off) payment and house payment. Married, 2 kids. Early 30s. Contributing over 10% to retirement.
I just made a short term trade that made me 50k in profit. I’m going to owe around 25k to the IRS for this trade thanks to short term capital gains next year and I’m wondering if there is any rule against putting in a CD while the interest rates are locked in at 5% – this seems like a no brainer and easy way to try and have that money do something for me instead of just immediately paying it to the IRS. The CD would reach maturity about 10 days before 4/15/25 and I’d just pay them the taxes that I owe then. Granted I’d also pay taxes on the CD but I’d at least be able to walk away with something.
There’s no rule against doing this, right? Is this the smart play to make?
Maybe not exactly personal finance, but I have a question about “cooked books” as they’re seen in movies and television that maybe people here can clear up. There’s always shown to be two sets of books. The actual books, and then the “cooked” books. Why keep two separate ledgers? What’s the purpose?
Is the cooked one what you show the IRS and you keep the actuals for yourself? Why do you need the actual? And isn’t that dangerous to keep around? I just assumed you’d skim something off the top and wouldn’t need to write that down.
I have a part time job scouting for a hockey team, it involves traveling (flights+rental car+hotel+meals) two or three weekends a month. I book all my own travel on my card and do an expense report at the end of the month. What credit card fits best to use to use for those expenses so I can maximize the personal benefits?
Overview: I’m 25 with total comp of 160k living in slightly above average cost of living city (Charlotte). I have 20k in student loans I’m paying off at an accelerated pace, have no other debts and am maxing out my Roth 401k and have an HSA. I have accumulated about 100k in investments and have a strong emergency fund as well. I’ve been fairly risk averse financially but feel as though I’m nearing a critical point where making the right decisions over the next few years will greatly increase how my wealth compounds over the course of my life but I’m really not sure what I should do.
Mainstream advice or people in the FIRE community would likely say I should be maxing out my Roth 401k, HSA, backdoor/mega backdoor roth, and heavily investing in the market but part of me thinks that I should drop a decent amount into a house/real estate in a fast growing area at the expense of a perfect retirement contribution situation and possibly less going into my investment portfolio. I would likely have to liquidate a decent portion of my assets for a good down payment to avoid increased PMI too. But having ownership and the ability to rent it for sustained cash flow also seems smart.
Is this the right move or am I being impatient and I should just be focused on maxing out retirement and investment accounts with the knowledge that it will start to compound heavily longer down the line.
Any advice is appreciated! Thanks!
Advice, please:
Context: I am a teacher returning to work after taking 3 years off to raise my two young children. I have recently updated my resume, put out applications, went to a job fair for teachers in the school district I live in, and updated my wardrobe a bit. I live in the Houston area and have 8 years of experience in teaching (3.5 with public schools and 4.5 with a very small private school).
I recently put forth an application to a very small private school, and got a response with a request for an interview. Hooray! The surprising part is that they let me know (in advance, thankfully) that due to the small size of their staff, they are not able to offer benefits/medical.
The question: How should I negotiate salary expectations with no benefits in mind? I have never worked as a professional for a system that did not offer benefits. Based on my location, I was expecting around $60K/yr with benefits. I really don’t know is reasonable to add to that expectation given that they are not going to provide any kind of insurance.
Thanks for any insight provided!
Looking for advice:
I have $12,700 in a Chase Savings Account. After monthly expenses/income, I am making about $50. I’m a university student so I am living comfortably at the moment. How should I allocate the money in my Chase account?
Is it sensible to save for a major home improvement project using CDs?
My wife and I are looking at replacing our roof in about three years. This is going to be an expensive project, because our roof is large and complex, the house is three stories so most companies won’t touch it, and we’d also like to install solar panels at the same time. I’d like to budget somewhere around $150k for the project. I know that sounds high, but believe me when I say it realistically could cost that much. We can afford to save the 12,500 a quarter by diverting from our early retirement fund which is very healthy, according to my advisors.
I really would prefer not to take on debt, so we are looking at ways to save the money. I feel like time is on our side with this. My first thought was to use a short term investment vehicle like a CD, or certificate of deposit, from our bank. They sort of rotate through different rates and specials, so I’d just get whatever is most convienent, and buy CDs based on the best rate, then reinvest them when they mature until we have enough and hit our time when we want to start our project. I can get 4.95% on a 11 month CD right now. It’s not brilliant but it’s a safe, guaranteed number.
I also have a managed stock account at Fidelity that does fairly well. I don’t want to discuss the exact numbers, but it does better than 5%. However, there is a lot of volitility that would, as you can imagine, make it difficult to plan timings.
I guess I am here to do a gut check and see if there are better ways to go about this.
I’ve reached a point where I want to invest more wisely alongside my full-time job. I’m considering a personal financial advisor for guidance but I’m unsure how to choose and trust one. What have you considered when you had to choose an advisor? Which key criteria should I look out for? How did you build trust in their advices? Did you rely on their professional experience, education, qualifications, or something else?
Also, I’m curious about using AI for investment decisions. Have you found AI tools reliable compared to personal advice?
I want to do a backdoor roth before April 15 so I can contribute the max 2023 amount. I had a traditional IRA that I didn’t know about (rollover from a former, brief employer) until a few weeks ago. I initiated a rollover of that tIRA to my current employer 401k, and the tIRA balance is at $0, but I haven’t yet received the check in the mail (which I then need to overnight mail Vanguard where my 401k is). Since the balance in the tIRA is now $0, do I avoid the pro-rata rule/implications by doing the backdoor roth now, or do I need to wait until the funds transfer into my 401k? I’m obviously up against a tight April 15 deadline.
Hi, I have what may be a silly question but … I’m preparing to e-file my income tax return, which I prepared using the Free File Fillable Forms that the IRS has available on-line … for the first time ever. Previously, I’ve used TurboTax.
Do I need to include my W2 and all of my 1099s with my return? If so, do I click the ‘Add Form’ button in the lower left hand corner of the browser and manually type the data into the form… or is there a different way to accomplish this?
Would I be crazy to pay 30k for a Certified Used Ford Maverick with 40k miles? Just wanted to hear some outside opinion before I move forward.
I currently have a 2018 Kia (yes, the one that can be stolen with a phone charger) with 60k miles and it rides pretty rough. Mechanically fine, I just don’t enjoy riding in it anymore and don’t trust it on longer drives (its never broken down so this may be a baseless feeling). The car is paid off, and based on Kelley Bluebook I could expect somewhere between $7k-9k out of it if sold. I’m 24 and have had the Kia since I bought it new back in high school and it lasted me this far without any issues.
But now that I have a good job and have been making ~85k, I’ve had my eye on the Ford Maverick since it came out two years ago. Specifically I want one with every bell n whistle you can add. The prices have been out of control for the past two years (people buying it for MSRP, then immediately selling it for 5k more) but are finally settling down. I also work from home and only drive on the weekends, I get gas like once a month. I’m thinking that by trading the car in for 7k, putting a down payment of 3-5k, I could get the Maverick with a monthly payment of around $350. I get paid $1250 every 2 weeks (rent/utilities gets put into different account, don’t worry about that) and I spend that however I like. In March I spent like $400 on eating out, $200 on groceries, $1000 in IRA, etc. $200 on dog, etc. So I think I could easily afford the truck payment by cutting back on some other spending other stuff.
What do I need the truck for? Well, to be honest not much. I’d like to be able to get some kayaks, might be nice once I move into a house in a couple months (renting an apartment now, looking for house to rent), I think mainly I just love how the truck looks, all the nice comforts in it, the gas milage, safety, reliable, etc. Would I be stupid to buy this truck? Let me know guys, don’t hold back 🙂
Do I actually need a payoff quote to close my mortgage?
I owe $12,500 on my mortgage and made a payment for the month yesterday. I want to pay the rest off. My mortgage holder charges $10 for an expedited payoff quote… but I can also just make a manual payment for May today and tack on the additional $11,500 and add a dollar for interest (I paid $29 in interest last month so it’s growing about a dollar a day), and I figure that saves me… $9 from having to pay for a payoff quote that’s probably automated.
Looking for excel budgeting that have function for multiple currency, different savings, like crypto , bank, etc. I want to count how much savings I have since I separate them all over the bank and crypto.
Any excel sheet you would recommend ? newbie 🙁
I have been thinking about opening another HYSA or two where I can have them be dedicated to specific categories and have a clearer picture as to how much is saved up for a specific category. My current situation is that my wife and I have one main savings account we use for any major expenses – vacations, home improvements, emergency fund, etc.
Is there any downside or general considerations to opening another one or two HYSAs just for more differentiation? So a final set up could look like:
1. account for emergencies or other generalized large purchases
2. account for home improvement savings
3. account for vacation savings
Or is it better to just have this one account and have everything lumped together?
Any insight is greatly appreciated!