Money Matters randoms

[ohgillian]

What's going on money wise?

I need to issue K-1s to my siblings and mom for a joint trust we have - it's such a joke b/c the only asset is property that we don't want, there are never proceeds or expenditures, etc. I usually let my brother pay his accountant to do it but it seems silly so i'm going to try. 

I'm debating whether I should start using the "pay myself back" thing with my CSR or just keep accumulating points.

[Cappy]

I'm in the midst of trust drama too. I'm 13 years beyond when a trust was supposed to liquidate and while that finally happened in 2020, the remaining tax stuff is a burden. Records are spotty. I've hired a CPA but both sides (trustee/me) feel in the dark about what all we need to do and it doesn't help that the trustee isn't the original so he has no clue what is going on either. At this point I just want to make it to April 15 so I never have to deal with this mess again. Part of me is fearful we are going to mess something up IRS wise but I've tried to take on the mindset of deal with that if it comes. None of this is supposed to be burden but somehow it now is.

[scm1011]

We've decided to stay put in our place and do some much needed renovations. I spoke with a broker today about doing a cash out refinance and because the rates are so low we can refi, pull out 6 figures, and only pay $150 more a month. I'm pretty thrilled!

[trissie18]

DH is finally receiving a significant pay increase in stages over the next couple of months so we are keeping focused on our goal to keep to a monthly budget, aggressively paying off the next loan on our list, and also saving cash to do some needed home improvements.

I am enjoying watching our credit scores climb with two sources showing them over 800 already and others showing them in the 790 range. 

[wildrice]

Our heat pump compressor is leaking, and I feel like we're getting the run around from our home warranty company about getting it fixed. Tonight it will be 3 weeks since I put in a ticket, and we still don't have an answer on what they are covering or when (or if) they are fixing it. If they cover up to the maximum allowed, they will cover about half or less what it will cost to replace the unit. I am going to flip if they refuse to cover it at all at this point, not only because of the money but because we could have been making progress on fixing it 3 weeks ago. I have called 4 times in the last few days and they keep just saying they are working on it. I am debating calling again today and being more pushy about speaking to someone other than the person answering the phone, since they haven't really been able to actually do anything yet.

[jinkies]

We are still waiting on all of our tax forms. I'm anxious to start my return because 2020 was my first year self-employed and my H changed jobs, so I just really have no idea how it is all going to work out.

I also just found out that one of my contracts won't issue a 1099 because they aren't US based. So they just sent me a spreadsheet of payments. No idea how that is going to work.

[ohgillian]

Feb 9, 2021 12:40:53 GMT -5 jinkies said:

We are still waiting on all of our tax forms. I'm anxious to start my return because 2020 was my first year self-employed and my H changed jobs, so I just really have no idea how it is all going to work out.

I also just found out that one of my contracts won't issue a 1099 because they aren't US based. So they just sent me a spreadsheet of payments. No idea how that is going to work.

Oh my. This seems complicated. 

[chpmnk1015]

Spent the morning chasing down the transfer agent of a random 15 shares of a company that was sold years ago and we have a paper cert. Hoping maybe it is worth a couple hundred bucks. Really just hoping someone contacts me back lol.

Also got 3 crates of records to sell from a house we helped clean out... my nephew took the ones he will listen to, but was kinda hoping he would take them all lol... now I don't even know where to take and i really just want them out of my house

[jinkies]

Feb 9, 2021 13:14:07 GMT -5 ohgillian said:

Feb 9, 2021 12:40:53 GMT -5 jinkies said:

We are still waiting on all of our tax forms. I'm anxious to start my return because 2020 was my first year self-employed and my H changed jobs, so I just really have no idea how it is all going to work out.

I also just found out that one of my contracts won't issue a 1099 because they aren't US based. So they just sent me a spreadsheet of payments. No idea how that is going to work.

Oh my. This seems complicated. 

Yeah, they are a huge international company. They assured me at the outset that they deal with US payments all the time and will take care of everything. And then... they literally sent me an excel spreadsheet pretty much identical to the one I kept to track my own payments, LOL.

I know my in laws have filed in the past without 1099s, so I'm hoping it's not too convoluted.

[ohgillian]

Feb 9, 2021 13:21:44 GMT -5 chpmnk1015 said:

Spent the morning chasing down the transfer agent of a random 15 shares of a company that was sold years ago and we have a paper cert. Hoping maybe it is worth a couple hundred bucks. Really just hoping someone contacts me back lol.

Also got 3 crates of records to sell from a house we helped clean out... my nephew took the ones he will listen to, but was kinda hoping he would take them all lol... now I don't even know where to take and i really just want them out of my house

I have a paper certificate and I have no idea how to go about dealing w/it. The company was bought out. What have you done so far?

[chpmnk1015]

Feb 9, 2021 13:32:09 GMT -5 ohgillian said:

Feb 9, 2021 13:21:44 GMT -5 chpmnk1015 said:

Spent the morning chasing down the transfer agent of a random 15 shares of a company that was sold years ago and we have a paper cert. Hoping maybe it is worth a couple hundred bucks. Really just hoping someone contacts me back lol.

Also got 3 crates of records to sell from a house we helped clean out... my nephew took the ones he will listen to, but was kinda hoping he would take them all lol... now I don't even know where to take and i really just want them out of my house

I have a paper certificate and I have no idea how to go about dealing w/it. The company was bought out. What have you done so far?

On certificate there is a transfer agent and registrar listed... mine has a bank. So I reached out to that bank.

I also googled the teansfer agent for the company that bought my company of stocks i have and reached out to them... so far nothing back but i just did that this morning

[AdaraMarie]

I paid around $500 to a plumber yesterday for work that I could have done about 80% of myself but would have put off for another month at least. And he fixed something I didn't know was broken so that was good.

Next on the list is calling up some companies to get quotes on redoing my kids bathroom. Their sink has been non functional for years but I put off fixing it because I knew everything in the room needed to be torn out and replaced. The last time I had the job quoted it was more than I could afford so they have just been sharing my bathroom. With all the money I saved on daycare last year I think I can finally do this work. Fingers crossed that it hasn't gone up too much.

[ohgillian]

Feb 9, 2021 13:42:56 GMT -5 AdaraMarie said:

I paid around $500 to a plumber yesterday for work that I could have done about 80% of myself but would have put off for another month at least. And he fixed something I didn't know was broken so that was good.

Next on the list is calling up some companies to get quotes on redoing my kids bathroom. Their sink has been non functional for years but I put off fixing it because I knew everything in the room needed to be torn out and replaced. The last time I had the job quoted it was more than I could afford so they have just been sharing my bathroom. With all the money I saved on daycare last year I think I can finally do this work. Fingers crossed that it hasn't gone up too much.

Sometimes this is just completely worth it, even if he hadn't fixed an additional problem. I try to do small jobs myself but sometimes I just pay for things to be DONE.

[tacokick]

Feb 9, 2021 13:23:47 GMT -5 jinkies said:

Feb 9, 2021 13:14:07 GMT -5 ohgillian said:

Oh my. This seems complicated. 

Yeah, they are a huge international company. They assured me at the outset that they deal with US payments all the time and will take care of everything. And then... they literally sent me an excel spreadsheet pretty much identical to the one I kept to track my own payments, LOL.

I know my in laws have filed in the past without 1099s, so I'm hoping it's not too convoluted.

I don’t think it should be too difficult, the threshold to send out a 1099 is $600 and I do a lot of one off freelance writing (lots of online publications) that is just under that and reporting it without a 1099 has never been an issue.

Most of the time foreign companies do have to send you a 1099 unless somehow they themselves are exempt from US taxes so that sounds a little off to me

[ny96]

I’m making a 2nd attempt at using YNAB and trying to decide, if I keep with it, whether to pay for it. We don’t have debt other than our mortgage and have plenty of savings, but we should be saving more. I’m using YNAB mainly to track our Amazon, Target, and other random purchases. We don’t make a lot of big purchases, but way too many little purchases. I also have a habit of stocking up on too many items.

[k3am]

We're in the process of refinancing... estimated funding date in June. Which seems crazy to me, but I guess it is what it is.

[jinkies]

Feb 9, 2021 16:12:34 GMT -5 tacokick said:

Feb 9, 2021 13:23:47 GMT -5 jinkies said:

Yeah, they are a huge international company. They assured me at the outset that they deal with US payments all the time and will take care of everything. And then... they literally sent me an excel spreadsheet pretty much identical to the one I kept to track my own payments, LOL.

I know my in laws have filed in the past without 1099s, so I'm hoping it's not too convoluted.

I don’t think it should be too difficult, the threshold to send out a 1099 is $600 and I do a lot of one off freelance writing (lots of online publications) that is just under that and reporting it without a 1099 has never been an issue.

Most of the time foreign companies do have to send you a 1099 unless somehow they themselves are exempt from US taxes so that sounds a little off to me

Sorry to detail the thread with this. Their email said that they paid me through their limited entity, not their US entity, so they do not issue 1099s. The arm that paid me probably is exempt from US taxes. They aren't based here at all. I do have a relationship with an accountant, so I will run it past her just to make sure I shouldn't be pushing them for more.

Glad to hear that you've managed to report income without a 1099 without too much trouble!

[numbers]

I have a significant annual bonus paying out this week, so that's always fun.

I'll transfer almost all of it to our investment accounts, then use some for private school tuition and maybe some furniture. Boring.

I may also treat myself to a nice handbag.

[RockNVoll]

Feb 9, 2021 9:38:29 GMT -5 ohgillian said:

I'm debating whether I should start using the "pay myself back" thing with my CSR or just keep accumulating points.

Since it's worth as much as travel credits were in the before times, I've made liberal use of this feature.

[mlkgls]

One of my 2021 goals was to meet with my 401k advisor to evaluate whether my goal of downshifting at 60-62 was a pipe dream or attainable. I was able to chat with the advisor a couple of weeks ago and I am on track to be able to downshift; I am so happy I could cry!

I’m planning to bump up my contribution a little to increase my future financial cushion but this feels like a bright light at the end of a far away tunnel. I’m just going to pretend 60 is closer than it is for now.

[dellabear]

H got a retroactive raise and I socked his back pay right into the vacation fund. I am really looking forward to planning a spectacular trip, after things get back to normal, whenever that may be...

[Deleted]

When I was with my exH my credit ended up getting ruined (long story) and I was down in the 500's. I have worked my ass off for the last nearly 12 years trying to rebuild, and as of this month, my score is over 800. I'm elated. We're also on track to pay off all of our debt, minus mortgage, by the end of 2023 and or mortgage by 2028, a full 14 years before we are set to retire.

[chpmnk1015]

Feb 10, 2021 9:37:28 GMT -5 @sameoldstory said:

When I was with my exH my credit ended up getting ruined (long store) and I was down in the 500's. I have worked my ass off for the last nearly 12 years trying to rebuild, and as of this month, my score is over 800. I'm elated. We're also on track to pay off all of our debt, minus mortgage, by the end of 2023 and or mortgage by 2028, a full 14 years before we are set to retire.

That is great!!! Way to go!

[aprilsails]

My area has been in lockdown so my company has gone to full WFH. We were supposed to have annual reviews in January, but they’ve pushed them back until they can be done in person. I know, from a preliminary discussion when I returned to work in the fall that I qualified for a $3000 bonus. Normally I would half pay that out to myself and have half go into my company RRSP. The RRSP deadline is March 1st for this tax season, and with no return to the office in sight I’m annoyed that I won’t get the bonus or RRSP for this fiscal year. So now I’m debating if I should drain my account a bit to make a $1500 RRSP payment myself and then get the bonus issued fully to cash. Hmmmmm.

In good news I have successfully gotten my engineering stamp for the province of quebec which has been an absolute ordeal. It’s over now though and I will qualify for a raise based off having this completed. I’m angling for a 12% raise to bring me up closer to current market for salary. My company tends to slack on giving long term employees raises and we’ve just been hit with a few critical people jumping ship.

[coffee]

DH and I are 34 and 39, 12 years of marriage, and this month is the very first time we meet with a financial advisor. That made me REALLY HAPPY.
We felt we didn’t need one before because we have healthy financial habits, and we were not investing in any other than our 401K/ roths and 529s.
This year we are excited to finally get into the “investing -extra money- game” so we thought it was time for some fresh eyes to look at our financial picture. He tweaked some of the things we were doing, which won’t make a significant change but that we believe would be better, also he suggested an umbrella protection and to cancel some things we had insured which were not worth it. He said we should only insured the things what will significantly impact or change our life, and because we have a healthy savings account is not worth “the little things”.
He also motivated us to get our trust done which we had in our to do list this year. Now we are in process
He also gave us a nice plan for investing. Hiring him was definitely worth it. Right now hired him for a flat fee since we are not investing that much to justify his annual fee, but plan to hire him again in a couple more years for a re-check.

[ohgillian]

Feb 9, 2021 21:20:13 GMT -5 RockNVoll said:

Feb 9, 2021 9:38:29 GMT -5 ohgillian said:

I'm debating whether I should start using the "pay myself back" thing with my CSR or just keep accumulating points.

Since it's worth as much as travel credits were in the before times, I've made liberal use of this feature.

I'm anxiously awaiting my annual bonus amount, which I won't find out until March even though my review was in January.  I've never had such a huge gap between review and bonus announcements at any other company.  In my world, bonuses are actually a huge chunk of our yearly comp, to the tune of it being ~45% of my earnings last year, so I NEED TO KNOW. 

I guess you convinced me; I just used all 134,000 of my points.   I had forgotten that in November, I coordinated this collection for grocery gift cards for families at the kids' school. It ended up being me buying $1800 of gift cards at my local grocery and they let me put it on my credit card. So, that took most of my points, plus a few other things, and now I am getting a $1900 something statement credit. 

[awkwardpenguin]

I feel like doing our taxes has taken 4000 years this year. First DW's company mis-withheld her state taxes and had to correct her W-2. Now I'm trying to figure out if I was or was not eligible to contribute to and HSA and for how much. I'm good at tax stuff and even usually enjoy it, but this feels like a silly use of my time.

I'm wondering if we could use a CPA for taxes and tax planning. It's never seemed necessary, but every year seems to bring increased complexity to our tax situation.

[ohgillian]

Feb 10, 2021 12:07:28 GMT -5 coffee said:

DH and I are 34 and 39, 12 years of marriage, and this month is the very first time we meet with a financial advisor. That made me REALLY HAPPY.
We felt we didn’t need one before because we have healthy financial habits, and we were not investing in any other than our 401K/ roths and 529s.
This year we are excited to finally get into the “investing -extra money- game” so we thought it was time for some fresh eyes to look at our financial picture. He tweaked some of the things we were doing, which won’t make a significant change but that we believe would be better, also he suggested an umbrella protection and to cancel some things we had insured which were not worth it. He said we should only insured the things what will significantly impact or change our life, and because we have a healthy savings account is not worth “the little things”.
He also motivated us to get our trust done which we had in our to do list this year. Now we are in process
He also gave us a nice plan for investing. Hiring him was definitely worth it. Right now hired him for a flat fee since we are not investing that much to justify his annual fee, but plan to hire him again in a couple more years for a re-check.

I feel like this is who boiler717 needs. Lol.

[jlt19]

This is more of a tax question, than a random, but doesn't need its own thread.

Last year I received a lump sum settlement from my old company. Due to public reporting and wandering eyes, instead of paying it to me directly, they paid my attorney, who in turn cut me a check. I know I need to pay taxes on this, but still haven't received anything from my attorney. I'm guessing this would be a 1099-MISC? Do I just put that on my taxes, even if I never get anything from her office?

Also, I paid her a retainer, which ended up covering her costs (got a bit reimbursed). She did not receive any portion of the settlement. Are those fees deductible from the settlement at all? Or would that only work if I itemized (or maybe not even then, I have no clue)?

[coffee]

.
[/quote]
I feel like this is who boiler717 needs. Lol. [/quote]


I just read boiler717 tread.
I totally recommend this guy. He changed $1,500 for a whole plan. He checked EVERYTHING. Even our benefit and insurance plans to make sure we were selecting the right ones. We have (virtually) met 4 times so far in the last month. We will be meeting one (or two) more times before we finalize.
We interviewed 3 financial advisors and he was the only one we loved his philosophy and approach, and luckily he was the more affordable.
If for some reason you would like his info, PM me and I’ll be more than happy to share it.

Also, I asked him why he did not said anything about the $1,000 extra monthly payment we are making to our mortgage, and the other 2 FA we interviewed were totally against it and wanted us to change that asap.
He laughed and said that he was completely fine with it because we were also saving/investing in other areas. He also said that a mortgage has an emotional factor in it that he was not whiling to fight. So even though he doesn’t love the idea, he is not against it either.
I just loved all his advise and approach to eveything lol. My DH did too!