51

In common-law jurisdictions (e.g. the United States but not Louisiana) there is the notion of a “gift in contemplation of marriage” (Google that phrase). The most common case for this is an engagement ring; in many jurisdictions it has to be returned. But it applies to other kinds of gifts, too. This varies from place to place, and these days it’s often ...


28

In the US we deduct certain things from income to calculate how much of our income is taxable. Rather than have everyone list out all applicable deductions people can choose to use a standard deduction. The amount of the standard deduction varies by year based on filing status and whether or not the filer is a dependent. Regardless of your filing/dependent ...


16

To quote another answer: You can't max out your retirement savings. There is no limit to what you are allowed to save/invest for retirement. There are specific tax-advantaged ways to invest money (IRA, 401(k), HSA, 529, etc.) that have various rules constraining amount and manner of contributions, distributions, etc.; it is possible to max out these ...


12

There is absolutely, zero, no doubt whatsoever that you have been scammed. The FBI call is fake, especially since the FBI would get into deep trouble with your own Swiss police if they dared doing anything in Switzerland. If you get calls from "Swiss police" that will be just as fake. Any deposits you made are irrevocably gone, sorry about that. Do ...


9

Although you call it a gift, there is a useful.concept on contract law, about implied terms and understandings. In many juridlsdictions, a judge will ask themself a question something like this: You gave her 14,000. Doesn't that raise questions of what understandings existed? Just because it was called a gift, doesn't exclude that there may have been ...


8

This is, in fact, a very common transaction called a Roth Conversion. And to answer your 2nd question first: No, conversions and contributions are completely separate. They're different things. Contributions involve moving money not currently in a tax-favored account into one. Your 1st question is more involved... and must be done correctly to avoid going ...


8

Generally, (and not considering Roth vs traditional status) the way you would want to prioritize/order these contributions would be the following: 401(k) up to whatever is required to capture maximum employer match (in your case this is 0) IRA up to maximum. Currently this maximum is the lesser of your earned income or $6,000 (or $7,000 if you are over 50). ...


6

You can't "exchange" one asset for another similar asset, if the asset you hold is a stock. If you instead wanted to do this for investment real property (not a residence) or a business, you'd possibly be able to pull off a 1031 exchange (a "like-kind" exchange). Even this is very complicated (I don't have experience with it).


6

CreditKarma is an Intuit product that, among other things, offers a high-yield savings account. They are, essentially, promoting another of their products within the one you're using. Note the footnotes 1-4 (which aren't in your screenshot). You would need to create a CK account if you don't have one, you'd essentially be opening a savings account with them. ...


6

When faced with the dilemma regarding how to allocate retirement funds the general advice is to allocate enough money in the 401(k) to maximize the company match, then put money in the IRA until you reach the maximum IRA contribution, and then put more in the 401(k) if you need to save more. The complexity for some is that their income, or their family ...


4

I can't speak to your exact situation and your exact 401(k) plan but in general, if you take out a 401(k) loan and are then laid off, this is the sequence of events. You take out the loan and have to pay it back within a certain time frame. You get laid off. Before the CARES Act, you would have until tax day the following year to either pay the loan back ...


4

The type of account has absolutely no bearing on the returns. What you're invested in is what matters. Since the tax treatment is the same, there is no structural difference, other than contribution limits. The main practical difference may be the choice of investments that you have. It sounds like you've been able to choose slightly better funds in the IRA, ...


3

Transportation costs (mileage) is something that is a qualified medical expense for the HSA. However, your HSA can only be used to pay for the medical expenses of certain people. According to IRS Publication 969, Qualified medical expenses are those incurred by the following persons. You and your spouse. All dependents you claim on your tax return. Any ...


3

Assuming the 40k you mention is in a regular savings account, I think your idea of putting some of that into index funds is perfectly reasonable. Then again, it's pretty reasonable to leave it where it is too. You need to keep enough money in cash, in a regular bank account, to weather 3-6 months of expenses during an 'emergency' — whatever that means. ...


3

From an asset protection point of view... i.e. protecting your assets from bankruptcy and lawsuit... The 401(K) provides stronger protection. It has nearly airtight protection granted at the Federal level. "Can't touch this!" IRAs are not protected at the Federal level. There are 50 different rules by 50 different states - some provide protection ...


3

A stock dividend means that you receive additional shares in the company instead of cash and they are not taxed until the shares are sold. Like stock splits, stock dividends dilute share price. They do not increase shareholder wealth or market capitalization. There's no difference unless there's a conditional attachment that requires that the stock ...


3

Whatever expectations and assumptions you made when you gave her the money are irrelevant if you didn't put them into a contract. Clearly there wasn't a written contract, but perhaps there was an oral contract with your girlfriend? That's something you may want to pursue with a lawyer, but that may end up costing you more than the 14,000 in legal fees. You ...


3

That is a whole scam. Whole whole fake from the very beginning He told me he would send me an allowance of 3000.- every few weeks and I needed to pay for gift cards and send him codes in order to receive the money The money is certainly laundered and stolen from other scams. The codes are not. The codes can be redeemed and/or exchanged further, and that is ...


2

You not only have to create a CreditKarma account to receive the tax refund, but if you want to receive the $50 bonus and to be eligible for entering the $50K sweepstakes, you also need to arrange for direct deposit of your paycheck into the new CreditKarma account. So, Yes, you could get an extra $50 bonus over and above what your regular bank account will ...


2

Rollover IRA is generally synonymous with Traditional IRA. (There are also Rollover Roth IRAs, but they're pretty rare so I'm guessing that's not the case here.) You could do a conversion from your Rollover IRA to your Roth IRA, but since the money is nearly always pre-tax, this will be a taxable transaction. The amount of the conversion will be taxed like ...


2

If your Emergency Fund, 401k, IRA, and HSA are all taken care of, the next obvious choice is a regular Brokerage account. Get whatever money you have left, put it in a Brokerage account and invest it in cheap, broad index funds. I personally recommend the money be evenly invested across a Large-Cap Index Fund, Mid-Cap Index Fund, Small-Cap Index Fund, ...


2

It's not entirely clear whether the extra $4K belongs to you, or your insurance company. One thing is pretty clear though: the $4K does not belong to the roofing contractor. The contractor, having given you an invoice for $18K and receiving a check for $22K knows this without a doubt, and IMHO this constitutes nothing less than an attempt to steal from you. ...


2

The devil is in the details here. Specifically: Are you recognized as a common law partnership or something similar? Can you prove that you gifted her this money? Can you prove that the gift was conditional on getting married? A married couple in this situation can argue for some fair division of common property. Sometimes it is based on who put in how ...


1

To add detail to Izzy68's excellent answer -- Occasionally, two financial institutions find it hard to play nice together for a custodian-to-custodian transfer, wherein one institution's required condition for a direct transfer is forbidden by the other financial institution. I've seen this happen between Wells Fargo and Vanguard. In a case like that, you ...


1

The core of your question: My best guess is I should take $20,000 and put it into index funds. I'm worried about tax implications and what happens with dividends (like are some funds automatically withheld? I know I'll make more overall but will I end up having to pay if I make enough in dividends come tax season, and then possibly not have enough out of ...


1

They issue units because when they are fund-raising they lay-out the terms on how much a certain amount of investment is convertible into shares/warrants. So for starters, it is a generally easier negotiation i.e. you will get 1 share + 1/4 warrant per unit at $10 per unit investment. Moreover, it also sets the terms in a more simplified and easily ...


1

Sometimes cost basis and dates take a little longer to post to the receiving account than the positions themselves. Just give it a few weeks and that information should eventually appear in your Ally Account. If not, contact Ally. I transfer positions between my Fidelity and Interactive Brokers accounts all the time, and this always happens in one direction ...


1

As has been said before, jurisdiction makes a big difference, but one major aspect of this situation is that the house became your primary residence upon purchase. That coupled with the length of your relationship should give you rights not only over the down payment, but of the entire property itself. Consult with a Lawyer specializing in family law, but ...


1

Were the money a gift to her? If so, then I'm sorry, you passed all the rights on her. If you gave her the money like "Here are the money for the house so we can have it without any debts" it is a completely different story. If you can prove that then you should be owning appropriate part of the house (how much you (sigular) did pay divided by how ...


1

Talk to a family court lawyer. In Australia (and certain other jurisdictions around the world), there is a concept of "de facto relationships" that are considered legally equivalent to marriage; in other jurisdictions, they might be named other things like "common law marriages". These laws might require a couple in a sexual relationship ...


Only top voted, non community-wiki answers of a minimum length are eligible