Michael
  • Member for 5 years, 6 months
  • Last seen more than 2 years ago
Should I pay off my credit card with savings?
Accepted answer
16 votes

The missing piece: what is the savings account for? Is it earmarked for something in particular, or is it just money you haven't spent? Paying off the 3k balance immediately will save you money. ...

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Is 401k as good as it sounds given the way it is taxed?
15 votes

There are 3 options (option 2 may not be available to you) Traditional 401k Roth 401k Taxable investment account When you invest 18,000 in a Traditional 401k, you don't pay taxes on the 18k the year ...

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Is editing wikipedia tax-deductible in the U.S.?
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9 votes

To the best of my understanding, the time you donate is not deductible. And the value of your volunteering is not deductible. But expenses can be tax deductible -- like your mileage for driving to ...

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How does a financial advisor choose debt funds and equity funds for us?
8 votes

A financial advisor is a service professional. It is his/her job to do things for you that you could do for yourself, but you're either too busy to do it yourself (and you want to pay somebody else), ...

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Difference between weekly and biweekly paychecks
6 votes

I suspect the answer is very simple -- the accounting system didn't bother to compute tax withholding for the first paycheck based on one week of work -- it computed based on two weeks of work. That ...

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Medical collection for parents - will it affect me?
4 votes

No-- if you don't let it. Not all collections people are as ethical as we would hope. Legally, the debt is your father's. They may try to make you pay, but I don't see how or why you would be ...

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Should I set a stop loss for long term investments?
4 votes

My broker offers the following types of sell orders: Market Stop Market Trailing Stop % Trailing Stop $ Limit Stop Limit I have a strategy to sell-half of my position once the accrued value has ...

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Withholding for unexpected Short-Term Capital Gains and Penalties
3 votes

My understanding (I've never filed one myself) is that the 1040ES is intended to allow you to file quarterly and report unpredictable income, and to pay estimated taxes on that income. I was in the ...

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Estimated Tax on Unplanned Capital Gains
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3 votes

I'm assuming your talking USA. There are two ways to look. If you know you should pay on the cap gains, the best way to handle that separately from your salary is to file a quarterly tax payment. ...

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What happens if a company I have stock in is bought out?
3 votes

I've seen many buyouts in my own portfolio, including the company I worked for. There have been several different scenarios: My employer was bought by Venture Capitalists. All stockholders, after ...

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Should I put money into 401k when I am saving up for a new home?
3 votes

I'd not heard of being able to withdraw penalty free before. So I looked it up. It might be penalty free, but it's not tax free. So if your marginal tax rate is 25%, and you withdraw 10,000 from a ...

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Extra Tax Withholding, Is It Worth It?
3 votes

Some people withhold extra as a way of forcing savings -- they expect to get a big tax refund back in the spring of next year. Withholding more than the government is due is giving the government an ...

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Estimating taxes on 1099 income with W2 income
2 votes

Chris, Joe's table helps. but think this way: there are two ways you can pay the taxes for your side-gig: either you can send a check quarterly to the Feds, OR, you can overwithhold at your real ...

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Non qualified retirement account
2 votes

I asked Google. It found me the article http://finance.zacks.com/can-nonqualified-plan-proceeds-rolled-ira-10526.html Read this snippet: Qualified Plans A qualified plan meets the standards of the ...

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Pitfalls of sharing finances?
2 votes

Other than the two answers (both of which recommend waiting until marriage to actually combine finances, and which I agree with), there's the general question: how does a couple choose to manage ...

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Where do I owe taxes if I am living in one state, but working in another?
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2 votes

My father-in-law worked in a state he didn't live in for many years. I believe he payed taxes to both states, but I'm not sure and you'll see why in a moment. In theory, you have to pay income taxes ...

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Do ESOP company employees need to fill out Schedule C?
2 votes

If the company pays for Group Term Life Insurance, some of that premium payment may be taxable. If memory serves, that's what's included in W-2 Box C. W-2 Box C has no bearing on Schedule C.

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Incentive Stock Option (ISO) tax question
1 votes

I've bought ISO stock over the years — in NYSE traded companies. Every time I've done so, they've done what's called "sell-to-cover". And the government treats the difference between FMV ...

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Should I pay credit card balance to ZERO, or just the balance due?
1 votes

How the credit score is derived is deliberately mysterious. Discover reports my score as 822. Navy Federal: 839. From what I've read, yes, too high of a balance might hurt your credit score. So ...

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Tax implications for selling mutual funds then reinvesting in new mutual funds (US)
Accepted answer
1 votes

I don't know what data you have access to easily. Some of my investment's websites offer a cost-basis calculator -- you can get it to tell you how much its worth. Others, it's more difficult. ...

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401(k) contributions: maxing and going over
1 votes

I routinely max out my 401k contributions. The company's stupid website actually forces me to make two contributions -- one for the regular contribution, and another for the Catchup Contribution. I ...

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Married Couple - Open investment account Separate or Joined?
1 votes

I don't believe it makes a difference at the federal level -- if you file taxes jointly, gains, losses, and dividends appear on the joint tax account. If you file separately, I assume the tax ...

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Calculating W4 after Marriage
1 votes

Yes. Additional means "additional" as in "in addition to what is withheld based on the number of claimed allowances". I recently adjusted my withholding, and used IRS Pub15 to figure out how my ...

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Choosing which ESPP stocks to sell?
1 votes

the difference would be taxes... Lets say you have two lots, one with a 10 dollar gain, and one with a 20 dollar gain. And lets say you decide to sell one lot this year, and the other lot in 10 ...

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Does scarcity in sector talent imply higher valuations in that sector?
1 votes

Supposition: Scarcity in talent suggests a market where demand is outstripping supply. That's always a source for higher revenues. On the other hand, you're right that salary competition for talent ...

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Navient - Student Loans - Lower Monthly Payment by paying off individual loans
1 votes

The monthly bill should reduce as required by Loan A no longer requiring payment. This will occur only when Loan A is fully payed off, not before. If you're going to do this, make sure you tell them ...

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Short term parking of a large inheritance?
1 votes

Here's what I suggest... For now, put the money in the bank. It'll keep. Find some better interest rates than your stupid bank. Move some around. Start studying about other investments. As you ...

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Investment / Savings advice in uncertain economy
0 votes

An alternative to a savings account is a money market account. Not a bank "Money Market" account which pays effectively the same silly rate as a savings account, but an actual Money Market investment ...

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What should I be doing to protect myself from identity theft?
0 votes

I've received letters notifying me of data breaches in the past. In the end, I've never signed up for the offered protection service, figuring if "they" can hack Target or ADP or the IRS, they can ...

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Borrow from 401k for down payment on rental property?
0 votes

Two simple possibilities: Stop saving to your 401k long enough to save up to buy the rental property. Quit, and roll your 401k over into an IRA. then buy the rental property inside the IRA. It's ...

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