Wife began withdrawing from IRA at 59.5 and then began a job So I have to wonder what the tax implications might be. I posted this over at r/Tax but they quickly removed my question. You’d think the r/tax would allow one to ask a tax question, but I guess not. Hopefully I can get an answer here. submitted by /u/retiredfromfire

I’m 25 and just started saving Just as the title says, I’m 25 and just recently started saving towards my future. I hate that I’m so far behind (life circumstances made it very difficult to save—too long of a story to post), but now is better than never and I’m determined to catch up the best I can. I’m extremely illiterate in regards to finances and I’m a bit overwhelmed wit…

Partner’s credit tanked 100 points. He doesn’t recognize the debt. What it says on the tin: My partner got an email today saying that his credit has tanked 100 points. He was on track to 700, now is below 600. The thing is that the debt listed is a medical debt for a city he hasn’t lived in for four years, with a medical group that isn’t affiliated with any hospitals he’d been to while living there. It totals …

What should I do with my annuity? I have $100k in an annuity which is about 10% of my total portfolio. I am approaching retirement and trying to get away from my financial advisor who charges a 1% fee, and I have rolled everything over to Vanguard except for this annuity. The 3 options I’m considering are: – Do a 1035 exchange of the annuity into Fidelity, but I’m unsure which t…

Saving for a house or retirement? Hi guys! I’m somewhat new to saving my finances, but I’m in a tricky situation regarding how I should be distributing my wealth. I’m in my mid-twenties and I’ve been told by two different sources that I should buy a house as soon as possible so I can stop “throwing away money from renting”, or I should start putting away savings in a Roth IRA fo…

Need advice on financially protecting myself and starting over Any advice? Starting over Need to create a safety net… Hi, I would def appreciate any and all advice. I 34f have been in a 10+ year relationship (not married) and have 3 kids. Throughout those years I went to college and got a bachelor’s degree and work a full time job. He hasn’t completed his GED or held a job for longer than 6 months at a ti…

Private Auto Purchase Loan I’ve been looking into getting a loan to purchase a car on Facebook marketplace being sold at a cash price, from what I’ve read, DCU and Light Stream seem to be the best options but my main concern is getting approved, my alternative option would be to buy one at a dealership but I’m pretty picky with the car I want and I’m afraid getting denied…

Ideas for meeting 2025 financial goals Looking for some guidance meeting my financial goals for 2025. I work full time (35+), pay is okay. Wife and I are focused on saving what we make from our normal paychecks. As a fun stretch goal for myself this year, I’ve given myself the goal of making $7,500 outside of my full time job. I’ve made a list of things I’d like to purchase (wants, …

401k and immigration sponsorship requirements? I’m low income (36k gross) but want to maximize my employer match (10k). I think i should have 27k minimum gross on tax records for immigration and not cut it so close… Would my 401k contribution affect my sponsorship for spouse? Or do they look at gross (36k) instead of let’s say something ridiculous 401k (21k contributed) and 15k left over …

How should I split my left over money? Hello, After expenses, I have $2000 left each month but Im having a hard time figuring out how to split/priortize between my HYSA and brokerage account. I was thinking a split of 60/40. Months My goal is to buy a house in about 5-7 years from now. Should I priortize my brokerage account and when the time comes, sell for a down payment or should…

Effective to use company student loan match for 401K? My company offers a 10% 401k match, and also a yearly student loan payment match into my 401k. Meaning they will match my payments on student loans for the year as a lump sum contribution to my 401k at the end of the year. Only thing is that the contribution cannot be used to exceed the total 10% match. So because I already contribute 10% of my …

A question about giving my sister tax-free gifts. I inherited an annuity and took a lump sum back in November. I want to split it with my sister and I heard I could give her a tax free gift of $18,000 . I gave her one check on Christmas and she deposited it the very next day. The check did not clear until Jan 7th. Is she able to receive another 18,000 tax free gift in 2025? Or does the first ch…

Suggestions for children’s financial literacy Hi all, My oldest son turns 5 tomorrow, and I’ve really been wanting to start some kind of allowance or at least teaching him some beginnings of financial responsibility/independence. I’m just not sure where to start. I didn’t have a strong start myself growing up, so I’d really like to help him establish a strong foundation. I’ve seen some deb…

Need help handling/managing my monthly incone hey everyone! i just recently started my first ‘big girl job’ and i am both extremely grateful and worried/overwhelmed. i did a rough calculation and i’ll keep around 4000$ after taxes. i know i’ll be paying 1000$ for my school loans and 1000$ for other expenses. i would appreciate your help with the best way to invest/split the remaining 2000$…

Help me understand Megabackdoor Roth I’m not particularly financially literate so I’m hoping y’all can help me understand how megabackdoor Roth works. My possibly wrong understanding: Backdoor Roth contributions are for people who make above Roth IRA limits. It takes a couple of steps; basically you invest in a 0-balance traditional IRA with after-tax money, then transfer that to a…

Will adding my spouse who has a high DTI as an authorized user affect my credit score? My partner has a pretty high debt-to-income ratio from student loans, will adding her as an authorized user to my credit card(s) affect my credit score at all (aside from her usage of course)? submitted by /u/talex365

HELP! 16k in debt and signed up for Americor Hello everyone, I recently found out I’m in 16k total debt including my credit cards that I’ve used to pay my grad school tuition. I knew this wasn’t the smartest idea but I was desperate because I’m 2 semesters away from graduating and I’m currently applying to law schools as well. I do have a full-time job and I make roughly $1,400 bi-weekly….

20 year old college student Howdy to anyone reading this ! So I’m a 20 year old college student (21 in April) and I am wanting to start my research in terms of building my financial independence and literacy. Before I opened investment accounts I wanted to hear input on how I should go about things , although I have been reading the book recommendations I got from here (if…

My cleaner (lady in her 70s) says she got sent to collections, but they won’t let her make payments. Any idea what’s going on? Any advice I can give her? So I’ve had my cleaner for around 7 months now and been slowly collecting information on her situation. I feel so bad for her I just wanna figure out what’s going on so I can give her some advice. Basically, a year ago she was living with her mom and when her mom died she could no longer afford their apartment. She had to cancel the lease and t…

In-laws are Financially Irresponsible and Siblings are No Help I’m sitting here next to my very frustrated husband and wish I knew how to help so I’m here looking for some advice. We (39F & 46M) are comfortable financially. We aren’t wealthy but we live in a nice home that’s in a good school district for our four kids, and don’t have to worry about bills getting paid. My mother and father in-laws however a…