I contributed to my Roth IRA but my income is over the limit So I always contribute the max limit in the very beginning of the year so for 2024 year i contributed 7k basically in January. I’ve been contributing for a few years so I totally forgot about income limit I just always contribute all of it in January to max out return. But my income for 2024 ended up being over the limit for single filer but it …

Income planner/budget/bill planner? Is there a budget calendar out there? Something I can enter our monthly expenses, pay dates/pay amounts and it will break down what to pay and when? Preferably free if possible submitted by /u/neonwatermelon

These Nine States Will Have Lower Income Taxes This Year If you live in one of these states, you might notice a welcome change in your paycheck starting in 2025.

Spending 50% of my income to rent Please help if anyone has been in this situation. I make 2570 per month, i dont have debt and the apartment I’m thinking of moving into is a 10min walk to work which saves me money instead of buying a bus pass. The rent is considered Low income housing? (Calgary Housing company) and its 1270 with utitlies included except wifi and tenant insuranc…

What are my options for tax savings at my income level Hello, thanks for your time! 30F, NY I’m curious as to what my best options are to help minimize my tax burden. My total income was around $400,000 for 2024. I’m self employed (1099). I pay quarterly taxes. From what I can tell I can’t open a Roth IRA due to my income. Am I correct by saying I can do a back door Roth IRA but I can only contribut…

How do musicians make a liveable income these days? With no one buying physical media, streaming paying fractions of a penny, and touring margins being eaten away, how can music be a liveable career? Major acts are doing ok but they are few and far between. submitted by /u/tinpants44

I make less than $100 over the maximum income limit to qualify for Masshealth seeking advice. My monthly pay is about $50 above the maximum threshold for a single adult. If I were to contribute $50 to a 401k plan would that allow me to qualify? I know they calculate based on gross income but not sure how a 401k effects that. submitted by /u/PossibleExamination1

40 years old, just starting to save for retirement, below average income Hello I have always been bad at investing or thinking about money in the long term, I attribute this to growing up very very poor and even as I got older just thinking about anything money related gave me extreme anxiety I’m finally addressing this and ready to work on my finances. I have 30k in savings and 6k in a Roth I started this year. Is …

One income household no kids 41(f) & 40(m). Investment advice Like the title says married no kids on single income. The only debt we have is mortgage $289k remaining at 3.25% Annual salary is $180,000k w/15% target bonus. Have $84k in 401k in aggressive mixed fund. $20k in stock grants annually vesting every 6 months. Presently the grants are ~$110k and $25k will vest in Feb. My stock portfolio is a mix of…

$17K in savings + $2300 net income – how should I allocate? THX I want to focus on my personal finance heavily in 2025 and really commit to setting up my future self. I need assistance figuring out the best finance ‘order of operations.’ I want every dollar after bills are paid to be allocated towards paying down debt, retirement, and general savings. Monthly Revenue = $4,329 + commission Monthly Expenses …

Where should I be putting extra income? Currently have 2k fixed cost with 3.8-4K net income. 6K emergency fund in a HYSA, 22K 7.5% interest car loan (370 payment 78 month term-awful I know), deferred student loan balance of 14K at ~7%, measly retirement of 1.3k at 30YO (more in Roth than 401k because I’ll be leaving this company I’m at soon and won’t receive the match due to the terms…

Where to Divert My Income In 2023 I (27m) graduated law school with roughly 160k in total federal student loan debt with interest rates ranging from 4 to 7%. I have not had to pay anything on it for the last year with no interest accruing. Starting next year I will be making $150k a year with a decent yearly bonus. I expect my income to continue growing by at least $20k …

Rental company changed 3x rent from gross income to net income, AFTER we applied. My husband and i have been searching for a house in our budget and we found one, viewed it, and applied. On the application, it CLEARLY STATES that the income requirement is based off of GROSS INCOME. We prepared our budget for this as it is typically standard, and after seeing it clearly stated on the application we moved forward with the proce…

How to save money with income but no 401k or job For the past year (2024), I did not work at all. I still had income because I exercised NSO options from a past employer. I don’t have any debt, and don’t need the money urgently. I’m wondering how to save/maximize money before the 2024 tax year ends. I think the first thing I should do is deposit money in a traditional IRA (max $7000) before I …

1/3 income on rent vs 1/2 In a few months I need to renew or move. I did the math, if I move closer to work my location becomes more walkable/ desirable and I save 1 hour of driving total every day. If I value my time for money thats a minimum of $400 a month. I would so much rather work those hours at my job than be in traffic running up gas and maintenance; I can work …

27yo, 62.4k net income, what do I do? I have 0 debt, about 4k in savings, and I’m starting to wonder where do I start on other things. I own my car, I had a house but sold it due a move and ended up breaking even. So now renting and trying to figure out what I should do with my money. I’ve spent the last couple years sort of traveling and doing other things so I don’t regret not sa…

Can I use 2025 income to max out my 2024 Roth IRA limit? Hey everyone, I just opened a Roth IRA today and am fairly new to this. I got my first job in November this year just as a campus job (I’m a student), so I only earned around ~$500 total income for 2024 (not taxed because of standard deduction). I put it all into my Roth IRA, but I’m wondering if income I earn from early 2025 can go towards my 2…

Can someone explain Roth IRA income limit logic? This year will be our highest income So I just looked up the roth IRA income limit this year – for full contribution, its Less than $146,000 for single/file separately, or Less than $230,000 for file jointly. Normally, tax stuff if married jointly you at least get exactly x2 of single filer/married separately. But this number is less than x2. Le…

Paying down my mortgage while on fixed income? 30 M. Here is my situation: I have 110k remaining in my mortgage, 30 year loan with an interest rate at around 7%. I have approx.160k in liquid savings (not including retirement). I would like to pay off the rest of the mortgage fast as possible, and I was able to be aggressive with it while working a salaried role. This year I have returned to …

Opened Roth IRA for son but no earned income. My son turned 18 in January and in May I helped him open a Roth IRA at Vanguard. I connected his savings account to the Roth and, to give him a jump start, I gave him $1k to his savings which he deposited into the Roth. Since then he’s deposited $500 from gifts and allowances he’s received. From May until now the Roth balance is $1637. He does n…