[deleted]

Also keep in mind that unless you are buying a new model with manufacturer incentive financing, you will not find a 3.4% rate. In fact, short of having that promo, a good car rate is about 6%, maybe 5.x% if you look hard enough.

[removed]

Discover bank 6 month cd - 3.4%. Online savings - 3.6%

Of course, a 12 month cd is 4.5%, but the savings account makes more sense at 3.6 than a 6 month cd at 3.4. Also, rates for online savings can change ( you aren’t locked into your rate). Lately rates have been going up - if you open an online savings at 3.6, there is a good chance the rate will increase while your money is in it over the next few months (the way rates are currently)

Oh hell no. I would find a good bankruptcy attorney and have a consultation - and they usually are not the ones you see advertised on TV. You can also look thru the Form 22c-1 and 22c-2 to get an idea of what you should expect, chapter 13 is based similar to the Internal Revenue Manual collection standards. You can read thru that as well.

I don't know much about Texas, another comment said community property state which does mean you likely will need to file a joint case. Start keeping receipts for things like medical expenses and transportation. I also don't know if Texas circuit allows the 401k deduction to be excluded on the means test, that is would impact the Line 45 number. In this situation, owning your car outright actually eliminates a form 22c deduction, but you may be able to claim "old car expenses" borrowing from the IRM. The means test is a very mechanical test, sometimes not based in reality. Somethings have national standards regardless of expenses (food, clothing, personal care, entertainment, misc) and some local standards (utilities, vehicle operating costs).

Yes, that’s something people don’t get about extension. It doesn’t extend the time to pay.

As for this post, If the tax preparer is incredibly off on their number, they might not owe anything or potentially already safe harbored based on 2021.

Awesome. Exactly what I was curious about regarding the left over money.

The purpose of trading in is for the simplicity. But just compare selling prices for trade in vs private sale and if its a great amount just private sell it, pay off the loan and go get your car. I will say in my experience I don’t see much difference between a 14k car and a 28k car so food for thought.

So would you recommend waiting 6 or so months? I’m in no rush for this.

Assuming you take their deals they will pay off the financing and that leaves you with about 7k for a down payment on something else.

[deleted]

CarMax and Carvana both offered 31K as is for a trade in.

Trading a car in is effectively selling to a dealer. How much is the truck worth today? Keep in mind you don't trade in at retail.

I'm pretty sure.

I do like this idea. My credit is already shot.

She’s at 55/hr. She doesn’t have to pay for benefits. I cover that in my paycheck. Only tax withholding, etc.

After this week, we should see her first full 2 week check so it should be easier to navigate.

A cpa or enrolled agent would be your best bets. A financial lawyer would get you there but be 4x as expensive

Please come back and let us know what you find out. This is rather intriguing.

Did this accountant have a CPA?

I originally had about 100k in equity but once I foresaw issues, did a equity refinance and removed my wife from the mortgage. At that time, with whatever I had in debt, it was affordable. Things just piled after unforeseen expenses.

I freaking hate TurboTax.

​

Besides their lobbying, its also pretty much impossible to figure what forms their pages correspond with. If you need to fill out a 1099-MISC you can't because turbotax wants to be helpful and it knows best.

Oh gosh. That's kinda crazy, imagine losing 20 years of your life because you got greedy ... I don't think this guy gave enough effort to figure out how to embezzle. He charged us $300 (16 years ago) to do less than basic turbo tax would have. He had his own gig going.

So I guess don’t go with some debt consolidation company. I saw their fees 15-25% of whatever is paid off after the program is over. Ends up being almost the same amount… I got quoted for $1600/mo for 48 mo then fees at the end.

Haven’t read through all your comments yet, but just in case no one else mentions it: an extension means you have more time to file, not that you have more time to pay.

You’re going to get into owing penalties if you don’t pay what you owe by April 15.

W2, hmm it sounds like something is very wrong. You might not need an extension. A cpa could probably sort it out quickly

Good luck! Don’t lose hope or stress out. It could end up being what it sounds like, an error.