First, have you considered whether or not you meet the requirements to actually take the deduction?

Review the charts in this link:

• https://www.irs.gov/retirement-plans/ira-deduction-limits

Start there.

Then, if the answer is "Yes, it is deductible at the federal level for me," then reveal which exact state you are referring to.

Almost 50% bump.... I'd take it.

You may find these links helpful:

• Retirement Accounts
• "How to handle $"

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Congrats, you got an interest free loan from the government. Pay it back and move on.

It depends what you value. I wouldn't get a job with 45minute commute ever. Maybe if I got 100% pay increase (double salary).

Dumb requestion, difference between CDs vs. Savings accounts is that Savings account is more flexible for withdrawals, correct? And do CDs usually have higher rates than Savings?

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I am pretty sure your FIL will have to get the title assigned to him and then he will transfer the car to you. BUT he can possibly do this by giving you a power of attorney to deal with this issue.

You may have to send some documents back and forth so they can be notarized but it can be done. I am sure you will need a death certificate for your MIL.

This is worth a modest legal fee to get it done right, if for no other reason than to get it out of your driveway.

After paying off your debts (which will also lower your monthly expenses), I’d keep the cash in a high yield savings account as an emergency fund. $5k in savings on a $200k+ annual family income is grossly inadequate, and probably why you ended up with the credit card debt to begin with.

Not for everyone, but I ride my bike now it takes 20 mins longer sure but definitely makes me feel better at the end of the day. Where I live I can ride off of the road mostly so it works out.

You're not signing his name. As you said, he setup auto-pay. You're simply not touching something he did.

And what the bank (or, in this case, Kia's financial services) cares about more than anything is getting their money. If they call the loan, it's because they don't feel like they will get their money if you keep the car. But if they are getting their money, they won't care.

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The 8K is if you repair the engine and sell the car privately to someone at the upper end of KBB. It’s unlikely you will sell for that much, and almost certainly not as a trade in. If the rest of the car is in great shape you might get $6K, and slightly less from a trade in perspective.

The engine costing 4K isn’t that surprising; and there is some benefit to doing the repair and then trading in:

A) you get some tax savings on the new car you replace this one with B) you might be a few hundred dollars richer when all is said and done C) you can also continue to drive this car for at least a little while longer, as the new car market continues to cool, so you don’t have to overpay for the new one

There’s a lot of contingencies between being able to find the right replacement car, at a dealer that will also give you the right trade in value, so that will take some time.

My fear is that it would be some kind of fraud, especially if there was an accident.

Thanks for the thorough explanation! So all the CDs I listed in the description are not ideal if premature withdrawals are expected, even with the no-penalty option, correct? And MM is the most flexible when it comes to withdrawal, which is good for emergency funds. Following is Savings account which could be used for down payments, right?

But what is the reason for not putting the down payment money in CDs?

Look at your loan agreement. That should say whether the loan is due immediately on the death of the borrower or what the terms are.

(Personally, I'm not sure how legal it is, but if I had an interest rate that I like, I would "forget" to notify anyone and would just keep making payments.)

When your husband died, his estate inherits the lease. I’m guessing you will solely inherit his estate (unless he left assets to other via a will). The estate will have to settle any debts or maintain them.

So, Kia will likely have you sign paperwork to assume the lease. Since you are the executor of the estate, the decision is yours. You can keep the lease and continue payments or you can surrender the car and break the lease. If you break the lease, you will have to pay any fees or depreciation to Kia as per the lease agreement.

You need to amend your w4 withholding. Use the IRS form. It’s fairly easy to follow just go down the steps and consult the table. Adjust extra withholding amount if you want to pad your withholdings.

Also what was the nature of the bonus? Was it reporting on your w2? If not that might be the culprit for owing taxes if you didn’t pay on the bonus.

Wonderful response.

For me, it would be worth it. You’ll have the ability to answer $60,000 in your next interview when they ask about your previous salary. Your income is low enough that getting $10 or $20 thousand more a year will be significant even if it takes a little longer and more effort to earn it.

YMMV

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The CPA can't do anything for you after the fact. Why would they go through each paycheck? Your CPA is trying to get you to go away with the "I can do this, for a lot of money." Nah. Just have them tell you how to fill our your W4 for far less effort.

18 000 / 12 / 4 = $375 per week (assuming he's getting paid bi-weekly)

I mean that's a rough estimate, but give or take the tax deductions, gas for the commute. He'll be taking home a lot less than that.

LOL, so what exactly is your point of argument? That OP shouldn't value their time and just salve away at work?

Driving is expensive. You can probably cut that additional 18k in half in terms of actual costs and worthiness.

Wishful thinking by a bunch of people who already said J.Powell would pause interest rate hikes 100bps ago. If regional bank failures isn't enough to stop hikes, I think you can take him at his word that he's not going to lower rates again for at least a few years.

Buckle up, this ride isn't going to end any time soon.