Partner B should pay 25% of gross income (or 33% of net income) to Partner A as rent.

Did a hour and a half commute for a year it’s definitely not for me at any wage, fair play for doing it though.

I wouldn't go rushing out to get a loan or to wipe my cash reserves when waiting 9 months wouldn't impact you at all. Revisit then and in the meantime take a step back and avoid the impulsivity.

Cars are fun but marketing executives are paid looooots of money to convince you that the feature you've lived without for your entire driving career and then 7 more you can't explain are NEEDS and not wants. Sometimes just putting it down for a bit and revisiting can clear your head and help make a choice about things that actually matter to you.

Have you used the IRS W2 calculator recently to see if your withholding is correct? https://www.irs.gov/individuals/tax-withholding-estimator

If Partner A pays the mortgage and Partner B pays the bills that would be fair. Also Partner B should buy the groceries to even things out a bit.

Slippery slope indeed … it’s become a line item in my monthly budget 😂. Though inflation threatens its funding

Thank you! Yes, I'm meeting with a CPA this morning. When I was promoted about a year and a half ago I started making this range, I was not previously. Between getting married, buying a home, and job changes, I just haven't gotten around to it, but now I'm payin' tha piper so to speak.

Someone already commented with the information you need, so my input here is just to keep your information targeted.

I think you (hopefully) learned a lot of lessons here, but ultimately your question seems to largely be “I have a plate that’s coming to the dealer for a car that was already totaled— do I need to actually go get it and give it back to the DMV or can I have the dealer send it back?”

The rest of the information is just kind of meaningless to us and you. If you need to know about anything you could do about health insurance, then ask that.

Just as an aside, it might be that your coverage is retroactive to when you signed up/we’re hired so I would double check that.

Definitely not for everyone

I agree. The issue is this car has been hard to get for MSRP. So, many people have been paying over sticker (craziness to me). So I am unsure if meeting an MSRP vehicle pass is the best move since it's not a 100% guarantee I will find another one at MSRP.

What are your thoughts on taking an auto loan for 20k at this 7 % apr?

Personally I've always done the split based on income with my significant other. If you're planning to use the equity on the existing home for the purchase of the new home then both parties are contributing to that building of equity. Yes, there has to be a component of trust in there, but unless you refinance the existing home in the name of both parites, there will not have any concrete certainty.

A key thing for both to remember is mortgage is the minimum amount the owner has to pay. Think new roof / repairs/ decorating / insurance etc. Rent is the maximum that you have to pay.

Also if the house was paid off with no mortgage still paying rent would be fair.

Personally my view is: c25% of FULL market rent. (Likely more than half the mortgage) 50% bills Joint Discretional spend (holidays, meal out etc) split as per post tax income ratios.

With house owner to pay for all household unexpected bills.

With a post marriage split to be more about having financial goals and evenish discretional spend (with highest earner having more to reward the hard work, and potential extra costs of more senior roles)

Yeah, this is all going to be relationship-based. You can do the market based rent and have of utilities thing for a regular roommate, but with the relationship and the adjustments and commitments one makes to each other based on said relationship add another dimension to the question.

If you’re bringing home a quarter of a million annually, it’s probably time to speak with an accountant about tax strategies and not rely on TurboTax. We’re way behind you and have benefited a lot by involving a professional.

>What can I do?

Sell the car for as much as you can get, and pay off the remaining loan balance.

>But the two of us can’t decide the fairest way!

Because fair means different things to different people in different contexts.

And we cannot decide for you how you see your partner. Could be a traditional arrangement where in the long term one of the two earns the money and the other does the household. In that case usually, you would go for community of goods (excepting preexisting wealth, inheritance and gifts received but including new income and capital gains also on preexisting wealth)

Or could be roommates who hookup but live separate lives at the other extreme. then don't share wealth, but we cannot tell you.

Congrats, doesn’t make it any less insane though.

You could cut that cell phone bill in half (saving $100 per month). Look at T-Mobile (plan for 4 is $100/$120), visible and other MVNO (25-30 per person) etc.

That’s an easy one to deal with and net money right away. Apply the saving to pay towards the highest APR card.

Thank you! I guess I'm confusing myself...I thought because I'm not claiming any dependents/allowances etc., I was being taxed at the max withholding level for my tax bracket. I guess that's not the case?

Not sure if it even matters, but also may be important to know I'm a full time employee and not an independent contractor.

You said yourself it's an impulse purchase, meaning that you don't actually "need" it right now. Do not leave yourself with no emergency savings for this.

If you’re having nothing withheld that’s why. A simple version would be as follows:

Tax owed at filing=(total tax owed)-(tax withheld during the year)

Then you MAY benefit from filing jointly. You could try running the software filing MFJ. You'll probably still come out owing, but it might be SLIGHTLY better. Here, give this a read:

https://www.investopedia.com/terms/m/mfj.asp

Well, a 5050 split is obviously the most fair, but I'm in a similar situation where I make about twice what my partner makes and I our split is about 6633 because thats what she can afford and I want to live in a nicer place. We were doing 5050 when we lived in a cheap one bedroom apartment though.

Because I’m a high school dropout making 150-180k per year