My income has increased significantly recently and previously I didn’t really have the bandwidth to help (I also didn’t really know the specifics of the loans till yesterday, only the rough amounts). Going forward, currently I max my 401k, HSA, and had been Maxing Roth IRA(but now will need to do a back door?) what should my priorities be with these loans? If I can help pay down the loan I know I need to apply it to the principal but don’t know much about how (I was fortunate enough to not have any student loans). Can I do this? Are there Tax implications? We aren’t getting married for about a year. It involves all financial decisions and activities of an individual or household the practices of earning, saving, investing and spending. When I get my bonus in a few weeks I think it makes sense for me to contribute a lump sum to the variable rate loan. Personal finance is the science of handling money. Your new tax calculation looks like this (again, using 2018 numbers): 12,000 standard deduction at 0 0 tax. We are both around 25 she makes around 60k a year and I make around 120k + 80k bonus (bonus varies but should be between 50k and 80k) I also have a fair amount of room for upward growth, she does not unless she went back to school. Your income tax is not 22 of 52,000 Since the tax brackets are marginal, only the amount above the 22 bracket threshold (38,700 taxable income in 2018) is taxed at 22. I found out last night one is not fixed and is up to around 7%. Most of the private loans she refinanced and are around 4% fixed. I did not know that Schwab didn't accept ATM deposits, nor that Huntington did not do cross-bank deposits. I know my actions will probably be criticized, and rightfully so- but yes, I deposited cash via an ATM using my bank (Schwab) while the ATM belonged to another bank (Huntington). However about a 3rd of that is Federal and since she works in a hospital as a tech she’s hoping to qualify for forgiveness for those. Lost cash depositing via ATM- neither bank will help. So my Fiancé has a significant amount of student loans (~150k) Her and her mother are not very finance savvy, and IMO did not really understand what they were doing. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash. ![]() Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. Specifically, the r/PersonalFinance subreddit.
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