raBBit Posted February 12, 2019 Share Posted February 12, 2019 1 minute ago, pettie4sox said: How long has passed since you initially refi'ed? About a a year and a half 1 minute ago, pettie4sox said: Sounds like you have a bad accountant too. The accountant doesn't determine the tax bill. Link to comment Share on other sites More sharing options...
raBBit Posted February 12, 2019 Share Posted February 12, 2019 1 minute ago, Y2HH said: Any credit score over 750 is excellent -- doesn't matter if it's 750 or 850, it's the same exact "rank". Also, those student loan interest rates seem astoundingly high. 4.3% seems astoundingly high? My grad loans that I applied for when I had 40k in debt from undergrad were bonkers but I quickly refinanced those. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 Just now, Y2HH said: I sold some stock I own at like a 18k long term gain. That's how I owe. I didn't get hosed. I just hate giving them even more of my money and then having to drive over potholes that haven't been fixed for WEEKS. I already pay 7 fucking cents for god damn grocery bags. FIX THE FUCKING POTHOLES. I'm with you on the potholes, they are ridiculous but you paying 7 cents for grocery bags is you fault. Buy the reusable, you'll come out ahead in the long term. Well you left out the stock initially and so..... 😛 Link to comment Share on other sites More sharing options...
Y2HH Posted February 12, 2019 Share Posted February 12, 2019 1 minute ago, raBBit said: 4.3% seems astoundingly high? My grad loans that I applied for when I had 40k in debt from undergrad were bonkers but I quickly refinanced those. I don't know enough about student loans, I guess. But on its surface, for what are guaranteed loans which a person cannot bankrupt themselves out of, anything over 3% seems astoundingly high, bordering on outright greed to me. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 5 minutes ago, raBBit said: About a a year and a half The accountant doesn't determine the tax bill. No they don't but they can make sure you deduct the proper things like student loan interest which I know you paid a ton of. I would look for refi opportunities that don't mess with your credit score but if you find a really good deal, take the hit and save yourself money via interest paid. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 2 minutes ago, Y2HH said: I don't know enough about student loans, I guess. But on its surface, for what are guaranteed loans which a person cannot bankrupt themselves out of, anything over 3% seems astoundingly high, bordering on outright greed to me. If it's the US gov't, they should be ashamed of themselves. If it's a private loan, then it's straight capitalism. Link to comment Share on other sites More sharing options...
Y2HH Posted February 12, 2019 Share Posted February 12, 2019 Just now, pettie4sox said: I'm with you on the potholes, they are ridiculous but you paying 7 cents for grocery bags is you fault. Buy the reusable, you'll come out ahead in the long term. Well you left out the stock initially and so..... 😛 I rarely actually buy the grocery bags, I do use reusables that are in the trunk of the car. I think I may have bought 2 or 3 since it's been enacted. I commonly waddle out to the car carrying 12 items in my arms and just dump them into the passenger seat because I refuse to pay seven cents. I'm merely highlighting how many differing and often double dipping taxes we have in this state, yet they can't fix fucking potholes in a timely fashion. It's annoying. And when I have to actually cut them a check for an additional 300+$ that I know will disappear into a "black hole" of bureaucracy and IL corruption, it makes me ill. Link to comment Share on other sites More sharing options...
caulfield12 Posted February 12, 2019 Share Posted February 12, 2019 https://www.yahoo.com/finance/news/trumps-tax-scam-some-taxpayers-get-unwelcome-surprise-after-filing-returns-201206749.html Link to comment Share on other sites More sharing options...
raBBit Posted February 12, 2019 Share Posted February 12, 2019 3 minutes ago, Y2HH said: I don't know enough about student loans, I guess. But on its surface, for what are guaranteed loans which a person cannot bankrupt themselves out of, anything over 3% seems astoundingly high, bordering on outright greed to me. I think my loans are middle to lower end of average but of course my inquiry here is trying to gauge exactly that. 1 minute ago, pettie4sox said: No they don't but they can make sure you deduct the proper things like student loan interest which I know you paid a ton of. I would look for refi opportunities that don't mess with your credit score but if you find a really good deal, take the hit and save yourself money via interest paid. Are you under the impression that student loan interest affects the state tax bill you are given? What exactly are refi opportunities that does mess with you credit score? I am not getting money from my parents or family if that's what you mean. Just now, pettie4sox said: If it's the US gov't, they should be ashamed of themselves. If it's a private loan, then it's straight capitalism. They're all government. Even when I refi'd I used a government bank. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 1 minute ago, Y2HH said: I rarely actually buy the grocery bags, I do use reusables that are in the trunk of the car. I think I may have bought 2 or 3 since it's been enacted. I commonly waddle out to the car carrying 12 items in my arms and just dump them into the passenger seat because I refuse to pay seven cents. I'm merely highlighting how many differing and often double dipping taxes we have in this state, yet they can't fix fucking potholes in a timely fashion. It's annoying. And when I have to actually cut them a check for an additional 300+$ that I know will disappear into a "black hole" of bureaucracy and IL corruption, it makes me ill. Bro I get it really. I have a ton of money locked up in sports betting that I can't touch because I don't want to pay taxes on it. Illinois does need to do better but the people keep electing the same clowns over and over again. You can't really fix that level of voter ineptitude. The only reason they can get away with it is because Chicago is a world class elite city. Without Chicago, Illinois is another flyover state. Link to comment Share on other sites More sharing options...
Y2HH Posted February 12, 2019 Share Posted February 12, 2019 2 minutes ago, pettie4sox said: If it's the US gov't, they should be ashamed of themselves. If it's a private loan, then it's straight capitalism. It's still within the confines of a regulated industry (banking/loans), and I think there should be caps on interest rates. I'm all for capitalism, but I think things like predatory lenders should be outright criminalized because they prey on the neediest among us. Link to comment Share on other sites More sharing options...
BigHurt3515 Posted February 12, 2019 Share Posted February 12, 2019 15 minutes ago, raBBit said: Lots of student loan talk here. I am curious to what kind of rates you guys renegotiated to if you did renegotiate. I had some grad loans at 6%-7% and I refi-ed them down to 4.3%. That 4.3% is essentially what I am looking at for my WACC. My credit score is over 750 and the only knocks are that I haven't paid enough of my debt off and I have a lot of credit pulls (student loan refi's, cc's, bought a car, refi of car loan, etc.). When I did renegotiated my student loans initially, my credit score was lower and I was looking at about 60k left where I am now closer to 35k. I guess the question being, and I know it's specific to individuals, have any of you found it worthwhile to refinance your loans in a situation like mine? I am just not sure there are any refi options available under 4%. Also not sure sure if saving say .7% is worst the hassle and credit pull. Where did you go to refinance loans and how hard is the process? I have never looked into it but after reading this it might be a good idea. I am currently on a income driven plan paying $180 a month and owe $26K. But the interest rates aren't high; ranging from 3.15%-6.55%. I have one at the 6.55% and the next highest is 4.41%. My credit score is just under 800 so I am not sure if I could get something better Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 Just now, raBBit said: Are you under the impression that student loan interest affects the state tax bill you are given? What exactly are refi opportunities that does mess with you credit score? I am not getting money from my parents or family if that's what you mean. Yes. You deduct student loan interest from your state taxes. I know because every year I do it and always get a refund and I don't pay much in interest since my loan amounts are practically finished these days. Find preapproved offers in the mail and check the rates that way. They generally don't effect your credit score by taking a peek. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 Also Rabbit. Check with your bank to see if they can help you out. They might be able to assist based on your banking relationship and give you a good rate. Link to comment Share on other sites More sharing options...
The Sir Posted February 12, 2019 Share Posted February 12, 2019 15 minutes ago, Y2HH said: Any credit score over 750 is excellent -- doesn't matter if it's 750 or 850, it's the same exact "rank". Also, those student loan interest rates seem astoundingly high. Didn't know that first part. Interesting. I finally hit 750 late last year, after living in the 660-670 range for the longest time. Student loan interest is nuts. The only one we have belongs to my wife. It's not a huge burden, and neither of us demand that anyone bail us out of something she voluntarily received, but we pay about $190 a month. I got a mailer the other day that we paid $1900 in interest on it this year. WTF? I'm nuking that one ASAP. Also, freaking out about refunds is dumb. Did you pay less in taxes over the course of the year? Then your refund is going to be less. The idea that you'd get the same refund when you paid less in the first place is idiotic. I wish more Americans saved money in a responsible way, and were able to look at refunds like they were special gifts, rather than emergency transfusions to keep their families financially afloat. Link to comment Share on other sites More sharing options...
southsider2k5 Posted February 12, 2019 Share Posted February 12, 2019 This has had some deleted posts taken out of it, and we are reviewing and discussing them for possible further action. Please keep to the topic and refrain from more personal attacks. Link to comment Share on other sites More sharing options...
Y2HH Posted February 12, 2019 Share Posted February 12, 2019 2 minutes ago, southsider2k5 said: This has had some deleted posts taken out of it, and we are reviewing and discussing them for possible further action. Please keep to the topic and refrain from more personal attacks. /me personally attacks southsider2k5 Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 (edited) Post Deleted* Edited February 12, 2019 by pettie4sox Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 56 minutes ago, The Sir said: Didn't know that first part. Interesting. I finally hit 750 late last year, after living in the 660-670 range for the longest time. Student loan interest is nuts. The only one we have belongs to my wife. It's not a huge burden, and neither of us demand that anyone bail us out of something she voluntarily received, but we pay about $190 a month. I got a mailer the other day that we paid $1900 in interest on it this year. WTF? I'm nuking that one ASAP. Also, freaking out about refunds is dumb. Did you pay less in taxes over the course of the year? Then your refund is going to be less. The idea that you'd get the same refund when you paid less in the first place is idiotic. I wish more Americans saved money in a responsible way, and were able to look at refunds like they were special gifts, rather than emergency transfusions to keep their families financially afloat. 1st point: Who demands to get bailed out of student loans? I think the interest rate should be a big fat zero. The government should not be in the business of making money off its citizens. The fact that you paid $1900 in student loan interest is criminal. The system needs to be overhauled for this various reason. $1900 is a lot of money to middle class and poor people and that could be used to infuse the economy accordingly. 2nd point: Maybe I'm idiotic but I think a tax break should be you paying less taxes, not you getting your "refund" back little by little during the year. My refund last year was the similar to the one I got this year except I made almost 40K more. Something seems off about that. Link to comment Share on other sites More sharing options...
Look at Ray Ray Run Posted February 12, 2019 Share Posted February 12, 2019 (edited) 1 hour ago, pettie4sox said: Bro I get it really. I have a ton of money locked up in sports betting that I can't touch because I don't want to pay taxes on it. Illinois does need to do better but the people keep electing the same clowns over and over again. You can't really fix that level of voter ineptitude. The only reason they can get away with it is because Chicago is a world class elite city. Without Chicago, Illinois is another flyover state. You still need to file your offshore earnings yearly even if you dont withdrawal. If you dont, you're gonna have a hard time when you decide to pull money out of the accounts. Illinois is in bad shape because its broke and cant afford the pensions. No elected official was going to balance the state and lower taxes. It was literally impossible. Illinois needs to allocate the tax dollars properly but the taxes are high because of past benefits and guarantees. No current politician is going to fix that in a year. Rauner was headed in a decent direction but because Trump is such an asshat, we elected Pritzker who is as big of a scamming piece of garbage as trump. Edited February 12, 2019 by Look at Ray Ray Run 1 Link to comment Share on other sites More sharing options...
Look at Ray Ray Run Posted February 12, 2019 Share Posted February 12, 2019 5 minutes ago, pettie4sox said: 1st point: Who demands to get bailed out of student loans? I think the interest rate should be a big fat zero. The government should not be in the business of making money off its citizens. The fact that you paid $1900 in student loan interest is criminal. The system needs to be overhauled for this various reason. $1900 is a lot of money to middle class and poor people and that could be used to infuse the economy accordingly. 2nd point: Maybe I'm idiotic but I think a tax break should be you paying less taxes, not you getting your "refund" back little by little during the year. My refund last year was the similar to the one I got this year except I made almost 40K more. Something seems off about that. A refund is simply an interest free loan to the government. Getting it back little by little literally means you make more money. Meaning your paychecks are bigger and hence the tax break. Link to comment Share on other sites More sharing options...
Look at Ray Ray Run Posted February 12, 2019 Share Posted February 12, 2019 You should be analyzing your total tax liability not your refund. Your effective tax rate is simply your taxes paid divided by your gross income. That's the only way to determine your tax break or lack there of. Your refund means nothing. Link to comment Share on other sites More sharing options...
pettie4sox Posted February 12, 2019 Author Share Posted February 12, 2019 4 minutes ago, Look at Ray Ray Run said: A refund is simply an interest free loan to the government. Getting it back little by little literally means you make more money. Meaning your paychecks are bigger and hence the tax break. I am considering seeing an accountant before the start of next year to adjust my withholding to shoot for a zero refund/zero owed. I've been single and lazy all these years so I claimed 0 and took my refunds because it was easier to give than to owe when you may not have it. Link to comment Share on other sites More sharing options...
Look at Ray Ray Run Posted February 12, 2019 Share Posted February 12, 2019 Just now, pettie4sox said: I am considering seeing an accountant before the start of next year to adjust my withholding to shoot for a zero refund/zero owed. I've been single and lazy all these years so I claimed 0 and took my refunds because it was easier to give than to owe when you may not have it. Yes. I got married this year and my wife was not working so I received a refund for the first time - but ideally, since I run the department for my company - I'd like to get a zero refund. It's not a bad way to use the government to save if that's a problem for you, but otherwise you could be putting that money to work. Link to comment Share on other sites More sharing options...
southsider2k5 Posted February 12, 2019 Share Posted February 12, 2019 Just now, pettie4sox said: I am considering seeing an accountant before the start of next year to adjust my withholding to shoot for a zero refund/zero owed. I've been single and lazy all these years so I claimed 0 and took my refunds because it was easier to give than to owe when you may not have it. Take you refund and divide it by the number of paychecks you get. That will tell you how much less you should have taken out. Then talk to your firms accounting people and see how you can adjust to hit that number. No need to pay someone for it. Link to comment Share on other sites More sharing options...
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