All Things Personal Finance

[Witness1970]

I started to write a spreadsheet that would allow me to put in details about my income and deductions.  I had one years ago but stopped using it and haven't updated it in the last 5 years.  

 

I found this online.  It has forms I don't actually need but I haven't deleted any of the extra sheets because there are so many links between sheets. 

 

In case anyone wants to preview their own taxes, the spreadsheet is very good.  Be sure to read the instructions to learn how to use all the sheets.

 

https://sites.google.com/view/incometaxspreadsheet/home/download?authuser=0

[Cushi]

 

[Cushi]

https://m.youtube.com/shorts/-BJquyhojTU

[Cool.As.Ice]

What if (in US) you are so overwhelmed with medical bills that you cannot possibly pay them back? There might be an answer in here somewhere, but I have neither the time nor inclination to go back thru all the responses.

[Cushi]

32 minutes ago, Cool.As.Ice said:

What if (in US) you are so overwhelmed with medical bills that you cannot possibly pay them back? There might be an answer in here somewhere, but I have neither the time nor inclination to go back thru all the responses.

You can set up a payment plan based on your income. Even an elder in my congregation paid $10.00 a month, which was heavily in medical debt. Often, the hospitals view any payment coming in a month as better than nothing. But because of interest, paying as much as you can afford toward the principle without overextending yourself would be best.

 

If the debt or debts have gone to collections, you can negotiate a settlement amount since debts are bought pennies on the dollar. However, you should only pay collections after the debt collector has agreed in writing to remove the collections from your credit report with all possible bureaus. Again, do not pay unless the debt collector has agreed in writing to remove the collections from all credit bureaus, or else you’ll be flushing money down the toilet.

 

I hope this helps.

[Cushi]

 

[Cushi]

 

[Cushi]

 

[trottigy]

The items he missed - the MAX you can put in a ROTH annually is $7k (or $8k if you are over 50). So, max that first and then the rest has to go to a traditional OR just invest it on your own (if you do that though - you pay taxes each time you sell - you just add that up at the end of the year).

 

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

 

 

[Cushi]

 

 

[Cushi]

 

[Cushi]

 

[Witness1970]

On 12/19/2024 at 6:04 AM, Witness1970 said:

I read something on Clark Howard recently about what was called a CD ladder.  It might be a good time to get into something else besides the stock market!  (And into something which has a fixed interest rate.)

I said that 2 months ago.  Too bad I did not take my own advice.  Actually, I have about 26% of my retirement saving in the stock market and none of my regular savings in the stock market.  I should have gotten all out of the stock market weeks ago.  Settling in for long term losses in the stock market.

[computerwiz]

2 hours ago, Witness1970 said:

I said that 2 months ago.  Too bad I did not take my own advice.  Actually, I have about 26% of my retirement saving in the stock market and none of my regular savings in the stock market.  I should have gotten all out of the stock market weeks ago.  Settling in for long term losses in the stock market.

 

Indeed.  At this point, those in the market should just hang tight.  We'll get through this at the end of this year, hopefully.  I just wouldn't put any more into crypto or the stock market until we're at the bottom (perhaps in a few months).

[Cushi]

 

[Cushi]

 

[Cushi]

 

[bobby]

Investing in Farmland Through Crowdfunding© Dan Meyers from Unsplash

Instead of buying property, invest in fractional farmland ownership through sites like FarmTogether or AcreTrader. Agriculture is a stable industry; land appreciation and revenue-sharing from crops can bring consistent returns. It’s a unique way to diversify your portfolio with a tangible asset. 

 

this all most sound like a Reit fund

[bobby]

On 3/12/2025 at 6:35 PM, Cushi said:

 

i agree just never found a way to make my money work harder than me 

   I think it may be to lat now for me being on disability and still just scraping by 

but this new AI digital stuff has given me some ideas 

[Cushi]

9 hours ago, bobby said:

i agree just never found a way to make my money work harder than me 

   I think it may be to lat now for me being on disability and still just scraping by 

but this new AI digital stuff has given me some ideas 

Are you working part time? I know social security disability will allow some to work part time.

[bobby]

no im not working 

[Cushi]

4 hours ago, bobby said:

no im not working 

Oh, ok. I was asking because my mom was on Social Security disability before it got converted into retirement, and she made about $1,000 every month buying clothes from the thrift store and selling them on Ebay. I looked up the income limit for SSDI in 2025 and it’s $1,620. If you are able to work part time and net just $1,000 a month, you could put in the monthly $583 needed to max out a ROTH IRA every year and still have over $400 left over in extra cash to build up an emergency fund or enjoy.

[Witness1970]

4 hours ago, Cushi said:

Oh, ok. I was asking because my mom was on Social Security disability before it got converted into retirement, and she made about $1,000 every month buying clothes from the thrift store and selling them on Ebay. I looked up the income limit for SSDI in 2025 and it’s $1,620. If you are able to work part time and net just $1,000 a month, you could put in the monthly $583 needed to max out a ROTH IRA every year and still have over $400 left over in extra cash to build up an emergency fund or enjoy.

That sounds like a very god idea.  Once you reach full retirement age, there is no limit to how much you can earn without affecting Social Security payments.  I just looked it up and I can put $8,000 into a traditional IRA or Roth IRA or split between the two.  I just have never found a source of income that I could use.  Of course, I would have to keep accurate records to pay income tax on my earnings.

[Witness1970]

1 hour ago, Witness1970 said:

That sounds like a very god idea.  Once you reach full retirement age, there is no limit to how much you can earn without affecting Social Security payments.  I just looked it up and I can put $8,000 into a traditional IRA or Roth IRA or split between the two.  I just have never found a source of income that I could use.  Of course, I would have to keep accurate records to pay income tax on my earnings.

I failed to mention that any amount you put into an IRA has to come from Social Security.  It cannot come from SS, company pensions, or IRA/401K disbursements.

[Cushi]

12 hours ago, Witness1970 said:

I failed to mention that any amount you put into an IRA has to come from Social Security.  It cannot come from SS, company pensions, or IRA/401K disbursements.

Yes, IRA contributions must come from earned or taxable income.