Search found 42 matches

by docjok
Mon Jun 25, 2018 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

I don't mean to insult you here, but you are accounting for needing to take out almost $30k to have $20k after tax withholding and penalty, right? I don't see why you're worrying about this $50k and how to split it up. Just take the whole thing out, pay off debt, help the siblings, pay for the car,...
by docjok
Mon Jun 25, 2018 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

So my urgent debts are this credit card and my car. Having considered everything said, I think I will take out enough to cover my car and this credit card bill plus make a partial payment to my siblings' tuition. This will be about 20K, while I keep 30K in an IRA. I'll be giving my car to my parents...
by docjok
Mon Jun 25, 2018 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Yes, thanks. So, indeed I do have a retirement account that I was just discussing in another thread. Veered off into different territory so I started a new thread. So I will be able to cash out at least part of it to help with my expenses. I could pay it from there. But the other option the credit ...
by docjok
Mon Jun 25, 2018 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Why would settlement of the debt negatively affect your credit? It would seem you could get CC company to agree not to report anything negative about your credit as part of the settlement. Yes, I tried to look into this but have yet to find definitive information. My understanding is that it could ...
by docjok
Mon Jun 25, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Wait until you have the cash to settle the debt in full. Get it in writing in advance. Send a cashiers check via traceable mail like Priority Mail. Do not allow electronic access to your bank account to make the payment. Keep copies of the records, including delivery confirmation, forever. A pain? ...
by docjok
Mon Jun 25, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Yes, thanks. So, indeed I do have a retirement account that I was just discussing in another thread. Veered off into different territory so I started a new thread. So I will be able to cash out at least part of it to help with my expenses. I could pay it from there. But the other option the credit ...
by docjok
Mon Jun 25, 2018 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

retiredjg wrote:
Mon Jun 25, 2018 10:23 am
And the fee is????
I did not ask but a fee was not mentioned to me. They just said we'll take this for a settlement and you can split it up into payments.
by docjok
Mon Jun 25, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Who instigated this offer? You or the credit card company? If you pay the 12 month installment on the $3k, what is the interest rate? Are there fees to be allowed to do this? Could you start the 12 month installment and then pay it off in month 3? Would there be a fee to do that? Will they wait a c...
by docjok
Mon Jun 25, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Of course they are trying to manipulate you! They want to get you to pay as much of the money that you owe as they can. If you are going to try to settle the debt, 70% of the original amount seems a bit high. Bad debt has a short shelf life. It becomes worth less and less as time goes by. Eventuall...
by docjok
Mon Jun 25, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

docjoc, Don't forget that you will probably receive an IRS Form 1099-C from the credit card company for the amount of debt that was cancelled. The IRS will also receive a copy of this 1099-C and will expect to see that amount reported on line 21 of your Form 1040 as taxable income in the tax year t...
by docjok
Mon Jun 25, 2018 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Re: Settling Consumer Debt

Yes, thanks. So, indeed I do have a retirement account that I was just discussing in another thread. Veered off into different territory so I started a new thread. So I will be able to cash out at least part of it to help with my expenses. I could pay it from there. But the other option the credit c...
by docjok
Mon Jun 25, 2018 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 1872

Settling Consumer Debt

My credit score/report is through the floor given my financial issues of the past year. Score at about 500. A credit card company has offered to settle my debt at 65% off, about $3K from a balance of almost $10K. I would be able to pay the taxes on the difference (about $1750). I don't think my cred...
by docjok
Mon Jun 25, 2018 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Good luck to you on resolving financial difficulties. Please get out of the habit of borrowing (using Credit Cards) whenever you want, or even need, something; as you have seen, it gets you into terrible trouble. Picking up and studying a Dave Ramsey book might be one way of changing your thinking....
by docjok
Sun Jun 24, 2018 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Another question I have right now is: my credit is through the floor given my financial issues of the past year. A credit card company has offered to settle my debt at a 65% off, about $3K from a balance of almost $10K. I would be able to pay the taxes on the difference (about $1750). I don't think ...
by docjok
Sun Jun 24, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Ok, I'm gonna do my best not to take on this entire thing by myself. I have other working siblings who should be able to contribute something. I think that best thing for me to do, though of course not ideal, is to take out a partial amount to pay off the most emergent of my consumer debt, slightly ...
by docjok
Sun Jun 24, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

I have one more year of training to do elsewhere and I have been given the option of cashing out the $50K at 30% penalty/tax for a lump sum of about $36K or I can roll it all over into a new employer's retirement account or an IRA. To clarify, that's not the tax you would owe. The amount would be a...
by docjok
Sun Jun 24, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

OP, Do you also have school loans that you need payoff after you complete residency program and start a real high paying job? How much is that, and more importantly do you have an idea on your future budget with loan payment included? If your parents had indeed paid your way to attend medical schoo...
by docjok
Sun Jun 24, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Yikes, so many different ideas. Thanks for the replies so far. I understand where those who say I'm not responsible for my siblings are coming from. If they were both C students I would not even think twice about telling them to look elsewhere. But given my own unlikely educational success, I could ...
by docjok
Sat Jun 23, 2018 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Also, independent of my siblings school costs, anyone have any thoughts on my own consumer debt?
by docjok
Sat Jun 23, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

If you are moving to NYC, give up the car, using either your feet, mass transit or Uber is how we natives get around town. Parking in NYC will cost you an arm and leg, and if you decide to venture street parking if the meters don’t get you, the ticket agents will. Indeed, I've already decided the c...
by docjok
Sat Jun 23, 2018 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

You're just finishing residency and haven't even started earning "normal" income in your profession. So while the desire to help your sibling is laudable, first you need to get your own finances in order, and that definitely doesn't involve paying your sibling's education at the cost of a huge pena...
by docjok
Sat Jun 23, 2018 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Re: Cash Out Retirement Account vs Rollover to IRA

Sorry, I'm still in the same position...only thing that has changed is that before I was in the middle of residency, finishing up and looking to start in NYC. Now I'm actually finished and in the process of moving to NYC at the end of summer. With the housing thing, I got a great place for about $15...
by docjok
Sat Jun 23, 2018 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Out Retirement Account vs Rollover to IRA
Replies: 35
Views: 2295

Cash Out Retirement Account vs Rollover to IRA

Hi, I'm in a sticky situation. I'm a surgeon who just finished residency. My employee retirement account has accumulated about $50K in my time as a resident. I have one more year of training to do elsewhere and I have been given the option of cashing out the $50K at 30% penalty/tax for a lump sum of...
by docjok
Fri Feb 09, 2018 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

Thanks everyone for your contributions. Bogleheads is one of the few places on the internet where you can get smart people giving useful information and having useful discussions on a consistent basis...must be all the math and stuff. Quite interesting to see how complicated this tax situation thing...
by docjok
Thu Feb 08, 2018 6:19 am
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

My read is that there is no advisable way for you to avoid NYS and NYC taxes. Sorry! There are legal ways to avoid SOME NY taxes. Join the military :happy is one. Living in CT or NJ is another, though not much better. If one were to commute in to Manhattan anyway from any direction, why not go out ...
by docjok
Wed Feb 07, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

At the very least, you'll have to pay taxes on the days you work there, and the apartment could get you in trouble. A hotel, sublet or airbnb might help the case that you're not a part time resident. There are firms that specialize in these issues, but given the type of clientele that needs them, I...
by docjok
Wed Feb 07, 2018 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

As such, I do believe I would formally remain a resident of my current state although I have no intention of retaining a domicile there or returning to that state either. Under these circumstances, would I be considered a NYC resident for taxation purposes? Or could I pay taxes as though I'm a resi...
by docjok
Wed Feb 07, 2018 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

At the very least, you'll have to pay taxes on the days you work there, and the apartment could get you in trouble. A hotel, sublet or airbnb might help the case that you're not a part time resident. There are firms that specialize in these issues, but given the type of clientele that needs them, I...
by docjok
Tue Feb 06, 2018 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

After reviewing some of the tax documents suggested, having taken into account all that's been said, it does seem pretty clear that NY considers one's state of domicile to have changed not when one leaves the state but when one "established a new domicile" in another state. Domicile is vaguely descr...
by docjok
Tue Feb 06, 2018 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

Docjok, where do you intend to live permanently after working in NYC for a year? Unsure at this point as I have yet to begin seriously searching for jobs. I am positive I will not be returning to my current state and it would take an act of God to get me to settle in New York. I'm also not likely t...
by docjok
Tue Feb 06, 2018 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

I know the answer definitively. You will file as a part year resident for the time you live there. You will then file for the other 8 months in your current state. It can be confusing because of the 183 day per year determination for state of residency when somebody lives in 2 states but this is en...
by docjok
Tue Feb 06, 2018 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

Sorry doc, for reasons already mentioned your employer will withhold NYS and NYC taxes before you get paid. Then when you file your non-resident IT-201 form you get to find out if a refund is warranted. The premise behind taxation is while you are in the boundaries of NYS/NYC you will be using gove...
by docjok
Tue Feb 06, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

When you say "qualifying for a lease" a you referring merely to income requirements or are you make a distinction between leasing and subletting? Previous poster says that the type of rental is irrelevant. I was referring to financial qualification and the trouble of finding an apartment to rent. (...
by docjok
Tue Feb 06, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

Sorry doc, for reasons already mentioned your employer will withhold NYS and NYC taxes before you get paid. Then when you file your non-resident IT-201 form you get to find out if a refund is warranted. The premise behind taxation is while you are in the boundaries of NYS/NYC you will be using gove...
by docjok
Tue Feb 06, 2018 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

I have no intention of formally become a NY State resident and do not believe I would even be eligible given that 1 year of residing in the state is required before transferring State of Residence to NY as far as I can tell. As such, I do believe I would formally remain a resident of my current sta...
by docjok
Tue Feb 06, 2018 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

Re: NYC Taxes for Surgical Resident

At the very least, you'll have to pay taxes on the days you work there, and the apartment could get you in trouble. A hotel, sublet or airbnb might help the case that you're not a part time resident. There are firms that specialize in these issues, but given the type of clientele that needs them, I...
by docjok
Mon Feb 05, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 4848

NYC Taxes for Surgical Resident

Hi I'll be moving to NYC for just a year to complete my training as a surgeon. I'm very curious about the NYC tax rules and wondering if I would be exempt from paying the state & city tax. I will be there for 4 months this year and 8 months next year total. The first 4 months of this will obviously ...
by docjok
Fri Apr 21, 2017 4:37 pm
Forum: Personal Consumer Issues
Topic: What To Do With My Car While in NYC
Replies: 32
Views: 3895

Re: What To Do With My Car While in NYC

This is very helpful.

It seems like there are too many potential pitfalls from what everyone is saying. I love that car like a pet dog, she was my first and I'll never forget her.... But things have changed so it looks like I'll be selling.
by docjok
Fri Apr 21, 2017 3:17 am
Forum: Personal Consumer Issues
Topic: What To Do With My Car While in NYC
Replies: 32
Views: 3895

Re: What To Do With My Car While in NYC

Just a little scenario..... ...During installation, they find that the mice made it behind the dash and stripped all the wires out. Another $3000 to replace everything... Low-life crackhead mice selling copper for scrap. All too common. Yes, I've seen many a rat scurrying through the NYC subways wi...
by docjok
Thu Apr 20, 2017 12:40 pm
Forum: Personal Consumer Issues
Topic: What To Do With My Car While in NYC
Replies: 32
Views: 3895

Re: What To Do With My Car While in NYC

Right, I'll def need a car again after the year regardless of whether or not I continue to stay in NYC after the year. It's a nice midsize sedan, I can't imagine requiring something different. I'm not behind on payments or anything. I am almost finished paying on it and would hate to sell it just to...
by docjok
Thu Apr 20, 2017 12:21 pm
Forum: Personal Consumer Issues
Topic: What To Do With My Car While in NYC
Replies: 32
Views: 3895

What To Do With My Car While in NYC

Hi,

I'll be in NYC for 1 year and will need to get rid of my car temporarily. Problem is I'm still paying on it.

Is there any way I can get so one to take the car and make the payments then get it back after a year?

Thanks
by docjok
Fri Apr 07, 2017 12:12 pm
Forum: Personal Consumer Issues
Topic: Retirement Plan Funds to Pay for NYC Apt
Replies: 3
Views: 831

Retirement Plan Funds to Pay for NYC Apt

Hi, I'm a physician resident who will be moving to NYC next year to complete my training. Currently I"m working in Illinois and instead of paying into social security I'm paying into an state employer based retirement plan. By the time I leave I'll have the option to cash out on it, it'll be about $...