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Read Past Q&As

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Hi Money Doctor, I have a car loan that I am trying to pay off sooner rather than later. The car loan was for 23,585.00. The term loan was 72 months. The interest rate is 6.64%. I have 21 more payments. My monthly payment is 399.14. My question to you is if I make a onetime payment 2000.00 on principle only, how many months will that knock off the loan??? I...
Submitted Jul 20, 2020
Interest rates for cars are low. Should I pay cash for a $35,000 car, or finance it, and invest the cash? Thanks.
Submitted Jul 23, 2020
If I bought a laptop computer with funds from my savings account for my son in college, and my CPA put that on my taxes (toward the education tax credit), can I also submit the receipt for the computer to my 529 college fund to reimburse myself for it?
Submitted Aug 3, 2020
Hello- I am a self employed sole proprietor carpenter/general contractor in california. I have been shut down due to the covid shelter in place orders. I am wondering how to handle my $1,000 SBA EIDL grant that I got, as well as my $1200 stimulus check, and my unemployment income I am starting to receive. Do I deposit this money into my business bank account...
Submitted May 9, 2020
I will soon pay off my mortgage, but do not want to adjust my budget/monthly expenditures. Hence, I need a plan to invest $1,700/month. I am already contributing the maximum to 401k. I am over 50 and eligible to contribute to Roth IRA (~$583/mon), and can switch from FSA to HSA (net ~$117/mon). This leaves me $1000/mon and I am torn between two options: 1. I plan to...
Submitted Jun 2, 2020
I am wondering if I am able to take a loan out of my 401k? If so how much am I able to withdrawal and what are all of the details on it?
Submitted May 27, 2020
What is the most tax-efficient way to convert 500000 dollar to Roth in 5 years without effecting part B premium for a 65 years old single individual.
Submitted May 25, 2020
If I have a whole life insurance policy only worth $9k, face amount, because it has a $17k loan that generates $850.00 interest per year plus $300.00 premium paid per year. Shouldn't I get the cash value out and terminate to buy a greater face amount term life policy?
Submitted May 17, 2020
We both have about three years until we retire and would like to purchase a couple rental homes for additional cash flow. Would it make sense to borrow $50K each from our 401Ks for three years to paydown the rental assets given the tax implication on the after tax repayments and interest?
Submitted May 25, 2020
Are you eligible to take the 2019 health coverage tax credit, using IRS form 8885, if you pay monthly premiums for individual health care and receive a 1095-B?
Submitted May 5, 2020

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