Tax Season Baby Mama Drama...

[slaughterx]

So, people of NT... tell me if I am wrong or not. I have 2 kids and I have never claimed them on my income taxes. This year, for the EITC, you have to be between 25-65 and make under 53k in order to qualify. My BM is 24. I didnt ask for a dime from her previous tax returns (I think she got back 9k last year, I dunno and I dont really care, just pointing this out).

She feels like she in entitled to some of this years EITC, every though she got 100% of all that money the previous 3 years. Her and the kids live with me, in the house that I financed by myself. She pays $750 a month flat. Put nothing on the down payment. Everything in this house I bought (except for 4 chairs). I pay for all ultilities, along with 55k for the solar panels so my Ameren bill isnt $700 a month.

Last year I replaced the roof myself. This year I spent almost 6k fixing a plumbing issue that caused damage in the crawl space (that she didnt help with). Basically any expense involving this house is always on me. On top of that, she knows I am trying to get this food truck up and running in the next month... I have plenty of credit, but most of the work being done is going to be paid CASH. I could cash out my 401k to make this happen, which, push come to shove... I am willing to do.

However thats the context, the question is... would I be wrong for telling her she needs to go because of this?

 

[アミーゴ]

 

[TSCQ]

“I wish I never met her at all-“Carl Thomas story.

Bruh it’s not about you, her, the expenses, the food truck. It’s all about the 2 kids.

If you kick her out, prepare for the consequences. She coming back with revenge including the best military strategist. If you ain’t got the mental capacity to handle what can come. Keep the peace you got now, rather than see the thermonuclear war that can come later.

Good luck.

 

[Beruseruku Desu]

don’t cash out your 401k

 

[6 Rings G.O.A.T.]

 

[3stheluckynumbe]

It sounds like y’all need to have a serious discussion about money in the household. Especially if y’all planning on being together.

 

[Zainjal26]

don’t cash out your 401k

 

[adobecs4]

 

[finessence]

Just give her like 1000-1500k and call it day. As someone stated, try and keep it cordial for the sake of the kids.

It’ll pay off in the long run.

 

[703 hwy]

She shouldn’t even fix her mouth to ask for anything honestly. And don’t cash out the 401k.

 

[tr1ll]

don’t cash out your 401k

Go ahead and get an home improvement loan for the roof.

 

[slaughterx]

The roof is fine... I was just pointing out the fact that she has contributed absolutely nothing to this home. Anytime a major repair or addition is needed, its all on me.

Cashing out my 401k would be to get this food truck out within the next month... which I have no problem doing because investing in myself makes more sense than letting 50k sit in the banks hands while they use my money for investments. Im not waiting another 25+ years to get MY money, plus the taxes they take out I would get back next year anyway. I would just loose out on early withdrawl penalties... but it would make more sense to use the income tax money than the 401k.

 

[dman14]

401k fee is waived for certain instances like if you can prove financial hardship and for certain stuff like medical. I believe repairing a home may be one of them but you have to check in with your plan administrator if that falls into that

 

[slaughterx]

They only waive 1k per year... as far as Ive heard. If you can point me in the direction of an article or something that says otherwise... I would appreciate it.

 

[DCAllAfrican]

Man, like TSCQ said, keep the peace since you know she will always hold the power over you since she is the mother of your children.

Do whatever you need to do with that because in the end nothing will be worth you risking getting on her bad side and her having the LEGAL CONTROL of that situation with your kids.

Unfortunately, that's just how it will always be in these situations.

 

[ccastro02]

It sounds like you have a legit reason for wanting to claim the kids this year, but in trying to keep the peace, I would try to give her a fair piece of it. It will provide you both with a little peace and a pathway to move forward. Just my 2cents

 

[WASHED KING]

So, people of NT... tell me if I am wrong or not. I have 2 kids and I have never claimed them on my income taxes. This year, for the EITC, you have to be between 25-65 and make under 53k in order to qualify. My BM is 24. I didnt ask for a dime from her previous tax returns (I think she got back 9k last year, I dunno and I dont really care, just pointing this out).

She feels like she in entitled to some of this years EITC, every though she got 100% of all that money the previous 3 years. Her and the kids live with me, in the house that I financed by myself. She pays $750 a month flat. Put nothing on the down payment. Everything in this house I bought (except for 4 chairs). I pay for all ultilities, along with 55k for the solar panels so my Ameren bill isnt $700 a month.

Last year I replaced the roof myself. This year I spent almost 6k fixing a plumbing issue that caused damage in the crawl space (that she didnt help with). Basically any expense involving this house is always on me. On top of that, she knows I am trying to get this food truck up and running in the next month... I have plenty of credit, but most of the work being done is going to be paid CASH. I could cash out my 401k to make this happen, which, push come to shove... I am willing to do.

However thats the context, the question is... would I be wrong for telling her she needs to go because of this?

I knew my Chelsea boots were itching for a reason. Sir.

SHE GETS NOTHING.

 

[WASHED KING]

AND if she wants a cut she needs to start contributing financially to the upkeep of the home.

You can't claim equality only when it's time to disperse the tax money. If she shoe was on the other foot there would be no questions she would not give you a dime. Keep your bread man.

 

[pdino]

instead of doing a 401k withdrawal, you can do a 401k LOAN. A withdrawal, even with financial hardship will trigger taxes/penalties/fees. A 401k LOAN won't trigger anything and you'll pay yourself back the interest. Done 401k loan several times whenever I need an extra 50k.

 

[oidreez]

I dont understand. Im reading the IRS website and it says the 25-65 age rule applies if you are NOT claiming a child so what is preventing your BM for claiming them this year?

 

[アミーゴ]

OP how much you make a year and what’s the amount in the 401k?

 

[WASHED KING]

I need an update

 

[domogotsole]

Maybe she may agree to finance the food truck with the return? Either way it sounds like a serious conversation about finances need to be scheduled. Find out what would motivate her to contribute to the home.

 

[calibeebee]

401k fee is waived for certain instances like if you can prove financial hardship and for certain stuff like medical. I believe repairing a home may be one of them but you have to check in with your plan administrator if that falls into that

The fee is just 10% on top of normal income tax right?

 

[05fordgt]

Only thing I'll say, when you keep noting that you pay for all the house stuff, is being that the house is in your name only, and she is, for all intents and purpose, a tenant (he has ZERO ownership in the house, nor is she on anything that has to do with the home, aka the mortgage), then she shouldn't have to pay for the roof, or the solar panels, or the plumbing or anything. She wouldn't get that investment back. It would be no different than anyone who lives in an apartment and the hot water heater goes, for example. The tenant doesn't pay for it, the landlord/property management group does.