For questions that relate to the laws, practices, and products of the United States.

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0
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1answer
11 views

Is the BA Avios Visa airlines rewards card worth it?

I fly between the US and UK about twice a year - though so far I've only racked up about 16,500 Avios points with British Airways. I'm due to fly back again for Christmas and New Year. If I were to ...
0
votes
1answer
14 views

New York State - NY Tax on Foreign Sourced Income for NY Non-Resident

I live in Connecticut (file as CT Resident) .. Work in NYC ((file as NY Non-Resident) Question: Can NY State tax any income that I earn while in Germany ? I understand that the United States taxes ...
5
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1answer
88 views

Can I deduct work equipment I am not required to purchase by my employer?

I am a software engineer and I find myself more productive and less fatigued with certain equipment: a mechanical keyboard, an IPS monitor and noise-cancelling headphones. My employer does not ...
0
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0answers
127 views

Urgent advice on used car purchase nightmare

I purchased a used vehicle almost 2 years ago and it was breaking down so i decided to turn it in. I was pre-approved through my credit union for $20,000 at 100%. My current loan is upside down by ...
0
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1answer
40 views

Is an interest-free loan to a charity an asset when applying for financial aid

We have an opportunity to sell our house for a great deal more than we paid for it. We plan to buy another house but will have $50,000 to $100,000 left in cash. We also have children in college for ...
3
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2answers
146 views

Can I max out all retirement account types?

Hypothetically speaking, could I contribute the maximum to a 401k, a Roth 401k, an IRA, and a Roth IRA? That would be a total of 46k per year (17.5k + 17.5k + 5.5k + 5.5k).
15
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1answer
638 views

Employer time requirements to transfer from paycheck to 401(k)

Are there any rules or requirements as to a time frame of when money is removed from a paycheck and when the money is posted into a retirement account? My current 401(k) receives funds from my ...
4
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1answer
252 views

Can I deduct IRA contributions and take the standard deduction?

If I have the standard deduction on my taxes (that is, I don't itemize), can I deduct IRA contributions? If so, would that be for Traditional or Roth IRAs?
5
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2answers
616 views

Tax consequences of partially selling a stock

I bought a company for $71 5 months ago. It is now over $100 but I am afraid it might fall. I plan to sell only enough to get back the money I put into the stock and own the gained amount until it is ...
3
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0answers
32 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...
3
votes
3answers
55 views

How can I transfer and consolidate my 401k's and other options?

I have read on Personal Finance & Money that you can keep any and all of the 401(k)s or other options that you've had through previous employers. But how are you able to transfer them all into ...
2
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3answers
72 views

What ways can I contribute closer to the the IRS employee/employer combined 401k contribution limit?

In 2014, the IRS maximum 401(k) contribution for an individual is $17,500 but the combined individual/employer maximum is around $52k. One way to have the combined total higher is to simply increase ...
2
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1answer
82 views

If you rollover a Roth 401k to Roth IRA and immediately withdraw it, is there any tax or penalty?

According to the accepted answer to this question, when you rollover a Roth 401k which contains contributions and earnings, to a Roth IRA, you don't pay any taxes. Suppose you then withdraw from the ...
1
vote
1answer
73 views

What retirement plans/options should i pick for a relatively unstable career path?

Precursor: I work in the software industry and as such, I'm pretty subjected to the massive instability: possibly no demand, and also i don't expect to be able to keep up with the technology when i'm ...
6
votes
1answer
165 views

Disabled, no-income except SS, on various programs that help…What if I receive a windfall?

I have a chronic, debilitating disease (MS). Barring a miracle cure, I am going to be on Social Security Disability the rest of my life. I’m 47, divorced, no children. I have a hobby that I enjoy and ...
2
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1answer
50 views

Gifts under the annual gift tax exemption FROM minor children?

I have multiple minor children and one spouse. I want to target one recipient R with the max under-the-exemption gift money. I am aware I can give R $14k and my spouse can give R $14k for a total of ...
1
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1answer
62 views

Leaving US (I was working with a L1 visa, not coming back), better cash my 401K or leave it until 59 1/2? Thanks

I moved back to my country, I was working in US with a L1 Visa for a couple years, I have 6K in my 401k, what is your best advice, leave the money until I can cash out with out paying taxes or ...
2
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1answer
29 views

line 1a on form 1040 es: for what time period should i be estimating taxes for?

Line 1a on IRS Form 1040ES says "Enter your expected income and profits subject to self-employment tax". My question is... for what date range? Do I do "expected income for the quarter" or expected ...
1
vote
1answer
34 views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
1
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1answer
38 views

Can on earn money from Lifetime Learning Credit if one does not pay income tax?

I am an independent student with no taxable income. When I file taxes, I do not need to pay any income tax and get no refund. Some students told me that I can get up to 20% of my tuition fees refunded ...
7
votes
3answers
224 views

What should I do with my HSA?

I recently changed companies, and the new employer does not have a HDHP. I have just under $2,000 in my HSA, but without any medical expenses to spend it on, it's just sitting there, slowly being ...
16
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4answers
4k views

Will depositing $10k+ checks each month raise red flags with the IRS?

I am a freelancer that runs a small design business (LLC) and I have one client in particular that I regularly do more than $10k per month worth of business with. Sometimes I'll deposit a check for ...
6
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1answer
85 views

What is a “convertible note”?

I've just read this article on the Business Insider - http://www.businessinsider.in/Twitter-To-Raise-Up-To-1-5-Billion-Via-Convertible-Notes/articleshow/42208345.cms I wonder what they mean by ...
5
votes
1answer
94 views

Do you have to pay New York State Income Tax if you live in New York but work remotely for a Florida based company?

If an employee lives in New York, works independently on project for a Florida based company. No state tax in Florida. Does employee have to pay New York State tax?
4
votes
1answer
90 views

Exempt from US Social Security, too few credits for benefits

I am an employee of a US state government which does not participate in Social Security, so neither I nor my employer pay Social Security taxes. (My employer offers a defined-contribution plan ...
4
votes
2answers
115 views

401k Hardship withdrawal (First home), without buying home?

Not saying this is a good idea, but honestly it was something I was just curious about. My and other 401(k) plans allows you to withdraw from your 401(k) before 59 years of age for "hardship" for the ...
-1
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0answers
46 views

How does the taxation system for day-traders work?

I would like to know how much taxes I've to pay if I trade stocks in the US market from another country and for comparison from the US. I would use online brokerage companies from the US and I would ...
2
votes
1answer
40 views

Can Health-Releated Services be a Business Expense?

I own a small S-Corp. I am considering subscribing to a monthly meditation service ($5/month) to help me with my focus, creativity, etc. 1 - Can I charge this on my business account? 2 - Is this tax ...
3
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1answer
91 views

Is it possible to buy stock as a gift for a minor without involving the guardians?

I always liked the idea of buying an investment for young children instead of a traditional gift. It seems that they will get plenty of toys from others, and as a parent I know that there are often ...
2
votes
1answer
110 views

Paying tax for non- us citizen

I am a non US resident and not a US citizen. I live outside US. I don't have any relation with United States. I just visit US often for pleasure only. I sell items on eBay and my items are NOT in US. ...
15
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1answer
1k views

Saving for brother's children

My brother is not working and waiting on social security disability approval. He has two small children 6 and 10, what is the best way for me to set up savings for their education so that it ...
5
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3answers
174 views

S-Corp Reasonable Salary

I am the owner and sole member of a small s-corp. I am a litte confused regarding the reasonable salary the IRS requires. The S-Corp is fairly small and requires very little work to maintain. Would ...
2
votes
1answer
71 views

Improper withholding of FICA from student: Getting a refund

A friend of mine in the U.S.A. works for an employer who, we believe, improperly withheld FICA (should have been exempt: they are a student at the same university that they work) due to an ...
2
votes
2answers
138 views

Parking money for a few months or a year

We are planning to get our kitchen remodeled, so we've allowed a big balance to accumulate in our bank account. We're not making very rapid progress on soliciting quotes on the remodel, due to our own ...
0
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1answer
97 views

Why is spousal consent being required for rolling over a 401k?

My wife is having trouble rolling over her 401k (with ING, now Voya Financial) from her previous job into her Vanguard IRA. Apparently she needs my permission to roll the account over because it's a ...
7
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1answer
2k views

USD destroyed in a fire

After seeing some cash destroyed in a fire in a popular Netflix TV series, I wondered what would happen if someone's cash was destroyed in a fire. Assuming you had some way to prove that the money ...
26
votes
5answers
4k views

What are the economic benefits of owning a home?

I am trying to figure out if owning a home is more economical then renting. According to all the tools, according to the rent I pay now (< $800) owning a home is not economical, even in the long ...
0
votes
0answers
76 views

Credit report - Not able to establish identity

I have tried following things with no success: Request credit report online at www.annualcreditreport.com (3 times with 2 months gap) Request credit report via mail ( 2 times with 6 months gap) ...
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2answers
80 views

How can I bring loaned money back to US from India

I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
0
votes
2answers
75 views

Social security number in the mutual fund account page

I have a social security number that I'm not sure if it is mine or not. I've been given this SSN from my parents long time ago and I need to verify it. This number however, matches the number showed ...
5
votes
3answers
80 views

Should I do something or don't do anything with regards to FATCA and TAX isssues

I'm a dual citizen with US and another citizen in another country. I was born outside the US but because one of my parents is an american, I was given a US citizenship also apart from my local one. ...
0
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1answer
45 views

Dependent care FSA and child care provider Social Security Number

We signed up for a full dependent care FSA ($5000) through my wife's employer at the end of last year knowing we'd need child care this year in some form. This year we've found a local older woman ...
2
votes
1answer
66 views

Roth IRA Contribution Limit

My filing status is Married Filing Jointly, and our Household income is >$191,000. However, my spouse and my income separately is less than $191,000. My spouse is covered by a retirement plan at work, ...
4
votes
2answers
68 views

As an employer, how do I start a 401k or traditional IRA plan?

As a small business owner, what are the requirements for me to start a 401k or traditional IRA fund? How much do they cost to manage? I'm in the very early stages of my company right now but I would ...
1
vote
1answer
58 views

Profits vs. losses from stocks, options, and futures: separate, or combined?

Are stocks, options, and futures all considered part of the same basket for tax purposes? E.g., if one make some profits on stocks and losses on futures, does the IRS allow one to deduct the losses ...
2
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4answers
131 views

Does it make sense to take out student loans to start an IRA?

Let's say you're an undergraduate student, and you're eligible to take out more money than you need to pay for school expenses (at a fixed interest rate of 4.66%). Due to compounding, it's always best ...
0
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1answer
27 views

FATCA compliance for small Foreign Company. What do I need to do?

Regarding, FATCA compliance for a new small business in Japan owned by a US citizen, I read parts of the related IRS website but still have basic questions. ...
4
votes
1answer
72 views

Proving sale of stock is not short-term

Here is the scenario I am faced. I've transferred DSPP stock from my former employer's stock transfer company (Computershare) to Etrade a few weeks ago. These stocks are from 2010 and 2011. I ...
2
votes
1answer
65 views

Traditional IRA - First Home Purchase - Does the $10K limit apply to each spouse or the entire household?

One can withdraw up to $10K for first time home buyer. My question is if each spouse can make the withdraw or is 10K by purchase?
27
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2answers
5k views

My credit card company is asking for my current income citing “Federal Regulations”

So I received an e-mail today from a bank from whom I have an existing credit card as follows: To consider you for a future credit line increase, federal regulations require us to have your ...