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

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1answer
54 views

If I am paying my household employees taxes what should the W2 contain?

When filling out a W2 for a household employee in which I want to cover their percentage of all the taxes, what should I enter in the varying wage boxes? Let's say that over the course of 2014 I paid ...
2
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2answers
22 views

Transfer of property proceeds from india to USA

I am a U.S. citizen currently in Hyderabad for the past 3 or 4 years. I am not working and have no income in India but have Social Security monthly pension in U.S. (below taxable limit in U.S.) and ...
2
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0answers
52 views

Starting a side business slowly

Inspired by this question and this question. I have been looking at some ways to try to earn extra money on the side to assist in my finances, and have come to the conclusion that the best way would ...
2
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2answers
122 views

Making Money on your Tax Return

So both Turbo Tax and H&R Block offered a deal this year where if you requested your federal return in e-gift cards, they would give you a 5 to 10% bonus based on the service you requested. Let's ...
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1answer
42 views

Received SSDI income less than 15,000. Do I need to file income tax?

I live alone, and received less than $15,000 from SSDI. Do I need to file income tax?
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4answers
130 views

What can I do all year to be sure I get my best tax return or at least break even?

I don't own a house, I'm not married (but I will be by next tax season), I have no stocks or bonds. Buying a new car and paying student loan interest was the only deductions I could put down. I work a ...
1
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1answer
39 views

HSA contribution and self HDHP

I enrolled in HDHP plan starting 2014 Nov 3rd. I also have an employer sponsored HSA plan, where my employer contributed $250 towards the 2014 limit in Jan 2015. Before this I never had an HSA ...
1
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1answer
32 views

Qualified Stock Options purtchased through my Roth IRA

I have qualified stock options for the company I work for, and want to have them paid for out of my Roth IRA. Can I do this?
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1answer
45 views

Employer rollover from 403b to 401k?

Can an Employer convert from an existing 403b plan (variable annuity) and transfer all assets to a new employer sponsored 401k plan?
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2answers
557 views

How does “on the next percentage” work (for company matching)?

For example, if I contribute 5%, the company matches that contribution with: 100% on the first 2% 40% on the next 2% 25% on the next 1% How do you calculate the next percentage.. and of what ...
1
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1answer
55 views

Found Mistake on 2013 1120S Form

I had a CPA do my corporate taxes last year. I did not have a good experience, so I am doing them myself this year. In the course of working through my return via TurboTax Business, I discovered a ...
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0answers
27 views

How much sales tax should I charge on Instaproofs.com?

How much sales tax should an individual in VA, USA charge for stuff on instaproofs.com? I've attempted to find online sales tax rates for VA, but I'm not familiar enough with the terminology to ...
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1answer
44 views

Why are U.S. Treasury interest rates are so low vs. other nearly risk-free rates?

I was reading Options,Futures and Other Derivatives by John Hull and I came across the question: Why are US Treasury rates significantly lower than other rates that are close to risk-free? I ...
2
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1answer
21 views

Interaction between health exchange and under-65 Medicare coverage

I purchased platinum-level family coverage on the healthcare exchanges this year. Shortly after the start of the year, my wife's disability application was approved (after ~2 years in progress) and ...
10
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2answers
996 views

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
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1answer
73 views

Do companies offer student loan repayment assistance?

Does anyone know which companies offer some type of student loan repayment assistance programs? I'm going to be helping Congress look at a new bill being proposed to make student loan repayment a tax ...
0
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1answer
35 views

1099 versus corporation to corporation for payments?

I have an S corp and am starting a new relationship with a business partner, who is going to contract my services. They said 1099 or corporate to corporate, in terms of how I get paid. If they pay me ...
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2answers
74 views

Paid via PayPal with bank account, but was a couple dollars short

Paying for an item from a store in another currency. Last time I did this, to the same store, PayPal showed me the current USD charge instead of just the foreign currency before I actually hit submit, ...
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1answer
65 views

What states base income tax on world wide income?

I've seen several questions that state CA taxes worldwide income for anytime spent living in CA. I'm curious what other states might do this (vs not taxing income which was earned wholly outside the ...
2
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2answers
94 views

IRA advisory fee?

I have a traditional IRA which I rolled my previous employer's 401(k) into. I've noticed that there seems to be a quarterly advisory fee, which seems to be about 0.5%. Is this reasonable? I ...
1
vote
1answer
119 views

Do I have to report gift money from my spouse and family?

My husband and I got married in January 2014. He is from Australia and works from home as a web designer for clients who are all abroad. He received his green card in April 2014. All of his income is ...
0
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1answer
55 views

Can you replace Roth IRA contributions that you withdraw from the current year?

I know that if I remove principal from a Roth IRA for longer than 60 days from previous year's contributions, that I cannot put that back into the Roth IRA. However, assume I deposit 5500 in January ...
4
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1answer
62 views

Is state tax based on work location or home location

I live in NJ but work in NYC. Which state tax should I pay? Is there a separate city tax as well?
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4answers
5k views

I have more than $250,000 in a US Bank account… mistake?

I'm currently carrying a balance of $356,000 in one bank account, which is in excess of the FDIC insured maximum of $250,000. I owe $100,000 in 2014 taxes (which will be paid by April), and the ...
4
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2answers
184 views

Planning to invest in stock, age 16

I've been planning to invest in stock to get started for the future, however, I'm concerned about taxes... if I was to get capital gains, and in a short time period reinvest it in another security, do ...
2
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0answers
45 views

Working from home in Vermont as W2 employee for employer in California. Need I file a CA tax return?

I work for a company registered in CA; they have no offices in my state. I'm a W2 employee and they are withholding taxes for VT, where I reside. Will I need to file a CA income tax return? This ...
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3answers
167 views

Is paid time off (PTO) considered taxable income?

I am a salaried full-time employee at my company in California, USA. I noticed on both my final 2014 paystub and on my W-2 form that the paid time off (PTO) I took for vacation last year was listed ...
5
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1answer
333 views

For a non-resident, Is it worth investing in a 401k?

I'm planning to stay in the U.S. for 3 to 5 years. My company offers a 4% match for 401k contributions. Is it worth investing in a 401k plan with all the fees and penalties? Or is there a better way ...
32
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5answers
3k views

What would you do with a large land inheritance with high tax rate?

I just inherited a couple hundred acres of pristine woodland in New England. I'm a nature-lover, so my first impulse is to keep the land as-is, letting campers, trekkers, and wildlife just use it as ...
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2answers
36 views

Calculation, timing, and taxes related to profit distribution of an S-corp?

My life partner and I opened an S corporation at the start of 2015. My life partner will be employed by the S-corp and we've established a reasonable salary for him. I won't be employed by the S-corp, ...
1
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3answers
182 views

Does this Budget Make Sense for a New Condo?

I’ve been obsessively reading for the past week or two about how much of your gross/net income to be spending on Mortgage/Insurance/Taxes/HOA. More conservative estimates were at 25% of your gross ...
16
votes
4answers
3k views

Sales tax “trick” while buying a used car; i.e. declaring sale at lower than actual transaction value?

I am selling my car and have found a potential buyer. After I transfer the vehicle ownership, the buyer will have to transfer the vehicle title to himself, and will also need to pay sales tax on the ...
0
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1answer
36 views

What tax filings are required for real estate transactions?

I intend to purchase real estate with cash from a family member via quitclaim. What tax forms are we required to file reporting the sale?
0
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1answer
41 views

Tax consequences when foreign currency changes in value

As a US taxpayer, if I hold some foreign currency that gains or loses value, what are the tax consequences when I exchange the currency for US dollars or other goods or services? Let's take a ...
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1answer
69 views

Opening US Bank account for US citizen while abroad

I am an American citizen with a social security number, but I'm currently living abroad and am not planning on visiting any time soon, and I don't have any state-issued ID. Is there a bank that will ...
0
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1answer
12 views

Reporting ESPP ordinary income on shares purchased living in Europe

I have shares acquired through an American company I was working for. They were purchased through the company ESPP plan. I was living and being paid in Europe at the time ( I am not a US citizen). 10 ...
0
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0answers
46 views

Sitting in India, can I buy goods from China on internet using a credit card, deliver it to USA and receive payments through western union from USA? [closed]

I reside in India. I would like to buy goods in China through e-commerce (dhgate or alibaba) using my Indian credit card, and have it delivered to the USA for final sale. Further, I need to receive ...
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2answers
228 views

Which 2014 TurboTax Edition Do I Need?

I'm having trouble understanding which version of TurboTax I need to do my personal taxes. I don't know if the online and CD editions are equivalent, but I'm planning on getting the CD edition since ...
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3answers
138 views

Question about being a resident

I moved to Oregon in July 2014 from Nevada. I have OR DMV and Voter's registration. Am I considered a resident of Oregon now?
0
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0answers
83 views

Can I avoid tax on sale of home after only 1 year of residence? [duplicate]

I'm selling my home just one year after purchasing it (to move into a home with my husband). I might make as much as $6,000 profit. I intend to use this money for improvements on the new home. Will ...
1
vote
1answer
84 views

Can a store/company deposit a refund into a bank account, then take it back out again?

Refund amount is already in bank account and has been cleared and posted for a few days, but I'm surprised by the amount; is it possible for the company that issued the refund to go back and change ...
0
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1answer
60 views

When is credit card utilization calculated?

I'm confused on how and when credit card utilization is calculated for one's credit score. Is the credit card utilization percentage calculated based on the maximum balance you had in a given month? ...
1
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1answer
35 views

Getting money paid to a US based bank account for Indian company based invoice

I work for an american company and I used to get paid before directly by check. But now, I am raising invoices (for the work I do) from my Indian company. Is it ok if the USA company pays the Indian ...
1
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1answer
68 views

Student on F1 VISA; trouble filing taxes | Unique case

I am an international student in USA on F-1 VISA. My fiance works as an independent contractor from India and received his income in my US bank account which I sent to him in India. We did this for ...
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2answers
551 views

Investment strategy for 401k when rolling over soon

I'm a contractor at a company interesting in investing in their 401k. If I know I'll be leaving this company in a year or so what sort of time horizon and risk exposure is applicable? I'm not sure how ...
6
votes
5answers
197 views

Need something more basic than a financial advisor or planner

Is there a professional that one can go to in order to assess one's current financial situation and get advice and follow-through on what one can do in order to correct financial errors one has made, ...
0
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1answer
23 views

Tax liability in US for LLC's owned by an Indian Citzen

I am located in Pune, India and looking forward to form an LLC (Service Industry) in FL only as a face for my Indian Company in the US market. My clients would be making the payments in my Indian Bank ...
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1answer
33 views

Common Stock Options Value

Definitely related to this: Job Offer - Explain Stock Options [US] This is the language of the employment contract: At the outset of your employment you will be provided with an initial grant of ...
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1answer
37 views

What is the best way to increase the earned money staying in US for an NRI?

Im living in US from last 1 year due to work assignment and will be here for another 3-4 years. What is the best way to earn interest on earned money? Shall I send all earned money to India ...
0
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1answer
63 views

Collecting pay while on leave of absence?

Can you still get paid if you are on leave of absence from work? I was told when I run out of sick time to go for leave of absence, what does that mean and can I still get paid?