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

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0answers
20 views

Do I have to file California tax return for worldwide income?

I'm a new immigrant (green card) to US, and not live in California yet. I use my friend's home in CA as the mailing address for receiving my letters, packages, and California ID. I plan to move to ...
2
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1answer
39 views

Where should I take some money from after retirement? (IRA, 401K, Roth, Taxable)

I have three 401ks, each doing well. One has some pre-1987 money, another has some Roth money, and some has post tax, non Roth money. I also have several smaller IRAs and Roth IRAs, some of them ...
0
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1answer
23 views

1040 or 1040NR this time?

I am a international student, came to USA on F-1 visa from India and graduated last year. this year (2014) my company filed H1-B and got approval. Now I am on my H1-B from this October. When I file my ...
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0answers
26 views

Can I claim a parent receiving Medi-Cal benefits as a dependent on my tax return?

My mother got her green card this year. She won't work here. All her expenses will be paid by me. Since she is 67 years old, I am planning to apply for Medi-Cal health coverage for her. My question ...
2
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1answer
35 views

Credit card at Best Buy [duplicate]

I also just bought a TV worth $1400 with a best buy credit card. I only want to pay for the TV and never use this card again. Can someone tell me what I should do after I pay for my TV? How will not ...
-2
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1answer
26 views

Where I am I liable for taxes?

I have a business which offers paid subscription-based access to a piece of software hosted in the cloud (i.e. the user doesn't install the software on their PC but accesses it via their web browser). ...
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4answers
61 views

How to decide on split between large/mid/small cap on 401(k) and how often rebalance

On my 401(k) the default time-targeted fund seems to be relatively expensive. I thought about using Vanguard mutual funds, which are also available and have much lower expense ratio. However they are ...
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0answers
37 views

Protect Money Given Student Loan Debt

I want to protect what little money I make for my family. Currently I owe more money than I make each month. The debt I have been obliged to pay for the past year includes: mortgage & ...
3
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0answers
34 views

Is the Social Security with disability option final?

My dad is planning on retiring and collecting Social Security, he just had quad bypass surgery. It looks like he has the option to take Social Security by invoking disability. These are his options: ...
0
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1answer
31 views

Calculating underpayment penalty for Maryland state taxes

I am trying to determine if I am going to owe an underpayment penalty on my Maryland state taxes for tax year 2014. Form 4502UP (http://forms.marylandtaxes.com/current_forms/502up.pdf) states that ...
3
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1answer
22 views

Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income

I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns: If my employer were to, for some reason, pay me in 2015 some ...
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1answer
35 views

What are the tax consequences of selling a condo in Florida?

My wife and I own outright a condo in So Daytona Beach, FL. Our primary residence is in Wyoming. We would like to sell the condo in Fl and should realize about $50,000 above purchase the price. I ...
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1answer
105 views

Is buying a townhouse as a “starter home” a bad idea?

My wife and I are looking for our first home. We live in a somewhat high-cost area of the Northeast, so most of the houses we see in our price range need a lot of work or are in bad school districts ...
2
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1answer
95 views

IRA Deduction when changing from 401k offered job to non-401k job mid year

This is challenging one to figure out. I had a job that is ends 11/30/2014 that offered a 401k. I have a new job that doesn't offer a 401k. I'd like to max my IRA this year to avoid tripping ...
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1answer
41 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
1
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2answers
103 views

How can I fund my US college education?

How can I fund my college education if I'm not given scholarship and family wouldn't be able to take loan? How did you do it in your time? I'd appreciate any suggestions !
2
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1answer
45 views

Wash sale rule question

I bought stock A on October 1. I sold stock A on December 1 for a small profit. I bought stock A on December 7 planning to hold for a while but decided it was not a good idea and sold Stock A on ...
2
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3answers
220 views

What reason would a person have to use checks in stores?

I recently saw a rare (for me) sight... someone in a store paying with a check. Is there any rational reason to do this? Anyone with a checking account can get a debit card for it, and there is no ...
2
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2answers
81 views

Can expense ratio's on investment options in a 401k plan contain part of the overall 401k plan fees?

My company was recently acquired and the 401k plan is being rolled into the acquiring company's plan. I'm a fan of indexing and was disappointed that the index funds in the new plan have between two ...
0
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1answer
81 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
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1answer
80 views

Where should I invest if my new 401(k) provider doesn't offer a low risk option?

My company is changing 401(k) providers. I have my small nest egg in a guaranteed interest account with the current provider. The new provider does not offer a fixed interest account. Furthermore, ...
1
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1answer
56 views

Do I qualify for a personal 401-K Plan?

I was wondering if anyone could tell me if I qualify to set up a personal 401-k Plan? I am currently employed and make a full salary. I have maxed out my individual contribution in my personal IRA ...
2
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2answers
96 views

Selling stocks at loss (short term) .. should I sell my long term gain stocks in 2014 or 2015?

I started investing in the stock market in Dec of 2013 (last year). I bought 5 stocks - 3 of which are in the red (and which I want to sell) and 2 of them are in profit. My understanding is that in ...
2
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1answer
59 views

Where should taxes go when working in USA, but for a Norwegian company

I'm hired by Norwegian company and sent overseas for around 7 months. I am not Norwegian citizen, just have work permit in Norway. I know that there is an agreement between USA and Norway that ...
3
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1answer
40 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
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1answer
81 views

From a tax perspective, how can a business allow a large portion (80%+) of payments to be given to charity (like Humble Bundle)

To anyone who is unfamiliar with Humble Bundle, they let you purchase games (or other media) and you pay whatever you want. They also let you divide this money up between Humble Bundle, the content ...
2
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1answer
41 views

Certified receipt from IRS

We need to send a certified letter (return receipt) to the IRS for a insolvent estate. What is the address?
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2answers
619 views

Should I use a bank or a credit union for my savings account?

I have two checking accounts with a national bank, one which I have a debit card that I use for daily purchases, and one which I use just as a savings account. I leave that debit card stashed away at ...
1
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2answers
160 views

Can a Roth IRA be used as a savings account?

If my understanding is correct, you can take out your contributions from your Roth IRA whenever you want without paying any penalties. If this is true, then other than the limit you can contribute to ...
5
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1answer
332 views

Tax: can back pay be counted for previous years?

My wife recently completed her PhD. At her school, when grad students advance to candidacy, they get a raise. This should have kicked in three years ago (before we were married), but due to a series ...
1
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1answer
28 views

Right way to get paid from US company to India Company

I am a US Citizen and have moved recently to India and started my own company. My Client is in US has asked me to Fill W8-BEN form. I want to check will W8-BEN be applicable to my Indian company and ...
0
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2answers
106 views

How long does a business have to give a refund?

My dentist's office requires payment upfront, and then they wait to get paid by the insurance. On Yelp, people say that it takes a lot of sweat and tears to get a refund from them. (In my case the ...
2
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1answer
102 views

Straight Index Fund vs IRA + Index Fund

I am about to open a traditional IRA and put my money in an Index Fund (to be decided). Which has the advantage that taxes are deferred until withdrawal. It also seems that I have the advantage of ...
0
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0answers
30 views

Live/Work in Illinois but do some work for NY company in Illinois

I reside and pay taxes in Illinois. I have a client that is based in NY. I do work for this client in Chicago, where I live. Employer deducts NY State Income tax. (I am a freelance actor, but this ...
1
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1answer
51 views

Deductibility of traditional IRA contributions in same year as Roth conversion?

Is the deductibility of my traditional IRA contribution at jeopardy if within the same year I convert a portion of that same IRA to a Roth? Note; I am aware of the phaseout thresholds. Thanks, Jim ...
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2answers
61 views

1040 Annotations for IRA to Roth trick

If I contribute to an IRA that is non-deductible, I can then roll that over to a ROTH and pay no additional tax, assuming that there is no gain. I am assuming that I can do this until April 15 for ...
3
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1answer
148 views

What are the consequences of IRS “reclassification”?

To begin, let me clarify that this question is not about how to avoid IRS reclassification. I want a better understanding of the consequences when it happens. Here, I am referring to when the IRS ...
0
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1answer
43 views

College 529 plan and state taxes

I live in PA, do you know if I enroll in 529 plan before the end of the year and contribute some amount, will I get State tax refund in 2014? I usually owe 0$ on state taxes. I understand if I owed ...
0
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0answers
47 views

Credit reports that show interest rates?

Are there any credit reports out there that report the interest rates and/or interest charged for each of one's accounts? The most useful aspect of the Experian report from FreeCreditReport.com is ...
5
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4answers
187 views

Pros and cons of filing bankruptcy or paying off debt?

My credit has been trashed by me making some dumb decisions, and I'm working with a debt settlement company. A few of the debtors are unwilling to negotiate with the debt settlers and are threatening ...
1
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1answer
51 views

US citizen living and working in US for a Canadian company.

I will be working for a Canadian software company remotely from my home in the US. The company doesn't have a US branch or presence. How will the company pay me without a US division? And will I ...
2
votes
1answer
56 views

Sole employee S-Corp 401k - Can Company portion also be made to be Roth?

I have an S-corp for which I recently established an Individual 401K plan with one of the top 4 plan administrators. I understand that the employee contribution can be either traditional or Roth. ...
2
votes
1answer
89 views

Where to park large amount of money that should be easily accessible?

I will be receiving over 100k to 500k in an insurance settlement and I want to know where I should park this money so I can access it with a card or check. I dont want it tied to the stock market but ...
1
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2answers
51 views

Self-employed individual 401k self, match, and profit sharing contribution limits?

I set up a self-employed individual 401k and am confused about the limits on this. I'm a sole proprietor with no other employer-provided 401k than this one I set up on my own. It seems I can make ...
1
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1answer
58 views

Consequences of having reported FBAR with an account missing?

I have just uploaded FBARs for all accounts for the past 6 years. Since bank accounts normally automatically close down when there's no money within a certain period, I assumed that two of them were ...
6
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2answers
140 views

Best way for for soon to turn 18 to learn about money?

What resources are available for me to learn about finance, money management, stocks, bank accounts, 401k, loans, IRA, checking account, etc.? I am turning 18 soon and I have zero knowledge of ...
8
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6answers
341 views

How should I invest/spend this 50k inheritance?

I am 32 and work in the non-profit sector making 30k/yr. I own my home, which was recently appraised at 202k. I was given an inheritance of 50k from my grandmother. Based on my financials, how should ...
7
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3answers
167 views

When someone retires is their Social Security check amount set forever?

My father is planning on retiring and both he and I are trying to make sense of the caveats of Social Security during retirement. My interpretation of the retirement benefit is that he will get about ...
0
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1answer
54 views

How to know more about my tax situation in the States

I've been part of an LLC that actually never started to operate. My management opened it, and then closed it after 2 years. No income, no business bank account, no EIN. Basically it was just ...
16
votes
4answers
538 views

How to make a decision for used vs new car if I want to keep the car long term?

After 1 year of working my situation changed and I found myself in situation when I need to buy car (for shopping/commuting/...). When I shopped around on web reasonably used cars (<7 years and ...