for questions that relate to the laws, practices, and products of the United States.
0
votes
0answers
5 views
For which alterations on a personal check in the US does one need to initial?
For which alterations on a personal check in the US does one need to initial?
Crossing out one's old address on a personal check is possible. Crossing out an outdated address is not necessary in the ...
0
votes
0answers
4 views
How can one fill in the cent portion of the numeric amount on a personal check in the US?
On personal checks in the US, one fills in the numeric version of the dollar amount towards the left of the respective rectangular field.
Say the check is for $36.25. I have seen different ways of ...
1
vote
1answer
6 views
Which colors can one use to fill out a check?
With which colors can one fill out and sign and personal check in the US?
Black is of course okay; I have heard that blue is also allowed. An ideal answer will give references.
Is there anything ...
2
votes
1answer
22 views
U.S. Bonds Taxed Interest and Current Value
Series EE Bond just matured and I cashed it in.
The current value that I received in cash was only a little more than the original face value.
However, the interest I am paying taxes on is half the ...
1
vote
1answer
14 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
1
vote
2answers
39 views
betterment vs vanguard life strategy vs vanguard target retirement
I'm a 20 something grad student and would like to open a hands off retirement account with beta exposure to the market and would make monthly contributions. I'm fairly illiterate wen it comes to ...
1
vote
2answers
41 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
1
vote
1answer
84 views
Can I form a company to rent a car or apartment to my wife's employer for her to use?
My wife's job places her on long-term contracts (> 6 months) in different parts of the US. The employer currently pays for a permanent car through a popular car rental agency and a permanent room ...
6
votes
2answers
79 views
How can I replicate Vanguard's Total Stock Market Index using their S&P 500 and extended stock market funds?
I want to approximate the total United States stock market with part of my 401(k). I have access to two low-cost index mutual funds: VIIIX, which tracks the S&P 500 (large cap), and VIEIX, which ...
3
votes
1answer
52 views
Selling stocks - capital gains
Say I have 500 shares in company XYZ. 250 were purchased on 5/1/2012 and 250 were purchased on 9/1/2012. Is it possible to sell only the stocks that were held for 1 year (5/1/2012)? Avoiding the ...
4
votes
3answers
957 views
Can I receive “gifts” from my friend (who happens to be my employer)?
Take for example, I'm an employee and my employer is my good friend.
We are both US persons living in the US, and I'm working for my friend for a monthly wage of $5 USD which is subject to income ...
5
votes
1answer
40 views
Comparing pre-tax versus post-tax health expenses?
I understand the concepts from this question and everything I have read says that the benefit of pre-tax expenses are that they reduce your taxable income.
But to keep the math simple, let's say ...
8
votes
1answer
71 views
Index mutual fund “minimum initial investment” inside a Roth IRA?
When a fund says its minimum initial investment amount is $2500, does that mean I need $2500 in my Roth IRA account to trade that fund? If so, would I need $7500 total in my Roth IRA account to trade ...
3
votes
1answer
41 views
Selling my house and have been taking home office deduction. What will I owe?
I'm in the process of selling my house. I took a home office deduction a couple times, and I am concerned about what I may be responsible for at tax time.
My profit from selling the house is nowhere ...
6
votes
1answer
74 views
How quickly does decreasing credit utilization affect your credit score?
There is a lot of advice out there about keeping your credit card utilization above 0% but less than 20%. I'm currently carrying about 85% utilization on my card and have plans to lower it. How long ...
-2
votes
0answers
34 views
When calculating CIP between EU and US, which interest rates data to use?
I am wondering which data to use to test the Covered Interest Rate Parity between Europe and the United States. Recap that for the CIP to hold, it should mean that
F/S = (1+r)/(1+r*) where
F = the ...
3
votes
1answer
55 views
Full Time Job and Self Employment and a 1040ES
Currently I am full time employed with a company, and am in the 25% tax bracket and claim no exemptions. I also have a website that I get ad revenue from.
Last year I had a few hundred dollars I owed ...
3
votes
1answer
35 views
Does Medicaid pay for prescription drugs?
If you don't make much money, there are prescription advocacy programs like this one that one can take part in. However, if you don't make a ton of money, it seems to me that you're likely to be on ...
1
vote
0answers
55 views
benefits for low-income poor individuals [closed]
Low-income individuals can quality for discounted cell phone service through Verizon and free medication through patient assistance programs like this one.
What other services like these are ...
3
votes
1answer
44 views
Why doesn't a mutual fund in my 401(k) have a ticker symbol?
For my 401(k), I am trying to diversify while avoiding high expense ratios. Luckily among my investment choices are the Vanguard Target Retirement date funds which have fairly low expense ratios ...
4
votes
2answers
40 views
How does the process of “assignment” work for in-the-money Options?
Consider the following scenario -
I have a covered call for XYZ for this month's expiration as XYZ May 18 25 Call. On May 18, XYZ is trading for $28, with the option listed above at $3.3.
If I ...
10
votes
2answers
287 views
Can someone explain the different kinds of annuities?
So in my retirement and personal investing I have some stocks (very little), a Roth IRA, a Roth 401K and a Traditional 401K (later two are from work and I split things right now).
At my age and ...
3
votes
1answer
50 views
What is the process through which a cash stock transaction clears?
When selling stocks through a "cash" account through a brokerage, it takes about 3-4 days for the amount to clear and be available for reinvestment.
I'm assuming the is a process through which the ...
6
votes
1answer
110 views
What is a rule of thumb for accruing debt on a rental property?
My sister and I were fortunate enough to inherit 2 properties from my father, one a suite of apartments and cottages worth about ~$3M and also his home.
We currently have about $200K in mortgage ...
3
votes
2answers
43 views
Tax questions - Working from India for US company
I am working from India for a US company and as per my knowledge I am not liable to pay any tax to US govt.
My first question is can I have them deposit my pay check in US account without any ...
6
votes
1answer
106 views
How much in inflation protected securities (TIPS) should I buy?
I'm wondering whether it's worthwhile to allocate some of my bond portfolio in the Vanguard TIPS fund. I plan to work until about 2040, and I prefer (efficient) risk over return. I plan to buy and ...
6
votes
1answer
50 views
Will I lose a lot on health insurance by changing employer? (Yearly OoP Max)
I am considering leaving my current employer. Hypothetically, assume my new employer has a different health insurance provider (although, it probably doesn't matter, since it would be a different ...
5
votes
2answers
61 views
Interest on security deposits paid to landlords, in Michigan?
Does the state of Michigan require landlords to put security deposits in interest bearing financial institutions?
1
vote
2answers
59 views
How can I estimate business taxes / filing fees for a business that has $0 income?
I'm looking for a good resource to understand the penalties I need to pay in order to get my business 'up to date' with the IRS. I called the NY state and I was able to determine the amount needed ...
7
votes
2answers
57 views
How do third-party banks issue car loans?
If you buy a (new or 'certified' used) car at an American dealership licensed by a manufacturer (and, of course, your credit is good), you can borrow money from the manufacturer's associated bank, ...
3
votes
2answers
62 views
How to get the lowest mortgage rate on a new purchase?
Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S.
What strategies can be applied to ensure the best interest rate possible?
What ...
4
votes
1answer
68 views
Does a land with an existing foundation (poured-in) qualify for a conventional home mortgage?
Based on my research, loans for land and construction lots are usually at a much higher rate than those for the purchase of a home. However, if a home does have an existing foundation poured in, will ...
2
votes
2answers
94 views
Filing form 8606 for non deductible IRA contributions
Background:
I recently realized that I need to file IRS form 8606 for a previous tax year(2011), to track my basis for non-deductible contributions to a traditional IRA.
I hold a bond fund in the ...
7
votes
3answers
149 views
Financing with two mortgages: a thing of the past?
Back in 2006, our mortgage broker easily got us two mortgages for use when purchasing a home with 10% down:
A non-conforming ("jumbo") loan with 80% LTV requirements covering 80% of the purchase, ...
2
votes
3answers
108 views
Should rebuilding credit include getting multiple credit cards?
In short, I had bad items on my credit report that I found by getting a free copy of the trans-union report on myself. I contacted the numbers to the items on my unpaid/ bad list and after about a ...
3
votes
2answers
138 views
Is a credit card chargeback appropriate in this case?
Consider the following scenario:
I purchase a power tool for several hundred dollars from a dealer, using my credit card.. The item has a 3-year warranty, which gives me some peace of mind. The ...
4
votes
2answers
124 views
Is there an advantage to international stock diversfication?
I'd like to reduce my risk of investing solely in the U.S. stock market compared to the rest of the world. However, my concern is that perhaps the U.S. stock market already has such international ...
1
vote
2answers
57 views
Why do some symbols not have an Options chain for specific expiration dates?
In an attempt to generate income from holdings, I generally screen stocks that trade options regularly. In my research, I have noticed that certain stocks have weekly options - but not always. For ...
3
votes
1answer
75 views
Do I have to pay the Internal Revenue Service in West Africa in order to transfer a government check from West Africa to a US bank account?
If you have a government check from West Africa and want to transfer the money to a United States bank, do you have to pay the Internal Revenue Service in West Africa before you can transfer you money ...
1
vote
1answer
23 views
Indian working in Canada has income in US (Sold shares) - How to file taxes/file for extension?
I am an indian citizen working in Canada on work permit. For year 2012 I was never in the US. The only income I had in US is when I sold shares + some small interest in savings account. I am neither a ...
2
votes
2answers
58 views
Can the interest on a cash out refinance for a rental property be claimed as an expense?
I currently have my home all paid off. I am thinking about purchasing another property as my primary home, and renting out my paid off current home. My question is should I:
Get a regular loan for ...
4
votes
1answer
66 views
Does a total due tax of over $1000 automatically get placed in a quarterly payment plan?
I work as a contractor and I'm filing through TurboTax this year in the US.
I owe just over $1100 this year. I've always been in the green before this year - always received a refund.
The report ...
3
votes
1answer
78 views
I inherited financial assets like stocks, bonds, etc. Should I sell them as soon as I receive them?
I'm specifically referring to financial assets like stocks, bonds, index funds, etc and to people who don't need to file an estate tax return; if they do need to file a return, they're certainly not ...
3
votes
1answer
43 views
What are the tax implications of a normal sale of a house?
What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
1
vote
0answers
27 views
Where can I find quarterly earnings-per-share data for the major U.S. market indices?
Where (on what website) can I find last few years' worth of quarterly earnings-per-share for the Russell 3000? and the Dow?
0
votes
1answer
37 views
Can my employer adjust FICA contributions on payroll they have already processed?
After a sabbatical I joined my last employer as a person with resident tax status, married.
Before my sabbatical I worked for them as a person of non-resident tax status, single.
Since I forgot to ...
0
votes
1answer
32 views
How can I have a 4549 from more than 3 years ago? Can I amend a return for which I've received one?
I recently (in 2013) received a From 4549-A from the IRS for tax year 2006? I had assumed that after 3 years, no review of or change to my taxes could occur, but clearly it is possible (for the IRS, ...
1
vote
1answer
64 views
W2 and 1099 (self employed) income in same year: social security taxable income limit?
For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate).
Suppose a person is ...
1
vote
1answer
37 views
Can a foreigner filing US taxes as resident claim Lifetime Learning credit?
Since I am married to a US citizen, I can make an election to file my taxes as a resident.
Both me and my wife are graduate students and have been paying tuitions for 2012.
If we file MFJ, can both ...
4
votes
2answers
57 views
Why is the 2013 Withholding Calculator giving me such incorrect recommendations?
I am trying to figure out what I should enter in my W4 and want to use the IRS Withholding Calculator as a guide.
To that end, my information is as follows:
We will file MFJ, with an income of ...
