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

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2
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0answers
16 views

Is my HSA contribution “individual” or “family” if I had a qualifying event mid year?

I started 2014 with a "family" HDHP. At the end of February my spouse started a job with her own coverage (not HDHP) and we added our child to her new "individual + child" plan and converted my ...
0
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1answer
27 views

OVDP Penalty calculation for the year of double residency

I moved to US in October 2010 as GC holder (won DV lottery, GC date is Oct 15th). I had a few active and closed accounts in the country of origin in 2010. Those accounts generated the following ...
2
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2answers
108 views

Any problem if I continuously spend my credit card more than normal people?

I continuously use my credit card for my friends' expenses. Normally I could spend 20~30K USD each month to get more points/cash back. I don't have large credit limits so in most time I'll put cash ...
6
votes
3answers
807 views

How much in gifts can I receive per year in the US?

After reading IRS Pub 950 it appears one couple can gift another couple up to $56,000 per year. My question, how much can one receive per year? For example, take my girlfriend and me: Can we receive ...
1
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1answer
56 views

Allocation of HSA assets

I have a health savings account (HSA) linked to my high-deductible health plan (HDHP). I have been contributing to it for several years at the annual maximum. I have the HSA through UMB. The account ...
2
votes
3answers
73 views

Do I need to file tax form 1099 misc for my royalties?

I've self-published a book and have sold a few hundred dollars worth of books from the back of my car. (I know I need to pay sales tax on these books.) I have a simple sole proprietorship business in ...
0
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1answer
67 views

Is a 401k annual increase program relevant if I'm already maxxing out my contributions?

I currently enroll in my company's 401k program and am completely maxxing it out; i.e. I'm putting in the full $17,500 per year. The 401k provider (Fidelity) offers an "annual increase program" where ...
1
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1answer
86 views

Is the address on 1040 and MD resident 502 my previous address in 2013 or my current address?

I am filing 2013 federal tax using 1040 form, and 2013 Maryland tax using 502 form. I have moved away from Maryland in 2014. So I wonder if I should use my current address or my old and invalid ...
0
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1answer
27 views

How to report “foreign tax paid” from 1099-DIV?

Is it correct to report Foreign tax paid in 1099-div to line 47 Foreign tax credit in 1040 form? But here http://voices.yahoo.com/how-report-amounts-form-1099-div-2439-11819489.html?cat=3 it says ...
1
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2answers
191 views

Can I afford this condo?

I just found a condo I really like and I am debating with myself whether it would be a good idea to pursue it from a financial perspective. I'd like to get some educated, objective opinions on my ...
0
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1answer
16 views

How to report specified private activity bond interest dividends?

From http://voices.yahoo.com/how-report-amounts-form-1099-div-2439-11819489.html, I learned that Specified private activity bond interest dividends reported in box 11 of 1099-DIV is the portion ...
1
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1answer
35 views

In 1040 form, where shall I report my “Total Capital Gain Distributions” reported by 1099-DIV?

In 1040 form, where shall I report my "Total Capital Gain Distributions" reported by 1099-DIV? It is not capital gain/loss, isn't it? Instruction of 1040 says: Instead, they are included on Form ...
0
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1answer
34 views

Can I use freefilefillableforms.com to report my federal tax?

In 2013, I reported my 2012 tax using www.freefilefillableforms.com, promoted by IRS. This year for 2013 tax report, I noticed that IRS says to use Free File Fillable Form when Income is above ...
1
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1answer
31 views

How to know if I can have NOL (U.S. tax)?

investopedia defines NOL to be for a company or business. So I think an individual doesn't have NOL. Is it correct? What is the difference between NOL and capital loss? What are their relations ...
3
votes
2answers
51 views

Which state shall I report my tax to?

I lived in Maryland state the whole 2013 year and the first 20 days of 2014, and then have moved to New York State since. I haven't had any income from Maryland since beginning of 2014, and I expect ...
0
votes
1answer
31 views

What diference are between carryover and carryforward in U.S. individual tax?

What diference are between carryover and carryforward in U.S. individual tax? Are they both to apply some current things to the taxes in the future? Carryover looks like only applied to the capital ...
1
vote
1answer
41 views

How to check about my unfiled tax return 15 yrs ago in the US or how to determine if I still have unpaid taxes to pay

I believe I may have some unfiled tax return in the US 15yrs ago. Although I filed for the 1st yr of my employment before and paid my taxes my last remaining months back then I believe I left without ...
2
votes
2answers
79 views

Can I withdraw cash from selling investments before the settlement date?

If I sell stocks, will I be able to withdraw cash from the proceeds that same day or will I have to wait until the T+3 settlement date? Does it depend on the brokerage?
0
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1answer
38 views

How early in a year can one report tax in U.S.?

Each year, I am almost always behind in reporting my tax. Besides I am often busy and may be forgetful, there are other reasons: Firstly I am not sure when W-2 forms, 1099 forms, ..., and other tax ...
1
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3answers
115 views

Loss from selling mutual funds and tax in U.S

In my last year's tax form (1099 form) from a brokerage company (TD Ameritrade), I don't find my loss realized when I sold some mutual funds last year. TD Ameritrade said that the 1099 doesn't ...
4
votes
1answer
48 views

Whats the difference between a qualified and an unqualified covered call?

I own various shares that I want to start writing covered calls on but I've heard about differences between "qualified" and "unqualified" covered calls. What's the difference? All I can find is that ...
2
votes
0answers
17 views

What is the added advantage of a broker being a member of NFA in addition to IIROC

If my broker is a member of the national futures association, what extra protection does it give me over the fact that it is also a member of IIROC? I am particularly referring to this: ...
2
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2answers
87 views

Auto loan and student loan balance

I have a student loan of around INR 11,00,000 (~USD 18,240) at 13.7% APR. I have an auto loan in the US for USD 10,000 at 6.35% APR. I am aware of the high interest rate on my auto loan and wish to ...
2
votes
2answers
113 views

Is it acceptable to balance transfer a credit card's balance to itself?

Is it acceptable to balance transfer credit card debt to the same card? Often, balance transfer promotions come as checks in the mail, and I learned that you may write that check to yourself and ...
2
votes
1answer
56 views

How to contact the IRS to determine if your taxes have been filed by a CPA?

As a follow-up to my other question: How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time? I have not received any contact from my CPA other than ...
1
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1answer
52 views

Deadline to amend a 1040 tax return filed late?

Generally, you can file 1040 up to three years after the original deadline for filing. So if a person just filed for 2010 (due April 15, 2011) on April 15, 2014 (three years later) and new see an ...
4
votes
1answer
100 views

How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time?

I decided to use a CPA because my tax situation got complicated this year. I have attempted to contact my accountant several times and cannot get a response from him at all. It is now after the ...
0
votes
2answers
105 views

Is buying co-workers lunches(reimbursed by them) taxable?

Every day, I go out and buy 10 people lunches and they pay me back. I mostly break even, but may come out a couple dollars ahead. Do I need to claim this on my taxes? Thanks
2
votes
2answers
77 views

Is it inadvisable to leave a Roth IRA to charity upon death?

Short version: I have (for example) $50K of assets in pre-tax accounts, e.g. a traditional IRA, and $50K of assets in my Roth IRA. When I die, I want to leave $70K to charity and $30K to my siblings ...
2
votes
2answers
58 views

What to do if a state and federal refund is denied direct deposit?

I helped my girlfriend file both her state and federal taxes this year. We 'share' a bank account, but her name is not on the account (the bank currently does not offer joint accounts, otherwise it ...
0
votes
1answer
84 views

Automatic Extension online filing request gets denied w/ code R0000-052-01 - why?

I am trying to e-file, using the FreeFileFillableForms website, an extension request (F.4868). I have no tax due, and expect a couple of thousands in returns once I file the complete F.1040. ...
1
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1answer
23 views

Can I claim a full tax deduction in India of the entire amount withheld from my U.S.-source income?

I am an Indian citizen resident in India. Say I earn $1000 from a US source. They withhold 30% since I haven't provided an ITIN in my W8ben. So I get $700 in hand. I understand that I have to report ...
0
votes
1answer
66 views

Is contributing to traditional IRA then converting to Roth a way around MAGI limit?

We usually contribute to a Roth IRA, but our income is variable enough that sometimes our MAGI is over the limit. In this case I want to contribute the full amount (post-tax) to a traditional IRA and ...
0
votes
2answers
52 views

Does making credit card tax payment through service provider constitute IRS form 4868 extension request?

If I pay the amount due on my extension for US IRS form 4868 through an IRS approved payment provider that accepts credit cards such as PayUSAtax.com who charge 1.87% for the service and I designate ...
2
votes
2answers
58 views

Do I have to pay tax both in NYC and England?

I work in London for an English company. I will move to NYC and keep working for the same English company for a few months doing researches to open a new business, and my boss would like to keep ...
3
votes
2answers
75 views

Property appraisal protest question

(First time homeowner here) I recently received my estimated property value in the mail. It was listed at $207k. Our house was built in 2013, and the value of the land pre-build was $25k. The home ...
0
votes
2answers
52 views

Estimated Tax Requirements (1040es) Seem Low

TL;DR - Form 1040es lines 14a and 14b are very different, causing me to be wary of my end result for required quarterly estimated tax payments. I've been working through my 1040es for the first time ...
1
vote
1answer
31 views

Buying property in India : paying loan/mortgage

I am on H1b visa in USA and thinkg about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in india? Can i get tax relief for loan/mortgage payment ...
0
votes
1answer
25 views

Selling property in India and gettting back money to USA

I am on H1b visa in USA and thinking about buying property in India. Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back ...
1
vote
2answers
50 views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
1
vote
1answer
23 views

Buying property in India : joint owner

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. Should I buy property on my own name? or me and my father's joint name? If I keep my ...
8
votes
1answer
837 views

If Roth IRAs are not reported on income tax returns, how does the IRS police them?

Directly from the IRS: Contributions not reported. You do not report Roth IRA contributions on your return. If that's the case, then how does the IRS make sure people don't exploit the ...
0
votes
4answers
58 views

Tax on Stocks or ETF's

This is a really stupid question, but just to confirm: tax (credit) is accessed only on the realized capital gain (loss) from selling of stocks or ETF's, correct? To answer the question from the ...
0
votes
1answer
68 views

Is my spouse at risk for a joint filing in a year where I have settled a major debt? [closed]

I settled and wrote-off a major debt. This was recorded as 1099-E income. I incurred all of this debt under my name only, and she was not my spouse at the time I got into the debt. She was my ...
0
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1answer
44 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
0
votes
1answer
50 views

Buying property in India

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. (1) Should I buy property on my own name? or me and my father's joint name? If I keep my ...
0
votes
1answer
26 views

Deducting related educational trading expenses from LLC?

From what I understand, you need to trade full-time in order to deduct educational related trading expenses such as magazines, courses, or newsletter subscriptions. If I'm not a full-time trader but ...
1
vote
1answer
36 views

Can I transfer money from an NRE account to a USA checking account?

I want to transfer some money from USA checking account to my Indian NRE account to get the benefit of a good interest rate. But when I need this money back in USA, can I transfer money from my NRE ...
3
votes
1answer
129 views

Avoiding Double-Reporting Income (1099-MISC plus 1099-K)

We bill all our clients through credit cards, and the card processor sends us a form 1099-K report of all the income received. But at the same time, many clients insist on also sending us a 1099-MISC ...
3
votes
2answers
64 views

Opening and funding an IRA in three days - is this feasible?

I'm doing my taxes. (I'm doing them really late this year because I became an independent contractor and I've been paralyzed by fear - I've procrastinated quite a bit.) Turbotax is telling me that I ...