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

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16 views

Cashing Government check

Can I cash a government check at a bank without having a bank account anywhere? It is a substantial amount of backpayment from SSDI.
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1answer
31 views

Estimating independent contracting taxes when I am ALSO separately a full-time employee

I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to ...
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13 views

Does the Section 1256 Rule (60/40 rule) pass through to Mutual Fund holders?

Section 1256 of the U.S. Tax Code applies, in many situations, to SPX options. If I own a mutual fund that makes use of SPX options, do the SPX gains get passed through to me on a 60/40 basis -- e.g. ...
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2answers
275 views

Lender refuses to terminate PMI despite my LTV being less than 78%

My lender, US Bank, is refusing to terminate my PMI even though I am now below the 78% loan to value ratio. We've been perfect customers and have never missed a payment. Their reasoning is that they ...
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1answer
30 views

Late payment of estimated taxes

I live in the United States, this is my first year paying estimated income tax and I've missed the first two voucher deadlines. My question is should I mail them now (late) and send each one ...
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1answer
31 views

Do I repay Social Security Disability Insurance (SSDI) if I suddenly have income and assets

I have four chronic disabling diseases and have received Social Security Disability Insurance (SSDI) for 10 years. If I suddenly own a home and income property, must I repay social security? If so, ...
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1answer
31 views

Tax Exemptions: Live in One State, Work in Another

So I'm pretty young and don't completely understand how I should be handling my taxes. I've been burned year over year recently by being a contractor and have recently started to pay attention closely ...
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1answer
63 views

Tax implications of roommate rent from unofficial apartment sublet

I'm currently renting a 2/2 apartment in the US that is managed by a REIT (NYSE:MAA). I set it up in which I am the sole responsible lease holder and have added a roommate to the lease as an occupant ...
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2answers
69 views

Plan/education for someone desiring to achieve financial independence primarily through investing?

I just turned 20 and live in the U.S. I haven't started any career, and I haven't graduated with an associates like some of my friends. I'm at a crossroads and I don't quite know what to do. I want ...
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1answer
36 views

Pre- & post-tax calculations for comparing contribution amounts for traditional 401k vs. Roth IRA?

I currently have a rollover IRA which I no longer contribute to and a 401k which I currently contribute to. I would like a Roth account to be more diversified from a tax perspective. I currently put ...
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1answer
34 views

Should I report driving tickets on my international driving permit to insurance companies

I have an international driving permit I got from India for driving into United States. I have 2 tickets on it in US. Now that I have got my own driving permit in US, should I report to insurance ...
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1answer
21 views

flex spending when transitioning from full time to perdiem

I am moving from a full time position with health benefits and $2500 in flex spending to a perdiem position. I gave my notice to decrease from full time to perdiem without benefits as of 7/6/15. How ...
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4answers
744 views

Tax me more: Can I pay extra to the government so I don't have to deal with all this paperwork? [on hold]

Is there a way to tell the US government: Just take all the money you like and save me the effort of the yearly filing of taxes? Doing all this tax work is so annoying to me that I really would like ...
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0answers
48 views

Is it legal for a company to contribute differently to a 401(k) for different empoyees?

A hypothetical employer contributes 3% to the 401k of non-HCEs (highly-compensated employees). It's not a match: it's a straight contribution, regardless of the amount that the employee contributes. ...
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2answers
45 views

Limit on hard cash exchange (EURO -> USD) in USA

Say I have 8500 euros as hard cash in USA. Can I just walk into a bank and deposit it in my account as US dollars? Is there a limit on how much hard cash I can exchange at once in the states?
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2answers
3k views

Received federal student loan collection letter, but never had one. What to do?

Yesterday I received an unexpected letter in the mail, a federal student loan collection letter from ConServe collections. I've never had a federal student loan, so it was quite surprising to receive ...
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0answers
13 views

Coverdell ESA Tax Consequence For Corporate Contribution

I have a small business (C corp) and noticed that corporations can contribute to an Coverdell ESA account with no income limit. Can I create an ESA account for a child and fund it 100% from corporate ...
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1answer
30 views

401k Transfer After Business Closure

I worked at a company for 4 years; they had my 401k set up through paychex. My paychecks started bouncing and soon the business was closed (it was part of a franchise and individually owned). A few ...
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2answers
85 views

Best way to reduce tax burden of a signing bonus

My friend has been given a job offer with a generous signing bonus under the label of housing and child-tuition support to help towards the burden of relocation. The only problem is that the company ...
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1answer
42 views

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two ...
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1answer
82 views

Waiving PMI on initial conventional mortgage loan

I am about to close a mortgage loan for a HUD property which I had originally opted for a USDA Rural @ 3.25% for a sale price if $135,500 for 30 years. I just got the bank appraisal which states its ...
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1answer
51 views

taxes on home if quit claimed to son in entirety, but mom still lives there

Will my thirty-year-old son have to pay taxes on my home if I quitclaim him to the title? What if he just owns one-half of the home; how will that affect his taxes? We live in Boise, Idaho and he ...
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2answers
141 views

How much money should I put on a house?

My mother passed away and left me with 100,000 dollars. My boyfriend and I decided that we would go ahead and buy a house. We are living with my dad right now and have 2 kids and we are both 22. I am ...
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0answers
133 views

I got a raise from 50,000 to 65,000, and paycheck calculator says that I should take home $867

Hi I recently got a raise and wanted to calculate how much I would take home, and I get paid weekly. If my salary is 65000, I live in NYC, and my weekly paycheck is $867, that is more than 30% of my ...
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1answer
28 views

Foreign intern in USA - filling out W-8BEN form

I'm a Canadian student doing a paid internship in the United States for the summer on a J1 visa. I've set up a bank account here in the United States which has been used to successfully directly ...
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1answer
41 views

Will I pay US taxes on visiting family money that is deposited into my account

My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account. My question is: Am I going to ...
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1answer
116 views

What happens If I Overpay Social Security Taxes?

Resource: Maximum social security tax income level for 2015. I work four jobs and just noticed on the second one, they're deducting social security taxes. The first job I work pays 99% of the ...
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1answer
14 views

How to create joint foreign currency account in Israel between US/Israeli citizens

I live in the U.S. (American citizen) and my son in Israel (Israeli citizen). I want to know if it's possible to open a joint foreign currency account which would permit me to lend him money and ...
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3answers
95 views

Accepting personal “donations” (not as a non-profit)

I develop software and games, some of my users have said they would be interested in supporting me, even though what I make is free. It seems to be that the PayPal donate button is reserved for ...
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1answer
21 views

How to Receive US Dollars for my savings account

I'm Planning to open-up a small consulting firm in india. I need to know is there a way to open up an US bank’s account in my name in USA, without being physically present in US or visiting US? ...
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1answer
23 views

Disclosure (13D, insiders) and equity swaps/options

What is the current SEC ruling on equity swaps and options? For example, 13D requires that When a person or group of persons acquires beneficial ownership of more than 5% of a voting class of a ...
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1answer
30 views

Under federal rules, does a non-taxable IRA Roth Conversion impact school financial aid?

If you convert a traditional IRA to a Roth IRA and all the funds were deposited into the traditional IRA as non-deductible contributions, and there is no gain, and thus there is no income by the ...
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1answer
16 views

Tax implication In India

My husband arrived in USA (California) in Oct 2014 for the first time . For Year 2014 we were considered as non resident alien (for tax purpose I guess). We have filed for the income tax in USA and ...
2
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1answer
38 views

Temporary relocation to Massachusetts

My company is looking to temporarily (6months) re-locate me to Boston from California. I think I will be keeping my permanent residence as my home address in CA. My question is, will I need to file ...
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0answers
47 views

How much maximum money can transfer on regular base from USA to India?

I have 3 questions to avoid IRS penalty- I am on employment based visa in USA and want to send dollars from USA to India from my savings (after paying Tax). How much maximum dollars I can send in a ...
2
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1answer
64 views

Confused regarding allowances: No taxes being withheld at source

I claim Head of Household on my taxes. I have 4 children and my total allowances on my W4 add up to 14. I am confused because no taxes are being withheld from my pay. How will this affect me when I ...
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1answer
34 views

At what point in a refinance application should I be able to get a rate lock?

I've submitted my URLA, credit is checked and appraisal is scheduled. The broker has sent a disclosure pack that he wants me to sign and return with all documentation in order to start underwriting. ...
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0answers
72 views

How to trade Conferate Flag futures [closed]

There is a temporary supply disruption in memorabilia marketed as Confederate Flags and I was wondering if any US brokers offer exposure to this market Chinese companies that create Confederate Flags ...
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0answers
58 views

Need Help Paying For Previous Semester of College

I went to University of Southern Mississippi for 2 years until they denied me getting financial aid. I did not have my mother's tax return from a tax year that she had not filed at the time. I was ...
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1answer
61 views

Pay Off Unsubsidized Loan with Subsidized Loan?

I'm currently sitting at about $14,000 USD in loan debt, and am still enrolled at university. I will estimate about $10,000 is unsubsidized, making the remaining $4,000 subsidized. I was fortunate ...
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1answer
15 views

H1B First Time filing W4

I have traveled on H1B in early june with family. I need to file W4 for withholding taxes. Please help me if i have to file W4 as Resident Alien or Non Resident Alien. I have never stayed in USA ...
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1answer
68 views

Can I keep my bank account and SSN after giving up permanent resident status?

If I were to abandon my permanent resident status in US, will I be able to keep and use my Wells Fargo bank account? Also what happens to my Social Security number?
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1answer
76 views

S&P 500 - Current Constituent List

I'm getting different constituents from various places. An Excel sheet from the S&P website indicates 498 constituents in the S&P 500: Link to Excel Sheet on the S&P website, look at the ...
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1answer
79 views

Rental Application Fees

I've been trying to find a new apartment. Each application I've submitted cost between $20-$35 and I've yet to find a new place. A lot of these places have me just write out a check which I never see ...
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0answers
59 views

Refinance one rental to invest in another?

researching all the implications: Smart to refi rental property? Want to reduce my income tax paid (possibly?) on positive cash flow and use $100k as down payment on my retirement home(7 years to ...
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1answer
20 views

Do restricted stock units (RSUs) count as constructive receipt based on the percentage vested or only upon full vesting?

When am I liable for taxes? I know that I am not liable for taxes on the date of grant. Scenario: I have been granted an allotment of restricted stock with a 4 year vesting schedule by a publicly ...
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1answer
2k views

Is an employer within their rights to limit 401k contributions to 25% of compensation?

I would like to ask a specific question regarding employer limitations on 401k contributions. I have read other posts in the forum that explain that limitations often exist on highly compensated ...
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0answers
61 views

Is the repayment of monies loaned to my company considered income?

I have been working diligently for years to get my business off the ground. I have been funding its monthly operation via my personal funds, each month lending the company (an LLC) just enough to pay ...
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1answer
19 views

Receiving partial payment of overseas loan/company purchase?

We invested in buying a company in Africa and want to send money back to the U.S. as partial repayment on the money we invested. What do we have to file, and what are the tax implications on the ...
3
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1answer
66 views

Property taxes collected at closing weren't assessed correctly

We sold a home in March 2014. The lawyer who drew up the closing paperwork did it incorrectly and only charged us $900 for property taxes. The actual bill came out to $2400 for 2013. The current ...