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

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1answer
45 views

Is it OK that my bank's routing number is nowhere near me?

I have an HSBC account. The checks on said account have a routing number of 021001088. From what I found, this number has a location of Buffalo, Ny. That is a little weird since I live in NYC and the ...
3
votes
1answer
689 views

Ambulance Fees and Insurance

I recently had a medical scare that sent me to the hospital by ambulance in New York City. When the bill came due my insurer covered the emergency room visit but did not cover any of the costs of the ...
6
votes
3answers
110 views

How to maximize small business 401k contribution?

We own small business (C-Corp without S-election) that currently does not have employees outside the owners (three of us). The business is producing a nice amount of revenue and as of yet none of us ...
0
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0answers
35 views

Car lease payment, after moving from WA to CA

I have a car leased from Infiniti financial services, and right now I am planning to move from WA to CA. Once I get my car registered at CA, will it stop my monthly tax payment on car that WA state ...
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0answers
26 views

What is the US tax owed when gifting India Shares to my brother?

I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...
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2answers
41 views

Does a SIM only cell phone contract help credit rating?

I have been told that cell phone contracts are sometimes a way to improve one's credit score. This makes sense to me as a phone contract involves a commitment to pay monies at a regular interval, ...
1
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1answer
16 views

Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?

I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
5
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1answer
23 views

Rules for Roth IRA when you become a non-resident

What are the rules for Roth IRA's when someone leaves the USA and becomes a resident of another country before the age of 59 1/2? Does the Ruth IRA account need to be closed and the funds withdrawn ...
1
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0answers
25 views

Selling employee stock options now and waiting for Long Term Capital Gains or selling later

I've got some options that I'm looking to exercise and am trying to figure the best way to go about it. I always thought that exercising options and then waiting for long-term capital gains was the ...
6
votes
2answers
135 views

Why is selling a house in one day regarded so highly?

As a recent first time home buyer, I now get a lot of mail from Realtors and agencies. I've noticed that often times advertisements will boast that a house has sold in one day. In my mind, if a ...
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2answers
27 views

Re-financing rental property in excess of original basis

Is the interest deductible on a rental property mortgage that is in excess of the original basis plus any improvements, less depreciation?
3
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1answer
144 views

What does each of these fee terms mean?

I am thinking about applying for my first credit card, but I do not understand the meanings of the various transaction fees. There are several items listed as transaction fees: Balance Transfer ...
2
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3answers
134 views

Do “crossed checks” work in the United States?

I grew up in Australia, and learned that when I write a check, I should generally cross it with two diagonal lines with Not Negotiable written between them. The idea being that this signifies that ...
1
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1answer
80 views

What could someone do if they had a check made out to me? [duplicate]

Suppose I receive a check. Maybe it's for employment, or a class-action settlement, or maybe even just a graduation present from a relative. Doesn't matter. Point is, it grants me some amount of ...
2
votes
3answers
164 views

Possible to avoid state taxes by not having a fixed residence?

If a person lives in any given state for less than 4 months each year, can they avoid paying state income taxes? Is there a federal law that requires a citizen to be a resident of a particular state? ...
3
votes
0answers
49 views

IRS sent incorrect tax refund. How to correct this?

I sold a house in the US last year and as a non-resident alien there was a federal tax withholding of $4200. I filed form NR1040 to get this tax withholding back. This should have been a simple ...
1
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0answers
37 views

UGMA custodian deceased and I have reached the age of termination [closed]

One of my relatives set up a UGMA account for my siblings and I years ago with Wells Fargo in South Carolina. He was the custodian on all of the accounts and died in 2010. I have since turned 21 ...
0
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0answers
41 views

I don't for the LIFO me understand inventory valuation [migrated]

I was reading about inventory valuation and of course there is first-in - first-out, last-in - first-out and weighted average. I realized at some point that LIFO would cause the highest Cost Of Goods ...
3
votes
2answers
121 views

How are contribution limits enforced on Roth IRAs for people with high income?

Say I make over 194k and can contribute 0. https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2016 I know my brokerage Roth IRA ...
3
votes
2answers
53 views

Ordering of backdoor Roth conversion and rolling over 401k?

I have two retirement accounts: Traditional IRA funded with non-deductible contributions 401k I left my job so I want to roll over my 401k into a Rollover IRA, but I've also heard about the ...
-1
votes
1answer
98 views

When filing jointly, does it matter whose bank account is used to pay?

If both the wife and husband filed jointly, does it matter whose account we use to pay taxes due?
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0answers
40 views

State tax exemption limit and joint versus separate filing [closed]

Let take an example Income of the husband is $18000 Income of the wife is $4200 So their total income is $22200 The maximum exemption limit is $22500 for jointly filing state tax in Virginia (US) ...
0
votes
3answers
270 views

Can I mitigate lottery withholding tax by making an epic Vegas trip?

Lottery withholding taxes are quite substantial, and from my understanding of the federal tax regulations, gambling winnings can be offset by gambling losses up to the amount won. So if someone won 5 ...
0
votes
1answer
25 views

Will the H-4 EAD applicable for the taxes

what are the taxes applicable for the H-4 EAD. Will s/he are exempt from the SSN/MEDICARE or s/he will applicable to pay the taxes?
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votes
1answer
78 views

Any tax advantage for registering a residential house as a business? (I want to apply legal pressure to my landlord)

I am just wondering what the tax pros and cons are for listing what should be a residential house as a business in California. The place I was living at was officially registered as a business for my ...
1
vote
1answer
20 views

Correcting HSA contribution due to transfer of children's HDHP

I contributed the max ($6,750 for family in 2016). Now a court has ordered that my ex-wife take over health insurance for the kids, so my HDHP will cover only me, making my contribution max $3,350 for ...
0
votes
0answers
28 views

Under what conditions is the capital gains tax 0%? [duplicate]

In the US as I understand it there is no tax on long-term capital gains, so long as the filer is in the 15% tax bracket ($39,600 in income or less). Do the capital gains themselves count towards this ...
0
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1answer
64 views

Question about married couple filing jointly

When filing taxes jointly as a married couple, which of the following is accurate (or are none accurate)? Husband's total salary will be added to wife's salary Wife's total salary will be added to ...
1
vote
1answer
62 views

Auto insurance medical expense payments

My auto insurance offers an option for 'Medical Expense Payments' which says it: Pays medical expenses such as surgery, x-rays, ambulance, and physicians, regardless of who was at fault. ...
3
votes
1answer
89 views

What happens to my current loans if I go back to school?

I just recently received my bachelor's degree. I have government loans and a personal loan from Sallie Mae. I have to start paying these back in mid June. I have a job currently, and I was originally ...
0
votes
2answers
74 views

can we claim the exemption on the joint filing

The exemption for the single filing is only $11250 ? The maximum exemption for joint filing tax is $22500 suppose the salary of the husband is $18000 and the wife is $4500 are they eligible to ...
17
votes
9answers
4k views

Should I withdraw from my IRA to pay off my credit card debt?

Should I withdraw $45,000 from my IRA to pay off credit card debt? I am 63 years old. Because of a change in employment status for the last 4 years I went from full time to part time. In order to ...
6
votes
3answers
226 views

Does an employee have the right to pay the federal and state taxes themselves instead of having employer doing it?

I was wondering if a W-2 employee has the option to tell their employer that they will pay their taxes instead of having the employer do it....
4
votes
2answers
87 views

Does a tax filer have to pay a “no health insurance” penalty for an adult sibling tax dependent?

My 28 year old sister lives with me. She doesn't work, and she goes to a local community college to study English for adults (the tuition completely FREE of charge). I fully provide for her. She has ...
0
votes
2answers
66 views

US mortgage without waiving or assigning rights?

At a bank in Pennsylvania (USA) to get loan with house as collateral. This is for a small rental LLC with a couple of houses. While reading the agreement, much of it was commonsense, but a few things ...
-1
votes
2answers
72 views

Physical Checks - Mailing

I am about to mail a check directly to a financial institution in the USA where the receiver holds an account, so that the money from the check can be deposited into the receiver's account. However, ...
0
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0answers
23 views

Non-Resident Alien, Selling Stocks

I am a Non-resident Alien living in US since Oct 2015. I was living in India and in 2015, I bought some stocks which I intend to sell by July-Aug 2016. I have been paying US Tax returns for 2015 and I ...
2
votes
0answers
107 views

Letter in mail about a foreclosed house I owned selling at auction and them trying to get the funds for me

...I'm sure as long as they get a cut. I received a letter from multiple companies, so there must be some way for me to get this information and get the money that's owed to me, if any, and I'm sure ...
0
votes
1answer
82 views

What does it mean if a soft credit check is done on me, and nothing shows up?

I have no credit yet. My friends and I are renting an apartment, and it was a pain to find a guarantor. Now, we have to set up the utilities. I called the electric service company, and the customer ...
1
vote
1answer
53 views

Taxation of foreign currency arbitrage

I live near the border with Mexico have found a way to make some money trading currencies when I go over for the afternoon. Basically, I can withdraw money in pesos at an atm machine from a checking ...
0
votes
0answers
19 views

What are the tax implications of transfer fees while rolling over Roth IRA held in CD?

I have some money in a CD that's in a Roth IRA account. I'd like to transfer it out of that account and into another one, as part of a roll over. The CD is not at maturity, so I will need to pay a ...
0
votes
2answers
28 views

Determining resident status for an H1B filling W-4 form

I arrived to US a month ago, on May 1st, because of a new work. I have been told by the company to fill W-4 form in. But, it seems that W-4 form must be filled in differently depending on my current ...
1
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4answers
388 views

Got charged ridiculous amount for doctor's walk in visit. What are my options?

I went to a local doctor's office that takes walk ins. The visit was normal, they took my vitals, doctor saw me, and prescribed some meds. A few weeks later I got a bill in the mail for $400. ...
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votes
1answer
78 views

Setting up a 401(k) like fund

I work at a non-profit, and we've had our yearly benefits survey. One employee mentioned the possibility of starting a low-cost, organization administered pension fund. What we'd "really" like is an ...
7
votes
8answers
3k views

Would I qualify for a USDA loan?

I am eager to buy a home within the next year. My husband and I are in the process of fixing credit. I am interested in learning more about the USDA loans and think that this would be the best type of ...
4
votes
0answers
76 views

What do codes “O”, “T”, “X”, and “N” mean on Wal-Mart receipts? [duplicate]

What do the four individual Walmart receipt codes of "O", "T", "X", and "N" denote?
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0answers
103 views

US Bank Won't Cash Old CD

I have an old (> 20 yrs) CD from a bank that was bought by a bank that was bought by US Bank. I went to US Bank to get it cashed, and they have no record of it, me, or my parents (we're all listed on ...
3
votes
1answer
34 views

Car insurance with foreign and domestic Driver's License

I am currently living in the U.S. I am looking to get a car insurance and wonder how they calculate my rate. As I know it from Germany, they calculate the risk with a formula depending on where I ...
0
votes
1answer
97 views

I have an account at the BBT and money was seized for inactivity

Hi I had an account at the Wachovia that then became the Colonial and now its de BBT. I have not used the account for years but checked online regularly. I now go to the bank and they told me the ...
0
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1answer
63 views

Where to request ACH Direct DEBIT of funds from MY OWN personal bank account?

Could anyone please explain where and how to request ACH Direct DEBIT of funds from MY OWN personal bank account? The ACH Processors such as nationalach.com are out of the question because they only ...