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

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4
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2answers
58 views

Tax deferred savings limits and early retirement possibilities

I've been listening to some financial independence podcasts where people claim that if you save 75% of your income into tax deferred retirement accounts, you wind up paying no income tax even with an ...
1
vote
1answer
32 views

Interest on a deposit

In NC Can I sue for the interest on a security deposit that was in escrow for over 12 year's? My former landlord died and my deposit was with held unlawfully , can I sue for three time's the amount of ...
0
votes
0answers
23 views

How would your write wire instructions?

I am used to wiring funds through SEPA by using IBAN and BIC codes. I just learned that these can't be used in electronically transfering money from the US to the EU. My bank provided me with 4 ...
10
votes
4answers
2k views

Any compelling reason to contribute to a 401k if my employer doesn't match?

My employer does not match 401k contributions at all. Currently, I do not make any contributions to a 401k or an IRA due to a need for liquidity. Aside from the obvious gains incurring no tax ...
2
votes
0answers
40 views

Better to get loan from finance company or bank considering the drop of credit score?

I want to know if there's a difference between getting personal loan from a finance company or a bank, considering the drop of credit score/grade (assume all other aspects are exactly the same)? I've ...
10
votes
3answers
683 views

How does tax work with donations?

My understanding of the gift tax is that the donor has to pay the tax, but up to a limit they don't have to pay tax. I'm a developer. Suppose I offer my software/libraries/blog for free on my site ...
3
votes
1answer
97 views

Can I take money out of my Roth IRA any time?

So I have a Roth IRA brokerage account with Scottrade. I finally have enough savings (maxed standard employer 401k, emergency fund, etc.) that I'm ready to start investing some of my discretionary ...
1
vote
2answers
47 views

Withdraw from IRA or regular savings for First Time Home Buyer?

What is the optimal way to source the funds for down payment of a first time home buyer? I understand if I withdraw 10k of an IRA account there will be no 10% tax penalty, but there will be taxes to ...
0
votes
0answers
42 views

Indian resident > earnings go in USA bank > then wire to India > do I need to pay US tax?

The question says it all... I have a personal bank account in the USA (as a non resident), where I get paypal and other payments. These payments are then sent to my Indian bank. I do not live in ...
1
vote
3answers
63 views

Best way to find a no-surcharge ATM in my area?

Is there any easy way to find an ATM, by location search, that doesn't have any surcharges? The closest thing I could find to a generalized solution is sponsored by All Point, so it only returns their ...
5
votes
1answer
74 views

Am I required to file a Georgia tax return?

I've been employed by a Georgia-based company since 2009, but living in Kansas and working from home. All this time I have only ever filed a Kansas (and Federal) tax return. However, an answer to ...
4
votes
1answer
126 views

Withdrawing IRA early to pay off large credit card debt?

I am 38 years old and married. Because of a mix of bad luck (multiple lay-offs between my husband and I over the years which led to months of unemployment, unexpected major medical bills), choice (job ...
6
votes
1answer
112 views

Should I split contributions between 2 Roth IRAs or max one out?

If I have $8000 to put in Roth IRAs, is it better to split it equally between mine and my spouse's, or max one of them out and put the rest in the other?
2
votes
1answer
53 views

How can I calculate deductible percentage of business trip?

Here's my complicated situation. My wife is an author, and when her first book came out in January 2013, she, I and our two kids went on a 7 month book tour. This was an extreme but totally legitimate ...
0
votes
1answer
51 views

Do I live in a state for tax purposes if my permanent home is in another state?

I lived in New Jersey for 20 years, but relocated to New York on 9/1/2013. I still own my house in NJ, my car is registered there, and almost all of my business for 2013 (except health insurance) is ...
0
votes
4answers
66 views

Mortgage Refinance

We are refinancing from a 30-yr to a 15-yr. Our current rate is 3.75%. The new rate for 15-yr is 3.875%. The loan is costing us $10,000 which is included in the loan. Our payments will go up approx. ...
0
votes
1answer
41 views

When should I reduce my student loan payments in order to save up for a down payment on another loan?

I'm currently paying off a little over $13,500 of student loans, at a rate of $300 a month and accrues approximately $60 of interest each month. My bi-weekly take-home salary is approximately $1,350 ...
0
votes
1answer
67 views

End of year crowdfunding and taxes

I am about to run a crowdfunding campaign, which will end mid-november. That gives me 1.5 months to spend the funds on project expenses--not really feasible given that it's all destined for ongoing ...
0
votes
2answers
52 views

What is a “property tax assessment”?

Zillow list property taxes near the bottom of any listing. There are two main columns, Property Taxes and Tax Assessment. On an example $350k home for 2014, Zillow list the two values as: $1900 and ...
2
votes
1answer
69 views

renter's insurance for causing property damage

It seems that renter's insurance only covers the tenant's property and perhaps guests. I suspect that a far bigger financial risk for a tenant is in liability due to causing a fire, flood or other ...
18
votes
10answers
8k views

I earn $75K, have $30K in savings, no debt, rent from my parents who are losing their home. Should I buy a home now or save?

My parents have advised me to buy a home, as residential real-estate is still "cheap" (or what's considered cheap in my area). My parents have valid points, especially from an economic/investing ...
0
votes
1answer
23 views

Can I resubmit W8-BEN with W9 form?

I am a dual citizen, both US and another country. Early this year I was requested by my stock broker (out side the US) to file either W8-BEN or W9 forms. As I was born outside the US and have never ...
0
votes
1answer
62 views

Elect corporation S status for my LLC

I'm the sole proprietor of an LLC in the state of Michigan. I'm not looking to do anything fraudulent or alike. I simply want to know if I elect to have my LLC to be treated as an S type corporation, ...
2
votes
2answers
142 views

Why do credit card transactions take up to 3 days to appear, yet debit transactions are instant?

I noticed that when I use my credit card it takes up to 3 business days (even 5 days including weekends if I use it on a Thursday, I have to wait until Monday or Tuesday) for the transaction to appear ...
2
votes
2answers
72 views

LLC v. W-2 Taxes when filing in Florida

I'm considering working as a contractor in Florida. Currently I'm a W-2 contractor, but considering a Corp-to-Corp contract since it's a higher rate. Just now I read Florida's Tax Page - ...
2
votes
3answers
195 views

Are employer 401k matching contributions invested prior to vesting?

Do the employer match contributions to a 401k before they are vested go into the investments that are selected for the employee contribution?
4
votes
1answer
167 views

I am the sole contributor to my long-term disability insurance. Will I owe income taxes on the amount I receive?

If I pay my own long term insurance, out of my check each week at my work, I read that I do not have to pay taxes on that income, that I would only owe taxes if my work paid for all or part of it is ...
1
vote
2answers
70 views

Why do (ACH) payments that withdraw or deposit on my bank account require 1+ business days to complete?

Based on this question, I figured that there might be multiple questions for distinct locales. Why do the most common transactions to or from bank accounts in the US require waiting one or more days ...
0
votes
1answer
42 views

Does an employer pay payroll taxes on non-taxable wages like 401K matches? [duplicate]

In addition to what the employee would pay in income tax on taxable wages an employer also pays their own payroll taxes on all taxable wages like: FICA FUTA SDI SUI ETT Are these taxes due from ...
1
vote
1answer
53 views

Is there an upper limit for money that an expat can keep in his US bank account?

I am a neither a permanent resident nor a US citizen. I have a bank account with a leading US bank which I use as my salary account. Income taxes are deducted at source. I know that I need to submit ...
1
vote
1answer
48 views

What does it mean to be “offset against taxable gains”?

In a shareholder's derivative litigation I have the following statement of the financial situation which this case arises from: "Plaintiffs contend that if the company were to sell the purchased ...
0
votes
2answers
76 views

Taking partial capital loss purely for tax purposes

I have a position in asset that I plan to hold for a long time. Currently its market price is on a downtrend and could possibly turn into a capital loss. I am not concerned about the near term price ...
2
votes
1answer
78 views

Uk citizen working freelance for companies worldwide. Who do I pay tax to?

I'm a designer from the uk who works from home in the uk for companies here & overseas, namely the US. I've worked for a few years to these companies never with any problems, but have now been ...
6
votes
1answer
128 views

ATM took in the money after spitting it out

I tried to use an Indian bank based (HDFC) Multi currency prepaid card in a Bank of America ATM to withdraw some cash. The ATM did spit it out but took it back in weirdly, looked much like it never ...
2
votes
2answers
73 views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
-1
votes
1answer
65 views

What are the pros & cons of buying a car as a business vehicle

I am planning to purchase a vehicle in the coming months. I have a business of my own formed as a S-corp in Virginia. I will be using the vehicle to commute every day to and from work and for other ...
1
vote
2answers
296 views

Shorting Obvious Pump and Dump Penny Stocks

Obviously there is a lot of risk involved, but I routinely see penny stocks (OTC) climb to unreasonably high levels of growth over very short periods of time (1-3 days), sometimes up to 9000% growth. ...
-5
votes
2answers
72 views

Why must I send a Tax Return document to the IRS if they already have all the data? [closed]

The IRS obviously knows all my tax info or they could not check it. Why don't they just bill or refund to me? No one else asks me to do their job for them and penalizes me if I do it wrong. It is ...
2
votes
2answers
121 views

Pros and cons of opening joint portfolio

From a tax perspective, what are the pros and cons of opening a joint investment account? To be more specific, I have a portfolio made up of Vanguard index funds. My girlfriend would like to start ...
0
votes
4answers
124 views

Why should I choose a 401(k) or IRA over a standard brokerage account?

401(k)'s and other retirement accounts have limits on restrictions on when your money can be withdrawn. But let's say I score a job making a huge sum, can save a lot, and want to retire decades early. ...
24
votes
6answers
3k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
1
vote
1answer
56 views

Can I open a checking account online in the US without typical proof of residence?

I don't have a utility bill, driver's license, or USPS card linking me to my address, just a lease that has my name written last minute in pen as an additional tenant. Is there any way I can open a ...
4
votes
3answers
144 views

How much off list price can I reasonably expect to get from a dealership on a used car?

Background: I'm looking at buying a used 2012 - 2013 Honda Civic from a dealership. This is my first ever car purchase, and with my lack of knowledge I am concerned that I will overpay in ...
0
votes
1answer
30 views

Post-tax HSA contributions above the IRS limit

Through a payroll error this year I over-contributed to my HSA. I know that I am able to request a taxable disbursement for this amount before my filing date. However, I am having difficulty finding ...
1
vote
1answer
177 views

How would the following income be taxed?

Excuse the lack of terminology here. A general contractor who is also a friend is seeking money to purchase, redo and then sell an existing home. He has about 85% of the total amount to purchase the ...
2
votes
2answers
42 views

Tax implications of dispersing trust to my child's 529 plan vs directly to me

I will be inheriting a portion of my father's trust. My child is in college now, and I contribute the full amount to the trust every year. Are there tax advantages to disperse proceeds from the trust ...
2
votes
1answer
80 views

A couple questions about Social Security benefits and making extra money

What is the limit I can make when it comes to working while on Social Security? If I get a prepaid debit card for the money I make, do I have to report my earnings? How do I go about doing this?
1
vote
1answer
50 views

How is Massachusetts state tax on unrealized capital gains calculated?

My state (Massachusetts) imposes a 5.2% tax on unrealized capital gains. [1] I'm trying to understand how this tax is calculated. Here's an example: John Doe makes $50,000 in a given year. Meanwhile, ...
0
votes
1answer
33 views

Money transfer from US to Israel

My boyfriend from Israel was planning on moving to the states to live with me. He brought about $10,000 here last time he came. He is now back in Israel and we decided he was not going to move here. ...
5
votes
2answers
440 views

Are there benefits to purchasing term life insurance with an option to convert to whole life, and what type of consumers should purchase it?

Most of what I read says, "whole life insurance is not for you", but they don't elaborate much more than that. There's even less about term life insurance that has an option to convert to whole life ...