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

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0
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2answers
46 views

Freelancing and getting taxes taken out up front instead of end of year?

I'm a programmer and I've been working at my current freelance gig for a few months now. They pay me hourly and ranges from 20-40 hours a week. The checks I've been receiving have taxes deducted ...
1
vote
1answer
30 views

US tax Implications on (sort of) buying a house in India

I live in the US (a student on an F1 visa) and my dad, who lives in India, is buying a house in India. He wants to register the house in my name, just as a gesture. I am NOT investing any money in the ...
3
votes
1answer
114 views

What are my HSA contribution limits if one, but not all members of the family are covered by an HSA-eligible plan?

My understanding is that when a person enrolls in an HSA-compatible health plan, he may contribute $3300 to an HSA. For example, if Adam is enrolled in an HSA-compatible plan, he may contribute $3300 ...
2
votes
1answer
57 views

Do I have to sell worthless stock to claim a loss and clean up?

On February, 3 2000 I purchased shares in iVoice.com (IVOC). These shares sat in a "hobby" account which I rarely looked at until recently. I'm looking for guidance on how best to deal with the ...
1
vote
1answer
36 views

W-4 Worksheet for Spouses Filing Jointly: Who Files the W-4?

I've tried finding an answer to this issue both here and elsewhere on the web and haven't been able to so far. My husband got a new job last month with a significant salary increase, and I've been ...
20
votes
2answers
1k views

Mutual fund value went down, shares went up, no action taken by me

I have no prior experience with stocks so please forgive me if this is a dumb question but I don't even know what to try googling. Two days ago I signed up with scottrade. I put $1000 into ICENX ...
1
vote
1answer
41 views

How to register LLC in the US from India?

I am living in India. I have an online business with many clients in the US, and I want to register it as an LLC in the US. Which state is the best to register in? What is the process for me to ...
3
votes
1answer
43 views

Should I treat HSA as taxable or non-taxable in deciding on bonds if my state does tax it?

If my home state of California taxes the gains in HSA, should I use tax-efficient investments (for example Muni bonds), or should I assume that the market arbitrage on the taxable accounts so using ...
0
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2answers
194 views

Is it illegal to refrain from selling stock based on insider information?

If I were planning to sell my stock of the company I work for, then see a non-public draft of the next quarterly report that will make the stock go way up, and cancel my plan to sell based on that ...
-4
votes
0answers
22 views

How do the real estate prices correlate with the US dollar exchange rate? [on hold]

EDIT: It appears that the real estate prices will plummet in the near future Recently, the US dollar has appreciated significantly . This can impact the real estate prices in the US in two ways : ...
3
votes
4answers
109 views

Principal 401(k) managed fund fees, wow. What can I do?

I was looking over my end-of-the-year finances and noticed some really disheartening details about my company's 401k. The company holds a plan through Principal, and the managed 'target date style' ...
1
vote
1answer
59 views

Will U.S. citizenship boost credit score?

I have a good friend in USA who is a permanent resident and is married to a US citizen. They have only one income (although his income is a bit over $100K per year) and his wife (who is the citizen) ...
6
votes
3answers
449 views

What happens if I don't pay my rent while my lease still has time to run?

I had to move to a new apartment. My current lease is not up for 8 months. In order to terminate my lease early, the contract states that I must pay $1,000 plus the normal rent until a new tenant is ...
7
votes
6answers
1k views

How should I pay off my private student loans that have a lot of restrictions?

I have numerous private student loans, with amounts and interest rates like this: $30,000 7% 25,000 7% 10,000 7% 5,000 6% 4,000 5% My loan provider told me I have two options. ...
3
votes
2answers
55 views

Can I request to change 401k offerings from my employer, e.g. to invest in ETFs?

My wife and I have 401k accounts, but they only offer mutual funds. I do not want to invest in mutual funds and pay their large fees. What are my options to invest 401k money into ETFs, bonds, and ...
1
vote
0answers
21 views

HAMP enrollment and side effects

I am in the process of getting enrolled in the Home Affordable Modification Program through my bank to lower my mortgage payment, which is high because I got my house back in 2007 and haven't ...
0
votes
0answers
37 views

Self employed 401k and traditional IRA

I've got a self-employed 401k that I use for a small side business, which supplements a full time income I also receive. The 401k contribution allowance is usually small because my business income is ...
1
vote
0answers
39 views

Do I have to file California tax return for worldwide income?

I'm a new immigrant (green card) to US, and not live in California yet. I use my friend's home in CA as the mailing address for receiving my letters, packages, and California ID. I plan to move to ...
3
votes
1answer
77 views

Where should I take some money from after retirement? (IRA, 401K, Roth, Taxable)

I have three 401ks, each doing well. One has some pre-1987 money, another has some Roth money, and some has post tax, non Roth money. I also have several smaller IRAs and Roth IRAs, some of them ...
0
votes
2answers
37 views

1040 or 1040NR this time?

I am a international student, came to USA on F-1 visa from India and graduated last year. this year (2014) my company filed H1-B and got approval. Now I am on my H1-B from this October. When I file my ...
2
votes
0answers
39 views

Can I claim a parent receiving Medi-Cal benefits as a dependent on my tax return?

My mother got her green card this year. She won't work here. All her expenses will be paid by me. Since she is 67 years old, I am planning to apply for Medi-Cal health coverage for her. My question ...
2
votes
1answer
47 views

Credit card at Best Buy [duplicate]

I also just bought a TV worth $1400 with a best buy credit card. I only want to pay for the TV and never use this card again. Can someone tell me what I should do after I pay for my TV? How will not ...
-2
votes
1answer
38 views

Where I am I liable for taxes?

I have a business which offers paid subscription-based access to a piece of software hosted in the cloud (i.e. the user doesn't install the software on their PC but accesses it via their web browser). ...
1
vote
5answers
88 views

How to decide on split between large/mid/small cap on 401(k) and how often rebalance

On my 401(k) the default time-targeted fund seems to be relatively expensive. I thought about using Vanguard mutual funds, which are also available and have much lower expense ratio. However they are ...
1
vote
2answers
84 views

Protect Money Given Student Loan Debt

I want to protect what little money I make for my family. Currently I owe more money than I make each month. The debt I have been obliged to pay for the past year includes: mortgage & ...
4
votes
1answer
104 views
+100

Is the Social Security with disability option final?

My dad is planning on retiring and collecting Social Security, he just had quad bypass surgery. It looks like he has the option to take Social Security by invoking disability. These are his options: ...
0
votes
1answer
35 views

Calculating underpayment penalty for Maryland state taxes

I am trying to determine if I am going to owe an underpayment penalty on my Maryland state taxes for tax year 2014. Form 4502UP (http://forms.marylandtaxes.com/current_forms/502up.pdf) states that ...
3
votes
1answer
23 views

Solo-401k interaction with employer sponsored 401k. Limits of contribution from Schedule C income

I'm quitting a job at the end of this year. I want to start a solo-401k for all my schedule C income and I have a couple of concerns: If my employer were to, for some reason, pay me in 2015 some ...
4
votes
1answer
41 views

What are the tax consequences of selling a condo in Florida?

My wife and I own outright a condo in So Daytona Beach, FL. Our primary residence is in Wyoming. We would like to sell the condo in Fl and should realize about $50,000 above purchase the price. I ...
1
vote
1answer
125 views

Is buying a townhouse as a “starter home” a bad idea?

My wife and I are looking for our first home. We live in a somewhat high-cost area of the Northeast, so most of the houses we see in our price range need a lot of work or are in bad school districts ...
2
votes
1answer
103 views

IRA Deduction when changing from 401k offered job to non-401k job mid year

This is challenging one to figure out. I had a job that is ends 11/30/2014 that offered a 401k. I have a new job that doesn't offer a 401k. I'd like to max my IRA this year to avoid tripping ...
0
votes
1answer
43 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
1
vote
2answers
108 views

How can I fund my US college education?

How can I fund my college education if I'm not given scholarship and family wouldn't be able to take loan? How did you do it in your time? I'd appreciate any suggestions !
2
votes
1answer
46 views

Wash sale rule question

I bought stock A on October 1. I sold stock A on December 1 for a small profit. I bought stock A on December 7 planning to hold for a while but decided it was not a good idea and sold Stock A on ...
2
votes
3answers
232 views

What reason would a person have to use checks in stores?

I recently saw a rare (for me) sight... someone in a store paying with a check. Is there any rational reason to do this? Anyone with a checking account can get a debit card for it, and there is no ...
2
votes
2answers
90 views

Can expense ratios on investment options in a 401(k) plan contain part of the overall 401(k) plan fees?

My company was recently acquired and the 401(k) plan is being rolled into the acquiring company's plan. I'm a fan of indexing and was disappointed that the index funds in the new plan have between ...
0
votes
1answer
81 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
votes
1answer
82 views

Where should I invest if my new 401(k) provider doesn't offer a low risk option?

My company is changing 401(k) providers. I have my small nest egg in a guaranteed interest account with the current provider. The new provider does not offer a fixed interest account. Furthermore, ...
1
vote
1answer
56 views

Do I qualify for a personal 401-K Plan?

I was wondering if anyone could tell me if I qualify to set up a personal 401-k Plan? I am currently employed and make a full salary. I have maxed out my individual contribution in my personal IRA ...
2
votes
2answers
100 views

Selling stocks at loss (short term) .. should I sell my long term gain stocks in 2014 or 2015?

I started investing in the stock market in Dec of 2013 (last year). I bought 5 stocks - 3 of which are in the red (and which I want to sell) and 2 of them are in profit. My understanding is that in ...
2
votes
1answer
61 views

Where should taxes go when working in USA, but for a Norwegian company

I'm hired by Norwegian company and sent overseas for around 7 months. I am not Norwegian citizen, just have work permit in Norway. I know that there is an agreement between USA and Norway that ...
3
votes
1answer
40 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
1
vote
1answer
83 views

From a tax perspective, how can a business allow a large portion (80%+) of payments to be given to charity (like Humble Bundle)

To anyone who is unfamiliar with Humble Bundle, they let you purchase games (or other media) and you pay whatever you want. They also let you divide this money up between Humble Bundle, the content ...
2
votes
1answer
41 views

Certified receipt from IRS

We need to send a certified letter (return receipt) to the IRS for a insolvent estate. What is the address?
1
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2answers
625 views

Should I use a bank or a credit union for my savings account?

I have two checking accounts with a national bank, one which I have a debit card that I use for daily purchases, and one which I use just as a savings account. I leave that debit card stashed away at ...
1
vote
2answers
163 views

Can a Roth IRA be used as a savings account?

If my understanding is correct, you can take out your contributions from your Roth IRA whenever you want without paying any penalties. If this is true, then other than the limit you can contribute to ...
5
votes
1answer
333 views

Tax: can back pay be counted for previous years?

My wife recently completed her PhD. At her school, when grad students advance to candidacy, they get a raise. This should have kicked in three years ago (before we were married), but due to a series ...
1
vote
1answer
30 views

Right way to get paid from US company to India Company

I am a US Citizen and have moved recently to India and started my own company. My Client is in US has asked me to Fill W8-BEN form. I want to check will W8-BEN be applicable to my Indian company and ...
0
votes
2answers
107 views

How long does a business have to give a refund?

My dentist's office requires payment upfront, and then they wait to get paid by the insurance. On Yelp, people say that it takes a lot of sweat and tears to get a refund from them. (In my case the ...
2
votes
1answer
102 views

Straight Index Fund vs IRA + Index Fund

I am about to open a traditional IRA and put my money in an Index Fund (to be decided). Which has the advantage that taxes are deferred until withdrawal. It also seems that I have the advantage of ...