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

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2
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1answer
23 views

Does a Roth 401(k) rolled into a Roth IRA count toward the annual contribution limit?

I am trying to max out my Roth IRA for the 2015 tax year, and am wondering if Roth 401(k) rollovers count as a contribution. Roth 401(k)'s are not offered by many employers, so I couldn't find much ...
-1
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0answers
17 views

US bank offering Euro-based card?

I'm looking to open an EUR account within the US that offers a Maestro card (in Holland it's called "Betaalpas" which is the only type of card that you can use in all Dutch shops, and with which you ...
5
votes
2answers
139 views

Is losing money in my 401K normal?

I had about $10.5K in my Fidelity 401K account invested in their target fund. I started it a year ago. This is my first time with investing in the stock market. For the past 2-3 months, it keeps ...
2
votes
4answers
445 views

How much does credit score matter?

The higher your credit score, the better. If you ever had the choice of two different credit scores, you are always better off preferring the higher one. However, while the utility of a higher score ...
0
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0answers
23 views

Timeline of Economy/Market [on hold]

Is there a resource out there that provides a timeline of the conditions of the economy/market from the past to the current state? The ideal resource should show the year, the state of the ...
0
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2answers
60 views

Can I operate whole investing and trading in US stock exchange staying outside USA?

My sister has just gone to USA and will try to settle down. She wants to invest some money in US stock exchange. But she hardly have any idea of stock market. Now she wants me to operate her investing ...
1
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0answers
22 views

How do you calculate your “alternative tax net operating loss”?

In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss ...
0
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2answers
96 views

Can someone steal my government check and cash it?

I get an adoption check every month from Raleigh. I haven't received it for February yet. It always comes by the 6th of every month. I was wondering: could someone have stolen it and cashed it at ...
0
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1answer
60 views

Real estate agent wants a loan introduction letter

I was talking to a real estate agent (USA, CA bay area) who told me that I need to not only fill out a loan app, w2, and account statements but also write a introduction letter for the lender. I've ...
3
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1answer
44 views

Loan to S-Corp cannot be paid back, how to deduct from personal taxes?

I gave a $15,000 loan to an S-corp where I have a 10% stake. The K1 I got this year only allows me an ordinary loss of $600. However, I know that this business will soon be shut down without the ...
1
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1answer
48 views

Can you transfer a Roth IRA to someone else?

My friend's uncle manages a Roth IRA for him that is in my friend's name. He has had this account open since my friend was little (obviously before he was earning any income of his own). I don't know ...
0
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1answer
16 views

Can I contribute to a SEP-IRA and a Solo 401(k) for the same business?

This money.SE question and this BogleHeads forum thread both seem to ask about whether or not you can contribute to both a SEP-IRA and a Solo 401(k) at the same time for the same business. I'm not ...
0
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2answers
23 views

Would I be taxed on a long term currency exchange?

Recently, USD has been doing really well. I've been considering moving a bunch of money into CAD, to use when I visit there or if I ever move back in the future. It seems likely to me that by the ...
0
votes
1answer
52 views

After-tax 401(k) conversion

I have some questions regarding converting my after-tax 401(k) to either my in-plan Roth 401(k) or an external Roth IRA: When I convert, can I transfer stocks/funds I own in my after-tax 401(k) ...
6
votes
2answers
944 views

Using a Roth IRA instead of a college savings account

This might be a foolish idea, and if it is please tell me why. Last night I got the idea that it might be a good idea to invest the money that I'm saving for my children in a Roth IRA in their name. ...
4
votes
2answers
116 views

Will I be able to purchase land?

I am 19 and I plan on working on a cruise ship to save up around $20,000 to buy a plot of land in Oregon and build a tiny house for myself; however all of this is just an idea at the moment, nothing ...
40
votes
6answers
9k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
1
vote
1answer
41 views

If I only have international health insurance will I be fined by not having Minimum Essential Coverage?

I am an international student holding an F-1 visa, and I am working part time where I cannot apply for the employer health insurance. I only have international health insurance (bought in the US) and ...
0
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1answer
32 views

Transfer funds from Scotiabank to US account at Bank of America

What is the best way to transfer a large sum of money from my checking account at scotiabank to my new account at Bank of America?
0
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1answer
96 views

I was in USA for 4.5 months in 2015 and am married. Should I file my tax return as single or married?

I came to USA in Aug 2015 from India and am married. Should I file my tax return as single or married?
1
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2answers
36 views

Continue with old Health policy with current employer

I am from Indiana. I want to change my current Employer. I have a Group Policy from my current Employer. So I want to ask that Can I continue with my Old Group Policy with new Employer..?? or have to ...
5
votes
1answer
50 views

Should amended taxes be filed if refund remains unchanged?

I received a 1099-R form from a previous employer after my federal and state taxes were filed and accepted. It was for a small distribution from a pretax account that was part of a profit sharing ...
1
vote
1answer
23 views

What is a reasonable amount of time to wait for a company to correct an incorrect W-2?

My previous employer messed up my FSA in 2015 (see this question for more context if you are curious). I have noticed in filing taxes that my W-2 unfortunately is also incorrect, showing FSA ...
0
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1answer
33 views

Worked in two states for same company, state taxes look odd on W-2

I worked in NYC until the end of May, then moved to Maine while keeping my job as a remote worker. My W-2 has arrived and in the state withholding section it shows my full wages under New York state ...
0
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1answer
68 views

Open an ordinary bank account in USD without setting foot in the US and without paying a single cent in additional fees

I live and work in the UK and I often pay fees in USD (mostly to hosting companies) and receive payments in USD (for freelance jobs). Is there any way I can legally and practically open a bank account ...
3
votes
1answer
38 views

Can we make traditional IRA deductions to reduce last year taxes if we have 401ks and I already contributed to a Roth?

I need help understanding IRA deduction rules for Tax year 2015. My wife and I both have 401K accounts from our work. Our filing status is married filing jointly. Our MAGI for 2015 is about 105K. I ...
1
vote
1answer
64 views

Is there a deadline to respond to an IRS request for additional documentation?

When I sent in my 2014 tax return late last year, I also sent in an amendment to my 2013 tax return due to a Section 1256 contract loss carryback (I had Section 1256 gains in 2013 and losses in 2014). ...
0
votes
1answer
20 views

Questions on India income for US taxation

I am in USA for last 5 months of 2015 and was there for 4.5 months in 2014, so I am a resident alien in USA for year 2015. I have below questions for the IT return for year 2015 in USA: Do I ...
0
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1answer
23 views

F1 OPT Visa Tax return queries

I have few questions on tax returns filing, please help. I am on F1 EAD OPT visa, can I still file returns on 1098-E form. Many were suggesting to do paper file rather than e-file. Can I e-file too. ...
-1
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1answer
73 views

Emigrating from USA to United Kingdom

How much money can I take with me when emigrating from USA to United Kingdom without having to pay tax?
2
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0answers
28 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
1
vote
1answer
40 views

FBAR, just found about it. What to do?

Just found out about FBAR. I have a pension investment in India (over $10K) that involves paying yearly premium (I've paid 8 of the 20 premiums) to it. It matures in 12 years and until then I do not ...
8
votes
1answer
154 views

how do capital gains work if you don't know the original purchase price?

So let's say my grandparents bought me 1,000 shares of some stock. They used the wrong address, however, and I never knew about it until after they died. The state got the stock and then, a bunch of ...
4
votes
1answer
35 views

Question About Tax Situation While Living Abroad - Need Advice

I have a somewhat unique situation, and I'm not sure how to handle. I moved to Sweden with my girlfriend late 2015 because she obtained a job in Sweden. I was able to come along and establish Swedish ...
0
votes
2answers
73 views

How do I tie up an inheritance?

I stand to inherit a large estate over the next ten years or so. The inheritance will come from my direct parents and step parents, who have no other children. However, I know that other members of ...
1
vote
1answer
40 views

Calculate Estimated Tax on Hobby Business LLC

I live in NYC and make $90k as a salaried employee, but I also have a freelance LLC (with separate business account) for freelance projects. I've set up the LLC as a disregarded entity (Schedule C on ...
3
votes
1answer
36 views

What do I enter for my “2010 HSA, less 2011-2014 distributions” when my HSA started EOY 2011?

TurboTax is pretty insistent that I put something in this field, corresponding to the Wisconsin adjustments worksheet. The field says: Balance of HSA as of Dec 31, 2010, less amt distributed in ...
3
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0answers
30 views

Help me apply Windfall Elimination Provision to my situation

I struggling to understand exactly how the Social Security's Windfall Elimination Provision applies to me in my situation (and thus what it specifically means for how long I should keep my part-time ...
3
votes
2answers
54 views

When making a credit transaction, why does it take the transaction a couple days to clear, but it can communicate the hold immediately?

I find it interesting that if I make a purchase as a credit transaction -- that it takes a couple of days to clear, but yet, the hold can be communicated immediately. If the networks in place can ...
34
votes
2answers
2k views

Where can I put savings for my kid that I literally cannot withdraw from?

I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding. I've heard horror stories of parents stealing ...
0
votes
1answer
46 views

How do I file a 1040x amended tax return when we are already paying off an error for the same tax year?

For tax year 2014, we submitted our tax return through TurboTax in early 2015. We received our refunds (Federal/State) a few weeks later. In the summer of 2015, we received a letter from the IRS ...
1
vote
1answer
61 views

Stocks and Bonds in Roth IRA vs non-tax-advantaged

I have an account with Vanguard. I have a Roth IRA, Rollover IRA (from my 401k from a previous job), and I have a standard non-tax-advantaged account. Currently, all 3 accounts are fully Vanguard ...
0
votes
1answer
37 views

Do international students in the US without income need to file tax return?

I am an international student holding an F-1 visa since August 2009, and I did not have any income last year (2015). I got a part-time job early December 2015 but the first paycheck came January 6 ...
0
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2answers
599 views

why do companies do a 1099-MISC at all?

I've done consulting for a number of companies and some of them give out 1099-MISC's and some don't. My question is... why do any of them give out a 1099-MISC? If I wanted to subcontract out some ...
6
votes
2answers
928 views

Father retired a little early doesn't need 401k but should he move it to Roth IRA?

My father recently retired at 63. He has some money in his 401k (the provider is ADP) and they keep emailing him with an advertisement telling him the ramifications of withdrawing any money out early ...
7
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0answers
72 views

How Does The IRS Structure Payment Plans If I Owe Subjectively High Taxes?

During the 2015 tax year I became legally separated. During the separation my ex-wife did not agree to a QDRO when cashing out her equity from jointly owned property. The cash out was mandated by ...
0
votes
1answer
24 views

I own an LLC, how should I go about contributing to a 401(k)?

I am one of two LLC members - we have been operating for about 2 years. We have no employees. I would like to start a 401(k) and contribute as much as I can to it. We don't have salaries ...
3
votes
2answers
63 views

Got a budget for grad school with some extra cash. Add it to my portfolio, or use it for grad school?

This year I’ve maxed out my Roth IRA (with employer matching): https://hellomoney.co/portfolio/6bad58-roth-and-401k Aside from that, I’ve got $17k in a checking account that up until now I haven’t ...
1
vote
2answers
110 views

Please help me decide whether to Roth IRA or pay off my underwater mortgage?

my name is Jane and this is my first time stumbling across this site. I'd appreciate any quality answers to my question. Here's my stats: 3 jobs: 55k/year FT at a church 40k/year PT at a juvenile ...
4
votes
1answer
36 views

What does this section about revolving balances in a credit card TAC mean?

So, I'm about to hit the end a promotional period on a credit card that I used to buy an engagement ring. I'm looking at about $3000 in interest added back onto the card, which I don't really want, so ...