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

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2
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0answers
24 views

Tax implications of owning a Roth IRA as a Canadian resident?

I am a Canadian citizen, U.S. resident with Roth IRA, contributing for 15 years. I will be moving back to Canada in 2 years, am 47 years old, and will leave the Roth with Vanguard and not touch it ...
1
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1answer
24 views

Equity As Part of Compensation

If a private (one owner) LLC that was recently acquired by a private investment company offers "a grant of employee incentive equity in the company in the form of Class M units representing x.xx% of ...
1
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1answer
17 views

Remittance to India from US in an Indian account?

I am Indian citizen working in the US on a non-immigrant work visa. I have a regular savings account in India as well but I dont have an NRE/NRO account. So, will my remittance send to India account ...
1
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1answer
41 views

VA Mortgage Refinance Question

We have paid $400.00 for this refinance with the local bank we continually have our checking account and mortgage with. We have been waiting for the weather to be above freezing in order for our ...
0
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1answer
25 views

Are there special tax implications when paying for services in the next year? In another country

So I'm planning a destination wedding over a year in advanced. We've begun putting deposits down on things happening next year. I know I still have to pay VAT in the other country (Its ridiculous). ...
0
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0answers
32 views

Xfer 401K after starting distribution to another 401K or alternate plan

Retired at end of 1st qtr 2013 - age 64. Started drawing monthly distribution from this plan right after retiring. Would it be possible to xfer the balance of this 401K to another 401K or some other ...
0
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3answers
64 views

How can I receive money in the US without having a work visa?

I have a business idea and go to school in the US. I am wondering if I tell my trusted friend my idea and he opens the business under his name (he is a US citizen) and I invest 50 percent of capital ...
4
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2answers
83 views

Magazine subscription leads to unauthorized recurring payment

I've heard various stories about unscrupulous business practices relating to recurring credit card payments, but this is a new one on me. I've been subscribing to Scientific American for a long time, ...
1
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1answer
67 views

How Credit Card company makes money (when considering rewards and pay full balance every month)

I am aware of two income sources: interest and merchant transaction fees. But it doesn't quite add up. For example, Citi Double Cash pays total 2% cashback. And considering balance is paid off every ...
17
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4answers
2k views

After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

I recently refinanced my home. At the time based on the appraisal vs. amortization I found I would be stuck with PMI (private mortgage insurance) for about 9 months. I've paid extra on the mortgage ...
1
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2answers
163 views

Is there any way to transfer student loan debt to my independent contracting business?

I just started my first contracting business, and wanted to be able to find a (legal) way to keep the money within the LLC but still pay down my student loan debts. Basically I'd really like to use ...
0
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0answers
65 views

Could e-file rejection rule 1040A-030-01 be due to rounding?

I got the following message when I tried to file my income tax electronically: Issue : Business Rule F1040A-030-01 - Form 1040A, Line 40 'WithholdingTaxAmt' must be equal to the sum of the ...
0
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4answers
105 views

Is it smart to only invest in mid- and small-cap stock equity funds in my 401(k)?

Historically, mid-cap and small-cap company stocks have outperformed the market. Correct? Since I'm not going to touch the money in my 401(k) in over 40 years, wouldn't it make sense to invest ...
5
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2answers
297 views

Sleazy Bait and Switch Marketing — Is this legal?

I just saw a mail out advertisement for a pretty unbelievable price on a new car. The advertisement is repeated online, link here. When you start to read the fine print, you realize that there are ...
1
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1answer
54 views

How to calculate and claim AMT credit

Suppose I am in California, and I want to try to roughly calculate the AMT i would owe as well as how much i can get back each year for ISO that i plan to hold for many years. Am i doing this right? ...
1
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1answer
43 views

Online resources for understanding credit reports, including a sample?

Could someone provide me sources where I can find some examples of a credit report (in the USA), how it looks like, etc.? I want to understand each and every section of credit report. Any ...
1
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1answer
38 views

Not sure whether to File this Year

I am supposed to apply for the FAFSA each year, and on the FAFSA it asks about our taxes (in case we file). I am not receiving a W-2 this year since I was not on a payroll for the entire year 2014. I ...
0
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3answers
69 views

Investment property refinance following a low appraisal?

Before I met my wife, I bought a house in April 2007, using a mortgage from my credit union. In December 2011 I refinanced this mortgage into a 4.625% fixed conforming 25-year mortgage with a Lender. ...
13
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2answers
5k views

How can I pull a credit report on my 20-year-old son?

My wife and I would like to see a credit report on our 20-year-old son. He is a college student, and we are responsible for virtually all of his expenses. We want to ensure he doesn't have credit/debt ...
0
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0answers
50 views

Setting up a tax deferring IRA

I work for a small company, so we have like no resources for helping us understanding benefits. My employer is willing to automatically give me 5% of my annual salary if I set up an IRA account. So ...
1
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1answer
63 views

Social Security and Medicare deductions/payments

Three hopefully simple questions about social security and medicare payments that are being deducted from my paycheck - I haven't been able to find much information about this online. Are these ...
0
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2answers
58 views

How to determine the cost basis on primary home converted to rental (for depreciation)

I would like to know how to calculate the cost basis for a primary residence converted to a rental property. I purchased the home in Oregon for 200k in 2005. I moved out and rented it in May 2013. ...
6
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1answer
389 views

Can I gift money out of a UTMA account to my child's sibling?

My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my ...
2
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1answer
68 views

Who can I contact for free help with certain IRS forms?

As part of my US personal tax return to the IRS this year I need to fill out some esoteric IRS forms that are not supported by most personal tax filing software so I have to fill them out manually, ...
0
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0answers
68 views

2 names on US tax refund, filed as 'single'

I recieved my US federal tax return earlier this month. When I first looked at the check, I noticed it had a % symbol, followed by my mother's name on the line below the one with my name. it looks ...
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0answers
17 views

Tax implications of using FSA funds during grace period

I have a dependent care FSA through work. In 2014, I did not use all of the funds, but I have until March 15, 2015 to do so. I will also have an FSA for 2015. While I do my taxes through ...
2
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1answer
34 views

Can I deduct remaining LLC losses against W2 wages once the LLC is dissolved?

I have been a minority owner of an Ohio LLC. The franchise closed in 2009 but the LLC just dissolved December of 2014. I haven't been able to deduct losses from my W2 wages as I haven't been actively ...
1
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1answer
68 views

Debt Relief Agency or cash out IRA?

Through many bad decisions on my part, a divorce, 2 kids in college and a third heading there in the fall, I am in over my head. I have been robbing Peter to pay Paul for a few months now (paying ...
2
votes
1answer
50 views

Is a US expat with savings in multiple currencies considered to be investing in the non-USD currency?

I am a US citizen who has been residing and working in Cabo Verde, so have been primarily earning and spending escudos. I have money in checking accounts in both countries, each in the currency of ...
0
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1answer
44 views

How do you report S-corporation Shareholder loans / capital contributions?

How do you handle S-corporation Shareholder loans / capital contributions? Question- I loaned funds into my s-corp. in 2006, 2007, 2008, 2010 and 2011 formally documenting each payment into the ...
1
vote
1answer
21 views

US Citizen living and working in Canada for US company - HST?

I am a US citizen living and working in Canada for a small US company that provides consulting services to a large Canadian company. I am considered an independent contractor; and am paid in US ...
0
votes
1answer
45 views

I landed in the US on 16th Aug 2014 & my wife/kid joined me on 26th Sept 2014. What is my residency status for filing my tax returns for 2014?

I landed in the US on 16th Aug 2014 & my wife/kid joined me on 26th Sept 2014. Could you please let me know my residency status to file my returns for the income earned in the year 2014. Also are ...
7
votes
2answers
528 views

Affordable Care Act Documentation

So I just got my taxes completed, and did some searching on the net. Turbo Tax asked me where I got my health insurance. I clicked the box entitled at work, and all was good nothing further was ...
0
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1answer
33 views

How do we calculate the gain on primary residence that was converted to rental for two years?

I'm helping some relatives with taxes, and am looking at a situation I'm not completely familiar with. The primary residence was owned for 7 years, but after living there for 5 years, they moved into ...
0
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1answer
21 views

How does an FSA work with rebates? [duplicate]

I have an FSA and I used it to buy my contact lenses recently. The contacts come with an offer for a rebate if you buy a whole year supply, which I did. Is the money I get from the rebate tax-free, ...
1
vote
3answers
440 views

Make IRA contributions all at once or periodically throughout the year?

I am trying to decide if I should make this year's IRA contribution all at once at the beginning of the year, or if I should space out the contributions throughout the year. If I make it all at once ...
-2
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2answers
103 views

Living in my own rental property

I've come to understand that owning a townhome/duplex and living in it while others are also renting from you isn't as sexy as it may seem at first glance. Over and over again I get this from friends ...
4
votes
0answers
79 views

Foreign currency losing value — can I report this as a loss for tax purposes?

I live in the U.S., and I have a savings bank account in Ukraine. The money on that account were in UAH (Ukrainian Hryvnia), which lost ~50% of its value during 2014. This means the amount on my ...
0
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2answers
44 views

Is a child also a dependent in IRS withholding calculator?

I am trying irs.gov website's withholding calculator. I am confused with this page: . I have one minor child. Should I mention her as dependent here, "Select the number of dependents (other than ...
3
votes
1answer
58 views

What are the rules regarding HSA spending on Medical/Dental tourism?

My wife is in need of a very expensive dental procedure and we are considering the option of Dental Tourism. Specifically, going to Costa Rica to a clinic where we can have the procedure done, ...
4
votes
1answer
284 views

Recovering over-contribution to Social Security between two employers?

My wife changed jobs mid-year 2014 and her new employer took over $6K in Social Security tax withheld. Her first employer withheld over $5K making it a total of $11,298.98 in Social Security tax ...
2
votes
1answer
58 views

What is the cost basis of property converted to rental, purpose?

I purchased a primary residence in 2007 for $150,000 I converted in to rental property in 2014. At that time its fair market value of $40,000 What is my cost basis for depreciation? Is it based on ...
0
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1answer
28 views

Federal treatment of recaptured depreciation paid to DC?

Can I deduct from 2014 federal taxes the amount of recaptured depreciation paid to DC for 2013 on the sale of a property that was part rental/part principal residence?
2
votes
3answers
73 views

Number of postsecondary schools attended?

I use TaxAct to prepare my tax return for year 2014. Now I am working on education/tuition part. There is a field Number of postsecondary schools attended under Student Information - Qualifications. ...
1
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1answer
71 views

“Occupation” field on IRS Form 1040

At the bottom of IRS Form 1040 and its relatives, there is a field for "Occupation". I can think of a lot of different words I could use to describe my occupation. Are there any requirements or ...
1
vote
1answer
40 views

Dividends reinvested in a 401k or Coverdell ESA show up on 1099-DIV?

In the USA, I know that dividends reinvested within a 401k, IRA, 529, or Coverdell ESA are not taxable (initially). I was surprised to see them show up on a 1099-DIV form this year from my investment ...
0
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1answer
33 views

ESPP cost bases for 2014 taxes

I participated in a qualified employee stock purchase plan (ESPP) and I'm trying to figure out the cost basis of my stock for tax purposes. When I enrolled for the ESPP the stock price was $29.44, ...
0
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1answer
75 views

Taxes on gifting a home to a son?

My father owns a property (approx. value $175000) he owes $60000. He wants to gift the property to me. 1. Can I pay (or give him the money to pay) the remainder of the mortgage and have him gift the ...
0
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1answer
38 views

1040NR-EZ: Previous year's paid state tax & Itemized deductions

I am a using the online-tax software (Glacier) to generate my 1040NR-EZ or 1040NR form, and have paid a state tax in the previous year tax return. For this year's return, I am unsure whether I should ...
0
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2answers
46 views

Tuition from tax deduction

I paid $2714.00 tuition for my son in 2014. But my company reimbursed me 100%. Should I skip the tuition part? My initial thought was to ignore it, but I did purchase a lot textbooks. So I have to ...