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

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21 views

Would you liquidate your 401k to pay off debt in this situation?

I have a potentially complex situation that I am looking to resolve in the least painful way possible. I am going through a divorce. My income is nearly twice as much as my ex's, and I am going to ...
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0answers
18 views

Did you maintain living quarters in New York?

What does the question when filing NY state taxes "Did you maintain living quarters in New York?" entail for an International student on F1 Visa who interned in NY and lived in a motel during that ...
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1answer
64 views

Why can't 401(k) statements be delivered electronically?

I called Schwab and they just said, "401(k) accounts are not eligible for paperless confirmations and statements. It's the law. Sorry." I can't find any reference to this law in the Google. The ...
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2answers
32 views

In the US as an F-1 student, filed the wrong form last year

This is my second financial year in the US (I started in Fall 2013). When filing out my taxes I realized that I screwed up 2013's return and filed a 1040 EZ instead of a 1040 NR-EZ. Am I correct in ...
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1answer
35 views

Differences in taxes paid for W2 employee vs. 1099 contractor working on sites like ODesk.com?

Currently, I make about $96000 a year as a W2 employee in the USA. Suppose I were to make the same amount through working on sites like ODesk.com at home. In other words, I would be an independent ...
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1answer
44 views

Can my federal adjusted gross income differ by $1 between my federal and state returns?

Background I calculated my federal taxes by hand. I kept the cents in all of my calculations (I did not round to the nearest dollar at any point). Then I used these values to calculate my New York ...
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27 views

Filling form 8889 Part I and form 1040 line 25

I started contributing to HSA last year and have some doubt about claiming the tax deduction. My situation is as follows: I enrolled in HDHP plan starting May 20th 2014. I am still enrolled in the ...
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2answers
68 views

Taxable Website Ad Revenue

This is based in United States. I have Ad revenue that I pay taxes on as Misc income on a schedule C. I also do freelance web development for a hourly rate, and hold a W2 job. The question: If I ...
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1answer
31 views

How does per-annum depreciation for taxes work after the first year of depreciation?

My state requires me to report personal property that I use for my design business. Here is the specific form in question: http://www.dat.state.md.us/sdatweb/pp1inst_2015.pdf. The form says that ...
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25 views

Gift tax exemption amount on funds transferred to parents joint account from US to India

What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, ...
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25 views

Estimating rates on potential loans without officially applying

Is there any way to estimate the rates on a potential loan without applying? I'm thinking of some calculator that takes into account: Loan type (auto/revolving/installment/mortgage/etc) Your income ...
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1answer
32 views

Self-Employed Individual 401k Contribution Tax Questions

If as an unincorporated self-employed person, one contributed x dollars to my individual 401(k) personally y dollars to my individual 401(k) as my own employer How are these two numbers reflected ...
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2answers
110 views

Need to pay for urgent care that did nothing but send me to the ER?

My daughter went to urgent care, but they took one look at her and told me I had to bring her to the ER downtown instead. So, we did that, and thankfully she is now okay. In addition to the big bill ...
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1answer
30 views

Still invest in 401K with a high expense ratio?

I know that a low expense ratio is preferred. But what if the expense ratio is above the threshold limit (e.g 1.20%+), do you still invest in a 401K or not bother at all?
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1answer
31 views

Do proceeds from a sale count as income for the decedent or the estate when agreement is prior to death and payment is after?

This is a question about US taxes and accounting. The documentation I've read says that if an estate is run on a cash accounting system, then any income received after the decedent's date of death is ...
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1answer
86 views

Using stock options to lower income tax in the USA?

Lets say I have a small company and I pay myself a salary of 200k / year. I'm in the 33% tax bracket. I've thought about a strategy to lower my taxes to about 20%, but not sure if it's viable. Would ...
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2answers
80 views

To whom should I report fraud on both of my credit cards?

I have two credit cards with separate banks. In the last two weeks, I've had one fraudulent charge on each of them. Both fraudulent charges were from businesses in the same city, that is not where I ...
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1answer
53 views

Index ETF or Index mutual fund - standard brokerage account

If I plan to hold an asset for 10 years, the asset is offered as a mutual fund and an etf, with the same 0.25% fee, and quarterly dividends of 100.00, from a tax and reinvestment standpoint, which ...
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0answers
61 views

Can I become a secondary lessee with no credit history?

I want to rent an apartment with my girlfriend. At the moment I don't have any credit or proof of income, but I am finally earning enough through freelancing to afford the rent. I have an emergency ...
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4answers
72 views

Higher returns from international markets?

I've heard that part of your portfolio should be invested in international markets. One argument for it is higher returns. However, browsing through some funds (FOSFX, FIEUX, FWWFX), all I can see is ...
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3answers
52 views

How to build a U.S. credit history as a worker on a visa?

I am 30 and looking serious at moving to the United States to take a lucrative (career wise) job. Assuming I get the job offer and accept it, how can I go about getting credit in the US? I am from ...
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1answer
36 views

As a J-1 visa holder, am I allowed to make additional income in the US?

I am living in the US under a J-1 visa. I am thinking of building and launching an iOS application that might bring in some additional income from the App Store (potentially hundreds to thousands of ...
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1answer
40 views

1 EIN doing business under multiple business names

I have 2 small business LLC's registered in Wisconsin, each with their own EIN. Call them Company A LLC and Company B LLC. I'm converting Company A LLC into an S Corp. Company B LLC will have it's ...
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1answer
50 views

How to deal with IRS response of no action to 83(b) election?

Pursuant to advice on forming a small company that issues restricted stock such as described here. I filed an 83(b) election with the IRS last fall via certified mail return receipt and for which I ...
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1answer
35 views

As non-resident of NJ, should I mention all my earnings on NJ tax return?

I am confused. If anyone's from New Jersey and knows this please answer. On the NJ-1040NR form, the income needs to be stated at line 14 in two columns, one earned in state and one from everywhere. ...
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2answers
82 views

Should I move out of my actively managed IRA at Fidelity and put it all in index funds?

I have an IRA at Fidelity. It is where I have rolled old 401k plans into. Currently, I am paying Fidelity to actively manage the account. It is currently invested is many mutual funds, bonds and ...
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2answers
532 views

Is Buying American Shares in Canada a Good Idea?

I am looking at buying some American based shares such as SPY (the S&P 500 Index ETF), but I am in Canada. I am wondering if buying something like this will have any consequences (e.g. I have to ...
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1answer
63 views

How do I compensate for an incorrect 1099-MISC?

I received a settlement from my former employer for unpaid wages. In addition to the unpaid wages, the settlement also included attorney's fees and statutory damages. (The settlement agreement clearly ...
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0answers
70 views

401k plan employee rights?

Is it legal for my employer to know what I'm doing with my money that is in the 401k, that comes from my employer, without my consent? Is the financial services company that manages my 401k permitted ...
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0answers
37 views

do i need to pay tax in US for the provident fund and gratuity money that i received after quitting Indian IT company while i was deputed in US

I was working for an Indian IT company. I worked in India for few years and then was deputed to a client location in US. In the middle of last year, i quit the Indian company and joined an American IT ...
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1answer
133 views

Can I freeze my credit file with no credit history?

I recently received notice from a major company that my personal information (SSN, DOB, address, etc.) has been compromised. As such, I would like to put a freeze on my credit. However, I have no ...
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1answer
77 views

Is a pension considered part of an estate

I am receiving half of my husband's pension since he died. Is it considered part of his estate? We had a small business which we sold prior to his death, but his sons think the pension I am receiving ...
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0answers
24 views

How to report 1099 Misc income while working for a different employer

I was in a company A, which got acquired in 2012. All the stocks I owned were vested immediately and 10% of the amount was kept by the acquiring company for 18 months. I left the company and joined ...
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0answers
24 views

Do i need to declare property in India when living in USA

I have been living in US and paying taxes, filing FBAR to declare the foreign bank accounts. My question - do i also need to declare my property like the house in which parents are living (but its in ...
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1answer
116 views

Do tax preparers have to report findings of illegal activities to any IRS?

Do tax preparers have to report findings/suspicions of illegal activities —e.g. failure to file for multiple years— of clients or even potential clients (seeking advice) to either Federal and/or any ...
2
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1answer
207 views

When is there a difference between short- and long-term capital gains?

I have always heard that short-term capital gains are subject to more tax than long-term capital gains. While preparing my 2014 federal tax return, though, it seemed as if all of my gains were being ...
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1answer
18 views

Income tax laibility in India for Stock traded in USA as a resident Indian

I lived in US for more than 9 yrs on H1B visa and was maintaining US stock portfolio and was filing taxes in US as 1099 for stocks plus my salary as 1040. Now I am planning to return to India but ...
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1answer
20 views

Form 4797 for listed property that never exceeded 50% business use

My tax software is setting up an IRS Form 4797 for business property that is no longer being used for business. The asset in question is a vehicle that is also listed property and has never been used ...
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1answer
61 views

Municipal Bond Fund tax risks?

I am looking at Tax-Exempt Municipal Bond Fund as a hassle free investment option. This is the first time I'm looking to invest outside of a retirement account, and having read up on the process of ...
2
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1answer
58 views

Minors and taxes?

I am 15 years old and I just started freelance development. Currently I am making $200-$400 a week and I live in the US. Anyway, my question is do I have to pay taxes and how?
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2answers
39 views

Does 1098-T need to be filed by student?

I am filing my taxes via TaxAct, and I am not sure whether my 1098-T Copy B (for students) needs to be reported. On my Copy B it states "This is important tax information and is being furnished to the ...
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2answers
65 views

Can an early withdrawal from a Traditional IRA be done in two parts?

Let's assume that we've already determined an early withdrawal from a Traditional IRA will be taken and that it does not qualify for any of the tax-free conditions. I am aware of the lost opportunity ...
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0answers
17 views

How to troubleshoot identity verification issue when requesting credit report?

I have a long credit history (slightly more than 2 years) and so far I have no success in requesting my free credit report. There is a small caveat, I am successfully able to verify my identity at one ...
2
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1answer
43 views

Can self-employed individuals deduct their mileage spent commuting to events?

I'm a self-employed individual who works in the event setup/execution/teardown industry. I am preparing my taxes and I'm trying to figure out if I can deduct my mileage spent commuting from my house ...
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3answers
104 views

What to do with $50,000?

I've been splitting my paycheck into two banks, 80% weighted towards a high yield savings account (0.9% interest) and a local credit union for ATM access to cash. All of my other payments are through ...
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0answers
48 views

Buying a home-Make as large a downpayment as possible, or keep cash to invest

I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional ...
2
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1answer
55 views

What are the possible negative repurcussions of letting the IRS compute the taxes, as described in instructions for Form 1040A, Line 28?

On Form 1040A, Line 28, the IRS appears to be offering to do my taxes for me. Do you want the IRS to figure your tax for you? What are some reasons why one would not want them to do this?
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2answers
78 views

Withrdraw funds that were converted from Traditional IRA to Roth IRA

From a previous employer, I had a traditional 401K which upon leaving that job I rolled into a traditional IRA. With a Roth IRA you can withdraw the "contributions" but not the gains. My question ...
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1answer
35 views

Tax consequences of working for US company from India

I found a job at a US-based company, and I would like to do all my work for that company while residing in India. My questions are: Can said company deposit my salary check directly into my account ...
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2answers
912 views

With no pay stub, could employer be screwing us over?

Recently, my wife has been working for a local day care; she's hourly and gets paid biweekly. Since she started a few months ago, she has been paid by direct deposit a few times but has received no ...