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

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1answer
7 views

Roth IRA: Vanguard vs Free Advisor's Mutual Fund

Background on myself: I recently turned 25 and became applicable to invest into my employer's 401K. Due to no matching, I have 3% allocated in as a supplemental retirement fund. Currently single, ...
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0answers
9 views

Inherited deferred comp by minors - tax advantageous approach

If minors who are not currently earning income were listed as beneficiaries on a deferred comp plan and owner of that plan passed away at age 63, what's the right approach to minimize taxes. From ...
5
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1answer
147 views

Should I convert from IRA to a Roth IRA based on an online calculator?

Several online conversion calculators pretty much give me the same or similar results if before and after retirement tax brackets are the same i.e. 25%. If my tax bracket drops to 15% after retirement ...
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1answer
17 views

Does 83(b) cause a tax liability when exchanging startup stock for public stock?

I sold a startup to a public company. I filed an 83b at startup inception (nominal value). The terms of the sale were such that I must vest the sale proceeds over 4 years and will be realized as ...
5
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1answer
93 views

How to change state residence for tax purposes as a “digital nomad”

I am currently paying taxes as a Kansas resident because this is where I last had a steady "home." But the last 2 years I've been a so-called "digital nomad", and have spent less than 10% of the year ...
1
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1answer
58 views

LLC: Where should the funds for initial startup costs come from?

I recently created an LLC (with myself as the only member) and I have some initial costs (website, P.O. Box, etc.) that I need to finance. Can I pay for those out of my personal bank account or do I ...
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0answers
21 views

Non-resident owning stock (not stock options) in US C corporation [on hold]

Would a non-resident alien (no connection to the US apart from the company) owning founder/CEO stock of a private US corporation have to pay capital gains tax in the event that the company was ...
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1answer
124 views

Can I get charged with theft for taking my car if my boyfriend signs the title?

I am about to end my relationship and am curious to how this would work. I had my boyfriend register my car under his name because I couldn't afford it at the time. I have definitely made up for the ...
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3answers
181 views

New 401(k) account, barely funded: can I withdraw penalty-free?

I established a new 401(k) account with my previous employer. I made a total of $600 in contributions ($100 x 6). I don't want to keep this 401(k). First, 401(k) is not my preferred investment ...
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2answers
698 views

Why shouldn't I consider a 401k loan to myself within my bond allocation?

I have seen broad advice against 401k loans. I question this. Why shouldn't I consider a 401k loan to myself within my bond allocation? Assuming I have trust in my employment cash flow and taxable ...
2
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1answer
78 views

Is my wife eligible for an HSA?

I had an HSA with a previous job but I no longer work there and am no longer contributing to it. I still have the account and there is still money in it. My wife recently got a new job as well and ...
0
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1answer
30 views

Does an online business selling across the USA would need to file for foreign qualification in each state?

I have been looking at the rules for an all online transactional company. If I make sales in all US states, do I need to file for foreign qualification if I have a Nevada LLC?
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3answers
203 views

Can I cash out my 401k every year (company match > withdrawal penalty)? [duplicate]

My company offers a 401k 50% match up to 6% of salary, but I'm restricted to picking one of a set of investment portfolios. My thinking is, could I max out the 6% every year, get the full 50% match, ...
2
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1answer
131 views

Is there a way to claim a car purchase in the tax return?

I purchased a car for $19K; $6K was paid upfront, and the rest is financed over 3 years. Is there a way I can deduct the car purchase in certain circumstances? This vehicle is primarily used for work. ...
5
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2answers
920 views

Is the Amazon credit card reported to the credit agencies?

Is the Amazon Store credit card reported to the credit agencies? I'd like to know if a good payment history with this card will affect credit score or not.
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7answers
351 views

My company handed me a letter today telling me I owe them money because they overpaid me. What can I do about it?

I work an hourly job. I got a letter today telling me that they overpaid me and I owe them money. My job pays minimum wage and I'm not sure how they "overpaid" me, their computers pay me per second ...
13
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1answer
877 views

Is the Social Security retirement benefit calculation based on the last 40 quarters, or overall?

Are Social Security payouts based on the last 40 quarters, or overall earnings? That is: If the last 40 quarters of my working career are lower than these past 40 quarters worth, how does this affect ...
3
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1answer
108 views

Is tuition reimbursement considered taxable, earned income?

I am a student paying tuition to attend a University. I worked in a lab, so I received a "reimbursement" on my tuition (that is how the University denoted the compensation). Does this "reimbursement" ...
2
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1answer
56 views

Wire transfer from India to US

I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
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1answer
36 views

Can I use FSA funds to pay for expenses outside of insurance start period?

I started a new job on February 2, 2015. But my plan year starts on October 1, 2014 and goes until September 30, 2015. I had a doctors visit that I will have to pay completely for because I was not ...
4
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1answer
51 views
+50

What does “separate accounts” mean when rolling over into a 457(b)?

I have a SEP-IRA from an old, part-time job that I had in college with about $120.00 in it. I just opened a 457(b) with my state job. I'd like to roll that $120.00 over into the 457(b). According to ...
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1answer
86 views

What is the meaning of “advice confirms” in a bank statement?

I got some money transferred from a company in the USA to my UK bank (HSBC) account and I found that it is listed as "advice confirms" in the bank statement record online. What does this mean?
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1answer
33 views

Are year-end balances all that matter when it comes to Roth IRA conversions?

My wife is in the process of transferring a retirement account from her previous job into a Traditional IRA. Once it is transferred, I know any Roth IRA conversions would also take into account the ...
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1answer
33 views

Is there a limit to how often you can convert a Traditional IRA to a Roth IRA within a given time period?

Is there a limit to the number of times you can convert a Traditional IRA to a Roth IRA within a given time period? For example, if I convert my existing Traditional IRA to a Roth IRA now, and then ...
2
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1answer
38 views

How to deal with IRA excess contribution without withdrawal, penalties, and fees?

I made my traditional IRA contribution for the 2013 tax year in April of 2014. I made my contribution for the 2014 tax year in April of 2015 and shortly thereafter received a notice from Principal ...
2
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1answer
37 views

Do I need to do anything after receiving a Form 5498?

I just received a Form 5498 for the 2014 tax year. It shows that I contributed to a Roth IRA but not to an IRA, SEP, or SIMPLE account, and that I did not take any distributions from any retirement ...
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6answers
4k views

How do I permanently opt out of having a credit history?

In the past, I activated a credit block (freeze) on all major credit bureaus and from reading information, this should prevent anyone from being able to report on my credit or gain access to it. ...
0
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1answer
23 views

Another 1040NR question - how to interpret “number of months claimed in prior tax years”?

Does anyone know how someone with NEC income (with a treaty rate of 0%) should fill in the "number of months claimed in prior tax years" line of schedule OI on form 1040NR? (Instructions are here) It ...
2
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1answer
31 views

What are the tax consequences of ISO exercising with an 83B election after the stocks FMV has gone up?

I came across a lot of posts that talk about 83B and ISO vesting but still could not answer questions specific to my situation. I am trying to understand tax implications with exercising in the ...
4
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1answer
73 views

W-4 Allowances/Exemptions, how many am I entitled to?

I recently decided to correct my W-4 to minimize my tax refund. I reviewed my paycheck, publication 15, and state withholding instructions to understand the formula used to calculate the tax withheld. ...
1
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1answer
41 views

Income tax paid in India as well as in U.S. Anyways to claim double taxation?

I had been on Short Time Assignment for 92 days (1-Jan-2014 to 1-Apr-2014) in U.S. During this period income tax on my salary (for duration of my stay in U.S) has been deducted in India. I also ...
26
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5answers
7k views

Dry cleaners lost $160 pants, what should I do?

My local dry cleaner lost a pair of pants that go with my suit. It's only $160 but I feel like they should compensate me for the loss. So far, they have completely refused. Some of the possible ...
1
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2answers
46 views

1040NR question - 0% treaty rate NEC income

Does anyone have much experience with the 1040NR and Not Effectively Connected income? I have NEC Income that has a treaty rate of 0% Now should this be reported on: a) Schedule NEC (page 4) ...
3
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3answers
121 views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
2
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0answers
57 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
5
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1answer
52 views

What should I use as the cost basis for stock that was purchased before becoming a US resident?

I held some stock in Australia for 14 years and 4 months that has enjoyed some healthy long term capital gains in that time. Recently I became a US Resident for Tax Purposes under the Substantial ...
1
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1answer
17 views

Offsetting the tax on vested RSUs with short term capital loss

For sake of simplicity let's say I vested 100 shares from RSUs, that triggered a stock sale of 40 shares at $10/share to cover tax withholding of $400. Is it possible to offset the $1,000 gain ...
-3
votes
1answer
44 views

How does Pell Grant work for students with a foreign Bachelor's?

I have an MD degree from a foreign institution. But because I got that foreign MD from an unaccredited medical school 30 years ago, I can't find a job in the U.S. Therefore, I decided to get at least ...
1
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1answer
39 views

Inspection Contigency - Form 35 (NWMLS)

After a residential home inspection has occurred, and both parties have signed/initialed an inspection response (NWMLS Form 35R); What are the buyers options for recourse when the seller does not ...
0
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2answers
216 views

How will my stock purchase affect my taxes?

If I purchased $5000 in stocks for one company (on NASDAQ), will that be counted as an investment expense thus reducing the amount of taxable income that I have for the year?
0
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1answer
73 views

Is it legal for Shutterfly to expire their Prepaid Plan in CA, USA

Sorry if this is off topic, but thought it was the best site for this question: I was just on Shutterfly and noticed that I had an expired prepaid plan. I live in California and remember there are ...
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0answers
60 views

Is my diversified investment strategy wise?

I maintain asset allocation of 10% cash, 70% equity (Domestic and International), and 20% bonds (mixed Domestic and International). I maintain only Morningstar 5-star mutual funds for all equity and ...
0
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1answer
29 views

Do the credit bureaus have 14 or 30 days mortgage rate shopping window ?

I got prequalified 15 days ago. Now, I am planning to get prequalified with other lenders to compare the rates, and get a better deal with my mortgage APR rate. However, I'm worried that the credit ...
3
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2answers
54 views

In a retirement account, is there any reason to purchase deferred annuities now instead of near retirement?

There are lots of sources online that talk about how if you are saving your retirement money within a tax-sheltered account (401k, 403b, etc), you are likely better off with mutual fund investments ...
5
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1answer
170 views

Minors financial rights in the US

I've been looking at options for minors in the USA regarding their finances and everywhere I look, I see 'people under 18, need a guardian, parent etc. to open a checking/saving/brokerage account' and ...
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3answers
85 views

Does Maxing my Roth IRA Early in the Year Provide More in the Long Run?

Recently, I've been looking into investing into a Roth IRA since I'm in the lower end of my twenties. Due to no employer match and feedback from co-workers, I felt this would be a good option to ...
0
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3answers
75 views

How to shop for mortgage rates ?

I have already been prequalified with 3.8% (but I am sure I can do better :)). Now, I am about to make an offer on a house. So, once the seller accepts my offer, how do I rate shop ? Do I need to ...
2
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2answers
93 views

what happens if you win a car and then sell it?

So if you win a car as part of a contest you have to pay income tax on the ARV (approx retail value) of the car. You get a 1099-MISC to assist you with that. So what happens if you turn around and ...
4
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3answers
106 views

What are the down sides of maxing out the 401k?

Please advise me whether I understand this correctly: The benefits of maxing out the 401k: Your contributions are tax-deductible, so it lowers your income during tax filling As your money grows ...
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0answers
36 views

Can CreditCard company come to my Home Country and ask for payment or Sue me? [duplicate]

I was in USA for last 10 years, and I am not able to repay the credit-card payment, not even the minimum payment due which i am paying since last one year. I was paying the minimum payment due ...