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

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1answer
19 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?
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0answers
60 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?
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2answers
31 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 ...
3
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1answer
29 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
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1answer
17 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 ...
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1answer
27 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
60 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 ...
2
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1answer
35 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 ...
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1answer
51 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). ...
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1answer
16 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 ...
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1answer
19 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. ...
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1answer
66 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?
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0answers
24 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 ...
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1answer
37 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 ...
7
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1answer
128 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
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1answer
31 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
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2answers
66 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
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1answer
36 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
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1answer
32 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 ...
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0answers
28 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
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2answers
51 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
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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
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1answer
45 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 ...
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1answer
60 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
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1answer
35 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 ...
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2answers
591 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
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2answers
915 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
66 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
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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
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2answers
55 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 ...
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2answers
108 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
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1answer
34 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 ...
0
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1answer
32 views

Should peer to peer lending be part of a diversified taxable portfolio

I'm wondering how p2p lending factors into taxable accounts. They do offer diversification outside of normal bond etfs. Are they appropriate in rounding out a diversified portfolio, or should a ...
4
votes
2answers
89 views

What leverage do I have to negogiate reduced overdraft fees?

Through a comedy of errors involving other financial institution, my checking account at a credit union went negative, and I was charged $200 in overdraft fees. I don't think I'm responsible for the ...
4
votes
1answer
75 views

Can I deduct interest and fees on a loan for qualified medical expenses?

I took out a loan from a "medical lending" company in 2015 and paid it off later that year. All of the loan went to pay for necessary medical expenses (paid directly from the lending company to the ...
3
votes
2answers
434 views

Can a reimbursable medical expense be paid from an HSA?

Can a qualified medical expense for which the HSA account holder knows will be reimbursed by his insurance be paid from his HSA? If so, is the subsequent insurance reimbursement considered a ...
3
votes
1answer
81 views

How do you read the W2 Forms?

I did search through the question and couldn't find one like. This is my first year working so this is my first W2 form I have received. I am confused on how to read this. There are two halves to the ...
0
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1answer
31 views

Are free gifts with mail-order purchase part of COGS for tax purposes? [closed]

I'm doing the books for a small US mail-order business. With every order they include a couple of little "free gifts" in the package just for fun. Think candy or stickers, that sort of thing. They ...
1
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1answer
67 views

Can you deduct mileage on your return trip home?

So super easy and newb question here. All the stuff I've read regarding having a dedicated home office and deducting mileage to client meetings, etc is all understandable. But what I don't understand ...
0
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2answers
27 views

Employer Tax Contributions Pre-Tax for Contractors?

I'm currently working for an employer who contributes to my health insurance plan (they pay the plan directly, rather than reimburse me). I've just received my W-2, where it looks like they've ...
4
votes
1answer
77 views

How to buy a house in the United States using money from a foreign loan?

I am a US resident. This scenario involves 3 entities. I want to know what would be the situation (legal and cost) if I can borrow money (complete value of the house Eg: 500 K) from a person or a ...
1
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1answer
68 views

Sell house in CO?

We bought a house in South Denver in 2003 for $245,000. We ended up moving and have rented the house since. Our current rent gives us an extra $1,000 which we put towards our new mortgage. We owe ...
1
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2answers
118 views

Smartest Place to Put Tax Refund

Background: I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
5
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4answers
298 views

What are the consequences of overfunding a 401k plan?

The current 401k contribution limit is $18,000. If I'm trying to contribute the maximum amount for the year and accidently go over, what happens? For example, if I end up contributing $20,000 for ...
1
vote
1answer
42 views

Can my spouse and I file jointly if I have an HSA and she has an FSA?

My spouse has an FSA account, and I have an HSA account. We are on separate health insurance (mine is eligible for an HSA account). Are we allowed to file jointly or do we have to file separately?
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2answers
194 views

Index funds with dividends?

I'm new to buying stocks. I've done a bit of reading about investing in the stock market. Some people seem to recommend index funds. Other people seem to recommend only buying stocks that pay ...
3
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1answer
45 views

W4 & withholding taxes for self-employed spouse

My wife and I live in the SF bay area. My gross income is $320,000 and my wife's is $38,000. My wife is employed as a contractor though and gets a 1099 instead of W2. No taxes are withheld from her ...
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2answers
150 views

Take Social security at 65 or spend retirement savings

What is better? To retire at 65 1/2 and spend nothing but retirement savings until reaching age 70. At 70 take social security for both me and my wife and get the maximum benefit. I would spend ...
2
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1answer
76 views

What strategies are there for minimizing AMT?

AMT can cause an effective 35% marginal tax rate for certain income ranges. Incidentally, the income ranges where this happens can be far below the usual ($411k MFJ) non-AMT income required for that ...
3
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2answers
75 views

Using two health insurance providers?

When I was hired I chose to be included in the company's health insurance policy and to have an HSA opened since my company makes a yearly contribution. However, I am still under 26 and could be ...