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

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1answer
28 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
556 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 ...
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2answers
42 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 ...
4
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1answer
31 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 ...
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1answer
27 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
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2answers
81 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
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1answer
73 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
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2answers
424 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
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1answer
79 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 ...
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1answer
31 views

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

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 ...
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1answer
61 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 ...
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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 ...
1
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1answer
67 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 ...
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2answers
114 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 ...
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4answers
272 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 ...
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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
187 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 ...
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2answers
132 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 ...
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1answer
15 views

Filling up W8-BEN-E PART III

I am a citizen of India, never travelled or worked in the US ever. I have registered a Pvt Ltd in India for doing business with a US-based client. I registered my company in Dec 2015. I read up and ...
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2answers
171 views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
3
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1answer
54 views

Can MOOCs be treated the same as university for taxes (US)?

Without understanding a lot about taxes, I know that there are several tax credit opportunities for college students in the US (The American Opportunity tax credit, Lifetime Learning Credit, etc). ...
3
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1answer
104 views

How can somebody cash my state income tax refund check?

I am not a USA resident but I've worked the last summer in the USA so now I want to get my state income tax back. I know that the money is coming in form of a check on my name. I need somebody else to ...
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2answers
38 views

Advantages of Tax payments v Withholding for Capital Gains?

I expect to sell my second home this year and make a profit, therefore I will owe Long Term Capital Gains. Putting that into TaxCut software when planning tax for next year it suggests a fairly small ...
3
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1answer
33 views

Tax: 1099 paper form

This is more of a question of pure curiosity and convenience. Why do 1099s have to be submitted on the special paper forms and not just printed out in multiple copies or purely digitally? Everything ...
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2answers
33 views

Roth IRA recharacterization, earnings, and conversions

The way I see it, a Roth IRA has 3 implicit buckets of money withdrawn in this order (with the big "conversions" bucket actually being a large number of smaller buckets): Contributions Conversions ...
0
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1answer
33 views

Days present in the United States as J-1

I am considered a nonresident alien for the tax year 2015. As such I have to file Form 1040NR of which Schedule OI is a part of. One question on the Schedule OI asks this: "H. Give number of days ...
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2answers
84 views

Should I just stick with the funds that have had the highest long term returns?

Since I won't be touching the money in my retirement accounts for decades into the future (I'm 24 years old), does it make sense to just invest the money in volatile sectors of the market, but that ...
5
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1answer
55 views

Social Security Disability to Social Security

I am currently 62 1/2 yrs. old on SSDI and want to return to work. Can I apply for regular Social Security and return to work and not have to worry about losing my income.
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0answers
43 views

What are the limits of non-monetary terms in personal loans? [closed]

When an individual makes a formal loan to another individual, what are the lawful limitations on non-monetary loan terms? For example: if person A loaned money to person B, is it lawfully acceptable ...
5
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1answer
90 views

I trade labor for lot rent on my live-in r.v. Can I claim any income to apply for eic? Do I owe taxes? There is no money exchanged

I work as a farm laborer in exchange for lot rent for my own r.v., electricity, and water on a friends farm. There is no cash exchange. I am the one and only "lot renter". Will either "landlord" or ...
2
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1answer
47 views

Is there an accepted standard for how US tax system treat UK ISAs for expats?

For US citizens living in the UK, the US tax system treats UK pension contribution and withdrawals pretty much like the UK does. Tax-free contributions, taxes due on withdrawals. Just like a ...
3
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2answers
112 views

What should I do to buy small amount of shares?

Let's assume the following scenario: I have 5000$ which I am willing to invest(lose). I selected 5 public companies that I would like to buy shares. Is there a way for me (an immigrant who works in ...
0
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1answer
54 views

Website for comparing mutual funds? [closed]

I am looking at all the companies from which you can buy mutual funds with this broker : https://www.interactivebrokers.com/en/index.php?f=products&p=mf&ns=T Is there a website that exists ...
5
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1answer
409 views

Remedies for Defaulting on a 401(k) loan

I changed employers and am unable to pay back my 401(k) loan within the 60-day period allowed. I realize this will default the loan and I will receive a 1099-R, have to pay taxes and penalties. The ...
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0answers
36 views

Downsides to Property Tax Deferral?

Illinois has a property tax deferral program that allows seniors to borrow against the equity of their house (which includes a lien) up to $5K per year at 6% simple interest (!). I am considering ...
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2answers
53 views

How does IRS deal with 1099s across accounting methods?

For a US company using the accrual method of accounting, if they receive a bill in January 2016 for work done in 2015, I expect they are supposed to report the 1099 income to the biller as part of the ...
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0answers
16 views

Income tax question regarding the return of my Capital Contribution from a company

Normally my taxes are pretty straight forward, but this year I got about $2,500 back from a company I used to help run and I need to know how to file it. Here are the details: The company was a ...
2
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1answer
94 views

How big is the tax penalty for a dual income couple? [duplicate]

Multiple articles online alludes to this tax penalty, claiming that dual income couple "can, often, may" suffer from it without giving any concrete sense of the magnitude. Could we do an ...
3
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1answer
49 views

Are class action settlements taxable as income in the United States?

In my case the settlement was a result of an insurance company lawsuit alleging that the insurance company overcharged its customers on a fee to its customers (including myself). I'm thinking that ...
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3answers
3k views

Opting my child out of SS taxes? [duplicate]

If I have a child and elect not to get him a social security number, will he still be required to pay social security taxes? I am a U.S. citizen, as is he. I'm trying to weigh the cost of not ...
0
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0answers
42 views

401k payment default due to banks negligence of processing payment

I am self employed for 6 months out of the year and work for another company 6 months. I had a loan from my 401k and have Wells Fargo manage the payments. When I am self employed, I submit the ...
1
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1answer
45 views

Investing in a Condo or House [closed]

I am a single male and I live in Atlanta, Georgia. I am contemplating whether to invest in a house or a condo. As a lifestyle, a condo suits me better because I am single, I do not have any kids ...
5
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2answers
3k views

Does our baby need to file a tax return?

My friends had a baby last year, and he's turning 8 months by April 15, 2016. The parents are going to file a joint tax return this year. Can they claim their baby as a dependent? Should they ...
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0answers
38 views

Do I have to file a W-3 even if I didn't pay any of my employees? [closed]

Do I have to file/send in a W-3 even if I didn't pay any of my employees? Thanks,
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1answer
21 views

Does FTB accept amended tax returns over Fax?

So I sent Letter of Explanation over regular mail to Franchise Tax Board. I called them and they claim not to have yet received and/or scanned it. And instead suggested to Fax it. However, I could ...
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1answer
21 views

What are the tax treaties between USA and India which I can mention in 1040 NR-EZ Item J?

I worked on-campus in 2015 for 2 months during my masters in IT on F-1 Visa as a student. My school paid me around 1500$ for working 2 months on-campus. Then I got an internship in my final semister ...
2
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1answer
75 views

Pay down a big loan or pay off a small one? [duplicate]

I have two student loans I would like to pay off: A: $6000 - 6.5% B: $3000 - 6.5% I am receiving a tax refund of a bit over $3000. I am not sure whether to pay off B in one fell swoop to get it ...
1
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1answer
18 views

Reporting closure of NRI/NRE/NRO bank account when filing US federal income tax

I am aware that if my foreign account holds a balance exceeding $10K I have to report it in FBAR when filing income tax. This became a hassle, so I closed it in mid-2014, and reported the account and ...