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

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2
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1answer
37 views

Why would I choose a 40-Year depreciation instead of the standard 27.5-Year?

I converted my primary residence into a rental property last year. For depreciation purposes, I must choose between GDS ("General Depreciation System") or ADS ("Alternative Depreciation System"). ...
4
votes
2answers
68 views

What is the penalty for having an HSA and Medicare?

If I open a HSA my employer will contribute $1000 yearly, but I am not supposed to contribute to an HSA because I have Medicare Part A. What is the penalty for contributing to an HSA when you have ...
0
votes
1answer
78 views

Defaulting on early termination charges out of a phone contract

I was wondering what the consequences are: is your credit history ruined, or merely dinged? Is the blow recoverable? Can the carrier try to get the money back in court? I assume you'll wind up ...
0
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1answer
90 views

Child is on the way, invest for college and car fund options - opinions

I have a baby on the way and own my own business. Because I have my own business my income is volatile every month, and don't want to count on contributing monthly for 20 years for my child college ...
0
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1answer
40 views

Can I contribute to a Roth IRA while living and working overseas?

If I have a Roth IRA while living in the US and want to contribute to it after I move overseas to work for a few years, how do I do this? Say I make 70k overseas and plan to take the foreign earned ...
4
votes
1answer
41 views

Where do I-Bonds fit into personal finance plans?

I'm mainly interested in a finding a medium-term, low risk savings vessel. Bank and Credit Union savings accounts available to me at the moment are all < 1% APY, so inflation-protected securities ...
1
vote
1answer
58 views

Can I deduct the full amount of a rental loss in two states?

Last October I moved from California to Connecticut, converting my primary residence to a rental. I didn't get it rented out until December, so I ended up with a loss for the year. My California ...
3
votes
1answer
97 views

Do I have to wash money through HSA account?

I paid for my eligible health expenses from my regular account at the end of 2014 and beginning of 2015 because I did not have enough money on my HSA account. Now that I realize that I can contribute ...
0
votes
1answer
111 views

Avoid exorbitant costs when forced to break a lease

Assume Joe's employment contract and hence USA visa have ended, therefore he is forced to leave the country and break the apartment lease. The leasing company is demanding the remaining 6 months of ...
2
votes
2answers
41 views

When using an HSA debit card for qualified medical expenses, do you typically need to mail your provider proof?

How would Fidelity (who I have my HSA through) know that what I withdrew money for was actually a medical expense? And how does it get reported to count towards my deductible?
2
votes
1answer
41 views

What is HSA contribution limit with 75% HRA compensation?

I have HDHP family plan through my employer with $3000 family deductible. My employer also has HRA that covers all my expenses after 750$ and before $3000 (=75% of 3000 deductible). I claimed only ...
0
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1answer
30 views

Redirecting my portion of beneficiary IRA?

My mother passed away last year. She left her three children as POD to her traditional IRA. I would like to give my 1/3 portion to my sister as a gesture of thanks for the 10 years she cared of our ...
4
votes
1answer
31 views

Does mutual fund front-load fee count toward IRA contribution limits? [duplicate]

I want to max out my IRA and I am investing in a mutual fund with 5% front-load fee. Does that mean that I can contribute $5,500 max for IRA but have real IRA balance $5,500 less $275 = $5,225 as a ...
4
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0answers
29 views

Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?

I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
27
votes
6answers
4k views

How does start-up equity end up paying off?

Let's say I invest in a startup, either with money, work, etc. In return I am given a 5% stake in the company, but no salary, benefits, etc. When do I see money related to that 5%? Is it only when ...
3
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0answers
41 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 ...
2
votes
2answers
90 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
vote
1answer
20 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
vote
1answer
55 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
votes
1answer
27 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
votes
0answers
36 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
votes
3answers
70 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
votes
2answers
90 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
vote
1answer
74 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 ...
19
votes
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
vote
2answers
191 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
70 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
votes
4answers
124 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 ...
6
votes
2answers
314 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
vote
1answer
57 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
vote
1answer
45 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
vote
1answer
41 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
votes
3answers
71 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
votes
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
votes
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
vote
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
votes
2answers
64 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
votes
1answer
391 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
votes
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
votes
0answers
76 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 ...
1
vote
0answers
18 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
votes
1answer
36 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 ...
2
votes
1answer
74 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
52 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
votes
1answer
52 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
46 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
529 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
votes
1answer
35 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
votes
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, ...