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

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6
votes
3answers
191 views

Is losing money in my 401K normal?

I had about $10.5K in my Fidelity 401K account invested in their target fund. I started it a year ago. This is my first time with investing in the stock market. For the past 2-3 months, it keeps ...
1
vote
2answers
16 views

Just got a side job - w4 allowances section

I recently started a full-time M-F job which has a total annual gross pay of just over 20k. Now, I have been offered a "when-available" (tell them what days I'm available in a 7-day week and they ...
0
votes
1answer
18 views

Will there be any complication at the time of withdrawal by opening Roth IRA as a non US citizen?

I am currently on a H1B visa. A senior colleague at my work recommended that I open a Roth IRA. I did some research and I like the idea of it, but I was unable to find answers to all of my questions. ...
42
votes
8answers
10k views

Pay off car loan entirely or leave $1 until the end of the loan period?

Background information: I have a car loan that doesn't require payments if I'm ahead on the loan (but accrues the interest, of course, on the balance remaining). I still have a year and a half on my ...
3
votes
2answers
44 views

This is my pay stub. Am I paying too much?

I have decided to make this post on behalf of a close friend. He is a young professional working in San Francisco and making ~ 132K USD per year paid in biweekly fashion. Single and he doesn't own a ...
4
votes
2answers
193 views

How late is Roth (rather than pretax) still likely to help?

Given the choice, should one switch from Roth to traditional IRA/401k contributions as one approaches retirement, and if so is there any good way to decide when? If it affects the decision, I am ...
7
votes
1answer
101 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 ...
2
votes
1answer
5k views

How to contact the IRS to determine if your taxes have been filed by a CPA?

As a follow-up to my other question: How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time? I have not received any contact from my CPA other than ...
2
votes
2answers
14k views

How do I estimate my taxes when I have only 1099 income?

Last year I had W-2 income and 1099 income. I made $10,000 in real estate commissions. I believe I paid $1800 last year in 1099 tax, but none of it to the best of my knowledge was penalized. I filed ...
3
votes
4answers
488 views

How much does credit score matter?

The higher your credit score, the better. If you ever had the choice of two different credit scores, you are always better off preferring the higher one. However, while the utility of a higher score ...
0
votes
2answers
65 views

Can I operate whole investing and trading in US stock exchange staying outside USA?

My sister has just gone to USA and will try to settle down. She wants to invest some money in US stock exchange. But she hardly have any idea of stock market. Now she wants me to operate her investing ...
34
votes
4answers
2k views

Recent graduate with new job: Choose Roth 401(k), or traditional 401(k)?

I just graduated, and I'm starting a new job soon. My employer has pretty good policy for matching 401(k) contributions, so I want to invest as much as possible, especially during this first year. My ...
2
votes
1answer
33 views

Does a Roth 401(k) rolled into a Roth IRA count toward the annual contribution limit?

I am trying to max out my Roth IRA for the 2015 tax year, and am wondering if Roth 401(k) rollovers count as a contribution. Roth 401(k)'s are not offered by many employers, so I couldn't find much ...
-1
votes
0answers
26 views

US bank offering Euro-based card?

I'm looking to open an EUR account within the US that offers a Maestro card (in Holland it's called "Betaalpas" which is the only type of card that you can use in all Dutch shops, and with which you ...
1
vote
0answers
25 views

How do you calculate your “alternative tax net operating loss”?

In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss ...
1
vote
1answer
83 views

Section 179 Deduction vs De Minimis Safe Harbor

I'm self-employed in the U.S. and trying to figure out how to deduct some business expenses on for my 2015 taxes. I have some hardware and equipment expenses such as computer parts and electronics ...
0
votes
0answers
23 views

Timeline of Economy/Market [on hold]

Is there a resource out there that provides a timeline of the conditions of the economy/market from the past to the current state? The ideal resource should show the year, the state of the ...
0
votes
0answers
59 views

After-tax 401(k) conversion

I have some questions regarding converting my after-tax 401(k) to either my in-plan Roth 401(k) or an external Roth IRA: When I convert, can I transfer stocks/funds I own in my after-tax 401(k) ...
3
votes
1answer
45 views

Loan to S-Corp cannot be paid back, how to deduct from personal taxes?

I gave a $15,000 loan to an S-corp where I have a 10% stake. The K1 I got this year only allows me an ordinary loss of $600. However, I know that this business will soon be shut down without the ...
0
votes
1answer
68 views

Real estate agent wants a loan introduction letter

I was talking to a real estate agent (USA, CA bay area) who told me that I need to not only fill out a loan app, w2, and account statements but also write a introduction letter for the lender. I've ...
0
votes
2answers
101 views

Can someone steal my government check and cash it?

I get an adoption check every month from Raleigh. I haven't received it for February yet. It always comes by the 6th of every month. I was wondering: could someone have stolen it and cashed it at ...
9
votes
2answers
2k views

Why is a coin an asset whereas a note is a liability on the Federal Reserve's balance sheet? [on hold]

Can someone explain me why coins are assets and notes are liabilities for the U.S. Federal Reserve? I know coins are made from "precious" metals, but even notes are made from various materials too, ...
4
votes
2answers
122 views

Will I be able to purchase land?

I am 19 and I plan on working on a cruise ship to save up around $20,000 to buy a plot of land in Oregon and build a tiny house for myself; however all of this is just an idea at the moment, nothing ...
0
votes
1answer
240 views

What is Loss Assessment Coverage?

I am buying a condo and looking for condo unitowners insurance (HO6 policy). What is Loss Assessment coverage? Can I use it to pay any special assessments imposed by HOA e.g., when they have to do ...
0
votes
2answers
23 views

Would I be taxed on a long term currency exchange?

Recently, USD has been doing really well. I've been considering moving a bunch of money into CAD, to use when I visit there or if I ever move back in the future. It seems likely to me that by the ...
1
vote
1answer
50 views

Can you transfer a Roth IRA to someone else?

My friend's uncle manages a Roth IRA for him that is in my friend's name. He has had this account open since my friend was little (obviously before he was earning any income of his own). I don't know ...
0
votes
1answer
100 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?
1
vote
1answer
41 views

If I only have international health insurance will I be fined by not having Minimum Essential Coverage?

I am an international student holding an F-1 visa, and I am working part time where I cannot apply for the employer health insurance. I only have international health insurance (bought in the US) and ...
0
votes
1answer
17 views

Can I contribute to a SEP-IRA and a Solo 401(k) for the same business?

This money.SE question and this BogleHeads forum thread both seem to ask about whether or not you can contribute to both a SEP-IRA and a Solo 401(k) at the same time for the same business. I'm not ...
6
votes
2answers
949 views

Using a Roth IRA instead of a college savings account

This might be a foolish idea, and if it is please tell me why. Last night I got the idea that it might be a good idea to invest the money that I'm saving for my children in a Roth IRA in their name. ...
1
vote
1answer
96 views

how to show income from paypal as export income

I am selling herbal products from India to US on eBay and receive money via paypal. My CA said I am exporting goods so I'll get rebate in tax. When I told him I get money via Paypal he said it is not ...
0
votes
2answers
50 views

Impact of EIN on taxation

I have already an LLC in Michigan and I am the only resident agent/member of it. I am now going to apply for an EIN. Is it possible if (After getting EIN) I change my LLC type (disregarded entity or ...
0
votes
1answer
32 views

S Corp with Straddles Income

I am thinking of using some S-Corp assets to trade futures this year. If this activity were to generate let's say 100K of profit, and the other corporate activities also generate 100K of revenue, are ...
5
votes
1answer
50 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 ...
0
votes
1answer
32 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?
1
vote
2answers
36 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 ...
6
votes
1answer
79 views

US Taxes: How does the foreign earned income exclusion affect Roth IRA contribution limits?

We are US citizens. We live overseas and make our income from a business here. We pay taxes here on the income and thus don't pay US taxes on it. Let's say we make $50,000 and all of it is excluded on ...
3
votes
3answers
534 views

Should I contribute to current year RothIRA if I'm unsure if current year income will exceed limit?

I've always contributed to Roth IRA for the previous calendar year right before the deadline in April. The past year, I was over the limit and thus won't contribute this month. However, my income ...
7
votes
2answers
957 views

Does it make sense to take a lower salary so I can still contribute to a Roth IRA?

Would it ever make sense to take a lower salary in order to contribute fully to a Roth IRA? This is probably very circumstantial, so let's assume: I'm not in debt and have no other obligations ...
-7
votes
2answers
5k views

Why is routing number called ABA/ABN number?

That's what my bank said. But how does ABA and ABN stand for "routing" in anyway
0
votes
0answers
66 views

Should have received my ITIN two months ago, can't find out what happened

So I applied for an ITIN number to the IRS last August or so, gave them plenty of ways to contact me and I was told that the whole process would take about 6 months tops but its been more than that ...
1
vote
1answer
708 views

Are U.S. aliens international money transfers taxable?

I am U.S. alien by L1 visa. I have savings in a country of residence and going transfer them to U.S. bank account. Should I report them? Are money transers taxable? Who is authorized to give me ...
2
votes
1answer
1k views

Does anyone know what Bank of NY Mellon's EB DLs are?

On my 401(k) the Target Allocation funds are heavily invested in a bunch of BNY Mellon funds and I can't find what they are. These three particularly, as they're the largest holdings: BNY Mellon EB ...
4
votes
1answer
70 views

Mistake of 401 comingled account

About 5 years ago the company I used to work for switched advisor's from Mass Mutual to Edward Jones, so employee accounts were rolled over. During this process, 21 years of my funds were ...
0
votes
1answer
37 views

Does hitting one type of deduction cap exhaust deductions for other types of donations?

For appreciated securities the IRS allows certain caps on how much of AGI can be deducted. Here is a chart: http://www.nptrust.org/donor-advised-funds/daf-vs-foundation/ The short version is 20% (of ...
0
votes
1answer
59 views

Property Records - Foreclosure and Fair Market Purchase, Over and Over

Here is the records I am finding on a particular property I would like to purchase: It seems like this Smith property owner has bought it out of foreclosure three times, and sold it to a party ...
-1
votes
1answer
74 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?
1
vote
1answer
25 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 ...
0
votes
1answer
33 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 ...
4
votes
1answer
41 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 ...