for questions that relate to the laws, practices, and products of the United States.
6
votes
1answer
27 views
Is there a service to find the best & least expensive term life insurance?
How do I find the best and least expensive term life insurance? I'd love to see a listing for life insurance like BankRate.com does for savings accounts and mortgage lenders. Anything like this out ...
4
votes
1answer
28 views
What report format can be used to motivate a young adult to learn about investments?
My 21 year old sister has some money coming. I want to show her in a one page report, what the results will be if she invest that money (bonds/stocks/commodities) vs taking the money and not investing ...
3
votes
1answer
28 views
Federal 30% Solar panel rebate this year v.s. “business” expense (W9 the contractor?)
I operate my business out of the house. Can I claim my 30% federal solar rebate AND also get by with more business deductions and claim the 1099 contractor (making him fill out W9) as a business ...
8
votes
1answer
179 views
Can mortgage insurance replace PMI?
So I recently bought my first house, and admittedly have no idea what I'm doing when it comes to home financing. I did not put down 20% so I have to have PMI until I pay off the principle up to 20%. ...
5
votes
1answer
47 views
Does total US public debt include state debt?
When I see total US public debt, I wonder whether state debt is included. If "total US public debt" used differently for different cases, I will restrict my case to the usage in national ...
7
votes
4answers
296 views
How do I make a small investment in the stock market? What is the minimum investment required?
I am not rich, so I am talking one to two hundred U.S. dollars per month only. I would like to know whether I can buy stock using that little amount of money, and how to do that if possible?
As an ...
4
votes
3answers
562 views
Is sales tax for online purchases based on billing- or shipping address?
My question is simply clarification: when I make a purchase online, is the sales tax applied based on my billing or shipping address?
Possibly similar (possibly illegal?) but with no up-voted or ...
0
votes
1answer
36 views
What rules must your broker follow when buying/selling shares for you at the market price?
When you buy/sell shares at market price (not using limits), what rules must your broker follow?
Two scenarios:
You tell your broker to sell shares at market price. The broker buys the shares ...
2
votes
1answer
39 views
Transfer large amount of money from one Wells Fargo account to another
I'm helping my fiance pay off her student loans. We both have Wells Fargo accounts. What is the quickest and cheapest way to transfer a large amount, say $20K or more, to her account? I'd prefer to ...
15
votes
4answers
558 views
How do I invest and buy/sell stocks? What does “use a broker” mean?
This is an embarrassingly basic question. I'm a college student and know very, very little about the world of investing and purchasing stocks. I realize that some Googling could find me the answer ...
8
votes
3answers
1k views
Is Tax Audit Protection insurance worth the money?
TurbaTax is offering me Tax Audit protection for $49.95. If my tax return is randomly selected for audit they will represent me.
Is this service worth the money?
1
vote
1answer
61 views
Is it possible to not pay self employment taxes on income reported in box 7 of 1099-MISC
I was recommended an enrolled agent (EA) to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
The EA did not go into details ...
6
votes
6answers
171 views
When should I start saving/investing for my retirement?
I just started out with my first job and I was curious, what is a good time when I should start with my long term saving plans?
Update:
Thanks for the advice and I was expecting that answer. So my ...
11
votes
2answers
233 views
Where should I store some cash that I need to be somewhat liquid?
I've got under $10,000 that I want to put somewhere more awesome than my no interest checking account.
So far American Express Personal Savings at 1.15% APY is sounding nice. I can transfer out of it ...
2
votes
3answers
90 views
betterment vs vanguard life strategy vs vanguard target retirement
I'm a 20 something grad student and would like to open a hands off retirement account with beta exposure to the market and would make monthly contributions. I'm fairly illiterate wen it comes to ...
2
votes
1answer
38 views
What are some FSA eligible expenses that can be used for baby care?
I signed up for a Flexible Spending Account (FSA), and am now trying to figure out what all is covered under it.
I know some of the basic products like band aids and glasses are, but I'm really ...
12
votes
8answers
1k views
How does giving to charity work?
The title of this question is hopelessly vague, but here is what I'd like to know:
I've always heard that even if you don't have much money, you should give to charity. It is tax-deductible. I'm ...
3
votes
1answer
87 views
Does buying/selling a stock for a loss count as income?
In 2011 I accidentally bought $1000 worth of stock in a brokerage account and immediately sold it the same day for $985 (a $15 loss). The IRS is now claiming I owe $280 in taxes on $985 of income. Is ...
6
votes
3answers
61 views
Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?
I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so.
There's a chance that I'll want to buy an ...
4
votes
2answers
81 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
9
votes
2answers
1k views
Do personal checks expire? [US]
Do personal checks expire in the US? Also, if I stamp the following on it:
VOID if not claimed within 60 days.
Will that be honored by most banks?
Related
Do personal cheques expire? ...
7
votes
1answer
122 views
Which colors can one use to fill out a check in the US?
With which colors can one fill out and sign and personal check in the US?
Black is of course okay; I have heard that blue is also allowed. An ideal answer will give references.
Is there anything ...
3
votes
2answers
44 views
How should I specify income that was saved abroad on my children's FAFSA?
I lived and worked in London (even though I'm an American) for the last 5 years, and now I'll be heading back to the states.
My children are about to start college and I have money saved in an ...
4
votes
2answers
65 views
For which alterations on a personal check in the US does one need to initial?
For which alterations on a personal check in the US does one need to initial?
Crossing out one's old address on a personal check is possible. Crossing out an outdated address is not necessary in the ...
1
vote
2answers
28 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
6
votes
3answers
409 views
Can my significant other deposit a check made out to me?
We share a bank account; if the check is made out to me personally, can I have my other half run it to the ATM while I'm at work? Also, is it legal to do so?
1
vote
1answer
29 views
How can one fill in the cent portion of the numeric amount on a personal check in the US?
On personal checks in the US, one fills in the numeric version of the dollar amount towards the left of the respective rectangular field.
Say the check is for $36.25. I have seen different ways of ...
6
votes
1answer
52 views
How do I report using an IRA distribution to purchase a first home
The tax code allows up to $10,000 to be withdrawn from an IRA (Roth or regular) and put towards the purchase of a first home without having to pay the normal 10% penalty for an early distribution.
...
3
votes
1answer
30 views
U.S. Bonds Taxed Interest and Current Value
Series EE Bond just matured and I cashed it in.
The current value that I received in cash was only a little more than the original face value.
However, the interest I am paying taxes on is half the ...
11
votes
5answers
2k views
A merchant requests that checks be made out to “Cash”. Should I be suspicious?
My barber accepts only cash or checks made out to "Cash".
Is there a likely legitimate reason she might want the checks made out to "Cash"? Or am I helping her hide her revenue from the IRS?
3
votes
1answer
141 views
Is it possible to get a loan when you own a significant portion of a business that is taking investment?
My wife and I collectively own more than 25% of a company that has taken over a million in investment from other investors for the purpose of growth. Our home loan is currently at 6.5%, and so we ...
7
votes
2answers
116 views
How can I replicate Vanguard's Total Stock Market Index using their S&P 500 and extended stock market funds?
I want to approximate the total United States stock market with part of my 401(k). I have access to two low-cost index mutual funds: VIIIX, which tracks the S&P 500 (large cap), and VIEIX, which ...
1
vote
1answer
101 views
Can I form a company to rent a car or apartment to my wife's employer for her to use?
My wife's job places her on long-term contracts (> 6 months) in different parts of the US. The employer currently pays for a permanent car through a popular car rental agency and a permanent room ...
3
votes
1answer
65 views
Selling stocks - capital gains
Say I have 500 shares in company XYZ. 250 were purchased on 5/1/2012 and 250 were purchased on 9/1/2012. Is it possible to sell only the stocks that were held for 1 year (5/1/2012)? Avoiding the ...
3
votes
4answers
1k views
What's a reliable way for a non-permanent resident alien in the USA to get an auto loan?
I am a Canadian citizen starting work in the USA under a F1 OPT extension (one year). After the OPT extension is up, I'll probably be seeking an H1-B visa.
I'm looking for an auto loan. I have a ...
4
votes
3answers
1k views
Can I receive “gifts” from my friend (who happens to be my employer)?
Take for example, I'm an employee and my employer is my good friend.
We are both US persons living in the US, and I'm working for my friend for a monthly wage of $5 USD which is subject to income ...
3
votes
1answer
346 views
ITIN Application - IRS requesting original passport
I have filed joint tax return for 2012 tax year. My wife is not eligible for SSN (she's on H4 visa) so we included the W7 form (application for ITIN) into the package.
This year the rules became more ...
5
votes
5answers
1k views
Cannot get a mortgage because I work through a recruiter
I changed jobs last April and now make well over $100K, yet, I can't get a condo mortgage for $150K because I work through a recruiter! The recruiter contract is for nine months, and then my company ...
1
vote
1answer
68 views
As a personal entity, can I have business expenses deducted?
Hello Money community,
A quick tax question for NY/USA.
Say an online shop sends me a 5k check in my name and not under a corporation, to order 300 glass cups.
And I'm sort of the middle man and ...
0
votes
1answer
4k views
Why do I owe so much money in taxes this year compared to last year? Estimate
Wife and I have been married for almost 2 years. We filled jointly last year and W4 was at Married but withholding at single rate... we had 0 allowances. We got $1500 back last year and so we decided ...
5
votes
1answer
43 views
Comparing pre-tax versus post-tax health expenses?
I understand the concepts from this question and everything I have read says that the benefit of pre-tax expenses are that they reduce your taxable income.
But to keep the math simple, let's say ...
8
votes
1answer
91 views
Index mutual fund “minimum initial investment” inside a Roth IRA?
When a fund says its minimum initial investment amount is $2500, does that mean I need $2500 in my Roth IRA account to trade that fund? If so, would I need $7500 total in my Roth IRA account to trade ...
3
votes
1answer
45 views
Selling my house and have been taking home office deduction. What will I owe?
I'm in the process of selling my house. I took a home office deduction a couple times, and I am concerned about what I may be responsible for at tax time.
My profit from selling the house is nowhere ...
6
votes
1answer
101 views
How quickly does decreasing credit utilization affect your credit score?
There is a lot of advice out there about keeping your credit card utilization above 0% but less than 20%. I'm currently carrying about 85% utilization on my card and have plans to lower it. How long ...
2
votes
4answers
87 views
How does a non-uniform utilization across your credit cards affect you?
I have three secured cards with me, one of which gives me rewards for gas and another for online purchases.
The third one is a Mastercard - I use that only where my VISA cards do not get accepted.
...
5
votes
1answer
69 views
What specific quality of life factors need to be addressed when creating a special needs trust?
We are in the process of creating a special needs trust for my daughter. One of the many things we need to think about are the quality of life factors as she gets older and of course as we get older. ...
7
votes
3answers
209 views
What is the best approach to save money for College for three kids?
I have three kids ages 4, 3 and 0 and I am concerned about the cost of college education for my daughters. A lot of the "public" schools (not community colleges) cost between $20,000 to $24,000 a year ...
-1
votes
0answers
36 views
When calculating CIP between EU and US, which interest rates data to use?
I am wondering which data to use to test the Covered Interest Rate Parity between Europe and the United States. Recap that for the CIP to hold, it should mean that
F/S = (1+r)/(1+r*) where
F = the ...
10
votes
2answers
320 views
Can someone explain the different kinds of annuities?
So in my retirement and personal investing I have some stocks (very little), a Roth IRA, a Roth 401K and a Traditional 401K (later two are from work and I split things right now).
At my age and ...
3
votes
1answer
57 views
Full Time Job and Self Employment and a 1040ES
Currently I am full time employed with a company, and am in the 25% tax bracket and claim no exemptions. I also have a website that I get ad revenue from.
Last year I had a few hundred dollars I owed ...
