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

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0
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2answers
174 views

How do you declare an interest free loan?

In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan. Respecting the wisdom of the people who said that, I'm unclear ...
1
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0answers
26 views

Is “Vendor credit note” has to be reported in 1099 form

Say I have, $10000 paid to my vendor. Then after which I have raised a Vendor Credit note for $5000. Now in my 1099 form, in the non employee compensation ( Box 7 ), do I need to include the debit ...
-2
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0answers
32 views

Which has the greatest lifetime value? Company 401k or State/Federal retirement plan

I want to know which of these has the greatest lifetime value: A typical company 401k, Civil Service Retirement System (CSRS), or Federal Employees Retirement System (FERS). Can somebody help me ...
2
votes
3answers
118 views

Limitations of the 401(k) to Roth IRA conversion escape hatch

I'm currently planning on retiring before the 59 1/2 year old milestone where 401k's and IRA's become accessible penalty free. One workaround I've heard of to access your retirement funds early is to ...
2
votes
1answer
96 views

How much more can I contribute to my 401(k) this year after I made some Roth IRA, Roth 401k, and 401k contributions?

I've just started a new job, and would like to max out my pre-tax 401(k) contributions before year end. I have contributed to various other investment accounts earlier this year and am struggling to ...
4
votes
2answers
12k views

Multiple mortgage pre-approvals and effects on credit score

Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
7
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3answers
259 views

How should I be contributing to my 401(k), traditional or Roth?

My company just started offering an 401k plan in place of a Simple IRA. I am able to contribute into my 401k two different ways, traditional or roth. From the way I understand it, traditional ...
0
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2answers
92 views

Can after-hours trading affect options pricing?

The question is targeted for symbols trading weekly options. For example, would Friday's AAPL after-hours trading affect the weekly options contract that are slated for expiration on that day? Or do ...
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3answers
123 views

Need a loan to buy property in India. What are my options?

I have seen a property in India, and I am planning to buy it. The total cost is $105k, out of which I have $30k of my own. The remaining $75k needs to be financed somehow. I can get a loan in India, ...
1
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1answer
30 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
11
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1answer
800 views

Can I make a lump sum contribution to my employer's 401(k) plan?

I recently sold a rental property and have a surplus of cash sitting around. If possible, I'd like to make a lump sum contribution to my employer's 401(k) plan. Is that possible? Or would I need to ...
6
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3answers
2k views

Retirement Funds: Betterment vs Vanguard Life strategy vs 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 when it comes to ...
2
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3answers
80 views

About to start being an Independent Contractor - Any advice on estimating taxes?

I am a grad student that is about to pick up 10-15 hours of independent contracting work per week. I work and live in Syracuse. I make $19,000 per year (pre-tax) as a grad student, and will make ...
1
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0answers
25 views

How safe are withdrawals made using checking account number and routing number? [USA] [duplicate]

I am new to the US banking system and it makes me wonder how easily third parties like xoom.com can withdraw money from your checking account with only the account number and routing number. I ...
0
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0answers
518 views

can I buy moneypak card on someone else's behalf?

What all information is needed when you buy a greendot moneypak prepaid card at Walmart in the US. Can I buy it for a friend using cash (not a credit card or something) and just give her all the card ...
4
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2answers
128 views

Am I supposed to pay taxes when living outside of the states?

I am a greencard holder and beyond going there for 2 months every 6 months ( up until last year when I applied for an I-131 form ) so far I have never worked in the states nor have I made any money ...
8
votes
1answer
378 views

Wash Sales and Day Trading

Let's say a Day Trader buys and sells a stock on the same day and makes a loss of $1,000. Then she buys and sells the same stock the next day and makes a profit of $500. On the third day she files her ...
7
votes
8answers
702 views

Roth vs Traditional Investing assuming same tax bracket in retirement

I've done a little (simplified) math to determine the difference in investing in a Roth account and a Traditional retirement account. I'm assuming that I will be in the same tax bracket in retirement ...
7
votes
2answers
689 views

How should I apply for another credit card after being denied twice already?

I'm trying to get my first credit card solely to build a score, I don't need any loan or anything right now. For doing this, I applied to Chase two months ago (because I've had a debit card from ...
4
votes
1answer
60 views

Additional credit card with different limit on same account?

Does anyone know of a way to get another credit card for an authorized user but with a much lower credit limit? I'd like to use my existing credit card account but I don't really see a way to do ...
3
votes
1answer
66 views

Self Employed 401k: contributions vs more available deductions

I'm in a unique situation this year where I worked self-employed 1099 for a few months and am full time W-2 for the rest. My full time job does not offer a 401k, but I can open a self-employed 401k ...
0
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2answers
67 views

401k Rollover into IRA (First Time Home Buyer)?

WALL OF TEXT AHEAD. Ok so I don't even know if this is even "possible" but I figured I'd ask. My 401k plan I have is honestly pretty crap, zero matching, really poor rate of return (1-2% on average ...
2
votes
2answers
51 views

Working for recruiter on W-2 vs. working for client on 1099?

My husband has been offered a job at a large company on the other side of the country. He told them he would commit to a long-term contract of up to two years, but that we did not want to move ...
5
votes
1answer
80 views

Roth 401k rollover into Roth IRA: How are earnings handled?

I have a Roth 401k from a prior employer and I want to roll it into a Roth IRA. For simplicity, let's assume there are no pre-tax employer match funds in the 401k, only my after tax contributions and ...
0
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1answer
141 views

How to get money transferred from the United States to India?

My brother has a registered company in the USA and has a payment gateway. Now here in India I need to use his gateway for payment as I am into online technical services and have a registered company. ...
0
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0answers
40 views

183 day rule in conjunction with expatriate

I am a US citizen but have lived and worked n Germany for 4 years. From Jan. 2013 - March 2014, I was working on a Project in the US as an expatriate. I have taken some Business trips back to the US ...
1
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3answers
317 views

Do any banks issue one-per-vendor credit card aliases / unique numbers?

It seems that compromised credit card numbers have become a cost of banking--often through no fault of the bank or the consumer. But getting a new credit card number is a real pain in the neck--you ...
2
votes
4answers
230 views

Why isn't money spent on necessities deductible from your taxes?

I'm semi-recently graduated from college. In my job(s) I've had a flex account that lets me pay for medical expenses tax free. Similarly for my commute I'm able to pay for my ticket with pre-tax ...
0
votes
2answers
39 views

Can I use a loan from a Roth 401K as a return option?

For the sake of this question presume that my Roth 401K is invested in low-risk bonds paying prime rate. Can I take a loan, put the money into a similarly low-risk investment paying the prime rate, ...
2
votes
2answers
104 views

When borrowing from a 401k, is the 401k the source of the funds, or the collateral?

I understand that borrowing from a 401K is not a good idea. But I still want to be familiar with some of the mechanics. If someone takes out a $5,000 401K loan, is the money taken from the 401K ...
4
votes
2answers
88 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
5
votes
4answers
224 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
3
votes
2answers
5k views

If someone lives in one state and purchases a winning lottery ticket in another, where should they file their winnings?

If you've been paying attention (at least in the US) for the past couple days, you are aware of the Mega-Millions lottery drawing that is coming up which is conservatively estimated at $500m $640m! At ...
26
votes
13answers
6k views

Why might it be advisable to keep student debt vs. paying it off quickly?

As of a couple weeks ago, I paid off all of my student debt. Hooray... But I have a friend named A who has a friend named B who is a financial advisor (a young so therefore perhaps ignorantly ...
4
votes
1answer
95 views

If a fund holds stocks paying dividends and doesn't give a payout, is it necessarily re investing those dividends?

I am looking at some mutual funds which are holding many dividend stocks as portfolio holdings. I can check that these individual stocks are paying out regular dividends. But the funds don't show any ...
3
votes
1answer
68 views

Cash a US Government check without bank account

A US citizen, long-term permanent resident in Canada, with no financial presence of any type in the US. He holds a valid US passport, and is up-to-date with all IRS and FBAR reporting. He has a $400 ...
0
votes
1answer
47 views

Get money from USA to India

I am a freelancer and need to get payment from a client living in USA. I am in India. I am using paypal and they charge a lot of fees and I hate to use them. What are the alternative to get ...
1
vote
5answers
100 views

Investing in 401k and a Roth IRA

I am a senior in college and I have $3,000 dollars from my summer internship that I want to invest. I was thinking of investing it in a Roth IRA in an index mutual fund. However I am questioning my ...
4
votes
1answer
290 views

Federal Income Tax implications of Amazon Mechanical Turk

What are the federal tax implications of any money received through Amazon Mechanical Turk? Is this money categorized as income? What are the necessary rules for payment regarding social security and ...
1
vote
4answers
146 views

Why invest in IRA while a low-cost index fund is much simpler?

I'm currently investing in a low-cost index fund and wonder what's the point of opening an IRA (either Roth or traditional). The big con of IRA is that you can't withdraw before retirement age ...
1
vote
2answers
91 views

For Non US resident is it better to invest in a start up as a individual or as a company?

What are the tax implications of investing as a company versus as an individual for foreigners (Non US resident)in the US? Which would be better for a foreigner (NON US Citizen) to invest as.
1
vote
1answer
512 views

HUD-1 limit on realtor commission rebate?

My wife and I are buying a new house and we are using the builder's mortgage company. Assume our HUD-1 breaks out like this (numbers manufactured to hide real transaction amount): Line 103 - ...
1
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2answers
35 views

How would IRS treat reimbursement in a later year of moving expenses?

In the U.S., if one claims a moving expense using Form 3903 in one year because one is unsure whether a startup business will be able to even reimburse you for those expenses, but in a subsequent ...
7
votes
5answers
944 views

What should I do with my $25k to invest as a 20 years old?

I have been fortunate enough to learn the skills necessary for a decent paying job at a fairly young age in computer engineering. I have $25k in my checking account, and I need a sensible means of ...
1
vote
2answers
54 views

How much tax should I pay in US on interest earned on my NRE a/c in India?

I am a person on H-1B who passes Substantial Presence Test. I have transferred money which I saved from my salary to my own NRE account in India. I think that I can transfer any amount without paying ...
8
votes
6answers
916 views

Pros/Cons of Buying Discounted Company Stock

For my company (large international software firm) I am allowed to buy company stock at a discounted price. To me all I see are pros such as: Being able to sell the stock right as I buy it, ...
11
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2answers
2k views

If I sell my house, will I have to pay taxes on the profit?

I am in the United States, in Colorado. I purchased a house in July of 2013. It was in poor condition, so I spent the first two months repairing things before moving in. Now, 11 months after moving ...
10
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0answers
66 views

How are retirement needs calculated for a couple with disparate ages?

Given typical assumptions about changes in expenditures in retirement versus earning years, retirement advice and calculators do not appear to adequately address retirement planning for couples with ...
5
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4answers
1k views

Senior in College, need advice on my investing plan

I am a rising senior in college and saved up $3,000 dollars from my summer internship. I have done a lot of research online about investment options for my age and I decided that opening a Roth IRA ...
6
votes
1answer
129 views

Issues with unfiled tax returns

My husband and I have 2010-2013 taxes to file. He refuses to give me his income information because he believes the federal govt taxing us is unconstitutional. So I just had 4 years of taxes filed ...