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

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2answers
122 views

Why are rewards for credit cards so much better than debit cards?

My understanding is credit card companies make money based on a transaction cost, which presumably is the same for credit/debit. I can't really find information on this, so it might be a faulty ...
5
votes
0answers
21 views

Can I open a rollover IRA account in the US when I am not a citizen, nor no longer live there?

I lived in the US for about 7 years, and started saving money in the company's 401K plan. I had a green card, but decided to move to my home country years before it expired. I have a US SSN. Now the ...
0
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1answer
253 views

Will my wife's business losses offset my income on a joint tax return?

I'm filling for my taxes on a joint tax return. My wife is not working currently, but she is starting up a business. And with every business, starting is hard and will probably gonna take some time ...
1
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1answer
23 views

Can amended tax return filed before tax return cause errors?

I'd like to ask about a notice I received from the IRS today. The notice requests more information about a certain line and correction of figures on a certain column on my 2013 amended tax return. I ...
5
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2answers
167 views

If I haven't filed in 2 years, does year 1's refund automatically apply to year 2 and prevent penalty?

I haven't filed in 2 years. But the first year I was owed a refund; let's say $1k. Year 2 I under paid. Let's say it was by exactly $1k. Will the unclaimed year 1 refund automatically cover the year ...
0
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0answers
46 views

How to borrow against Unclaimed Property? [on hold]

My company has recently been notified by the State of California that they are in receipt of $55,000.00 sent to them by past clients who didn't know how to contact us after we moved from California to ...
0
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1answer
70 views

Which Bank can help me cash a US treasury Check in India [on hold]

ICICI bank refuses to entertain inspite of having a bank account, any other options. Any guidance is highly appreciated.
0
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2answers
99 views

Does making credit card tax payment through service provider constitute IRS form 4868 extension request?

If I pay the amount due on my extension for US IRS form 4868 through an IRS approved payment provider that accepts credit cards such as PayUSAtax.com who charge 1.87% for the service and I designate ...
0
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1answer
36 views

What steps are required to transfer real estate into a LLC?

I'm a fairly new landlord, and learning as I go. Apparently one of the early mistakes I made when purchasing my rental properties was buying them under my name instead of forming a Limited Liability ...
1
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1answer
51 views

Sales Tax Licence/Permit - When is it required and how can I make a use of it as a non-US resident selling in USA?

I would like to ask what is a Sales Tax Licence, sometimes called Sales Tax Permit and how can I make an use of it as a non-US resident willing to begin business in USA. Is it a requirement in order ...
3
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2answers
115 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...
-1
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1answer
62 views

Is my car insurance trying to pull money out of me?

I had a parking lot accident a month back (in California, US). I was backing out from my parking lot (which is near entrance driveway into the apartment complex). There was no car on both sides of ...
0
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1answer
57 views

Is retaining a deposit for an apartment in this scenario considered legal?

My son and his wife put a deposit down on an apartment. Their application was approved and they are to move in soon. Yesterday they found out they suffered an "identification theft" and their credit ...
1
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1answer
42 views

Sole employee of my own S-Corp - investment options? 401k, Roth, SEP?

I'm looking to start a retirement account and I'm looking for options that fit with my scenario. I'm the sole employee/owner of an S-Corp and as such, I give myself a W2 at the end of each year and ...
19
votes
5answers
451 views

Is a Home Warranty worth the money?

I'm a first-time homebuyer, and one of the stipulations of the down payment assistance program I have is that I have to buy a home warranty (which covers appliances, plumbing, roof, etc in case of ...
1
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1answer
220 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. ...
1
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2answers
81 views

Does keeping 'long-term' safety net in bonds make sense?

I was looking at various advices regarding safety net and emergency fund. Usually most sites recommend using the savings account and CDs as a safety net. As CDs/Savings are FDIC insured it's 'safe ...
0
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1answer
34 views

Do I need to pay income tax for money earned in the U.S. & transferred to my account in India?

I have a web site which generates around 10K every month. This amount is directly credited to my bank account from Google USA account. Do I need to pay tax in India? Please advise. I am very new to ...
4
votes
1answer
162 views

What to do if I get refunded by my 401k for being considered HCE?

If my employer gives back some of the money I put away on my 401k because I am considered a HCE, can I turn around and put it back into an IRA to avoid paying taxes and penalties that year? I am over ...
4
votes
2answers
307 views

In-laws moving in (financial/tax implications)?

We are contemplating moving into a house with an in-law suite in Mississippi and our inlaws selling their house and moving into it. We would pool the sales from both houses as downpayment on the new ...
1
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3answers
61 views

Are contributions to ROTH IRA/401k effectivly bigger then to IRA

I've just moved to US and I started considering savings/retirement options (I'm mid-20 but I don't think it unwise to start early). I'm trying to max the contributions. I started to think if the ROTH ...
7
votes
2answers
259 views

How (or is it necessary) to rebalance a 401k with only one index fund?

I put 100% of my 401k into an S&P index fund. Do I need to rebalance that, or is rebalancing only necessary when you have multiple asset allocations such as 80% in stock, and 20% in bonds and ...
1
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1answer
36 views

Any minimum 1% tax on taxable-income for low bracket and large capital gains?

Is there any 1% minimum tax on taxable-income [similar to AMT for high-income] when you are in low 15% bracket and have substantial long term capital-gains? e.g. US, single, std-deduction, 2014. ...
1
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1answer
47 views

Is there a time limit on claiming medical expenses for HSA?

I use my HSA as a savings vehicle. From what I'm reading it seems that there is no limit on the time between when the expense was incurred and when it can be claimed against an HSA except that you ...
19
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4answers
11k views

How do rich people guarantee the safety of their money, when savings exceed the FDIC limit?

I am curious how a millionaire would guarantee the safety of his money, given that the FDIC only insures up to $250K of an individual's deposits at a bank. If someone had $3 million that they wanted ...
2
votes
2answers
95 views

401k vs. real estate for someone who is great at saving?

I'm a great saver, and I have no trouble saving at least 40k a year. I'm 25. I'm still not too sold on the 401k idea though... because I feel like it would chip away at my savings/income, money that I ...
1
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1answer
43 views

Should I file FBAR for the 1st year of permanent residency

I was not US resident (or B1/B2) and not in the U.S in preceding days before Nov. 2014. I get permanent residency and stay few weeks, and leave US due to the job in foreign country. I do have foreign ...
-2
votes
1answer
69 views

Selling units/shares in my startup to my Roth IRA

Since I can't transfer/gift shares directly to my Roth IRA, what's the most tax-efficient way for my Roth IRA to take ownership of as many units of my startup as possible?
2
votes
2answers
71 views

Brokerage's calculation of my profits or losses on stock trades

I've noticed that my brokerage (Wells Fargo) uses a different system to calculate my profits and losses, instead of the mental accounting I follow. E.g., I buy 100 shares of stock A in July 2014 at ...
8
votes
1answer
596 views

Can my employer change wage rates based upon medical coverage choices?

Prior to this year my employer used to reduce our hourly rate if we elected to enroll in one of the employer sponsored medical plans available. This reduction in rate was in addition to any weekly ...
2
votes
1answer
47 views

Real estate loans for repairs

I am very interested in purchasing a foreclosed home that is sold by Freddie Mac. The outside looks great, but the inside needs some work. Basically, the previous owners took everything including the ...
1
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1answer
41 views

Mortgage loan and move money to US

If I re-finance or get mortgage loan from my existing property in my home country, and move money to the United States, which taxes do I need to pay (Income tax? Interest Taxes?) or what shall I take ...
1
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2answers
682 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 ...
6
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2answers
149 views

Is it possible to reject a direct deposit?

I received a direct deposit on my bank account (in the US): is it possible to reject it?
0
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1answer
29 views

(US) What is the deduction for gifts of appreciated stock with restricted registration rights?

I have appreciated stock that I am allowed to give away to charitable transferees, but those transferees will have restricted registration rights for 12 months. They cannot sell the stock for 12 ...
1
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3answers
102 views

How do I dispose of my old checks?

I have several stacks of unused checks from a few old checking accounts of mine. How long should I keep the checks after I close each account? How should I dispose of them? Should I destroy them ...
-1
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0answers
26 views

H4 visa and Gifts, can I send gifts

I am on H4 visa here in USA since last 3 years and my spouse is on H1B visa working. My spouse gifted to some $$$$$ amount, can I remit/transfer to india as a gift to my Parents and InLaws. What are ...
3
votes
1answer
35 views

What is the added advantage of a broker being a member of NFA in addition to IIROC

If my broker is a member of the national futures association, what extra protection does it give me over the fact that it is also a member of IIROC? I am particularly referring to this: ...
1
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1answer
44 views

Condo Loss Carryover to offset IRA Distribution

I recently sold my condo with carryover loss exceeding $100,000. Can I use that loss to offset the distribution from an IRA account(regular income) during the same year? I am 66 years old. The ...
2
votes
1answer
182 views

How do I judge if I am being made a fair offer by a car insurance company?

My girlfriend got into an accident with her (registered under my name) 2003 Honda civic. She was pulling out of the drive way (taking a right, basically parallel to the road) and got hit on the ...
2
votes
1answer
74 views

Better to get loan from finance company or bank considering the drop of credit score?

I want to know if there's a difference between getting personal loan from a finance company or a bank, considering the drop of credit score/grade (assume all other aspects are exactly the same)? I've ...
1
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1answer
138 views

Buying property in India : joint owner

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. Should I buy property on my own name? or me and my father's joint name? If I keep my ...
2
votes
2answers
71 views

Sales taxes on Groupons or LivingSocial coupons?

Say I buy a $10 Groupon that lets me buy $20 worth of food at a restaurant. I go to the restaurant and order items that add up precisely to $20 (based on the menu price). If the state sales tax is 6% ...
1
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0answers
38 views

Building credit history as a young foreigner

I moved to the US for college, and have decided to stay in the Bay Area. As soon as I found my first internship, I applied for a credit card. Currently, I have 3 credit cards, and the oldest card is ...
0
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2answers
86 views

First time homebuyer/investor: How to best allocate money towards paying off mortgage?

I am 23 with no debt and planning on purchasing a house. I've been running through many hypotheticals and decided to post an example to see what others think since this is a significant decision. I ...
1
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1answer
39 views

Selling Property In India

Bought a under construction property on H1B (USA), got permanent residency in 2010, got house possession in 2011, paid the house now through a NRE/NRO account, if I sell the house now, what taxes I ...
4
votes
2answers
264 views

How can someone with a new job but no credit history get a loan to settle another debt?

I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for ...
0
votes
1answer
24 views

How does agreed value insurance work with inflation?

In an agreed value insurance plan I understand that the number X is the amount that will be paid out upon loss. However I have two questions in regard to this: Upon renewing my policy yearly am I ...
0
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1answer
34 views

Do I pay taxes on my SSI benefits

I receive $705 per month on SSI and LTD $456 per month total for the year is $13800 do I have to file tax returns?
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2answers
77 views

Employer 1099 Pointing to the Old Address Instead of New Address [closed]

Maybe I did not explain the situation correctly. My wife was in TEXAS but the company used her old address (California) address in the 1099 forms. What can I do to remedy the situation?