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

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8
votes
3answers
159 views

Moving money between Roth IRA and employer's 401(k)

Back when I was self-employed, I started a Roth IRA and have regularly deposited in it since then. However, my current employer offers matching contributions to their 401(k) plan, and with the ...
1
vote
2answers
51 views

Variable universal life insurance vs traditional long-term investments

I have been considering different ways to generate some returns on my money, rather than just having it sit in a savings account at the bank. My understanding is that the obvious first step is to ...
14
votes
9answers
4k views

Why is paying mortgage interest considered by some to be beneficial?

When discussing buying a home I often hear people say they like having a mortgage because they get the benefit of writing off the interest. Am I misunderstanding something? My simple thought is if ...
0
votes
1answer
19 views

Applying additional student loan payments directly to principal while on a income-based repayment plan

My sister has a federal student loan with a total balance of about 60K and an interest rate of 6%. Her income isn't high so she's eligible for an income based repayment plan with a monthly payment of ...
0
votes
1answer
45 views

How to transfer money from the US to India without paying taxes?

During my tenure in US, I deposited money in Wells Fargo checking account. I had to move to India last year. Now I would like to close the Wells Fargo account and get money transferred to India. ...
2
votes
2answers
71 views

adjust tax allowances

I need to adjust my income tax allowances I'm classified as single and claim 0 allowances, this is the most debilitating outcome for near term cash flow and I've read I can claim 1 or 2, my dilemma ...
1
vote
1answer
76 views

Are Roth IRA withdrawals within the same year as contributions tax free?

A couple of months ago, in this calendar year, I contributed $1,500 to my Roth IRA. I didn't invest it, so it still is worth only $1,500. I now need $1000 back, and so started to fill out a ...
2
votes
2answers
114 views

Employer is making a student loan payment on my behalf. Does this need to be claimed as personal income?

As an incentive to employment my company is making a large lump sum payment towards my student loan debt, lets for this example say $5,000 (the real amount is different). They have inquired about my ...
5
votes
3answers
505 views

Settling house with husband during divorce. Which of these two options makes the most sense?

This is the scenario: Our house is worth about $250,000 (we think). We owe about $200,000, so we have $50,000 equity. We are divorcing amicably and both want a solution that is fair and makes sense. ...
3
votes
1answer
62 views

How can I transfer my money between US/Canada bank accounts with as little loss as possible?

I am currently living in Canada and have funds in a savings account with a Canadian bank. Say I decide to move back to the US, how could I move those funds to a US bank account with as little loss as ...
1
vote
0answers
32 views

401k strategy for NRI planning to return to india

Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
15
votes
2answers
2k views

How to access a really old, untouched bank savings account?

I was just going through old things and found a Wachovia account opened for me by my aunt - specifically, I found the checkbook and transaction record. The transaction book is dated April xx, 1998 and ...
8
votes
1answer
221 views

Insurance for a house which is not homeowners insurance?

My wife and I moved last summer, and our former home is still on the market. We were recently informed by our homeowners insurance company that because the house is no longer owner occupied, they will ...
6
votes
1answer
461 views

PMI cancellation based on original mortgage amount

We bought a house in 2005, and since we did not put 20% down, we have been paying PMI. Since then, the value of our home (and neighborhood) has declined. Our principal balance is currently 77% of ...
1
vote
4answers
101 views

Will canceling one of my CapOne credit cards hurt my credit score?

I have 2 CapOne credit cards, they show up as 1 account with both their credit limits combined on my credit report. My question is; Could I cancel one of those cards and apply for a better rewards ...
2
votes
1answer
144 views

Which scenario is better for getting rid of mortgage insurance faster?

I'm closing on a house in a few days with an FHA loan that has a hefty mortgage insurance. As I understand it, once I reach 78% loan-to-value of the initial sales price or appraised value of the home ...
2
votes
1answer
31 views

Is there a standard or best practice way to handle money from an expiring UTMA account?

I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do ...
7
votes
2answers
392 views

I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan?

I am under 18, currently shopping for a car. Like many people, I don't have enough money sitting in my bank account to purchase a good car, around $6,000 to $10,000. However, credit checks have ...
1
vote
2answers
135 views

Should I avoid credit card use to improve our debt-to-income ratio?

We put all our expenses on a credit card and pay it off every month in order to get maximize our cash back. We never charge more than we have in the checking account, so we always pay it off. Should ...
1
vote
1answer
66 views

What does it mean to be a “high fee” or “low fee” 401k?

I keep hearing the phrases 'high fee', 'low fee' 401k. What fee range constitutes high or low fees?
7
votes
6answers
628 views

Paying over minimum monthly charge of credit cards

I have a $80 minimum on my credit bill. If I pay them $100, do the additional $20 go to the card's Principal or Interest? If it goes to Interest, do I have to explicitly state that those $20 go to ...
1
vote
2answers
60 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.
5
votes
3answers
1k views

Why have U.S. bank interest rates been so low for the past few years?

I have some savings accounts in different banks and they all give 1.00% interest or less, and in many cases it is something ridiculous like $0.05 Would anyone be able to explain why this is ...
0
votes
1answer
57 views

Add > 5,500 (excess contribution) to Roth IRA for temporary investment?

I have an standard IRA through work and an additional Roth IRA. I split my contributions between the two accounts. I understand the max contributions to the accounts combined is 5,500 per year. A ...
1
vote
1answer
89 views

Early withdrawal from retirement appears to have been penalized at 35% (on top of regular income taxes), rather than 25%?

I had to withdraw from my Simple IRA retirement fund last year for emergency reasons. When I withdrew, the IRA company withheld 10% for federal taxes. When I did my taxes at the end of the year ...
1
vote
0answers
40 views

Where can one graph portfolio performance over time?

I'm used to my employer provided 401k website, which allows me to see a "personal rate of return" over a specified time period, plotted on a line chart. It also allows me to see individual stocks and ...
0
votes
1answer
16 views

SEC Form 144 and Form 4 difference

What is the difference between an SEC Form 144 (Proposed Sale) and an SEC Form 4? For example, this company has filed Form 144's, but not Form 4's. I understand that a Form 144 has more basic ...
5
votes
1answer
140 views

What does this 401K statement mean?

"Your employer will match up to 10% of your compensation that you elect as pre-tax contribution. When you contribute to your plan, your employer matches 50% of the first 10% of your pay." I don't get ...
2
votes
2answers
114 views

Verizon and I disagree about the duration of a contract. Do I have any recourse?

A little less than a year ago, I purchased an iPad with service from Verizon Wireless and getting what I was told was a one-year contract for $100 off of a device of just under $1000 of the price. ...
2
votes
1answer
150 views

What's the tax rate on Roth IRA contributions for a nonresident alien?

I am considering open a Roth IRA account and I was wondering how much I'll be taxed on my deposits. I am a nonresident alien for tax purposes, and I read online that I would be subject to a 30% rate. ...
1
vote
1answer
106 views

Buying property in India: paying loan/mortgage

I am on a H1B visa in USA and thinking about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in India? Can I get tax relief for loan/mortgage ...
4
votes
4answers
183 views

Should I get a bank account since I recently got my first job?

I'll be starting work this Friday (yay!) and haven't got the slightest clue about any of this. It'll be washing dishes at a restaurant, and I really don't know anything. Do I set up a bank account ...
2
votes
2answers
118 views

What is the best strategy for after hours trading?

I'm new to stock market trading and while I do understand the basic concepts; researching the companies, buy low/sell high, and including setting good push/pull calls for both high and low margins. I ...
0
votes
1answer
89 views

Selling property in India and gettting back money to USA

I am on H1b visa in USA and thinking about buying property in India. Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back ...
1
vote
1answer
57 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 ...
1
vote
1answer
56 views

Is money sent by my brother to buy a flat taxable?

I am a Canadian citizen living in Halifax. My brother wants to help me buy a flat and plans to transfer money as a gift ($150,000 USD) from the States to Canada. Is the transfer taxable?
3
votes
1answer
850 views

Can I default on my student loans if I move to another country?

I am moving away from the USA and I don't really plan on coming back. What are the consequences if I stop paying my student loans? My current debt is ~50,000 USD in federal loans. I know next to ...
2
votes
2answers
71 views

How do I check if I have already filed my taxes [Unites States]

I don't know if I've filed my taxes or not! I am due a refund according to TaxACT Deluxe, but I have no idea how to check if I have already filed for my taxes? What happens if I e-file again and I ...
4
votes
2answers
80 views

Can I deduct equipment expenses for a job I began overseas?

This year I began teaching English in Japan, but I had several hundred dollars worth of preparatory expenses, including a new computer. Are these eligible for equipment tax deductions?
2
votes
1answer
145 views

Tax on graduate research assistant salary paycheck in California

I have been admitted to an University of California program. They are giving me $2209 graduate research assistantship salary per month. How much can I expect to make after taxes in California on the ...
1
vote
1answer
52 views

Can a debt collector keep my payment info?

Most (all?) bills come with a form to fill out your credit/debt card info and mail back to them. What are the limitations on what they can do with one's card and how long they can hold the info? Like, ...
16
votes
3answers
5k 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 ...
1
vote
0answers
30 views

What should I be doing with my money as I save for a down payment on a house? [duplicate]

A bit of background: My wife and I have a combined income of over $100k (before taxes, retirement, etc). We both put 15% of our paycheck into a 401(k), and we have no debts of any kind. We pay off ...
2
votes
0answers
39 views

Time limit for health-insurance to pay doctor bill and send EOB

I'm in the middle of another dispute between an in-network doctor's billing office and my health insurance company (HIC). My health insurance has not yet paid the bill due to a dispute with over some ...
0
votes
1answer
40 views

Employee stock : US tax for non-US citizen

To give a brief history, I am Indian citizen based in India and I worked for a technology start-up in India, it was a US based company which had its branch office in Hyderabad, India. Company was not ...
-2
votes
0answers
14 views

Want to open a bank account in US from India without visiting USA [duplicate]

I am from India and I would like to open an US bank account for trading but I can't visit US for this purpose. Is it possible, if so can you guide me.
0
votes
2answers
67 views

How much of my losses due to investments in a LLC can I deduct?

In 2013 I invested $90k for a 20% interest in a LLC and am a material participant. The LLC reported losses of $340k in 2013 and $180k in 2014. My losses were $68k in 2013 and $36k in 2014. How ...
16
votes
4answers
3k views

Are precious metals/collectibles a viable emergency fund?

My significant other received a gift from a family member in the form of silverware. The exact value is not known but it is likely enough to cover 6+ months worth of expenses if it were sold. It is ...
2
votes
4answers
3k views

Best bank without incoming wire transfer fees, for receiving money regularly? [duplicate]

I'm going to be receiving monthly wire transfers, and I found out that my bank (US Bank) charges $20 for each one. Are there any good banks that don't charge for incoming wire transfers?
0
votes
0answers
12 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...