New answers tagged

1

The American "Security Exchange Commission" has imposed a rule upon all stock trading accounts. This rule is "Regulation-T". This rule specifies that stock trading accounts must be permitted three days after the termination of a trade to settle the account. This is just fancy lingo to justify the guarantee that the funds are either transferred out of your ...


2

If you're referring to the initial Mortgage Disclosure statement, which contains the Good Faith Estimates for the price of various services and is usually given during the beginning of the application process, then you are not at that point obligated to complete the loan. You may be on the hook for some fees depending on what else has occurred in the ...


1

What are the options available for safe, short-term parking of funds? Savings accounts are the go-to option for safely depositing funds in a way that they remain accessible in the short-term. There are many options available, and any recommendations on a specific account from a specific institution depend greatly on the current state of banks. As you're ...


1

Here's what I suggest... For now, put the money in the bank. It'll keep. Find some better interest rates than your stupid bank. Move some around. Start studying about other investments. As you feel comfortable with something, put SOME into it. You can always add more later if you feel right about it. Debt? Set some aside to pay it off. Want to buy ...


2

It starts here - You said you are a high earner, but high is relative. This tax table will show what marginal rate you have for your taxable income. Look at your 2015 return to get a better idea what "taxable" means, vs gross income. For starters, with a standard deduction, and just the two of you, $20K comes off your gross. Even so, let's assume you are ...


2

You have multiple things going on some of which will work in opposite directions. This is a second job for the family so that their income will be added onto of the main income. This generally means that the 2nd income has too little tax withheld. The tax tables used by employers have no way of handling this situation. This 2nd job is being started part ...


2

Either make your best guess, or set it low and then file quarterly Estimated Tax payments to fill in what's missing, or set it high and plan on getting a refund, or adjust it repeatedly through the year, or...


5

If you are married, your wife is not your dependant. You said you file jointly, that won't change. In effect, the income gets stacked on top of yours, whatever bracket you were at with no income from your wife, all of her income starts at that bracket. You should understand the W4 process and try to get your combined withholdings to be close to what's due.


0

There are multiple types of credit pulls. Banks are allowed to do an pull of a type they use for mortgage pre-qualifies which do not show and thus do not effect your score. They can see the score and any hits against it, but it does not record that they looked. These are effectively the same as when you access one of the free access portals to see your ...


-3

The person who told you "no-load funds" had the right idea. Since you are risk-averse, you tend to want a "value" fund; that is, it's not likely to grow in value (that would be a "growth" fund), but it isn't like to fall either. To pick an example more-or-less at random, Fidelity Blue Chip Value Fund "usually" returns around 8% a year, which in your case ...


2

As per my comments, I think this is up to you and how much work you want to put forth. I do not feel it is trivial to provide documentation even with 90% of it will be the same among lenders. See this question: First answer, third and fourth paragraphs. You need to go as far as understanding the total cost of the loan, you probably need a good faith ...


19

I am sorry for your loss, this person blessed you greatly. For now I would put it in a savings account. I'd use a high yield account like EverBank or Personal Savings from Amex. There are others it is pretty easy to do your own research. Expect to earn around 2200 if you keep it there a year. As you grieve, I'd ask myself what this person would want ...


49

"Safe short term" and "pay almost nothing" go hand in hand. Anything that is safe for the short term will not pay much in interest/appreciation. If you don't know what to do, putting it in a savings account is the safest thing. The purpose of that isn't to earn money, it's just to store the money while you figure out where to move it to earn money.


4

A Stable Value Fund is defined as : a managed portfolio of highly rated corporate or government, short-term and intermediate-term bonds with a principal protection wrapper provided by a life insurance company. Stable Value Funds are regulated by the Department of Labor's Employee Benefits Security Administration and must comply with the federal pension ...


11

Based on my research, I'm going to guess that the credit card in question is from Macy's. Macy's credit cards feature a minimum $2.00 interest charge, and they apparently have a history of charging people this $2 interest charge monthly even after their bill is paid in full. A post on the Consumerist blog from 2010 reports that a reader was getting charged ...


0

Yes you will get a $500 refund. When you calculate your taxes you calculate a total amount of tax due regardless of how much was sent in to the IRS before you filed your return. If your tax liability calculation including the tax rebate is $28,000 ($30,000 - $2,000), and you've already paid $28,500, then the government owes you $500.


0

There is no law requiring someone to return a refused check. You need to clarify whether this payment is to establish a retainer, or to pay for services rendered. Either way you should stop payment on the check and send them a certified letter explaining that you are stopping payment on the check because they refused it. If the payment is to establish a ...


0

They are cheap because they are made from cheap material. All the homes in my addition are Ruasch Coleman and a lot of them are having issues (Oklahoma). Several are around 5 years old and have already had to get new roofs. On our neighborhood FB page there have been complaints with the plumbing system and flooding in yards that weren't leveled properly ...


1

It all depends on the trust level you have in them handling it correctly. If they never deposit it, it doesn't matter what happens to the check, they could frame it and hang it on the wall. The risk is that someone someday deposits it (incorrectly double-charging you), and you need to do what think is appropriate to avoid this risk. If your trust in them is ...


27

My revised, bottom-line advice: offer to send a 2nd payment (preferably in the form of money order or cashier's check) for the difference you are agreeing to pay. I cannot imagine any reason why they would object to this - there is no fee to cash a check, there's less risk of error, and less work involved. Alternatively, offer to send a new check only once ...


6

What would you do if you had the check? Probably destroy it. The goal is to render it uncashable. One way to do such is to have it shredded. If you are uncomfortable leaving them to destroy it, then swing by and pick it up. Alternatively offer to send them a self addressed and stamped envelope. I am sure they will accommodate if you ask nicely.


0

They are required to give you a W-9 when requested. The reason they refused is so that they don't want that income reported. Just issue them the 1099 regardless and report them to the IRS for non compliant. They should contribute and pay taxes like all of us. Being an LLC also does not exempt them from having to submit a W-9.


5

Subchapter S Corporations are a special type of corporation; the difference is how they are taxed, not how they relate to their vendors or customers. As a result, they are named the same way as any other corporation. The rules on names of corporations vary by state. "Corporation" and "Incorporated" (and their abbreviations) are allowed by every state, but ...


6

S-Corp is a corporation. I.e.: you add a "Inc." or "Corp." to the name or something of that kind. "S" denotes a specific tax treatment which may change during the lifetime of the corporation. It doesn't refer to a legal status.


0

If you do not have any agreement. And you can not settle. It is within the jurisdiction of a state court (in the U.S.) to decide the issue as a matter of equity under common law.


2

Yes, it applies to control groups. If I remember correctly common ownership rules are used to determine "Applicable Large Employer" status but if the time comes to owe a penalty, only the actual entity missing the mark will owe a penalty, not the entire control group. This is an excerpt from Section 4980H (the section that lays out employer requirements ...


2

If your primary goal is no / minimized fees, there are 3 general options, as I see it: Create a long-term portfolio of specific assets yourself (risky, and also time consuming); Put your money in an unmanaged index fund (as risky as the index you put it to - ie: a venture index with small cap companies would be riskier in some ways than an index of large ...


0

Utilities would typically be paid by the occupant, however, the utility company will expect payment from whoever is named on the bill. Some owners will keep the bill for some or all utilities in their own name and build the cost into the rent. There are different types of insurance and laws vary from state to state. A typical homeowners policy will ...


3

It has been hinted at in some other answers, but I want to say it explicitly: Volatility is not risk. Volatility is how much an investment goes up and down, risk is the chance that you will lose money. For example, stocks have relatively high volatility, but the risk that you will lose money over a 40 year period is virtually zero (in particular if you ...


-5

Buy gold, real coins not paper. And do not keep it in a bank.


5

The answer to this question is whatever agreement you and your friend make. It seems reasonable to me that if the two of you agreed that the remodel was necessary and you paid for it, you should be reimbursed from the proceeds of the home before the rest of the profit is split. But that's just my opinion. Jointly-owned homes are a difficult situation for ...


-2

I did not need to show any rental for the first three years of ownership per irs rules (I believe). Why did you believe that? How will the irs view my previous two years of build out costs and the depreciation that I have taken? The same way as they would had you started renting it. Disallow it entirely and charge you with interest and penalties. ...


3

I'd say that because you are young, even the 'riskier' asset classes are not as risky as you think, for example, assuming conservatively that you only have 30 years to retirement, investing in stocks index might be a good option. In short term share prices are volatile and prone to bull and bear cycles but given enough time they have pretty much always ...


2

Dividend reinvestment plans are a great option for some of your savings. By making small, regular investments, combined with reinvested dividends, you can accumulate a significant nest egg. Pick a medium to large cap company that looks to be around for the foreseeable future, such as JNJ, 3M, GE, or even Exxon. These companies typically raise their dividends ...


8

I didn't even have access to a 401(k) at age 24. You're starting early and that's good. You're frugal and that's good too. Retirement savings is really intended to be a set it and forget it kind of arrangement. You check in on it once a year, maybe adjust your contributions. While I applaud your financial conservatism, you're really hamstringing your ...


15

A 401(k) is just a container. Like real-world containers (those that are usually made out of metal), you can put (almost) anything you want in it. Signing up for your employer's match is a great thing to do. Getting into the habit of saving a significant portion of your take-home pay early in your career is even better; doing so will put you lightyears ...


4

They are taxed, but you are allowed to deduct cost. So you only profit if you sell them for more than you paid. If you are truly worried about taxes, you might be better off donating them to Goodwill and writing off the donation


2

It seems this stems from which agency controls which maximum. For HSA limits the IRS is in control, for ACA compatible plan limits Health & Human Services (HHS) is in control. The IRS issued guidance in around May of 2015 including the upper limit of $13,100 for 2016, and in August HHS was more aggressive with the upper limits resulting in the $13,700 ...


2

I suppose one reason is that you could have a health care plan structured such that it is nothing more than an additional retirement plan. For example suppose a high income individual wants to save more for retirement. They could have an ultra-high deductible plan that they pay almost nothing for, but yet are able to take advantage of the triple tax ...


7

The government wants to encourage everyone to buy health insurance, because with more healthy people buying health insurance, the rates can be reduced for those that are less healthy. Ask yourself this: Why does the HSA require health insurance at all? Should you be able to make use of an HSA if you don't have any health insurance? The HSA is the carrot ...


2

Utilities: Whoever makes the contract with the utility company. Typically, that would be the person(s) living in the house and using the power/water/etc. Utility bills are not a government thing like taxes, which fall on you no matter what, you need to explicitly make them. When you move into a house (bought or rented), there is no contract, and if you don'...


4

Generally, the person whose name is on the utility bill is the person the utility has a contract with and can demand payment from. The owner is generally the person who has an insurance policy on the house, since their lender will insist upon this. The occupant may have their own policy (renter's insurance, eg) to cover their possessions as opposed to the ...


1

Congratulations! It sounds like you're off to a good start. Establishing credit history and starting a Roth IRA now and getting some investment in at this point is likely to save you a great deal later on. A good way to diversify investments in a Roth IRA is to use ETFs, especially index funds, which bundle a whole bunch of diverse investments together ...


2

I've seen some conflicting information on this, but here is my understanding. Vaccinations are considered medicines by the IRS. Here is what IRS Pub 501 has to say about medicines: Medicines You can include in medical expenses amounts you pay for prescribed medicines and drugs. A prescribed drug is one that requires a prescription by a doctor for ...


3

Yes, copays and costs associated with vaccinations are qualified medical expenses under HSA guidelines. Receiving a vaccine is a service, not a prescription drug. You don't take the vaccine home with you. You can include in medical expenses amounts you pay for prescribed medicines and drugs. A prescribed drug is one that requires a prescription by a ...


2

Yes. While there are the normal annual enrollment periods, you are also granted a "special enrollment period" triggered by certain "qualifying life events." You'll typically have 60 days to make your election once you lose your prior coverage or have a different life event that would allow you to make a change. Some common qialifying life events are: ...


2

The restriction is per account, not per person. For example, if two people co-own an account, they still get only 6 transactions per month, not 12. Likewise, if you own two accounts, each one still gets 6 transactions. In any case, you should read the terms of each of your accounts to see whether your institution even cares (i.e. imposes some sort of ...


0

you need minimum of 25k otherwise youll reach a limit. you have to wait 3 days for the sale to clear unless youre on margin. dont buy anything based on idiots on twitter or the internet. however, theres some good people to follow though that know what theyre doing. dont listen to this guy saying that etrade or those platforms arent fast enough. they all ...



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