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0

You'll need to read about Kansas residency rules, as establishing residency in a different State doesn't mean you automatically lose the residency in Kansas. On the other hand, you may be able to lose a State residency without acquiring any other, depending on the State laws (if you're moving out of the US). According to Kansas Revenue, A Kansas ...


3

Like you said, it's important to keep your personal assets and company assets completely separate to maintain the liability protection of the LLC. I'd recommend getting the business bank account right from the beginning. My wife formed an LLC last year (also as a pass-through sole proprietorship for tax purposes), and we were able to get a small business ...


4

If you withdraw the money, regardless of how small the balance is, the IRS will still insist you pay a 10% penalty when you file your taxes (assuming you're under 59 1/2). Your 401K plan provider might have a policy that allows you to avoid the usual automatic withholding. You should check with them. $600 in additional income isn't likely to move your tax ...


2

This depends in part on where you are. Sometimes signing over the title is all it takes to transfer ownership, sometimes more is involved. Contact your local department of motor vehicles (or equivalent) and ask them about how to transfer ownership, about registration (probably NOT transferrable), about license plates (you may need new ones), and about ...


5

You can transfer 401(k) funds from a previous employer to an IRA, and invest it as you wish. That $600 should go to the current 401(k) or IRA. Edit - OP has edited his question. I agree with him that each situation is unique, therefore 100% of the details are needed up front to avoid the answers that would be right for everyone else. He offered a valid ...


3

For such a small amount, I really don't think it's worth the time and effort to withdraw it. Why not roll it over into a traditional IRA or a new 401k / 403b?


1

I'd think the first question here is: Did they overpay you? And if so, what were the circumstances? At one extreme: If you lied on your timesheet and said you worked 50 hours when really you only worked 40, and they paid you for 50 hours, and now they've figured out that you didn't really work those overtime hours, then yes, they overpaid you and you owe ...


2

A better idea if applicable is to borrow 50K (max allowed) to buy a house and pay interest to yourself instead of a bank. And none of that origination and closing fees lost to the lender


11

At first blush, this seems like it makes sense - assuming, like you say in your question, that you are perfectly confident in your ability to repay (even if you need to pay the balance in full if you lose your job), then this seems like a guaranteed 4% return, and a reasonable part of your retirement portfolio. Where it falls apart, though, is that you're ...


2

You might want to bring this fancy new IRS rule to your employer's attention. If your employer sets it up, an After-Tax 401(k) Plan allows employees to contribute after-tax money above the $18k/year limit into a special 401(k) that allows deferral of tax on all earnings until withdrawal in retirement. Now, if you think about it, that's not all that special ...


3

Your spouse is eligible for an HSA even if you have one as long as she is covered by a qualified high-deductible plan. In the case that you both had HSAs you would be limited in how much you contribute each year, but both can have accounts. In 2015, you could each contribute $3350 to your separate HSA plans. If you have a combined plan, and even if you ...


2

In the U.S., there are laws that protect both employees and employers. Ask for proof of overpayment, and time to respond. If you feel you have a case, consult a lawyer that specializes in wage disputes. Otherwise, let them have their money, out of your last check if necessary. You don't want to have to go to court if you really do owe them. If you tell them ...


0

You need to file foreign qualification in any State you have physical presence in (warehouses, offices, etc). Including the State from which you personally operate (if it is not Nevada). You don't need to register in States to which you ship products.


0

It might be reasonable, or it might be their error. Right now you have their assertion that they overpaid. So the range of outcomes runs from them collecting $0 to the full amount they assert. You are in a negotiation now, get your mind in this game. If they demonstrate to your satisfaction that they overpaid, you should pay. If the reason is not ...


1

My bank's bill payment system saves nothing more than writer's cramp and stamps. When a paper check is required they mail it, but it's drawn on my account just as if I'd written it out by hand and mailed it myself. There is no "temporary account", and at the time of month when I take care of the bills, my balance oscillates up and down depending on what's ...


-1

This is probably too much trouble for the employer. If they violate some rules, they can get fined by the government and lose a lot more money. Not to mention that they'd have to waste a lot of effort researching the question. If you are in a position to negotiate, ask for a higher raise instead.


0

Bad idea. If you lose your job and need to pay medical expenses, you can withdraw penalty-free. If you lose your job and just withdraw, you will have lower income and lower tax, though you will pay a penalty. If you don't lose your job today, consider your 401(k) an additional protection, just in case you do lose it tomorrow. Just pick the least risky ...


1

USAA does - that's my bank. Wells Fargo tries to determine whether the online activity is a risk; if it is, they'll require an SMS code or phoned code be entered. You can get a fairly definitive list of online companies at twofactorauth.org.


4

Are you very certain that your regular investments will produce >10% above and beyond what can be created from your 401(k) plan? Unless you have a monumentally terrible selection of funds with massive fees you would need to be a truly exceptional investment genius to consistently beat the 10% penalty hurdle. Also, losing the tax-deferred growth for your ...


7

You are not allowed to take a routine 401(k) withdrawal each year. There are specific reasons that you might be allowed to take a withdrawal and what you're proposing doesn't fit into those categories.


2

Does the 457(b) plan allow for the rollover of other retirement funds into it? And do you have very specific reasons for wanting to roll over your SEP-IRA into the 457(b) plan instead of into some other IRA plan with a different custodian? For example, if you already have a Traditional IRA, is there any reason why your SEP-IRA should not be rolled over into ...


8

IRS Publication 463 is a great resource to help you understand what you can and can't deduct. It's not a yes/no question, it depends on the exact company use, other use, and contemporaneous record keeping.


1

I've had solid returns over time with VGSIX, Vanguard's REIT index fund. It mitigates individual REIT leverage legerdemain or regionality. Consider MLP pipeline companies. They're a kind of industrial real estate. There are businesses that finance and collect rent on government-created monopoly rights including taxi medallions, liquor licenses, and ...


3

For the first part of your question, the relevant IRS Publications are: IRS Pub 15-B: Tuition Reduction, Working Condition Benefit IRS Pub 970: Employer-Provided Educational Assistance Essentially, an employer can reimburse you for tuition, and, under certain conditions, this will not be included as taxable income for you. The annual limit is normally ...


3

We cannot know if you owe them anything. But at the least I would expect that they don't just say "you owe us" but "we found out that we were supposed to pay you $X, but we paid you $Y which is more", and then we can go from there. There are things like "we should have paid you $12.20 per hour for the last year, but we paid you $12.50 per hour", where you ...


-5

I feel for you brother, especially given your comments about your direct supervisor and upper management. The total lack of compassion for low wage workers is profound, but somewhat understandable although it does not seem fair. In my opinion you have one course of action: Hope/pray that they do not take the "money owed" out of your last paycheck. ...


10

Ask for documentation proving the amount they say you were overpaid, and ask for time to review their claim. If it is a large amount that they can prove you owe, and if you were staying, then you could ask for the repayment to be spread over multiple pay checks. This would avoid the situation where you could get a very small check or even a check for zero. ...


14

The Amazon.com Store Card Terms and Conditions state the following: Credit Bureau Reporting. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be shown in your credit report. The card is issued by Synchrony Bank. Generally, store cards do report to credit bureaus, so I ...


6

The T&C page shows: Authorization: When you respond to this credit card offer from Chase Bank USA, N.A., a subsidiary of JPMorgan Chase & Co. ("Chase", "we", or "us"), you agree to the following: Which means a real bank is behind the card. Yes. It will hit your credit report.


5

There is no way that someone on this site can tell if they overpaid you. So for the purposes of my answer I am going to assume that the company is correct that you got overpaid somehow. I think the answer is pretty clear if they DIDN'T overpay you. If they overpaid you then Yes you owe the money. Why would you think otherwise. If they underpaid you, ...


0

There may be cases when your financial institution may delay funds availability due to large check amount; however, this information should be disclosed in your deposit terms & conditions that state how a check is cleared. All this is governed by Reg CC.


20

The Social Security payments for retirement are based on 35 years of indexed earnings. If you have less than 35 years of earnings, then your record will have zeros. If you have more than 35 years, the lowest indexed amounts will be dropped. If someone is receiving benefits but is also working, then the benefits are re-calculated (and thus increased) if one ...


1

The simplest way is you transfer the funds into your NRE account in India. From the NRE account transfer the funds to your brother-in-law and show the purpose as Loan. From 2012 onwards RBI has simplified things under FMEA and your brother-in-law can deposit/repay the loan back into the NRE account. Once the funds are in NRE account you can repatriate then ...


3

No, you cannot use funds in your FSA to reimburse events that occurred prior to the FSA coverage period (even though the FSA plan year begins prior to your start date, the date which you began coverage through the FSA controls when you can be reimbursed). This is specific to the date the medical care occurred, not the date you paid for it. This will not ...


1

If it is Texas company, you can try doing a taxable entity search on the Texas Comptroller website.


2

It means that you are expected to have received a separate piece of communication ("advice") which confirms who the payment came from. This is common with CHAPS payments and overseas transactions.


4

There are many of us who would like to extract ourselves from this system. And you may be content to avoid all debt, and thus have no need or desire to participate in the system. But the system compels your participation. Depending upon your ultimate goal, you might choose to employ different strategies to address each aspect of the system. Here are several ...


1

Yes, only the amounts at the end of the year matter. And yes, the funds from the rollover into the Traditional IRA later in the year does affect the proportion of the Roth IRA conversion you do now that is taxable. You can experiment by filling out Form 8606, which is the form that calculates how much of the conversion is taxable. If your wife might ...


2

You can convert additional amounts from Traditional IRA to Roth IRA as often as you want. What there is a limit on, is "reconversion" -- if you convert to Roth IRA, then recharacterize it back to Traditional IRA (undoing the conversion), then you are restricted from "re-converting" that money to Roth IRA again in the 30 days after the recharacterization or ...


-2

You do not need to set this up as a loan. Try finding an Indian student. He is eligible to get cash (using a travel card, may be) from India tax-free. As long as it doesn't exceed the i-20 amount, he will not have any problems. Since, $10,000 is very small amount, the student shouldn't be having any problem.


0

The same thing happened to me with my HSA several years ago. I made contributions in January and February. I intended for these to be for the previous tax year, but the credit union didn't know that. Toward the end of the year, they told me that I had hit the maximum contribution for the year, and that's when I discovered the mistake. Of course, it was ...


11

I understand being concerned about identity theft. But getting your credit files locked up or erased will not solve the problem, and it creates other problems. People have been claiming to be someone else to take advantage of the other person's good reputation, connections, inheritance, etc for thousands of years. At least since Jacob and Esau. "Identity ...


5

There is only one way to be impervious to any and all identity theft and that's to not have an identity. Eliminating ways of identifying yourself doesn't eliminate the fact that you exist. Identity theft is older than the credit system.


1

I'm inclined to think the answer is never take out any debt. If it is obvious you go way out of your way to avoid debt than any debt in your name must be invalid.


4

The form is just for your records. You do not need to adjust your tax return. From the article "What is Form 5498": Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer – not you – is required to file this form with the IRS by May 31. You won't find this form in TurboTax, nor do you file it ...


26

When you have a credit freeze, or security freeze, in place with the credit bureaus, this restricts access to your credit report. However, it does not completely prevent all access. Some situations where your credit information is still available, even with a security freeze in place are: Your existing creditors (and debt collectors acting on their ...


10

This has nothing to do with your citizenship. You agree to the reporting as part of your agreements to use services of various providers - banks, credit cards, landlords, utilities, cable companies, phone companies, essentially anyone you may end up owing money to who you sign a contract with has a clause in the contract allowing them to report and check ...


3

Dude, it's your lucky day! You just won the lottery!! Do like this guy and sue them for $67 million :-) Pearson v. Chung, better known as the "pants lawsuit",1 is a civil case filed in 2005 by Roy L. Pearson, Jr., an administrative law judge in the District of Columbia in the United States, following a dispute with a dry cleaning company over a ...


0

83(b) election is for restricted stocks, not options, so my answer assumes exercise at vest/at grant (early exercise). Will I have to pay tax on (2000 * 8 = $16000) Yes. Will it be a regular income tax or AMT or a short term capital gain? You have no gain. You vested at $10 and sold at $10, you got a wash. The $16K you mentioned earlier is the ...


0

You're over-thinking that. For each year you claimed the treaty benefit - add 12 months in that field. For partial year - the relevant amount of months. If you didn't claim the treaty benefit (e.g.: didn't have that kind of income in one of the years) - don't add that year to the count. This is indeed intended for treaty benefits which are limited, in most ...



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