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1

A bank needs to make sure they won't lose money by cashing a check. When you have an account with a bank and you cash a check, if the check ends up not getting paid, the bank will take the money back out of your account. This could happen for a number of reasons: the check could bounce (not enough money in the check writer's account), it could be a ...


0

Married fling joint, the 25% bracket starts at $75,000 taxable. You are in the 15% bracket from your day job. $80k gross puts your taxable income under $60k. Unless your side income will be over $30K, setting aside 15% for federal tax should be fine. But I'd want to avoid under withholding, and would use the day job to withhold more tax. I'd project my ...


1

Make a payment of the sum of the first two voucher amounts soon as you can: the interest and penalties will be smaller. The interest and penalties don't need to be paid right now; on your 2015 tax return, you should complete Form 2210 (the long version) to figure out how much you owe in interest and penalties. The IRS will offer to do such a calculation ...


2

There are two types of insurance, which causes some confusion. Social Security Disability Insurance (which you indicate you have) is insurance you can receive benefit from if you earn enough "work credits" (payroll taxes) prior to your disability onset. It is not a needs-based program. Supplemental Security Income is a need-based program which does not ...


1

This is quite understandable behavior on their part. By your own admission you probably don't meet the threshold. Is it any wonder they want the PMI to continue?


4

Yes. Other posts here have asked similar questions, the 78% is automatic based on the original amortization. To be clear - on the date you closed, you could have looked at the amortization table and seen that at year x month y it hits 78%. If, via early pre payments of principal, you hit it sooner, the appraisal is required.


1

I would be inclined to back the 'tip jar' weblink idea, this is very prolific within the Twitch community, as a method of tipping and thereby supporting content creators. I know that there are numerous tutorials on how to set up 'tip' sites for such usage, so that may point you in the right direction. Also you could turn to crowd-funding opportunities, such ...


1

In general, PMI is required if you put less than 20% down on the sale price of the home, not the appraised value. If you go with conventional, in general after one year you can appraise the home again and if the mortgage amount is less than 80% of the new appraised value you can request the PMI to be removed. If I were you, I would be going for the USDA ...


0

Is your fiancé also a student? It sounds like the answer is no. I think once you become married, you will jointly become residents because your wife is not in school. However, I strongly suggest you contact the Michigan Department of Treasury directly and ask them.


2

I see two ways you can handle this. Use the gifts for the purpose of creating more free software. This is fundraising, and your cause is writing free software. The language is a little tricky from the PayPal Donate button (emphasis mine): This button is intended for fundraising. If you are not raising money for a cause, please choose another ...


1

Regarding your marital status, it is expected to see less federal tax withheld when switching from single to married. You may have missed out on a larger paycheck by not updating with your old employer, but it will not change your federal tax owed when filing a federal return. Your refund would have simply been larger because you overpaid your federal ...


3

If your landlord is OK with you subletting your apartment - then that's all that the landlord has to do with that. It doesn't really matter if the landlord is a private person or a publicly trade corporation/fund. No relevance at all. As to your own reporting - you're receiving rent. That is income to you. You can deduct the portion of your expenses ...


0

Communicate. I would recommend taking a course together on effective communications, and I would also suggest taking a course on budgeting and family financial planning. You need to be able to effectively communicate your financial plans and goals, your financial actions, and learn to both be honest and open with your partner. You also need to be certain ...


-1

Perhaps the real question you are asking is "How can the tax code be fixed to make it simple for everyone (including me), and what would it take to effect those changes"? There are really two causes for the complexity of the tax code. Many of those who enter Government hold a desire for power, and Government uses the tax code as one lever of power to ...


1

The exact answer will come from looking at the "taxable income" line on your tax return. You take that number and see what marginal rate this puts you at. Say you are single (you didn't specify). After deductions, exemptions, etc, these are the rates for taxable income. If you are at $38,000, the last dollars were taxed at 25%, so it would take $1000 ...


1

The basic problem here is that you need to have money to invest before you can make a profit from it. Now if you have say $500K or more, you can put that in mutual funds and live modestly off the profits. If you don't have that $500K to start out with, you're either looking at a long time frame to accumulate it - say by working a job for 30+ years, and ...


3

Actually, if you don't care about paying a bit more, either hire an accountant and dump the paper on them, or (may be cheaper but a bit more work) spring for tax software. Modern tax programs can often download most of your data directly. If you don't care about claiming deductions you can skip a lot of the rest. I'm perfectly capable of doing my taxes on ...


4

Stay in school, learn everything you can, and spend as little money as possible. And realize that the chances of you dropping out and becoming a millionaire are much lower than the chances of you staying in school and becoming a millionaire. You're unlikely to be a good investor if you make bets with negative expected payoffs.


0

Currently, the answer is no, you cannot get out of filing a tax return. As noted in the comments, if you want to pay more to get out of the drudgery of working on your return, you can pay an accountant to do it for you. You are not alone in thinking that the current income tax system in the U.S. is overly complicated. What you are essentially describing ...


1

Bottom line up front: ask your employer. This is also to make sure that they handle this correctly. You and they don't want to get this wrong. What happens if I submit a claim with flex spending for more than I have contributed thus far? With a flex spending arrangement (FSA) for medical you can submit a claim for more than the current balance, and ...


2

Yes, you are expected report. The question is not whether you got tickets when you had that specific license in the pocket, but whether you got tickets at all.


9

In a word, no. If your income is high enough to have to file a return, you have to file a return. My accountant has a nice mindset for making it more palatable. I'll paraphrase: "Our tax system is ludicrously complicated. As a result, it is your duty as an American to seek out and take advantage of every deduction and credit available to you. If our ...


1

Bank of America website says Bank of America account holders can exchange foreign currency (no coins) for U.S. dollars at a full-service banking center. Add a currency to view the currency exchange rates for that country and find out how much your foreign currency is currently worth in U.S. dollars. This would be similar in other big banks too, I ...


1

Banks only accept US dollar denominated notes, unless they explicitly have a foreign exchange policy. Otherwise you will have to go to a foreign exchange company, they are often set up in airports but they are in odd places too. You will get a bad exchange rate and an expensive fee. But the more you have, the lower the exchange rate and the fee will be.


22

You've already done everything I would suggest: Contact the collections agency, being careful in what personal information you provide. Check all three of your credit reports, for any trace of incorrect information. At this point, since you've confirmed that the social security number that the collections agency has does not match yours, and you've ...


5

A person name Matthew Drury or a similar name owes money on their loan, and it has gone to collections. The collections company is trying to match the account to a real person with money. They sent a letter to somebody (your grandmother) with the same last name. The debtor may have even lived in that town at sometime. The reason you received the letter is ...


3

Splitting the payments does have one short time effect, the initial withholding may be lower. Lets say the bonus is $20,000 and they make $60,000 a year. If the company treats it as a lump sum they may withhold 25% for federal taxes. This would mean that $5000 would be withheld right away. It would not matter if the friend was single, married, head of ...


2

The ways you might try to shelter it would be the same as for salary or other income: Max out your 401(k) or IRA or equivalent, and your HSA if you have one, and consider tax-free educational savings plans for your kids, and... Getting paid more means getting taxed more. I find it easier to just ignore the pretax numbers entirely. My real salary is the ...


2

You should probably consult an attorney. However, if the owner was a corporation/LLC and it has been officially dissolved, you can provide an evidence of that from your State's department of State/Corporations to show that their request is unfeasible. If the owner was a sole-proprietor, then that may be harder as you'll need to track the person down and ...


4

You're talking about gifting your home to your son. That will actually mean that you need to pay taxes, unless the value of your home is below the exemption for the gift tax. You will, probably, use the lifetime exemption, but it will come out of the exemption for your estate. Once your son is the owner, he'll be liable for the property taxes. If your wife ...


0

I Usually would not say this but if you can just put down 20% I would do that and get a 15 year mortgage. The rates are so low on 15 year mortgage that you should be able to make more than the 3% in the market per year and make some money. I wouldn't be surprised if for 1/2 of the term of your loan you will be able to make that just in interest. Basically ...


5

Before doing anything else: you want a lawyer involved right from the beginning, to make sure that something reasonable happens with the house if one of you dies or leaves. Seriously, you'll both be safer and happier if it's all explicit. How much you should put on the house is not the right question. Houses don't sell instantly, and while you can access ...


1

If you're on a J1 visa, then you're not likely to be a US person. Stay on J1 visa is excluded from the days counted towards the substantial presence test, and you obviously don't qualify under the citizenship/green card test. So yes, W8-BEN is the appropriate form. You need to give them the W8 with your information, your employer has nothing to do with it.


1

There are no US taxes for receiving a gift (you). There may be US taxes for giving a gift (the gift tax), for your parents, but if they are nonresidents and the money they are giving was not situated in the US, then they do not have US gift tax. You have to report a gift from a foreign person if it exceeds $100,000.


10

Yes you will get back the extra money at tax time. You are not able to adjust the withholding. Each employer will pay their share, and not get a refund, but at tax time, you'll get back any excess as if you worked one job. On the tax forms the data from each W2 is loaded, including the Social Security (FICA) withheld. There are a number of circumstances ...


0

Lots of webcomic sites now have "tip jar" links, or let supporters send money via services like Patrion. I presume other kinds of sites have developed similar solutions. I'd suggest you go out, wander the web a bit looking for such, then contact the sites' owners to ask how it's been working for them


1

There's no need for joint accounts to transfer money between you. You can always transfer money to him in Israel to his Israeli account. Having joint account will pose a couple of issues. If the account is in Israel - you will be liable for FBAR/FATCA reports. If the account is in the US - your son will be liable for similar reports in Israel. Joint ...


1

Opening Bank Account in US without physically being present is difficult. I'm having number of clients in USA to pay for my work, but I’m really confused to get money from my clients to my saving bank account. You can get money via PayPal or if they are repeat customers, ask them to send via remittance services like Money2India or Remit2India etc.


0

The exact date when you went out of India matters. If you have spent more than 182 days in you are Resident Indian and the global income is taxable in India. So for the period of Oct-14 till 31 Mar 2015, the salary you have received in US will be taxable in India. Please consult a CA for specifics of you case. India and US have DTAA


0

Holding exchange traded options won't trigger any SEC disclosure rules. Being granted a large options position as an agent of the company creates voluntary disclosure rules on the form 3, 4. Exercising those options is a mandatory disclosure and gifting the options/shares is also mandatory. A large buy or sell is a 13D disclosure.


2

The FAFSA instructions read: Subtract the total of lines 15b from the total of lines 15a. Then subtract all rollover amounts from the remainder. In the example above, while 15a minus 15b is $1,000, the rollover amounts are also $1,000, so the correct answer to the question is $0. The IRS transmittal does not seem to be taking into account the rollover ...


2

I don't know a free way to get access to this info on a daily basis other than perhaps squinting hard at CNBC's screen when they show their S&P heat map. However, that CBOE list looks accurate to me for the beginning of June. There were in fact 502 components on that date. (Interesting trivia: Here's a histogram of the population size of the S&P ...


1

My question is, will I need to file taxes in both CA and MA for 2015? Yes. You might even end up being resident in both, check MA residency requirements.


3

The percent sign stands for "C/O", which means "Care Of." Care Of is just a part of a mailing address when you are addressing a letter to someone at someone else's house. With windowed envelopes, the entire mailing address is printed on the face of the check. This is not a 2 party check; your mother's name is a part of your address. Try a real bank instead ...


1

Your SSN is yours for life. Provided you have an SSN or an ITIN (i.e. something to ID you to the IRS), Wells Fargo won't give a fig about your immigration status.


0

As a former mortgage broker, I can tell you the rate should be locked upon your signature, that day.


4

Without knowing your income, deductions, and other circumstances, it is impossible for us to say for sure whether or not you will get a refund next year at tax time. However, if your income is relatively low, it is entirely possible that you won't owe any taxes at all, even if you haven't had any withheld. For example, in 2015, the standard deduction for ...


2

I did this, graduated, and did not explode. Based on this fact, I think you can do it too. There are no gotchas I am aware of.


0

Here are the numbers from 2007-2008 http://www.bls.gov/cex/anthology11/csxanth6.pdf


0

It looks like your best option is to go with an online broker. There are many available. Some of them won't let you open an account online as a foreign national but will allow you to open one through the mail. See more about that http://finance.zacks.com/can-nonus-citizen-trade-us-stocks-9654.html Also keep in mind that you will need to pay taxes on any ...



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