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

2
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1answer
11 views

What are the HSA limits with spouse having separate health plan and me with a child?

According to the open enrollment table in my HR guide, the 2019 HSA limits are: EE Only $3,500 EE + Spouse or EE + Child(ren) $7,000 My spouse has her own HDHP ...
1
vote
0answers
12 views

Money transfer from India [duplicate]

I am a green card holder in US, my mother wants to gift me $6000. I want to know if there are any laws that prevent me to accepting the monies as gift? Will I have to declare it in my return? Will she ...
22
votes
3answers
10k views

I've been scammed, but have the scammer's bank information

I was scammed by a person who 'rented' us a home that was listed for sale that he didn't own. There were a lot of red flags along the way, and I noticed them, but didn't act as we were desperate to ...
1
vote
0answers
25 views

Do HUD settlement statements get sent to the federal government?

One of the forms I see prepared for a real estate transaction I am doing is a "HUD Settlement Statement". I am paying cash, but the form refers to me as a "borrower". The top of the form looks like ...
2
votes
4answers
260 views

What is the meaning of the Mega-Million's Cash Option - Avoiding lottery's winning taxes

The current Mega Millions jackpot is standing on $868 Million USD, while the Cash Option for the same Jackpot is $494 Million USD. The winner of any of Mega Million's jackpot has two options to ...
2
votes
1answer
73 views

Do I not qualify for any education tax breaks?

I'm planning on going back to school for a graduate degree. Looking at the different tax breaks I could find related to education: The American Opportunity tax credit: This is not an undergraduate ...
2
votes
2answers
130 views

Tax implication when receiving Bitcoin gift from foreign relative?

Does the recipient has to pay tax, or report receiving the Bitcoin? receiving: US, sending: China. Edit: receiving gift.
3
votes
1answer
89 views

How many open credit card accounts do issuers like to see when someone applies for a new credit card?

How many open credit card accounts do issuers like to see (according to some formula or rulebook) when someone applies for a new credit card? Specifically when each card is in good standing and paid ...
4
votes
2answers
2k views

What do I do if an IRS check doesn't arrive?

We got a letter from the IRS stating that we get a substantial refund for a tax withholding. However, the check never arrived even after waiting for a couple of months. (On top of that: We live ...
1
vote
1answer
87 views

If a church does not ask for 501(c)3 exemption, are charitable contributions to it tax exempt?

In the United States, most churches file for 501(c)3 tax exemption. Some churches choose not to, sometimes as a matter of belief that they should not be "licensed" in any way by a government. It is ...
6
votes
1answer
2k views

How can a foreigner cash an American cheque in the US?

What is the best way to cash a cheque I have received as compensation? We are from Britain.
4
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1answer
131 views

Are US citizens required to have a US bank account to receive Social Security while living abroad?

My daughter and I are US citizens and we reside in Moscow, RF. My former wife and the mother of my daughter died recently. She was a US citizen and was living in the USA. Due to her mother's loss, my ...
-2
votes
1answer
77 views

Transfer of my gift received from US to India

I am a resident Indian who received a gift from a trust abroad sources legally approved and authorised by abroad country. It is transferred through an associate bank abroad where the trust has money, ...
0
votes
1answer
42 views

Extension risk with IO bonds

I'm trying to understand the extension risk associated with interest only bonds in a CMO. When rates rise, prepayments drop, and so the life of the IO bonds is extended. This causes the value of the ...
0
votes
2answers
91 views

Oil Futures and Prices

I am looking at the following chain of oil futures: https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html Based upon what I am seeing, the market thinks that the crude oil ...
7
votes
3answers
242 views

How is a Roth 401(k) split during a divorce, and can a spouse's share be liquidated?

I am in the midst of negotiating a divorce where my spouse would prefer, whenever possible, to get cash instead of a retirement account. I have found many sources online (e.g., this one) stating that ...
0
votes
2answers
22 views

Do the dividends in NJ's 1040 include both the ordinary dividends and qualified dividends from the federal 1040?

I'm just wondering if I can calculate the dividends for New Jersey's 1040 by summing the ordinary dividends and qualified dividends boxes from the federal 1040. How about a part-year resident? Do I ...
0
votes
1answer
80 views

Question about federal taxation of state refund (US)

I'm doing my 2017 taxes and I've been extremely confused by how federal taxes treat state refunds. Here are the details: In 2017 I paid $750 as part of my filing for an extension for my NY 2016 state ...
9
votes
4answers
2k views

Should we pay extra into our Home Mortgage or HELOC?

Home Mortgage has 18 years left and is at $184,000 principal with a monthly payment of $1135 and an APR of 3.15% HELOC has $24,000 principal left with a monthly payment of $400 and an APR of 5.5% I ...
1
vote
0answers
14 views

Dividend tax for Non Resident Alien owning US domiciled international stocks ETF

What is the US dividend tax rate for a non-resident alien owning a US domiciled ETF holding non-US companies? Assume no tax treaty so the tax rate for the SPY ETF would be 30%. An example would be a ...
1
vote
1answer
82 views

How do I find out if an old bank account still exists and if I still have funds available in that account? [duplicate]

I have an old savings account from old Shawnee Bank in Shawnee Kansas. It shows a balance in it from 1970. How do I find out if it still exists?
5
votes
1answer
213 views

Does a dependent 19 year old have to file taxes?

I'm a 19 yr old, and my parents file me as a dependent under their married-filing-jointly tax return. Lately, I've done a couple small mystery shopper task from 3 different companies. The total adds ...
5
votes
1answer
124 views

Contributing to IRA with high income

If your AGI puts you in the in the "partial deduction" or "no deduction" category for IRA contributions, can you still contribute up to $5,500 (2018) without penalty? Is it still advantageous to do ...
2
votes
1answer
329 views

We don't want to see your bank card, just tell me your name

My credit union recently did what it calls a major upgrade of its systems; as a typical apathetic consumer I haven't looked into what that means. Here is the most conspicuous change (other than the ...
4
votes
2answers
124 views

Making a 1 time payment to IRS

When making a 1-time tax payment to the IRS, because of a 1-time cash windfall, how does that factor into my taxes during tax time? Do I get a form or receipt of the 1-time payment that I enter ...
1
vote
2answers
84 views

HSA deduction vs medical expenses

My understanding is that medical insurance premiums are not valid expenses for an HSA - but that they are deductible if you deduct your medical expenses - at least the part above 7.5% of income. ...
0
votes
1answer
111 views

Paying taxes on a side gig

I work a regular salaried job. I did a side job and earned $825.00 on 5-23-18. I figured this was going to be my only side gig for the year, so I thought I would pay taxes at tax time (April 2019), ...
0
votes
1answer
56 views

How can all medical expenses be deducted from taxable income for a business with owner and 1 other employee?

How would I best set things up so as to fully fund my and my employees healthcare and reduce taxable income. I am am considering forming an LLC or S-Corp but don't know the pros and cons in this ...
1
vote
1answer
62 views

Settlement timing when buying/selling mutual funds

Schwab tells me that Money Market and all of their Mutual Funds settle at T+1. Suppose I have $1000 in a Money Market and I wish to buy $1000 in an SP500 index Mutual Fund. I issue a sell order for ...
2
votes
1answer
85 views

Can I contribute deductible money to a traditional IRA if I left my job before maxing out my 401(k) for the year?

I've read these answers: Can I deduct a contribution to an IRA if I also contribute to a 401(k) in the same tax year? 401K participant for part of year - Can I contribute to an IRA? Can I contribute ...
1
vote
1answer
72 views

Injured spouse tax refund

My wife has some student loans from 5 years before I met her. We usually file a joint return (although that's less important now that I likely won't get Earned Income Tax Credit). So I have to file a ...
2
votes
0answers
31 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...
2
votes
1answer
60 views

Tax returns while working in 2 states

Situation: NYC Resident Work 1-2 days a week in NYC Work 4 days a week in CT Employer is taking taxes of my paycheck to both states which sums up to about 40% in taxes Questions: I was reading that ...
6
votes
1answer
375 views

Mortgage interest tax deduction

I am having some issues figuring out how the tax deduction for mortgage interest works. This is for California, USA I have a home that I bought for $807,000, with 2 loans: $645,600 at 4.5% $80,700 ...
27
votes
4answers
8k views

How to retire early without penalty?

Logistically speaking, how would one retire early without getting hit with withdrawal penalties? As far as I know, most tax-incentivised retirement accounts slap you with penalties for making ...
1
vote
3answers
292 views

Does IRS charge interest for underpaid taxes?

There is a rule that if no taxes are owed on last year's tax return, the IRS will not impose a penalty, but will interest be charged? Example: assume no federal taxes have been withheld during 2018. ...
6
votes
1answer
302 views

Prevented from Rolling Over 401k Due to Company Audit - Legal?

A few months back, the startup my wife works for was bought out by a big company. Everyone was thrilled, of course, and it was a great moment for the whole team. Soon after the logistics of the ...
1
vote
0answers
59 views

No provision for beneficiary at HSBC

Background: My wife and I live in California (if that matters) and have a living trust. My wife and I recently opened an online savings account at HSBC. APY is 2.01 which was the motivation. HSBC ...
2
votes
2answers
137 views

Capital gains when selling property

My parents bought a condo in 2005 for $75,000 and rented it out through 2015. I got married in March 2016 and moved in. I paid the HOA and property taxes to my parents. My parents gifted this ...
2
votes
1answer
43 views

Retired resident alien with investment in India

We are husband and wife, now retiring in Jan 2019 and getting the PR Card for US. We have our investments in Indian Mutual Funds and Fixed Deposits in Indian Bank. When we shift to US, what are the ...
2
votes
0answers
126 views

Tenant joint letter to evict an other tenant? [migrated]

I am in the Los Angeles area, and there are 4 tenants in my house. The last tenant who just moved in yesterday smokes, I told him that he needs to do it at the far end of the yard, and clean up ...
4
votes
2answers
239 views

Seller Trying to Increase Price After Purchase with Visa Credit Card

I recently purchased a used piano for $4000 dollars. This item is to be shipped to me next week. I paid for this item with a Visa Credit Card and have received receipt. Shortly after returning home ...
34
votes
3answers
11k views

Should I pay myself back for paying family's rent out of our pool of money?

A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by. My father could not afford to pay the rent ...
1
vote
1answer
45 views

How does one annually convert each previous year's Traditional IRA contributions to Roth IRA? [duplicate]

My income is too high to contribute to a Roth IRA, so my only choice is a Traditional IRA. Is there some way I can in 2019 convert my 2018 Traditional IRA contributions into a Roth IRA? And then do ...
1
vote
1answer
179 views

Haven’t been able to work since Oct 2017. Is there tax due for a 401k withdrawal while totally disabled?

I have had 14 hand surgeries, one each on my elbow, shoulder and hip. I had 2 knee surgeries and my right knee needs replacement. If the temperature is below 40 degrees, my hands go numb and I can’...
0
votes
0answers
24 views

EBAR DOCUMENTATIONS

I am a U.S. citizen. I inherited an estate in Egypt worth of $186,000. To transfer this amount to the US, I need to fill out EBAR or form 3520. I want to follow every legal procedure with no ...
10
votes
1answer
2k views

If I have a 401k for a partial year can I still contribute the maximum amount?

I will only have a 401k for part of this year. Am I still able to contribute up to the maximum contribution limit ($18,500 in 2018 this year) even though I only will have the plan for part of the ...
1
vote
1answer
85 views

Business Bank Account vs Personal Bank Account

What is the best practice when opening up a business bank account for a business that I anticipate to be worth more than $250,000. Does the FDIC insure amounts more than this for business accounts? Or ...
0
votes
0answers
32 views

how to correct anomalies in Amortizing Federal Student Loan forgiveness Repaye in excel

I have tried to amortize a federal student loan forgiveness program called Repaye in excel. I'm more or less trying to replicate the results of this page: student loan revised pay as you earn ...
2
votes
0answers
52 views

Status of employee warrants awarded after an LLC becomes an S-corp

I was hoping to get some advice on how to approach this issue before I seek answers within my organization and perhaps legal consultation: Our company was originally owned by our initial investor's ...