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Questions tagged [united-states]

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

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2
votes
1answer
88 views

Recharacterizing a Roth IRA contribution made in 2010?

In 2010 I rollovered money from a 401(k) to a Roth IRA. At the time, I chose to defer the taxable income to 2011 and 2012. However, I am now just learning about recharacterization. Is it too late for ...
3
votes
1answer
58 views

What method of income tax filing is recommended for a first-time father?

My wife and I had our first child last year, and my question is, what is the preferred method of filing taxes since I have this addition to our family? Is it recommended to go to a paid tax ...
2
votes
4answers
273 views

What more can I do to improve my credit score?

The earliest history of any credit lines for me is roughly 5 years back. I have 1 credit card, and when I graduated from college I had 7 college loans. I rent my apartment, and pay for utilities/...
4
votes
1answer
351 views

High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?

I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
6
votes
3answers
799 views

Do ETF managers charge management fees on top of transaction fees?

I see that ETFs do work very similar to diversification of individual stocks following either an industry or an index. I am thinking of changing my strategy to reduce my cost of investing which at ...
0
votes
1answer
344 views

Can I get a tax deduction for PMI?

My yearly income is less than $80000 but my joint income goes 150000+. If i file married filing separately, will i be able to claim PMI? I think there is income limit to claim it but i am not sure of ...
5
votes
2answers
151 views

What's the best option if you can't deduct contributions to a traditional IRA?

Can't put in Roth and it seems wasteful to put it in a traditional after taxes if we can't deduct since it will be taxed again when we take it out. I've heard you can convert the traditional to a Roth....
2
votes
1answer
152 views

How do I fill out my FAFSA form if my mom has two jobs?

My mom gets two separate W-2 forms from two separate jobs. How do I take this into account when filling out my FAFSA form?
2
votes
1answer
81 views

How do IRA conversions actually work?

I understand what IRA conversions are and how they work in theory, but I would like someone who has actually done one (or a few) to explain how it works in practice. What is the process for the ...
7
votes
3answers
447 views

How should I be contributing to my 401(k), traditional or Roth?

My company just started offering an 401k plan in place of a Simple IRA. I am able to contribute into my 401k two different ways, traditional or roth. From the way I understand it, traditional ...
1
vote
1answer
481 views

What is the average cost of a portfolio on a trading site?

I will like to know the average cost of trading services for a portfolio of my size. Currently I am using Folio Financial and they have provided great service. However every year I end up paying ...
4
votes
3answers
250 views

Financing a vehicle a few months before I expect to apply for a mortgage?

My wife and I are planning to buy our first home together sometime around June/July time this year so we're mainly in 'piling up cash' mode and are trying to avoid any unnecessary expenses and ...
0
votes
2answers
2k views

Do I have to pay a bank to release funds to my account or should they deduct what they need from the amount?

My girlfriend wants to transfer her inheritance of 1,000,000.00 from her bank in the United Kingdom to my account in the United States. Her bank says I need to send $9,600.00 to them; they said that ...
8
votes
2answers
720 views

How to treat blog income for tax purposes & report PayPal income to the IRS?

I made a small amount of money for a blog I write, and I'm wondering how to enter it into my tax form. I was paid via PayPal so I have no W-2. (And not reporting it to the IRS is not a viable option.) ...
7
votes
2answers
314 views

Company buyout & I don't qualify for the new company's 401k (too young!). What are my options?

I participated in my company's 401K plan for my length of employment as they offered a match program. Now, with the company being bought out, I no longer qualify for the new company's 401K plan due to ...
2
votes
1answer
126 views

Are adoption expenses for an international adoption considered tax-deductible from income?

I am in the process of an international adoption. I do not qualify for the federal adoption credit because of my families income. However I am having a difficult time discovering whether or not I ...
3
votes
1answer
294 views

What are some good next steps for the HENRY?

HENRY (High Earning Not Rich Yet) I'm 37, single, and only in the last two years have I really gotten serious about saving. Current 401k balance is $28,000 I'll probably make about $125,000 Gross ...
5
votes
5answers
5k views

Can signing up at optoutprescreen.com improve my credit score?

I recently discovered optoutprescreen.com, the "official Credit Reporting Industry website" for consumers to opt-out of credit offers. A lot of people recommend signing up there, simply to reduce ...
1
vote
3answers
133 views

How to reconcile performance with dividends?

I have a Vanguard fund that returned -1.34% for the year, yet I earned dividends on the same investment of $106 for the same year. How do I reconcile negative performance with positive dividends? Is ...
2
votes
2answers
691 views

Cashing in stocks for house downpayment

I've got a handful of stocks that I'm planning on cashing in for a house down payment. I'm wondering if anyone knows if I will get hit with capital gains tax, if I'm immediately reinvesting the money ...
7
votes
2answers
276 views

Is building a corporation a good option?

In Robert Kiyosaki's "Rich Dad, Poor Dad" he talks about building a corporation and doing transaction through it instead of doing them yourself, directly. There seems to be a lot of advantages in ...
8
votes
2answers
743 views

How do 401(k) mutual fund expense ratios work?

Simple question - how do expense ratios work? Is there a fee that is calculated regularly, and the amount is taken out of my account? Is it subtracted from the funds earnings? Context: My work has ...
1
vote
2answers
575 views

Which brokers offer the largest selection of mutual funds?

I use Morningstar for mutual fund picks, but my broker (Merril Lynch) does not offer many of them. It's a pain because sometimes they don't offer good fund alternatives. Is my only option to move to ...
1
vote
1answer
817 views

Can a single-member LLC have a fiscal year not as the calendar year?

Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, though:-)...
12
votes
5answers
3k views

What strategies can I use to minimize international money transfer fees?

I would like my younger brother to start studying in a school here, and this requires frequent international money transfers: The primary source (sponsor) would be family funds that would be wired ...
8
votes
6answers
1k views

When should I start saving/investing for my retirement?

I just started out with my first job and I was curious, what is a good time when I should start with my long term saving plans? Update: Thanks for the advice and I was expecting that answer. So my ...
5
votes
1answer
296 views

What are the tax results of a 401k to Roth IRA rollover?

In 2011 I rolled over my (Traditional) 401(k) into a Roth IRA. I realize that I will need to pay taxes on the rollover, but I had a few questions. Do I pay taxes on the full amount, or only the ...
4
votes
2answers
4k views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
7
votes
1answer
83 views

FTSE exposure in US Exchanges

Is there a FTSE 100 index futures contract that trades on the US exchanges? Thanks I think there is an ETF but I am looking for futures, mainly for charting purposes.
3
votes
3answers
2k views

Cashing a joint check

My girlfriend (over 18) is estranged from her parents, but recently discovered money in her name in the form of stocks. She sold the stocks, but the company that handled the transaction sent a check ...
4
votes
2answers
180 views

How to deal with VAT when traveling from US to Europe?

I am going to be traveling to Europe (Paris, London, and Rome) for the first time. I have only heard of VAT and I am not sure I truly understand it. What do I need to know about it and how do I keep ...
6
votes
2answers
235 views

Maximum stay in US for ex-pats

My girlfriend a United States national living and working in China and she wants to come back to the US for the summer. What's the maximum amount of time she can come back for before she has to worry ...
5
votes
1answer
66k views

Given a MCIR routing number, how does one find the “fractional routing number”?

I'm trying to order checks for the first time, and the check provider is asking for me to provide a routing number and checking account number, both provided by my bank. However, they're also asking ...
1
vote
2answers
99 views

Are there any indicators as to whether an ACH debit is automatically scheduled?

If I have a bank account from which money is automatically withdrawn via "automatic withdrawals" is it possible to identify which payments are automatic vs manually initiated ACH debits? Examples: ...
8
votes
2answers
13k views

When leaving job, is there a time limit to rollover a 401k into a Roth IRA?

My wife is leaving her job in the next month and going to a new one. She currently has a 401k that we would like to rollover into a Roth IRA ASAP. However we might be moving in a few months and ...
1
vote
1answer
67 views

What are good places to look for information/listings when trying to buy land?

I am looking at purchasing land both as an investment and as a place to live, farm, camp, and retreat in the future. What are things from an investment standpoint that I should keep an eye on when ...
5
votes
2answers
403 views

Taking out a loan to pay down a mortgage

I realize this sounds bad, but hear me out. I currently own two properties (A and B) which I rent out. I do not own my primary residence. Property A has a 15 year mortgage at 3.25%. I'm happy with ...
4
votes
4answers
47k views

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?

Hi Personal Finance and Money, My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return. Question ...
4
votes
1answer
97 views

Should I have be worrying about selling a mutual fund before keeping it 1 year in an IRA account?

I am considering selling a mutual fund in a Roth account that I have had for less than a year. Since Roth and traditional IRA accounts are tax sheltered and capital gains only apply when distribution ...
1
vote
2answers
702 views

Most profitable choice? ($25,000 Cash) or ($30,000 in U.S. Savings Bonds + $10,000 Cash)

This may be a basic question but I don't know anything about U.S. Savings Bonds. I don't know how long it takes until you can cash a U.S. Savings Bond, nor do I know their average rate of return. If ...
6
votes
4answers
61k views

USA salaries: before/after taxes

I keep reading about software industry salaries in the US. 100k / year, 130k / year, etc. Are these numbers before or after taxes ? What is an estimate of the salary after taxes ? EDIT: I would ...
22
votes
3answers
812 views

Why is there such disparity of max contribution limits between 401K accounts and regular IRA accounts?

In 2011, regular IRA accounts allowed only $5,000 maximum contribution, while 401K accounts allowed up to $16,500. Why is there such a disparity? Why do tax advantages favor employees of large ...
5
votes
5answers
8k views

Better to rent with or without utilities?

By the end of the year, I will be renting a small apartment with one other person and we will be splitting the costs. I am a college student so I've only lived either at home or in dorms. In general, ...
2
votes
5answers
4k views

Comparison of cash concessions vs lower home purchase price?

My agent advised me that its common to get a 3% cash concession from the seller when purchasing a home to cover closing costs. I want to know what negative affects this might have by taking cash in ...
1
vote
1answer
47 views

Resources for historical performance BEYOND 10 years?

I have looked around MorningStar and Yahoo, but I cannot find an online resource that provides historical stick and mutual fund performance beyond 10 years. Does anyone have a link or suggestion for ...
0
votes
1answer
392 views

The meaning of “annual salary”

Let's say you're having a three-month job every year, and during those three months, your annual salary is $12*. (i.e. It's not an hourly job, but a full-time job -- you earn $3 during those three ...
0
votes
2answers
127 views

question regarding W4

If someone files W4 with default tax structure (no itemized deductions or allowances), can they still owe money to IRS at the end of the year if their income is > $200,000 of salary with no other ...
3
votes
2answers
163 views

In the U.S., are major dental procedures considered tax-deductible?

If someone is going to undergo a major dental/medical procedure ($40k+), is there any way to deduct the money paid for the procedure, or at least part of it?
3
votes
1answer
5k views

Understanding welfare or Social Security paid to naturalized senior citizens in the U.S.?

Social Security is an alien concept in India, from where I am, and this concept interests me: I have been reading and discussing this with friends recently. One friend from Vietnam, who became a ...
0
votes
1answer
39 views

Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC?

I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a K-1 for for 2011. My understanding is that there is a tax form I can fill out to ...