Questions tagged [united-states]

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

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2
votes
2answers
105 views

Does pre-qualification for a mortgage affect your credit score?

If submit a mortgage pre-qualification application, does my credit score go down? Does it trigger a hard credit check? Or do the hard credit checks only come when the mortgage process goes further ...
1
vote
1answer
27 views

Can an F1 student elect to file as a resident alien during the first 5 years?

As stated above, can an F1 student elect to be treated as a resident alien for tax purposes? As in, can an F1 student choose to not exempt their days in the US under the substantial presence test?
6
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1answer
62 views

When calculating Roth IRA contribution limit, is MAGI for previous or current year used?

I was looking into how much I could contribute to a Roth IRA based on MAGI. In 2018, my MAGI was below the amount where contribution limits start to decrease, so I should be able to contribute the ...
2
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2answers
264 views

Is it ok for my wife to put utilities and/or cable in my name without me knowing or agreeing?

My wife put an electric bill and a cable TV bill in my name without me knowing and now I have a $700 electric bill and a $400 cable TV bill from a house I never lived in. We have been separated since ...
1
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0answers
33 views

IRS (USA) Form 843 - What if you missed the three year deadline to file?

I want to file 843 for a refund for my SS and Medicare taxes. I filed it on 3/30/2016. And it seems like I have missed the deadline [3/30/2019]. What are my options to claim the refund?
1
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1answer
58 views

What does the “market value” of a CD on TD Ameritrade mean?

Yesterday, I bought my first certificate of deposit. (I did it more for fun and experience than for any other reason.) It's a 1-month CD that I bought on the primary market, with a coupon of 1.9%. I ...
2
votes
1answer
74 views

Does my tax bracket change per pay period? [duplicate]

I'm in tax bracket A. My employer takes out the appropriate taxes reach pay for my tax bracket. During a special pay period, my pay is much higher than normal. If my pay was ALWAYS what it is in ...
43
votes
5answers
8k views

How were US credit cards verified in-store in the 1980's?

Back in the 1980's, many major retailers in the United States would accept credit cards using what was sometimes called a "knucklebuster" - a hand-operated device that would take a carbon-copy ...
3
votes
4answers
174 views

Which yield curve is inverting?

All over the news I read that the yield curve is inverting. I thought they were talking about the US Treasury Bond yield curve. This seems to be the case when I read this article. However there are ...
3
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2answers
260 views

Can owning a side business reduce the amount of taxes I pay from my full-time job in the US?

I'm a Canadian on TN status working in California. I've got a good paying job at a tech company and I'm looking for ways to reduce the amount of taxes that I will pay. I'd like to start a small ...
1
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2answers
73 views

UK citizen with a full time job (in the UK) with a low pay US contract - Will this cause any issues with my tax return?

I'm a UK citizen who works full time for a UK company. I pay taxes directly through the company (i.e. they are taken out of my paycheck). I would like to start contracting part time for a US company ...
1
vote
2answers
104 views

Car Insurance Renewal Quote Negotiation

So, once again for the sixth time in a row I have ended up switching car insurer at the end of a 6 month policy term. Every time I received a renewal quote from the insurer I was with which was ...
34
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7answers
11k views

Can I lend a small amount of my own money to a bank at the federal funds rate?

I have a dollar that I won't be needing tonight, and I hear that banks are in the market for short-term loans. In fact, the present Fed funds rate is higher than the interest rate on any savings ...
1
vote
1answer
151 views

Taxes/Investing in Gold and Silver

I am a 19 year old college student and a US resident. I recently got a job and am making $15/hr (which may increase) ~15 hrs per week. I live with my parents and have no expenses. I want to save/...
6
votes
1answer
323 views

Accidentally reported a minor accident on my car - what now?

A few days ago I idiotically scraped the side of my car against a concrete column. There was no damage done to the column and no dents on my car, but there is a significant amount of scratches on my ...
6
votes
1answer
415 views

What will happen to my 401k money if I leave USA permanently?

I am 33 years old and currently employed in USA on a work visa. I am contributing to my employer provided 401k plan since 4 years. I might be moving back to my home country once I max out my current ...
3
votes
2answers
46 views

Is it recommended to file joint tax return if married to a tax exempt person (UN employee with G4 visa)?

I am trying to figure out if it makes sense to file my taxes jointly with my wife if she is tax exempt. I haven't found much information on the web that deal with such situations but I heard from ...
2
votes
0answers
25 views

tools/means to money transfer from India to USA legally [duplicate]

I see questions Legality and transfer for EB5, but does not answer on how to do the money transfer from India to USA. For USA to India transfer there are many websites/and Bank. I left India about ...
0
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2answers
126 views

Is it better to invest in US than to invest in India considering inflation rate and devaluation of INR

I am a US resident with Indian nationality. To calculate annual real gain on my investment in mutual funds in India, I am following below mentioned formula: Annual Real Gain = Annualized Return - ...
4
votes
1answer
165 views

Is it legal for a Lender to decline an offer after providing me a commitment letter?

I had my commitment letter given to me on August 8th. I provided all requirements for the commitment to get clear to close. The letter states that the commitment can be revoked only for any CHANGE for ...
2
votes
0answers
85 views

(Hypothetical) Write off Loss of Cash due to bankruptcy of financial institution

In both Canada and the United States, how do we write off the loss due to bankruptcy of the financial institution in excess of deposit insurance on the tax return for the tax year when the bankruptcy ...
7
votes
0answers
158 views

Can I legally file zero tax return as non-resident to get ITIN?

I want to obtain an ITIN number to get a credit card / open bank account in the US. I know, IRS does not issue this number unless for tax reporting purposes. I visit the US from time to time on a ...
1
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4answers
318 views

Buy at least three at a lower price?

I need a product from a shop in the US and the unit price is about $100. But the shop has an offer saying if I buy three or more units, the unit price is only about $80.00. The shop also has very good ...
9
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2answers
3k views

Why different interest rates for checking and savings?

I have recently become financially independent (21 yo student in US) and I am starting an independent bank account. I noticed that the interest rates on savings accounts are significantly higher than ...
0
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0answers
32 views

DCA into an index? [duplicate]

We have acquired a large sum from the sale of a home and want to invest it responsibly. Our long term return expectation is a mere 6.8%/yr, selected by looking at the worst 20yr stretch of the SP500 ...
1
vote
1answer
60 views

HSA contributions made between January 1st 2019 and April 15th 2019

Which year can they be claimed in? Some background: In Feb 2019 I made a deposit of about $2,000 to my HSA so I would max out the $3,450 HSA limit for 2018 (and reduce tax liability). Unfortunately I ...
3
votes
3answers
151 views

alternative to reverse/Balloon mortgage

Hypothetically, suppose a person who is close to retirement, who has comfortable savings that will last his/her lifetime( if need not to pay monthly mortgage) and is close to retirement and has 2 or 3 ...
1
vote
1answer
100 views

Alternative phrase for “fire sales” [closed]

According to investopedia: A fire sale consists of selling goods or assets at heavily discounted prices. Fire sale originally referred to the discount sale of goods that were damaged by fire. ...
69
votes
11answers
19k views

Shouldn't the “credit score” prevent Americans from going deeper and deeper into personal debt?

I'm not from the U.S but I know about the dreaded "credit score" that haunts Americans. I've seen a lot of documentaries and videos on YouTube with people that can't get a loan to buy a house because ...
1
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3answers
242 views

Reasons to invest in 401k vs pay off loan in 1 year?

I have ~$70k across 401k and Roth IRA. I have federal student loan at $17k with 3.8%. Thus, my NW is $53k. If I choose to invest $19k into my 401k and assume the average rate of return of 7%, my 401k ...
0
votes
1answer
216 views

What is “the liquidity illusion”

I came across this visual, but it's a bit complicated, I haven't been able to make sense of it. In so many words, the way I read it is: if defaults pile up, the market is spooked, spreads increase ...
4
votes
1answer
76 views

Is the capital gains tax rate bracket calculated after deductions?

For example, if someone (single filer) makes 45k in regular income and wants to sell stock which would realize 5k of long-term capital gains: Do they pay 15% on the capital gains because, with 50k ...
4
votes
2answers
139 views

Security deposit as rental application deposit

I'm considering renting a particular apartment in the Pittsburgh area and the landlord is asking for the security deposit of one month's rent to be submitted along with the rental application, before ...
-1
votes
1answer
173 views

Does the IRS notice if the same estate is left sequentially to a series of spouses? Does it care?

Sorry if this is too frivolous. Just tell me nicely if it is. It is very hot, and my mind drifted -- as whose would not? -- to estate taxes. As many of us know, in the US, any amount may be left ...
1
vote
3answers
340 views

Is it free riding if you buy and sell the same stock on the same day

Suppose you have $0 balance in a cash account. You buy ABC for $1000, and sell it for $1050 on the same day. Is it a free riding violation?
1
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0answers
18 views

1031 Exchange Scenario

I'm looking to sell a single family rental property for $400K and buy two with a 1031 exchange. I should have about $150K to put down. I may look at turning one of the new properties into my primary ...
2
votes
4answers
259 views

Do extra mortgage payments typically go directly towards principal?

I have a 30 year mortgage and I'd like to make extra payments each month to speed up the amortization schedule. I thought this would be better than taking out a 15 year mortgage as it gives me some ...
1
vote
0answers
68 views

How to treat a bonus for tax purposes if moving states

I moved from NY to a tax-free state in December of 2018. In January of 2019, I received a cash bonus from my employer. Despite not living in NY anymore, the company withheld NY state income taxes for ...
-1
votes
1answer
186 views

Are there any bills that do not need to be paid at all? [closed]

Do all bills need to be paid, or are there any types of bills that do not need to be paid at all? Here are some examples that I can think of: A bill that claims a service that I never received. A ...
1
vote
1answer
39 views

Australian exchange rate qustion

Can a person in America lend money to a person in Australia in order for them to benefit from the exchange rate. I want only my initial amount lended to be returned. Are there any consequences to me ...
2
votes
1answer
204 views

What happens to small bills if they are unpaid?

I understand that bills are sold to collection agencies if they are unpaid. But what about very small bills then? For example, say if there is a bill of less than $10.00, will the company bother to ...
2
votes
1answer
65 views

Indian Resident gift from India to me who is US citizen

I'm an US citizen. My friend and relative who are Indian citizens want to transfer USD 50,000. They will send in two transactions of 25,000 each. Transfer is from their Indian bank account directly to ...
0
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0answers
142 views

What's are things I can do with my extra money that I'm not thinking of?

Here's a brief description of my situation. I'm 26, have 2 houses, few side businesses and a normal w2. One house is rent-free since family lives there and pays half the taxes and keeps it maintained....
0
votes
0answers
89 views

Why wasn't my wire transfer delivered to my client's account in Turkey?

I was told initially that an international wire transfer normally takes 2 to 3 business days to deliver to my client in Turkey, but it has been more than 10 days now since I made the transfer and I ...
2
votes
1answer
118 views

Can my spouse/friend purchase a cashier's check for me?

I roughly understand that cashieir's checks lifts the money from your account at the time of issue and can be cashed by the named recipient. Can I use a Cashier's check issued to my spouse/friend ? (...
2
votes
2answers
160 views

How do I calculate what percentage I will own of my parents vacation home?

My parents own a vacation cabin that I would like to invest in. The cabin is worth $330,000 and they have a mortgage on it with a balance of $125,000. They took out $40,000 of their primary ...
1
vote
1answer
83 views

What is “IRS compliance testing” for terminated 401k plans?

I have a 401k through a previous employer. That employer recently ceased operations, and as part of that, terminated their 401k plan. As such, the employer directed myself and other employees to fill ...
0
votes
3answers
63 views

Do under-withholding penalties apply to supplemental income?

I understand that while supplemental income is ultimately taxed the same as other kinds of income, it's withheld at a flat rate of 22%. If this causes a significant under-withholding, is the employee ...
0
votes
0answers
28 views

Understanidng if a currency transaction report needs to be filed?

I frequently (every week or so) go to an ATM that is in a bank that I do not have an account in. I withdraw $500 and the machine dispenses $20 bills. I then walk up to the teller and exchange the ...
0
votes
4answers
226 views

Refinancing student loans in the context of an impending recession

I am a 23 year old, employed, Software Engineer working for a startup in an inexpensive city in the United States. I make $71k/year plus stock options that incrementally vest over 3 years. I have no ...