Questions tagged [united-states]

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

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4
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2answers
1k views

Does a European country take out tax from paycheck for a contract employee who is a US citizen?

If a US citizen works in a European country whose currency is Euro for a European company on a contract job (which pays by the hour), does the company take out tax deductions in advance from the ...
10
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1answer
980 views

What fees should I expect when buying and/or selling a house?

I am looking at my options of buying a house out of college. I am comparing the cost of buying a cheaper house now and then in about 5 years moving up to a house that will be able to support a family ...
9
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2answers
6k views

If a US citizen works in Europe as a consultant, what are the tax consequences?

I am US citizen and professional software consultant. If I get a contract position, lets say in the UK or Switzerland for a European company, do I pay taxes to that country, or to IRS? Does it matter ...
6
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4answers
272 views

What's a good next step in rebuilding my credit rating?

Here's a summary of my current position: Current credit rating of 600/610 (I think. I'm positive it was in the lower 600's 4 months ago) I've had a card for a year, $500 limit, no late payments, ...
7
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1answer
355 views

Rental Income and Expenses (Taxes)

My wife and I are thinking about purchasing a 2-unit building. We would live in one unit, and rent the other one out. The idea would be that down the road, we would convert the property to a single ...
9
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2answers
217 views

What do I do with the paper check when I make a deposit over the Internet

Just opened an account at a credit union that allows me to make deposits over the Internet with my scanner and a Java app. I assume I need to keep the actual check for at least until the money shows ...
44
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8answers
5k views

Should I buy a house with a friend?

To give some background, I currently live with a couple of friends in a 3 bedroom apartment. The living arrangement is good however I'm tired of not building equity. I've tossed the idea out for two ...
4
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2answers
200 views

Hiring freelancers and taxes

This is a repost from here: https://softwareengineering.stackexchange.com/questions/75302/hiring-freelancers-and-taxes Let's say I provide back-end consulting for Bob's Software. And then I have a ...
5
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2answers
390 views

What's a Mortgage?

I'm from Europe and curious how this stuff works in the US. From what I read on wikipedia this seems to be some kind of a security deposit for a loan that you take to buy a house. Is this correct? ...
9
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2answers
777 views

Benefits of Purchasing Company Stock at a Discount

The public company I work for offers a stock purchase plan at a 15% discount. There is an annual limit to how much each employee can purchase at the discounted rate. To keep things simple assume: ...
7
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2answers
4k views

How does a bank transfer money to another bank?

In a fiat currency if I do an electronic transfer for US$200,000 from say a Bank of America current account to Citibank how do the banks account for/handle the transfer? Are we just relying on trust ...
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3answers
208 views

Matching but no investing, or investing but no matching?

(This is a simplified version of an earlier question I posted - I want to try to get back to basics so I can understand the principles involved in my decision) Given the following two options: ...
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5answers
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How much should I be contributing to my 401k given my employer's contribution?

I realize that this is similar to at least one question here, however, there are some differentiators. I can contribute a max of 5% of my net salary to the 401k fund. The employer matches 50% of ...
8
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3answers
286 views

Who could afford a higher annual deductible who couldn't afford a higher monthly payment?

I'm comparing some health insurance plans with Humana, and trying to understand the relationship between the price tiers. For a single HDHP plan, they have these price options: $1,500 Deductible - ...
11
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1answer
860 views

10 yr old checking account in USA closed automatically by the bank due to no activity, can I recover the money?

I used to have a checking account in a US bank (Suntrust). I've long ago stopped using it because I moved out of the country. There was no activity on the account for 10 years, and the bank closed ...
10
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2answers
153 views

Can I roll over 401(k) contributions that were made prematurely (by mistake)?

The company I work for told me yesterday that they need to refund my 2010 401(k) contributions because they recently discovered during an audit that they enrolled me into their plan prematurely since ...
9
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2answers
2k views

How do principal payments on my mortgage affect my taxes?

If I choose to pay a larger chunk into my principal say every 6 months, does the extra money I pay into it become tax deductible, or how does it affect my taxes in general. Also, I'm self employed if ...
6
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2answers
731 views

What is the relationship between a HDHP and an HSA?

I'm confused about how a HDHP and a HSA relate. I understand that there are tax advantages and the money in an HSA is yours to keep. Like any other health plan, an HSA-compatible plan, the ...
8
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3answers
71k views

How do I withdraw funds from my Health Savings Account?

I have recently opened a Health Savings Account (HSA) with Bank of America. Do I need to associate it with a health plan? How does that work? Bank of America has set up a HSA for me to make ...
2
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2answers
232 views

What are the implications of falling US Treasury Bond Rates?

As seen from the table, the rates have decreased whether you compare to yesterday, last week or last month. Does it mean that investors think that the US is going to be deflating?
6
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2answers
9k views

What are the tax implications of buying US stocks from Australia?

I am thinking about buying some blue-chip US shares. My rationale being that the Australian dollar is currently buying a lot of US dollars, so this is a way to directly invest in some large US ...
4
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1answer
210 views

Biweekly Paycheck

Is it legal to get paid for the previous two weeks all the time. For example for your paycheck for may 15 will be for April 15 thru the April 30?
8
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3answers
159 views

Under what circumstances might getting an ARM be warranted?

Specifically, I'm curious about the 7/1 and the 10/1 ARMs. I'm half-way seriously considering refinancing into one of these, mostly because I doubt I'll still be in this house in 7-10 years. I'm ...
4
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1answer
85 views

Are there two layers of fees in a 529 “portfolio”?

I'm looking specifically at this 529 plan Fidelity Intermediate Bond Portfolio, which is invested exclusively in this Fidelity Intermediate Bond Fund - Class I. The portfolio lists a 1.64% Gross ...
4
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2answers
2k views

What banks work best with accounts in multiple states?

Many years ago I opened my first account at Citibank thinking it's a "global" bank and I can use it for years. Since then i moved many times and eventually to a different state. As I found out to my ...
9
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1answer
3k views

Can I use my Roth IRA to start a business?

I've recently been reading up on Roth IRA to Self-Directed IRA plans. And I've seen a few places that mention their use as a seed-fund to start your own business.. Where can I find the parts of the ...
4
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3answers
348 views

I need a new bank! How do I determine the financial stability of a bank in the US?

I am moving and will be switching one of my accounts to a local bank. I was wondering what is the best way to determine a banks financial stability? Does the Federal Reserve publish something? If ...
7
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1answer
322 views

What is the least-bad way to invest a Simple IRA with heavy fees around every corner?

Given the following situation: an employer-offered "Simple IRA" run by a major brokerage with 1% gross pay matching; No near-future feasible opportunity to invest the Simple IRA contribution in a no-...
2
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1answer
188 views

U.S. banks with their own financial aggregator online tool?

What banks in the U.S. have their own financial aggregator? I know two banks in Canada have them: RBC’s myFinanceTracker and BMO’s MoneyLogic. I don't expect a better product than Mint.com, but at ...
5
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2answers
1k views

Do investors go long option contracts when they cannot cover the exercise of the options?

Consider I want to buy some american-style call options for a particular stock, and suppose this underlying stock 'XYZ' is valued at $100 a share. Suppose I go long (buy) 10 option contracts for XYZ ...
8
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1answer
836 views

Which side has burden of proof to reopen a US income tax return after three years?

This came out of a discussion with someone over how long to keep returns and backup documentation... As (layman) I understand it, in the first three years the IRS can go after a return for any reason....
4
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1answer
1k views

Tax liability for selling inherited collectibles on eBay?

When I was a kid, my grandfather gave me some collectible items, which at the time were worthless. Many years later, this stuff is actually worth a few thousand dollars. If I sell this stuff on ...
5
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2answers
17k views

Is Pension Benefit Information (aboutmyletter.com) legitimate?

I received a letter in the mail from a company called Pension Benefit Information saying that they had been engaged by my former employer to confirm my current mailing address because I have a balance ...
8
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4answers
308 views

do I have to wait for one year to negotiate my salary?

A few months ago, I had an interview and received 8 months contract position. I accepted it. After a month later, the company offered me permanent position. They offered me 68k and I accepted it. I ...
9
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4answers
2k views

I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?

As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
7
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1answer
96 views

Premium classification when selling covered calls in a traditional IRA?

If I sell covered calls within a traditional IRA, then is the premium considered a contribution or a capital gain and can I withdraw that money?
10
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4answers
1k views

How should we handle the house if it doesn't sell?

Us Selling our house, quitting our jobs, and moving from the US back to my home country. We have no debts, and that includes no mortgage. Both have good jobs. Location In an area of the US that is ...
4
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1answer
108 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have to ...
9
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1answer
3k views

Options for a Simple IRA when leaving a job: Leave as is or roll it over?

I currently have a Roth IRA that I max out every year. My current company had Simple IRA and contributed 2% of my salary and I contributed 6000 a year. Now I am leaving the company and was hired by ...
4
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2answers
148 views

Are tax rate and tax table related?

For U.S. Federal tax, do tax rate and tax table relate to each other? If yes, how are they related? If not, how do they differ? Thanks and regards!
12
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5answers
325 views

What is the rationale behind stock markets retreating due to S&P having a negative outlook on the USA?

From a Bloomberg article published on 18/4/2011 Standard & Poor’s put a “negative” outlook on the AAA credit rating of the U.S., citing a “material risk” the nation’s leaders will fail to deal ...
8
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3answers
358 views

Moving money between Roth IRA and employer's 401(k)

Back when I was self-employed, I started a Roth IRA and have regularly deposited in it since then. However, my current employer offers matching contributions to their 401(k) plan, and with the ...
6
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2answers
10k views

Can multiple Form 4868 be placed in same envelope?

When filing automatic extension of time to file with no tax due, can multiple extensions with the same address be placed in the same envelope or need they be mailed individually?
9
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2answers
622 views

What increases your chance of being audited?

What increases your chances of being audited? Having a home office? Small business? what decreases your chances? Does hiring an accountant do your taxes makes it look more credible to IRS agents?
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3answers
1k views

Do traditional and Roth 401k have the same annual contribution limit?

According to everything I can find, the annual contribution limit for both traditional and Roth 401k is the same ($16500 in 2010). Since the Roth is post-tax, doesn't that mean I can save more for ...
5
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1answer
202 views

Avoiding ammending taxes for forthcoming 1099-R for 2011 when filing 2010 for IRA

I over contributed to my traditional IRA last year. This was then converted along with all my traditional IRAs into Roth IRAs in 2010. Then in 2011, I recharacterized the excess and earnings from Roth ...
8
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3answers
201 views

How can I tell if my tax accountants are adding value?

My tax accountants are charging us $800 ($400 each for my wife & I) for our state and federal returns this year. Our returns are fairly simple, so I'm wondering if I'm getting any real value out ...
4
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3answers
2k views

Can I pay taxes using bill pay from my on-line checking account?

It is US federal income tax time, and it seems I've developed an allergy to stamps & envelopes, and can't even find my checkbook. So I'm wondering, if I just use my bank's online "pay a bill" ...
6
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4answers
669 views

Should we draw down a previous employer's 401k or roll it into something else?

My husband has a 401k from his previous job which is worth about $13,000. He wants to take it out and use it. His new job has a 401k option that he has not looked into yet. I was wondering if we did ...
4
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1answer
134 views

Shall amounts in Tuition Statement be reported in Federal tax report?

I received 1098-T form from my graduate school in US. In the form, there are two nonzero amounts: Amounts billed for qualified tuition and related expenses (box 2) scholarships or grants (box 5) I ...

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