All Your money stories posts

Re: Wire transfer of resident alien own money from abroad to the U.S.

Vanessa A — Mon, 22 Apr 2024 18:40:55 GMT

It is not taxable, but yes you will need to file form 8938 and a FBAR.

Wire transfer of resident alien own money from abroad to the U.S.

agnick — Wed, 11 Feb 2026 07:15:02 GMT

Hello,

I am resident alien in the US and I previously worked abroad and planning to wire transfer my own money +$200k USD from abroad dormant bank account to the US bank account. Would that wire be taxable in the US? Would I need to fill any form to IRS related to that wire?

Thank you

Re: Importing Quickbooks Desktop 2017 into TurboTax Business 2023

Fred1717 — Sat, 09 Mar 2024 18:38:22 GMT

@VolvoGirl So, you never actually solved this. Got it.

Re: Institution Postdating Cash Credit

NCperson — Sun, 27 Aug 2023 20:22:10 GMT

@Quentin818 again, read Reg CC and what I posted earlier.

please read Page 2:

https://www.federalreserve.gov/boarddocs/supmanual/cch/efaa.pdf

"Business and Banking Days
• A business day is any day except Saturday, Sunday, and a legal holiday (standard Federal
Reserve holiday schedule).

• A banking day is a business day on which a bank is open for substantially all its banking activities.Even though a bank may be open for regular business on a Saturday, that day is not considered
a banking day for purposes of Regulation CC because Saturday is never a ‘‘business day’’ under
the regulation. The fact that one branch is open to the public for substantially all its banking activities
does not necessarily mean that that day is a banking day for the other branches of the bank. "

So Banks can only transact at the Fed on Business Days, which are Monday - Friday except for Federal Holidays.

So while the Bank may take your deposit (and that could be cash, checks, intra banks transfers, ATM deposits, Zelle transaction etc.), they are REQUIRED by Reg CC to credit your account as soon as the 2nd business day after receipt of the money instrument. If they post the credit to you account EARLIER than that, they are within the prescribed regulations - if they post LATER than that, they violate the regulation.

example:

I walk into a Bank branch and deposit a check on Monday (the first "business day"), the Bank has to make the money available AS EARLY AS TUESDAY (and I am over simpliying this because there are rules about out of area checks, etc.).

I walk into a Bank and depsoit a check on a Satuday. All Saturday transactions are part of Monday's Business activity (as Saturday is not a Business Day - the Fed is not open), so again, the Bank has to make the money available AS EARLY AS TUESDAY (and I am over simpliying this because there are rules about out of area checks, etc.).

In both examples, if the Bank makes the money available prior to Tuesday, it is exceeding the regulatory requirement and is in compliance with Reg CC.

Also, 6 p.m. is after the "business day" cutoff since the Fed is closed. So if you deposit a check at 6 p.m. on a Monday, that deposit is technically accepted as part of Tuesday's business day and the Bank doesn't have to give you credit until Wednesday at the earlist. That is how Reg CC works. Again in today's electronic enviornment, banks tend to far exceed those cutoff requirements. For example, a depsoit at a Bank of America ATM prior to 8 p.m. will be credited that same business day and an internal bank transfer (and I think this includes check deposits using your smartphone and the Banks phone app)) at Bank of America will be credited the same day as received as long as the transaction occurs up to 10:45 p.m. That is far beyond what Reg CC requires.

"back in the day" (over 20 years ago), meeting Reg CC was rather challenging when everything was paper. You presented your deposit to the cashier. Banks tended to end the business day around noon time to give themselves more time to run all the checks from their brances to their central processing area for posting to indiviudal accounts. Then all the checks, other than those written on the bank where they were deposited. had to be physically transported to the Federal Reserve branch where local checks were traded back and forth.. Out of town checks were then transported by the Fed to the city where the check originated. It took DAYS to settle a check. Now it is all basically electronic and occurs the same day as the deposit. Much easier to meet all the Reg CC deadlines.

What is your real issue? I sense you are 'cranky' about something.

Re: Institution Postdating Cash Credit

Quentin818 — Sun, 27 Aug 2023 02:00:20 GMT

Thank you for looking at this!

Yes, this institution does make funds available immediately when a deposit is received via online transfer of funds between accounts within the same institution. Transfers can be done at any time 24x7x366---so, not greenbacks but totally liquid nevertheless.

Once the transfer is made, funds are immediately made available for withdrawal from the "to" account (one could do a POS or Visa debit purchase or even an ATM cash withdrawal).

Now, this institution always dates cash withdrawals and deposits for the next business day if the transaction is executed after 6 pm on a business day or anytime on a non-business day. There is no trace of the actual transaction date soon after the online transfer is completed.

So, my question has to do with the dating of the deposit. I am interested to know if the institution might be in violation of some rule, regulation, or accounting principle where the transfer of funds as described is assigned a later date (specifically looking for the credit side but this may not matter).

Re: Institution Postdating Cash Credit

NCperson — Sat, 26 Aug 2023 14:38:37 GMT

@Quentin818 - I am confused by what you issue is.

"Saturday" is not a "banking day". A "banking day" are days when the Federal Reserve is open and it only operates Monday - Friday, except for Banking Holidays.

from Reg CC

§ 229.10 Next-day availability.

(a) Cash deposits.

(1) A bank shall make funds deposited in an account by cash available for withdrawal not later than the business day after the banking day on which the cash is deposited, if the deposit is made in person to an employee of the depositary bank.

(2) A bank shall make funds deposited in an account by cash available for withdrawal not later than the second business day after the banking day on which the cash is deposited, if the deposit is not made in person to an employee of the depositary bank.

Read through Reg CC which governs timeliness of deposits.

https://www.federalreserve.gov/pubs/regcc/examples.htm

further, your post makes the false assumption that cash deposited on a Saturday becomes immediately available. While that may be a specific Bank's policy and the experience at your Bank, it far exceeds the Regulatory requirement that it be made available on Tuesday. The Bank can accept the deposit on Saturday and not make the money available until Tuesday and not run afoul of any regulatory issues.

When you state 'cash', do you mean 'greenbacks' or a check?

Re: Give to Charities? Want to take Standard Deductions and Charitiable Deductions?

juliaelder232 — Wed, 19 Jul 2023 19:35:59 GMT

A Qualified Charitable Distribution (QCD) allows individuals who are 70½ years old or older to directly transfer funds from their Traditional IRA to a qualified charity. This transfer counts towards their Required Minimum Distribution (RMD) but is not included in their taxable income, providing potential tax advantages.

The example you provided illustrates how a QCD can reduce the taxable amount of the RMD, leading to lower taxable income and potentially lower tax liability for those who take the standard deduction.

It's important for individuals who meet the criteria for QCDs to follow the IRS guidelines outlined in Publication 590-B to ensure compliance and maximize the tax benefits.

Remember that tax laws and regulations can change over time, so it's always best to consult with a qualified tax professional or financial advisor for personalized advice based on your individual circumstances.

Re: Institution Postdating Cash Credit

Quentin818 — Mon, 03 Jul 2023 07:48:04 GMT

Hello, yes, my post is tangentially related to a previous Jan 2022 discussion. I am working on this from a different angle trying to understand the rules for dating an account credit by a financial institution. I am curious to know whether the below hypothetical example of how a deposit is credited might or might not violate some accounting principle or other rule (e.g., IRS, FDIC, etc.):

-A cash deposit is made on a Saturday and becomes immediately available for cash withdrawal

-The institution dates the credited deposit amount for the following Monday on periodic statements

And, the days of the week could just as easily be Tuesday with a Wednesday record date.

Re: Institution Postdating Cash Credit

Anonymous_ — Fri, 30 Jun 2023 14:54:19 GMT

You may have to post more details in order to get a useful and accurate response.

However, is this question related to those posed in your previous posts?

Institution Postdating Cash Credit

Quentin818 — Mon, 03 Jul 2023 06:25:57 GMT

I am formulating a complaint to a federal financial regulatory agency and I want to ensure my complaint is very clear, especially in terms of how a credit to an account must be dated, whether legally or in terms of mandated accounting standards (e.g., GAAP or IFRS).

However, I first want to be reasonably sure there are no legitimate reasons whereby an institution may change the date of a cash deposit where the credited funds are immediately available for withdrawal (i.e., no holds). Any comments would be appreciated.

Re: Warning: Don't use Billshark Service in Partnership with Mint

kireaji — Sat, 13 May 2023 19:07:07 GMT

Just an update one year later as I received notice my savings was falling off - my ISP confirmed they would not be offering any discounts in the 2nd year as Billshark claimed would be applied at this time and were expecting me to pay for savings upfront. I was also signed up for a service that was waived in order to get the savings that would be falling off, so overall would have had to pay more. Definitely avoid the Billshark service.

Re: Financial Learning Curve

allone — Tue, 25 Apr 2023 12:06:43 GMT

@johnf2 wrote:
We are non-officially retired at 62 because it is difficult finding full- or part-time work because discrimination is real and ugly.

What we have practiced is living beneath our means. One rule is the 80-10-10 rule of living on 80%, saving on 10%, and tithing to your church on the first 10%.

I would always participate in your 401K and hopefully it matches. At a minimum, participate at the maximum Company matching level. If you company matches 1% to 1% for the first 4%, contribute at least 4%.

Generally, anything contributed to a Roth must be held at least 5 years before being withdrawn without penalty after age 59-1/2. Consider keeping all your Roth IRA paperwork. IRS tax law says for 5-year holding period for qualified distributions - it is separate for each Roth account and begins on January 1 of the year contributions made to that account. If one Roth account is rolled into another, the earlier start date applies (link: https://www.irs.gov/retirement-plans/ten-differences-between-a-roth-ira-and-a-designated-roth-account) market-promocode.ru and see also “Qualified Distributions” in Pub 590 (link: https://www.irs.gov/publications/p590b#en_US_2021_publink100089543)

Your initial tax bracket starting out from college should be the lowest of your entire life. Thus, all initial contributions, in my opinion, should be to your Roth.

As your income grows and it increases from the minimum tax bracket of 10% (which you should closely monitor), you may then want to take some 401K traditional contributions of pre-tax at the higher tax bracket (e.g. 22%). Your retirement tax bracket ought to be less than your career height bracket.

Greatest investment of all time is real estate, you can reach out and touch it. All the best!

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to aid TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

Your advice about 80-10-10 is realy good. Some young people need such advices

Re: I want to celebrate your small $$ win!

allone — Tue, 25 Apr 2023 12:02:34 GMT

Did you do this? I understand that smoking is so expensive, but can't do anything.

Re: Financial Learning Curve

AmyC — Wed, 15 Mar 2023 15:33:06 GMT

The best thing you can do is have an honest talk about the mistakes you have made and how it has hurt you more ways than just financially. Help him make a budget based on his real goals that he wants to follow. Should the budget include $5 each day for coffee or save $5/day for Tahiti? Understanding that you should buy what you need so you can later afford what you truly want is a hard concept for many. Each purchase should trigger - do I need or want this? If the answer is want, it can wait and should be planned. For some, the coffee each day is a mental health issue and more important than other things. It just needs to be clear what the priorities are. You can't reach your destination without guidance.

Goals should include not only the big stuff but smaller things as rewards. Once I have my emergency savings met, I can buy a new tv.

Of course, failure to plan is planning to fail.

Saving as much as you can while young is great advice!

Re: Financial Learning Curve

johnf2 — Wed, 15 Mar 2023 14:54:06 GMT

We are non-officially retired at 62 because it is difficult finding full- or part-time work because discrimination is real and ugly.

What we have practiced is living beneath our means. One rule is the 80-10-10 rule of living on 80%, saving on 10%, and tithing to your church on the first 10%.

I would always participate in your 401K and hopefully it matches. At a minimum, participate at the maximum Company matching level. If you company matches 1% to 1% for the first 4%, contribute at least 4%.

Generally, anything contributed to a Roth must be held at least 5 years before being withdrawn without penalty after age 59-1/2. Consider keeping all your Roth IRA paperwork. IRS tax law says for 5-year holding period for qualified distributions - it is separate for each Roth account and begins on January 1 of the year contributions made to that account. If one Roth account is rolled into another, the earlier start date applies (link: https://www.irs.gov/retirement-plans/ten-differences-between-a-roth-ira-and-a-designated-roth-account) and see also “Qualified Distributions” in Pub 590 (link: https://www.irs.gov/publications/p590b#en_US_2021_publink100089543)

Your initial tax bracket starting out from college should be the lowest of your entire life. Thus, all initial contributions, in my opinion, should be to your Roth.

As your income grows and it increases from the minimum tax bracket of 10% (which you should closely monitor), you may then want to take some 401K traditional contributions of pre-tax at the higher tax bracket (e.g. 22%). Your retirement tax bracket ought to be less than your career height bracket.

Greatest investment of all time is real estate, you can reach out and touch it. All the best!

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to aid TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

Re: Financial Learning Curve

xokazchaz — Wed, 22 Feb 2023 20:13:08 GMT

wow, amazing, thank you so much for sharing all this

Re: I want to celebrate your small $$ win!

xokazchaz — Wed, 22 Feb 2023 20:10:22 GMT

I have a problem with spending too much money on cigarettes, I will decide to stop buying cigarettes, I will definitely save a lot of money

Re: Credit Card Roulette

xokazchaz — Wed, 22 Feb 2023 20:07:49 GMT

I loved the story, I have rarely read something like this

Re: Credit Card Roulette

xokazchaz — Wed, 22 Feb 2023 20:07:02 GMT

wow, really amazing!

Re: test by h1

Anonymous_ — Mon, 30 Jan 2023 23:33:04 GMT

Answer by h2