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fwuser12 said:   
rustum said:   Is it fine to move large sums (15k to 25k) from spouse bank accounts to my bank account? We file taxes together. Mortgage is under my name. Kinda, ends up saving more money in spouse accounts. I am also thinking of refinancing home loan.
  You can give unlimited gifts to your US citizen spouse. No tax consequence.
If you apply for a mortgage, you may have to explain any recent large transfers (I believe it is 60 or 90 days). As long as you can show proper documentation (money was transferred from spouse's account), it should not be a problem. If you can season the money (make all transfer prior to the lookback period), you may avoid some hassles.

Hi,
I opened reward checking account on my name. But I would like to switch spouse direct deposit to this bank as I have another reward checking account to take care of. I kinda made a mistake of opening on my name instead of spouse name. Bank only allows one reward checking account for family. Wondering if there will be any issues to changing my account as a joint account. Are there any typical issues we need to aware of managing common account.

Thanks



 

rated:
rustum said:   Hi,
I opened reward checking account on my name. But I would like to switch spouse direct deposit to this bank as I have another reward checking account to take care of. I kinda made a mistake of opening on my name instead of spouse name. Bank only allows one reward checking account for family. Wondering if there will be any issues to changing my account as a joint account. Are there any typical issues we need to aware of managing common account.

Thanks



 

  Most RCA requirements allow for ACH debit or credit to fulfill the direct deposit requirement. Look at yours carefully and this might be a non-issue.
If you want to add a spouse to an existing account, ask the bank for their procedure. Usually, it should be straightforward.

rated:
fwuser12 said:   
rustum said:   Hi,
I opened reward checking account on my name. But I would like to switch spouse direct deposit to this bank as I have another reward checking account to take care of. I kinda made a mistake of opening on my name instead of spouse name. Bank only allows one reward checking account for family. Wondering if there will be any issues to changing my account as a joint account. Are there any typical issues we need to aware of managing common account.

Thanks



 

  Most RCA requirements allow for ACH debit or credit to fulfill the direct deposit requirement. Look at yours carefully and this might be a non-issue.
If you want to add a spouse to an existing account, ask the bank for their procedure. Usually, it should be straightforward.

Tanks for the information. They want us to visit the branch. Regarding having common account, we can maintain our individual accounts in other banks right. We can do whichever way we are comfortable i..e, can have common account in one bank and separate accounts in other bank.

Thanks

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I'm getting married later this year and our combined income will be greater than the 180k limit to qualify for Roth IRA. My current income is around 100k as a single person. Can I contribute to Roth this year before I get married or am I ineligible for the whole year?

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matrix5k said:   I'm getting married later this year and our combined income will be greater than the 180k limit to qualify for Roth IRA. My current income is around 100k as a single person. Can I contribute to Roth this year before I get married or am I ineligible for the whole year?
https://www.irs.gov/uac/Newsroom/Determining-Your-Correct-Filing...
IRS said: Marital Status. Your marital status on the last day of the year is your marital status for the entire year.

 

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Sure, you can have as many accounts in a bank as you like. Nothing wrong in having a joint and two individual accounts between the two of you at the same bank.

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matrix5k said:   I'm getting married later this year and our combined income will be greater than the 180k limit to qualify for Roth IRA. My current income is around 100k as a single person. Can I contribute to Roth this year before I get married or am I ineligible for the whole year?
  
I presume you've already maxed your 2015 contribution?

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doveroftke said:   
matrix5k said:   I'm getting married later this year and our combined income will be greater than the 180k limit to qualify for Roth IRA. My current income is around 100k as a single person. Can I contribute to Roth this year before I get married or am I ineligible for the whole year?
  
I presume you've already maxed your 2015 contribution?

Not yet but I plan to before April. Thanks for your help.

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matrix5k said:   I'm getting married later this year and our combined income will be greater than the 180k limit to qualify for Roth IRA. My current income is around 100k as a single person. Can I contribute to Roth this year before I get married or am I ineligible for the whole year?
  Google backdoor Roth IRA.

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How do you determine the fees in New York guaranted fixed income annuity

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Hello, I am new here and was wondering if anyone can help me. If I deposit checks over the course of year (I do hair and makeup from time to time as a side job) is it true that the bank reports you to the IRS if the check deposits add up to a certain amount? Thank you so much. 

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sunskymoon said:   Hello, I am new here and was wondering if anyone can help me. If I deposit checks over the course of year (I do hair and makeup from time to time as a side job) is it true that the bank reports you to the IRS if the check deposits add up to a certain amount? Thank you so much. 
  No.

rated:
fwuser12 said:   
sunskymoon said:   Hello, I am new here and was wondering if anyone can help me. If I deposit checks over the course of year (I do hair and makeup from time to time as a side job) is it true that the bank reports you to the IRS if the check deposits add up to a certain amount? Thank you so much. 
  No.

 But it is true that if you don't report your income and pay taxes on it you are likely committing tax fraud.

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Thank you for the quick replies I do plan to report all income. The reason I ask is because I believe banks report deposits over 10, 000 + (I may be mistaken) and a coworker claimed that this counts for check deposits made over the course of a year as well. I had just never heard of that happening. I wondered if there is any part of truth to her claim.

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sunskymoon said:   Thank you for the quick replies I do plan to report all income. The reason I ask is because I believe banks report deposits over 10, 000 + (I may be mistaken) and a coworker claimed that this counts for check deposits made over the course of a year as well. I had just never heard of that happening. I wondered if there is any part of truth to her claim.
  Your co-worker is perhaps referring to Currency transaction report.
It applies to deposit/withdrawal etc. of currency that usually exceed 10k in one day. Certainly nothing to do with check deposits, nor do they aggregate that over a year.

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Thank you!

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Long time lurker that just picks low hanging fruit here. The wife and I both have our own Chase Freedoms, can I still add her as an AU on my card or vise versa, or would I need to close one of our cards first in order to do that (would do this for the additional 25 bonus and so I only have to track/pay one card a month instead of two). Thanks for any help.

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Should be ok to have own account and be an AU on another account.

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How to use credit card for shopping online? I am newbie and want to know answer of my question. Thanks

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davidmathew said:   How to use credit card for shopping online? I am newbie and want to know answer of my question. Thanks
  
During the online checkout process the website will ask for your credit card information, type the information printed on your card into the appropriate fields on the webpage. Is there a particular part of the process you don't understand?

rated:
davidmathew said:   How to use credit card for shopping online? I am newbie and want to know answer of my question. Thanks
  How old are you?  From your others posts it seems like you don't even know what a credit card is.  Probably best to let your parents or guardian know what you are doing on the internet before proceeding further.

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