Tagged Questions
For questions that relate to the laws, practices, and products of the United States.
1
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0answers
13 views
How to know FMV of ISOs?
I'm researching when is best to purchase ISOs I've been vesting at a private venture-backed startup. My understanding is that when I exercise, AMT will trigger and I will have to pay those taxes based ...
0
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0answers
22 views
What to do with extra money [duplicate]
I am 25 and in a pretty solid financial position with the following:
100k a year income
Personal loan balance 8k @3.25%
Auto loan balance 13k @2.79%
Home loan balance 105k @ 3.25%
6 Months expenses ...
2
votes
2answers
16 views
Does AMT affect cost basis of future capital gains?
Suppose I exercise 10k stock options for $1/share, and fair-market value is $2/share.
Normally, taxes are deferred until when I sell them. And when I sell, the basis for capital gains is $1/share.
...
0
votes
0answers
39 views
What tax code is used for tax returns?
For example, the W-2 Form for salary has a tax code of 460.
I can't seem to find the tax code for money returned from federal or state.
Does anyone know what code this is?
Is it different code for ...
1
vote
1answer
29 views
Wash Sale Treatment Using Different Tax Advantaged Accounts
As a follow-up to this question:
Wash sale rule impact on different scenarios between different types of accounts
Do HSAs and 401k's fall under the same treatment as IRAs when computing tax losses?
...
1
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0answers
17 views
US Tax non-resident aliens - ECI
I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this).
Examples of situations in which I cannot figure out whether ...
24
votes
9answers
13k views
Is it legal to invent “artificial” bills to build credit?
EDIT: This question was based on a misunderstanding of how credit is built. However, the concept of moving money on a credit card without spending anything still has other potential benefits (such as ...
0
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0answers
39 views
Purchasing a stock while being a NON RESIDENT ALIEN, and selling it when I'm already a resident, how much tax do I pay?
First, thanks for the help!
I am a phd student in the US who is filing yearly tax returns as a NON-RESIDENT ALIEN.
As I understand, after 5 years usually, I start filing tax return as a RESIDENT ...
-1
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1answer
45 views
Tax exemptions available for India to USA money transfer
Please let me know what tax exemptions can be availed by my daughter who is working in the USA on an H1 visa. I will be sending money from India.
1
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1answer
133 views
What is the best way to create retirement fund? [on hold]
I am almost 40 and live in California.
I have a one year old baby girl.
I have almost no money to go to retirement from my full time because baby girl uses a lot of money.
I started to drive ...
45
votes
3answers
12k views
If a kid makes money, do the parents take on the tax liability?
Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
1
vote
1answer
63 views
Is it ok to withdraw from 403b and 401a while collecting unemployment?
Do I need to claim it as earned income and chance not getting unemployment benefits for that week. The choices says retirement 401k but not 401A or 403B. Plus its not earned income. I withdrew early ...
1
vote
3answers
192 views
+100
Can non-accredited investor remain as a shareholder in private company?
In the US one has to be accredited investor to buy stock in a private company.
However, does one still need to be accredited investor in case a public company goes private (i.e. get delisted from ...
0
votes
3answers
173 views
what am I missing - why do I need to have accounts with “conventional” retail banks (in US) in 2018?
Chase, Citi, BoA and Wells Fargo are in my book the "conventional" retail banks. In 2018, they offer close-to-zero interests in most of their accounts and only offer managed investment accounts.
In ...
4
votes
1answer
84 views
Am I subject to penalties if I accidentally transfer money to my HSA?
My bank lists my HSA next to my other checking and savings accounts. Sometimes I'll save money to an emergency savings fund I have. What if I transfer to the wrong account in error, and correct the ...
0
votes
0answers
49 views
Roth 401(k) Loan
I am thinking about taking out a loan from the Roth 401(k) plan. The idea behind the loan is to put more money into the Roth 401(k). I would like to charge myself a very high rate of interest, say 20%,...
2
votes
0answers
51 views
What is the equivalent of a nominee system in US banks?
If I want to ensure that my bank account funds are transferred to my parents, who live in India, (I would assume through some legal proceedings) in my absence, is there any method to nominate them ...
2
votes
1answer
68 views
Car-transfer question
I'm kind of young (don't have a reliable source of income), but my dad bought me a car and its registered and financed in South Carolina and I live in Louisiana (college and residence.) If I have my ...
0
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1answer
76 views
Roth 401 K Contribution Limits
Please consider an individual, in the US, who has net earnings from self employment of $8000 who wishes to contribute to an Roth 401(k) plan. For
tax purposes these earnings can be reduced by 20% due ...
1
vote
0answers
57 views
How to pay taxes on earning from an inheritance without commingling it
I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
0
votes
1answer
91 views
How does a qualified intermediary make money?
Can they invest client money and make money on the return on investment, or do they charge fees directly to the client?
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vote
2answers
29 views
International Wire Transfer Currency Conversion
If I wire money internationally say from my Israeli account to a US account does the money currency change from ILS to USD after the money have been sent? Or does it stay in the same currency unless I ...
1
vote
1answer
161 views
Do I need to pay tax of my stock earning in the US if my income is low?
Assume I do not have income and I have 1 million dollars worth of stock. 99.9% earned from market.
Do I need pay tax if I sell $1000 per month at USA?
1
vote
1answer
86 views
How many days of interest do I lose if I make a wire transfer from one bank to another?
I suppose this will depend on the banks, so what's typical? Do any banks do this in 0 days? What's the longest which would still be allowed by law?
Both bank accounts are already established and in ...
3
votes
2answers
68 views
estimated IRS tax payments
We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
1
vote
1answer
30 views
Changing FSA vs HSA contributions mid-year
Am I understanding things properly that HSA's allow arbitrary annual contribution changes mid-year so long as they are within the maximum amount for that year while for FSA accounts you elect your ...
2
votes
1answer
47 views
Transfer money into the US--reporting requirements
I have a bank account in the United States from the time when I lived there. I am not a US citizen and I have not lived in the US for several years now.
My in-laws are planning to send a large sum to ...
2
votes
0answers
49 views
Comparing bank to bond ETF
Let's say I have a bank savings account giving this interest:
Rate: 1.736%
APY: 1.75% (rate accounting for compounding interest)
And there's a bond ETF SCHZ with these rates:
TTM: Distribution ...
0
votes
0answers
44 views
Underpayment Penalty for LLC Tax
I own an LLC in California, in which the annual tax is due on the 15th of the fourth month after the beginning of the tax year, right? I went onto my CA FTB account, and it lists my payment as paid ...
1
vote
2answers
199 views
Winning a jackpot on a scratchcard in Colorado as a UK resident
Can someone tell me what I would need to do if I win a million dollars on a scratchcard while I am in Colorado next month, as I believe there is a gambling tax treaty between the UK and US and I do ...
4
votes
1answer
49 views
How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?
My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
1
vote
1answer
70 views
how to compute holding period on real estate
For the purposes of computing long term versus short term capital gains tax treatment, when does the holding period for real estate end?
I can think of several options:
At execution of the purchase ...
3
votes
1answer
60 views
Tax implications in the US of home ownership in the UK
My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife:
£120,000 cash.
A mortgage of £150,...
2
votes
0answers
43 views
Is there any downside for an employer to place excess true-up contributions above the 401(k) contribution limit in a non qualified account?
Is there any downside for an employer to place excess true-up contributions above the 401(k) contribution limit (IRS 415(c)(1)(A) (mirror): 54kUSD in 2017, 55kUSD in 2018)) in a non qualified account, ...
1
vote
2answers
39 views
International to U.S. wire transfer
Is there a limit by government regulations on large amount transfer from international account to U.S. account. Same person on both accounts. Or is limit set by bank?
2
votes
1answer
93 views
Will I be able to be claimed or not?
I currently graduated from college in May and have been working since January. My father believe he will be able to claim me, but after reading what people said in the post in this link I dont believe ...
2
votes
0answers
121 views
Can I cash a check with my name listed as Attn:?
I am currently the treasurer for a student organization at my university in the United States. The organization has recently received a check made out as shown:
Name of University
Attn: My Name
...
0
votes
1answer
170 views
Should I reduce my income as a student to save money? - Tax Returns
I'm a full time student in New York during the school year, and I live in Massachusetts as a dependent of my parents. I've earned $500 as a teacher's assistant out of state (NY) this year and I have a ...
3
votes
1answer
153 views
Selling Land investment (Current Home) for 900k profit. Tax Effective Strategy?
Selling Land investment (Current Home) for 900k profit. Can I enjoy the 500k personal residence tax deduction and invest the other 400k into my next investment without getting taxed this year? This ...
2
votes
3answers
101 views
Types of brokers for differing uses
I'm from the UK and want to make some long term investments in US stock.
I also want to day / swing trade.
So I've opened an account with tradestation which seems complicated to use and offers ...
7
votes
2answers
323 views
What happens to contractors when employer goes bankrupt?
The U.S. company at which I was a contractor has closed its doors and laid off all employees. I read in the news that all its assets were bought by another company.
All regular employees were paid up ...
2
votes
3answers
96 views
Finding the value of 1980 Issued Stock in MCO Resources, a Los Angeles Company
I believe it was an energy company. My mother purchased it for me then. Just discovered the certificate. It has either merged or gone out of business. Can anyone help me trace it? Once the company is ...
0
votes
1answer
70 views
USA - Can I write off time spent using this metric [duplicate]
Situation
Let's say my organization does pro bono work for company X - a non profit
I pay 3 employees Y amount and can write that off to the Federal Government
Question
I'm in a pass-through LLC, ...
4
votes
2answers
325 views
What is the source for the maximum total annual 401k contributions?
Not that it would make much sense to put all of your income into a retirement account but why could I not deposit say 100k into a 401k in one year? What exactly prevents me from doing such a thing if ...
0
votes
1answer
82 views
Cost/benefit of maxing out 401k using mega backdoor
Forgive me if I get the details wrong and if this needs to be split up into multiple posts, but I'm very new to all of this. I'm 22, have ~60k non-emergency money saved up, and got a new job with ~...
0
votes
0answers
20 views
Checking account opening bonus taxation for international student without income
I am an international student on F1 visa who had no income in the previous year. While opening a checking account, I got a bonus amount last year. I received a 1042-S form(not 1099) from them with an ...
56
votes
4answers
18k views
Why would a home seller ask a buyer to offer LESS?
My brother-in-law is looking to buy a house. The house he wants has been on the market for a long time, and it's in pre-foreclosure. The owners are underwater on it. He submitted a lowball offer, ...
1
vote
4answers
77 views
Can you fully deduct an investment property owned by an LLC?
I operated a business that generates substantial income. I would like to invest some of this money by buying various, undervalued properties in my area, doing slight improvements to them, and ...
7
votes
1answer
912 views
Is the return of an IRS withholding taxable?
I am expecting a large check (ca 70k) from the IRS for a withholding of a house we sold back in 2013 (I finally got the ok that I will get the withholding back). (We didn't live in the US anymore and ...
2
votes
0answers
56 views
How can I figure what fraction of college savings should be in my name vs. my child's name?
I am saving for kids' college expenses and heard (somewhere?) that one's expected contribution for college will be calculated at 100% of the child's assets and 7% of the parents' assets. (I believe it ...
