Questions tagged [united-states]

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

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1answer
44 views

Why are liquidity suppliers willing to provide “price improvements” when executing orders?

US stock brokers often boast of "price improvement" when speaking of their order execution quality. e.g. "95% of executed market orders received prices better than the National Best Bid ...
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2answers
54 views

Can I open a Traditional IRA if I have a 401(k) and a Roth IRA?

I have a Roth IRA that I made and a 401(k) account through my employer. I realized that I will be above the income limit to contribute to Roth IRA and saw that I could do a backdoor by putting money ...
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0answers
35 views

Do I need to pay tax with glamour rewards [duplicate]

I received few thousands from glamour rewards, it's cash back when I buy some stuff in the internet. My question is do I need to pay tax for that money? I didn't received any 1099 form, I guest I don'...
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21 views

Is an S-Corp required to pay the sole owner/employee a wage if the S-Corp only has passive income?

S-Corp has passive income; does the single person owner need to be paid a wage on payroll?
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3answers
107 views

Should I invest in 401(k) or is it better to invest by yourself in stocks? Or do both?

I'm still learning about investing and want to know if I should invest in 401(k) or is it better to invest by yourself in stocks? Or do both? Can you pick your own stocks with 401(k)?
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2answers
89 views

Can you pay “taxes as you go” in the US?

If you have a steady income you pay taxes continuously based on the assumption of the final income per year. However if your income is very spikey you may have no idea how much you will be making in a ...
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0answers
39 views
+250

In what circumstances, if any, is it advisable to file 1040-X before the original return is processed?

Some sources suggest "never": You must wait until the IRS has processed your tax return before making corrections. Or suggest "never if your original return claimed a refund": ...
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2answers
49 views

What are the necessary and sufficient steps required in order for parents to transfer home to children while minimizing tax burden?

I'm trying to get some guidance on what steps are necessary and sufficient in order for me and my wife in order to obtain legal ownership of a property which is currently owned by a parent. We are ...
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1answer
64 views

Paying for College with New President

Question specifically about US economy. I have a kid in college and so far I have been paying directly for his fees. However, with the recent election victory, I am beginning to think this is a dumb ...
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1answer
31 views

Can an S-Corp pay the sole owner/employee with a 1099?

Suppose a person has a one-person S Corporation, and the corporation is paying the owner/sole employee with a 1099. The owner then pays Self-Employment tax on a Schedule C when filing. Is this ...
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1answer
48 views

Finding an independant mortgage consultant

I would like to find someone who is knowledgeable about the mortgage industry and regulations has no incentive to try to sell me a mortgage Most mortgage brokers are ruled out by the second point ...
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2answers
54 views

In the United States, which organizations conduct background checks? [closed]

If you Google "background check" there will be many many websites operated by people who are happy to take your money. Suppose that you own a house. You want to conduct a background check on ...
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1answer
24 views

Can I benefit from a liquidation event if I use the funds to pay off my spouse's student loans?

I am expecting some liquidity on my NSO (Non-qualified Stock Options) and ISO ( Incentive Stock Options) with current company. I have heard of 529 for college fund. Is this something I could use to ...
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1answer
15 views

Spread calls in IRA retirement account and legal rules/regulations (USA)

I have an IRA account (USA) with Fidelity brokerage. I have an ability to do both Calendar and Vertical Spreads options in that particular retirement account. Are there any legal rules and regulations ...
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0answers
36 views

Can I deposit money into a Colorado 529 and withdraw for expenses in the same year?

I'm getting smart to 529 plans way too late, but also wasn't sure if the kid would go to college and I happen to have come into a bit of money. I paid $5K for tuition in September 2020 for the fall ...
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25 views

Funding my own tax-exempt organization through my S-Corporation

I own two entities registerd in the state of Florida. One is S-Corporation meant to develop mobile apps for corporate clients. The other is a tax-exempt entity (not 501c3 yet, not sure when, maybe ...
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0answers
33 views

UK-based ETFs to invest in Tesla (and other US stocks) from the UK without the US tax complications? [closed]

I live in the UK and am interested in investing in US stocks. Although investing directly in US stocks is possible, it requires doing USA tax paperwork which I would rather avoid. So are there any UK ...
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2answers
63 views

Best to harvest unrealized long term capital gains while income is low?

Suppose my 2020 income is $25k, and I have $15k in unrealized long-term capital gains in shares of company X. In 2021 and beyond, I expect my income to be $40k+. I consider the shares of company Y ...
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0answers
14 views

529 deduction recapture on non-qualified distributions of contributions over the deduction limit

According to MGL Chapter 62 § 3, the 529 deduction works as follows (19) An amount equal to the amount expended in the taxable year for the purchase of an interest in, or the amount contributed in ...
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1answer
52 views

working in two states and commuting

I started a job in California this year. I am a resident of Las Vegas. I work full time in California and part time in Las Vegas. I have a home in Vegas that has a mortgage. In California, I have ...
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2answers
47 views

Wash sale if I sale at a loss and in another account sale for a profit?

I sold a stock at a loss in one account, and a few weeks later sold from another account once the stock went up. The stock I sold for a profit was purchased 90 days before I sold the stock for a loss....
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1answer
37 views

Stock Sold at Loss, Will buying a Put Option Cause a Wash Sale?

I sold 250 shares of a stock at a loss of (-1,000). 2 weeks later bought a single put contract (100 shares) n the same stock. If I sell the put option for profit a few days later, is this a partial ...
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2answers
65 views

Just engaged! What tax filing options do I have as sole household earner

I'm recently engaged, which is good. But this presents a quandry. I make 100% of the money for our household, and we've been living together for nearly 2 years now. Tax wise, this kind of sucks. My ...
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1answer
38 views

IRS allowable depreciation on residential property that shows no income

I bought a second small (650 s.f.) house about 5 yrs ago initially with the intention of downsizing into it. I changed my mind and I have allowed a good friend who has many problems to live there. I ...
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2answers
3k views

Is paying off mortgage public information?

I noticed that after I bought a house, I started getting junk mail with my specific mortgage amount on it pretty quickly, presumably sourced from public information. Will it also be public ...
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1answer
56 views

Should I consolidate my loans amidst political talks of forgiving student debt? [closed]

I recently graduated college in the US, and my loans went into COVID-19 forbearance. I'm not required to make payments until January 2021, but I have been witling away at them for a few months since ...
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1answer
889 views

Can I avoid capital gains tax if I sell only the amount I put in and leave the rest?

I haven't found a definite written answer, probably because it is implied. However, I'd really love confirmation if anyone can verify my assumption, before I make a decision. Say I bought 10 shares of ...
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1answer
44 views

Tax loss harvesting with stocks and ETFs

Suppose I'm taking losses in a set of individual stocks (X, Y, Z ...). What are the US tax implications if I sell all of them, harvest losses for tax purposes, and select an ETF E with significant ...
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3answers
3k views

When is it 'ok' to borrow from a 401k to purchase a house?

What market conditions would tip the scales for you to make borrowing from your own 401k a 'good' idea? The self-loan would help to increase the down payment and reduce PMI. Financially there is a lot ...
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2answers
119 views

Are there penalties for cashing out retirement accounts after a divorce?

I have two retirement accounts that will both get split after my divorce that just got finalized. One is a Roth IRA, the other a 401(k) account. Is it possible to cash out money because of the divorce ...
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0answers
37 views
+250

On Form 8949, is it okay to list a long-term transaction with an apparent holding period of less than 1 year (“silent” adjustment to holding period)?

The 1099-B from my broker includes long-term transactions with "date sold" less than 1 year after "date acquired". My inference is that this is because of holding period ...
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1answer
54 views

Why would I care about “potential for downward pressure on the price of loaned securities due to short selling” when loaning securities?

I read in an email from Fidelity regarding their "Fidelity’s Fully Paid Lending Program": Keep in mind that while your securities are on loan, there is the potential for downward pressure ...
2
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1answer
40 views

Owed taxes for discounted health care after pension cash out

Last year in 2019 my Mom signed up for "Obamacare". At the time she signed up, she was under 400% of the poverty limit, which for 1 person was 12,490 x 4 = 49960. Being under this limit ...
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1answer
77 views

Sold Three Stocks, Why is Market Value Double the Price of Total Netted Value

Brokerage is within US bank, I am in USA. Few days ago I sold some stocks. Total netted value is $300. Settlement will happen in few days. Right now the Brokerage says Portfolio value is $300, but the ...
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1answer
65 views

HSA and Medicare

I am 65 and was not planning to retire until 70. I am participating in high deductible healthcare at work and was contributing to a HSA until September 2020 when I was offered early retirement. The ...
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1answer
1k views

What tools are there to investigate why my FICO score would have dropped significantly?

Please assume the basics have been considered, such as: Credit utilization could have went up Hard inquiries Closed an account Opened a new credit card Paying off a loan None of the above occurred ...
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4answers
2k views

Why is no routing number asked for?

I am new to US banking. I want to make an online payment to a business with minimal fees, and my recipient gave me their routing number and account number. However, the "pay bills" ...
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1answer
127 views

Do I have to install septic/sewer on Raw land I do not plan to build on?

I am looking to purchase a raw piece of land near a major interstate. I plan on buying this raw land and hold it and sell later in the future maybe 10-20 years from now. I don't plan on building a ...
14
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2answers
2k views

Can I claim/deduct my expenses for a part time recipe tester on my taxes?

I manage an app that generates income. It is a food recipe app and I would like to hire someone a few hours, once a week, for the next two months. I want them to test the recipes. In that two months ...
2
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2answers
46 views

Rolling over pre-tax employer contributions into my Roth 401(k)

If I have set my 401(k) up such that my contributions go to my Roth 401(k), my employer's matching contributions are still made pre-tax and go to my "traditional" 401(k). Can I roll these ...
2
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2answers
73 views

What does “Principal” mean in this definition of Bond Duration?

According to Investopedia: "Duration measures a fixed income’s sensitivity to changes in interest rates. Duration is a complicated calculation, but it's standard information that's provided with ...
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1answer
55 views

How to account for interest not received?

Sold a house by mortgage. Buyer was unable to pay often. Eventually, I accepted the original balance for release, thereby waiving over six thousand dollars accrued interest. For US taxes, should ...
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0answers
43 views

How can I transfer money from a US bank account to an IBAN+BIC number (European bank account) without any fees? [closed]

I have a bank account in the US and a bank account in Lithuania. The latter is identified with an IBAN and a BIC. How can I transfer money from my US bank account to an IBAN+BIC number without any ...
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2answers
68 views

Will I get double-taxed? Primary address in North Carolina but work is in California

Disclaimer: I am aware that users here are not paid/licensed U.S. tax professionals and that I should only make decisions impacting my taxes with a licensed financial advisor. Hi! I have a job in ...
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2answers
79 views

Should I form an LLC or a non-profit?

I am considering forming a business for a charitable purpose. We already have a website and Facebook page to get people to spread kindness for our cause. We'd like to start accepting donations and ...
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0answers
35 views

Are the good faith violations counted across all accounts, or are they counted separately for each account?

I read on https://www.winvesta.in/blog/good-faith-violation/ (mirror): If you earn three good faith violations in a 12 month period, your brokerage firm will restrict the cash account for 90 days. It ...
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0answers
18 views

Are priority profit allocations eligible for QBI?

I know guaranteed payments from an LLC are not eligible for QBI. However, I've found two sources (here and here) that say that a priority profit allocation from an LLC is eligible for QBI. I can't ...
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0answers
23 views

QBI calculation when S Corp owns LLC

I am sole owner of an S Corp that is a member in an LLC. Let's say my S Corp gets $100k from the LLC, of which $50k is guaranteed payments (not eligible for QBI) and $50k is K-1 income (eligible for ...
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0answers
60 views

Avoid capital gains tax if home purchase falls through

I am buying a house and will be selling some mutual fund shares for the down payment money. If the deal falls through, can I rebuy the same shares to avoid paying capital gains tax now? I.e. return it ...
2
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0answers
23 views

How many schedule K-1 's would I receive If i trade the ETF on 2 different brokers?

This year, I have traded several Commodity ETFs, such as USO, BNO, OILK ( crude oil funds), UGL (Proshares Gold Fund). These ETFs are structured as Limited Partnership. I know that around mid-March ...

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