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Questions tagged [united-states]

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

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Form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit

I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below. https://www.irs.gov/forms-pubs/about-form-8936 Is there an ...
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1answer
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Both Schedule C and Schedule C-EZ form for freelance taxes?

Do I submit both or... which one? (If it is just one) I have been searching for solid information about this for a couple of days... Decided to just throw this question on the stack. Maybe the answer ...
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Renting a property with a golf cart under a separate LLC

I am considering listing my property with VRBO / AirBNB. My property is a lake property, where other comparable houses are making a nice profit. One of my buddies is doing this, and he also has a ...
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2answers
60 views

Does it matter if my 1099-INT lists an out-of-date home address?

My 1099-INT lists an older address. I checked my bank account, and my address is up to date, but since I moved last year, I guess they kept the old address on the form. My tax filing software lists ...
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Should I indicate on Form 1 for 2015 for Massachusetts my current address or my address in 2015?

I am filling out a 2015 Form 1 (mirror) for the state of Massachusetts in the United States. My address has changed since 2015: I now live in a different state in the United States. Am I supposed to ...
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Can I claim a capital loss on property sale

If I own a vacant property with 3 people that we paid $120,000 for it can I sell my share to the other owners for $100 and claim a capital loss? I just don’t want to pay taxes and HOA fees anymore. We ...
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1answer
53 views

Old Employers 401k Automatically Rolled to IRA?

I switched jobs about 7 months ago and am afraid I put the rollover steps off for too long. I checked my old employers 401k website to see that my 401k account now shows $0.00, and does not show the ...
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68 views

Who actually decides whether a credit check is soft or hard?

Many web sites explain the different effects of hard and soft credit inquiries, but none of them actually explain how the process works, so they're not useful for figuring out how borderline cases are ...
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1answer
34 views

Fill W-8ben If the bank account is not mine

I am not a US citizen or resident. I suppose to get money from a US company so I have to fill a W-8ben form. I want the company to transfer the money to a bank account of a friend of mine. In such ...
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1answer
34 views

Do HSAs have income limits for deducting contributions?

Traditional IRAs have income limits for claiming contributions as deductions. Do HSAs also have income limits for claiming contributions as deductions?
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Can one transfer a plan épargne logement (PEL) to another bank as a US permanent resident (green card holder) and French citizen?

Can one transfer a plan épargne logement (PEL) to another bank as a US permanent resident (green card holder) and French citizen?
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1answer
50 views

Can Traditional and Roth 401k be withdrawn in a ratio to minimizes taxes in retirement?

I've seen posts claiming that if you have a mix of pre-tax and after-tax savings in a 401k, the pre-tax money can be withdrawn up to the threshold of the top of the current 12% tax bracket and after-...
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Goverment shutdown and the effect it would have on my current audit from where I filed my 2017 taxes in 2018

My husband and I were audited last tax season. We had been working with the IRS all year providing them everything they needed to prove our return was legitimate. About December 15th the take action ...
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1answer
22 views

US permanent resident, AUS citizen federal retirement benefits

I have a relative who is an Australian citizen. They moved to the US at age 25, became a US permanent resident, worked and paid federal US taxes for ~30 years. At no point did they pay Australian ...
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1answer
38 views

For a single member LLC, if I have no employees can I apply for an EIN from the IRS?

This for an LLC formed in Oregon. If I cannot apply for an EIN being a single member LLC, would I have to use my Social Security Number to represent tax on the LLC, and subsequently assume all ...
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1answer
43 views

Online website for filling out bankruptcy paperwork?

There are many online tax websites (e.g., TurboTax), but are there similar websites for helping one fill out the paperwork for bankruptcy?
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3answers
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Can I make financial/investment decisions just by comparing percentages?

I see a lot of investment and personal finance resources that propose scenarios like the following: if you have a loan for a house with a 5% interest rate and additional income after the minimum ...
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2answers
55 views

social security benefits for green card holder in US

My relative is a permanent resident/green card holder in the US - not a citizen. The person worked and paid federal taxes in the US for ~30 years. (I don't quite understand why they didn't seek ...
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1answer
70 views

Is my house handled differently from other property in my will?

My personal will states that my possessions, money, and property are to be given equally to my son and my wife upon my death. However, I was told that my house is an exception and still has to go to ...
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1answer
26 views

Contribution limits and deadlines for HSA clarification

Taken from here. Partial Year Contributions If you establish an HSA by at least December of any year, your maximum contribution is the maximum amount (described above) for that calendar year. ...
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1answer
61 views

Two jobs in two cities - tax deductible travel expenses?

I'm considering the following scenario for employment and wondering how it will affect my taxes. I am a resident of a large city, say Las Vegas, and am considering commuting to another distant city, ...
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1answer
30 views

What happens if IRS does not receive 1120-S for an S-Corp?

In a phone conversation, the IRS informed someone that their 1120-S is missing for three of the past 6 years. The person had assumed the 1120-S was filed for all those years, especially since the same ...
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2answers
177 views

Two jobs two 401K both matches up to 6%

I have two jobs, both offer 401k matching up to 6%. Is there any advantage of splitting my 401 K contributions ( $9,250.00 each) between employers to take advantage of the 6% matching or it doesn't ...
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1answer
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Why can't some funds be invested as a “US Persons” (= US fiscal resident, green card holder, or US citizen) from a French bank account?

I read that some funds cannot be invested as a "US Persons" (= US fiscal resident, green holder, or US citizen) from a French bank account. For example, I saw this warning in one plan d'épargne en ...
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0answers
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how does paying back a sign on bonus affect your income taxes?

It's not uncommon for sign on bonuses to have a provision wherein if you leave the company before a certain period of time (let's say 2 years) that you have to pay back the sign on bonus in full. My ...
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The United States: Can the low interest rates of the treasury lead to hyper-inflation? [on hold]

As many of you are aware, the us treasury has been slowly hiking interest rates since they were at 0% sometime during the 2008 recession. While the treasury hiking interest rates slowly gives some ...
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2answers
205 views

Is a Masters degree in a high-paying field worth it? [on hold]

I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it? You need 4 pre-Masters (aka post-bacc) ...
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1answer
52 views

Why 1099-MISC for LLC but not a corporation?

I have a couple side gigs, and every January I get a little annoyed because I need to send out 1099-MISC forms for various payments to contractors and the like. According to IRS rules you must send ...
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1answer
157 views

What are the tax implications of renting out my condo if it's worth less than the mortgage?

I own a condo, and its market value is less than what I owe on the mortgage. On the upside, several interesting developments are going in nearby in the next couple of years. Because of some lifestyle ...
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1answer
64 views

Using a healthcare Flexible Spending Account at the same time as a Health Savings Account?

Here is my situation: I have the high deductible insurance plan. The coverage includes my wife, dependent daughter and mysef. I contribute to an HSA. My wife has her own insurance through her ...
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0answers
112 views

if you're a federal employee and you quit during the shutdown will you still get backpay?

Right now there are 800,000 or so furloughed federal employees that aren't being paid. Many of these employees are being forced to continue working despite not having received a paycheck. My question ...
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2answers
57 views

IRS Tax Rules for Capital Gains on Sale of Stock

Bob has a stock that is worth 50% more than what Bob paid. Bob would like to avoid paying tax on the gain so he donates 10% of the shares shares to a charity through a donor-advised fund. Bob decides ...
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6answers
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What are things to think about when paying for/taking out a loan for graduate school? [on hold]

I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question. I'll apply my situation to this question as an example: I got a ...
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1answer
82 views

HSA and Medicare: what if I get laid off?

I'm approaching 65; will continue working for a large company; will not be taking Social Security; have a high deductible insurance plan through my company which I will continue using (so will not ...
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1answer
74 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
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1answer
166 views

How to deal with IRS notice during the government shut down?

Last friday, I received a mail from the IRS stating that there was a discrepancy in my filing of personal taxes for 2016 vs what was reported by other institutions. The letter did not go into detail ...
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3answers
75 views

Going from a 1099 to W-2 job, must I pay estimated taxes?

In 2018 my spouse worked full-time on W-2, and I worked entirely on 1099. She had taxes withheld, but circumstances prevented me from paying any estimated taxes, so we'll certainly have a substantial ...
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1answer
44 views

Trading in commodity futures and options - How to go about it? [closed]

I would like to trade on options specifically the commodity kind like the ones available on CME. Which platforms allow me to do that? What are the costs involved etc. ?Can some one please point me in ...
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+50

Are LLC membership interest purchases taxable?

My job has offered me an associate position which means I will become a member in the LLC. The cost for 250 units (membership interest 2.25%) is $25,000. I will get profit sharing of 2.25%. The LLC ...
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1answer
82 views

What should/can I do, now that I’ve closed the single-member LLC I used for freelancing?

I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed ...
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0answers
73 views

Buying business product for a business associate that's abroad

I was wondering if there's any legalities regarding the purchasing of product for a business associate that is abroad? I would buy the product and he would reimburse me the money. The products are ...
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1answer
104 views

Why do most HSA administrators require accountholders to have a minimum amount in their HSA before they can open up an investment account?

I read on an article at Nerdwallet titled 5 Health Savings Account Rules You Need to Know (mirror): Irvine warns that the majority of HSA administrators require the accountholder to have a steep ...
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3answers
210 views

How can PG&E intend to go thru Chapter 11 Bankrupcy on January 29th before lawsuits even find them financially liable from recent California fires?

PG&E intends to file for bankruptcy on January 29th. They state it is largely due to the estimated $30 billion in liabilities from the recent disasters, fire suppression costs, and attorney fees. ...
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0answers
109 views

Student loans paid already but collection agency claiming loans are in default

I paid off my student loans via pay garnishments and the IRS taking 3 to 4 years of my tax refunds. Unfortunately, I have moved 5 times in last 2 years and I cannot find my files confirming this. ...
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5answers
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Handling waitress unclaimed pay from three years ago

Each week our boss gives us payslips with our hours worked and we can cash them right at the place of work. Pretty simple. You get a receipt for your hours worked for the week and a slip to turn into ...
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1answer
51 views

Can I deduct 529 college savings plan contribution from California income tax as a gift?

When I contribute to a 529 college savings plan, can I deduct the contribution from my California income tax as part of the gift tax exclusion (up to $15000)?
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2answers
270 views

HSA withdrawals for past years?

A hypothetical individual living in the US opened an HSA account in 2016. She was enrolled in a high deductible health care plan in 2016, 2017, and 2019. She kept records of all her qualified medical ...
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1answer
52 views

Recent Green card holder. From US, how to Transfer money from my Indian SB AC to my recently opened checking account in US

Recent US Green card holder not NRI, as came to US just 2 months back. After coming to US, how can I Transfer money from my own savings bank account in India (No NRE or NRO A/C) to my recently opened ...
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3answers
211 views

Is it reasonable to charge extra for additional tenants in a single room?

I’m considering subleasing rooms within a single family home. I expect that one of my potential tenants will have their significant other boarding with them. It was originally expected that only one ...
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1answer
50 views

Why does it take “3 to 5 business days” for the trades to execute with Health Equity HSA accounts?

When making a trade with Health Equity HSA account, there is a notification: NOTES: The number of shares or the amount of the trade is only an estimate. The exact amount will depend on the ...