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Questions tagged [united-states]

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

0
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1answer
12 views

Can I contribute to my IRA from 2018 still?

I put in my tax filing for 2018 that I had contributed $5500 to a Roth IRA, but due to technical difficulties with my investment account I didn't get around to funding it until now, but it looks like ...
0
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0answers
11 views

Credits, Refunds & Reimbursements made prior to April 15th for Prior Year HSA Qual Disbursements

Apr '19: I've recently worked w/ my HSA trustee/custodian (my CU) to correctly code HSA reimbursements transactions in early 2018 for HSA Qualified Distributions in 2017. Same for 2019/2018. So we ...
0
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1answer
66 views

Must I void or destroy a check after using its check number online?

The online banking system I use to pay my car loans requires checking account number, routing number, and a check number. If I use a check number from a real check in my checkbook, should I then void ...
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2answers
58 views

Should I take up offers to settle with credit cards

I have been getting offers to call and seek assistance to settle with credit cards. I have so far not considered these but have I missed a trick? Should anyone ever consider these under any ...
1
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1answer
14 views

basis adjustment on wash sale on underlying or option

Transaction1: I bought 200 QQQ ( ETF) at about $160 in Jan 2019, paying out about $32k Transaction2: I sold two calls on QQQ ( QQQ190628C00170000 ) for expiring on June 28, 2019 for a strike price ...
2
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1answer
85 views

If I intend to earn on the side doing different category of things should I do it as an individual or as a small business?

If I have a few areas of expertise (that can't fit a classification of services/products) and I'd like to make use of those and provide products or services based on those, should I do it as an ...
1
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1answer
30 views

Covered call on stock held for different periods

Say I have 10000 shares of some stock X. Say 5000 of them were bought 2 years ago and the other 5000 were bought a month ago. These two batches would have different amount of gains and different tax ...
3
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0answers
57 views

can closing covered call and opening a new coverd call trigger wash sale

In Jan 2019, I bought 200 QQQ (ETF) at about $160 and also wrote two covered calls for June 2019 at 170 (higher than the last day price) netting a small premium. Now QQQ is at about 185 so it will be ...
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0answers
64 views

Am I required to amend my tax return if I overpaid my taxes?

Long story short: I got a corrected 1099-DIV after filing my taxes. After going through the calculation, it appears that correcting the return would net me an extra $13 refund, i.e. I overpaid my ...
5
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1answer
133 views

Grandparent funding grandchild's K-12 education

I want to help pay for my granddaughter's preschool and primary education expenses and would like to get a deduction on my Arizona state taxes in the process. Arizona offers a state tax deduction for ...
3
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2answers
170 views

Do I need to inform the IRS in advance if I gift money?

I live in the US and want to give my sister who lives abroad a large amount of money to help her buy a house. I understand I will need to declare that amount which will be deducted by the amount that ...
4
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1answer
42 views

401k Rollover with TSP

I have been researching what do with a an old 401k and there is a lot of information on the pros and cons of rolling it over into a new 401k plan versus an IRA. I also have a TSP account with a small ...
0
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1answer
60 views

IRS e-file Error Messaging

The following is the error code sent back saying they were unable to process my return due to these error: "Taxpayer TIN in the Return Header must not be the same as a TIN of a previously accepted ...
2
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2answers
89 views

German Nationality, working for US company but living in Germany

I studied in the USA for 4 years and started working as a Software engineer in the USA. Now I was wondering if I could work full time remote from Germany for the same US company. After some research ...
3
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1answer
91 views

IRS Notice CP59 - Did not file taxes

So my wife got a CP59, which is a complaint from the IRS that she did not file her taxes for 2017. That year, as in years previous, we filed jointly and electronically. The year previous we had a new ...
0
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1answer
41 views

Does reinvesting dividends after selling for a loss cause a wash sale? [duplicate]

I sold some fund shares with high turnover on my personal investment account with the intent of buying something similar later on my IRA account. However, after I sold (and within 30 days), I ...
4
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1answer
123 views

Purchase Stock but cannot pay AMT

I was released by my company and I had to purchase my ISO's within 60 days of leaving the company or lose them. The issue is to purchase them would mean around a $1.2m AMT & State Tax Bill next ...
1
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3answers
97 views

Are most 401k providers comparable? [duplicate]

I will be needing to decide if I should roll my 401k from a previous job into the 401k at my current job. Are some companies which the employer has a 401k through much less appealing than others, or ...
0
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0answers
46 views

Loan forgiveness and increased income, living abroad

I am intending to pursue student loan forgiveness at the end of my 20 year period and am currently enrolled in the PAYE plan. My AGI on my income taxes for the past few years while living abroad was $...
3
votes
2answers
115 views

Can you fix a rollover that went into a Roth IRA and put it into a regular IRA?

If someone, in the process of leaving a job last summer, rolled over their 401K into a Roth IRA and is now looking at a several thousand dollar tax bill, is there any way to salvage that by ...
2
votes
1answer
105 views

Can one deduct lawyer consult fee less than $1000 for ex-employer's threat letter related to confidentiality in 2018 taxes?

Someone I know paid around $1000 last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they threatened lawsuit and ...
1
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0answers
30 views

Best method for paying out of network licensed professional counselor?

I am interested in a specific LPC (Licensed Professional Counselor) because I like their model and services, but they are out of network. I have very limited understanding in the medical/insurance ...
13
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2answers
3k views

What does an IRS interview request entail when called in to verify expenses for a sole proprietor small business?

I received an IRS audit for the following: I had to call them within 10 days to confirm receiving the letter. And I've scheduled an appointment 2 weeks later. They basically said I just need to ...
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0answers
55 views

Street address required for DHL Courier Delivery [duplicate]

I would like to courier a package to Personal Income Tax Franchise Tax Board Sacamento California 95827-1500 USA What is the Street Address for DHl couriers as a signature is required?
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0answers
35 views

Clarification on small business financial terms [closed]

I am working on SQL Database Project which handles Price Valuation for Small Business. Certain abbreviations are not familiar to me, I felt to get clarified.. What is the Net Income and Gross Income?...
4
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0answers
30 views

What, exactly, makes an “unrelated business” unrelated in the case of junior partnerships held inside IRAs?

My question is concerning the unrelated business income tax on partnership interests inside a Roth IRA. Specifically, I own common stock in a company that's technically classified as a Limited ...
22
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6answers
6k views

Is the Standard Deduction better than Itemized when both are the same amount?

For 2018 the standard deduction is $12,000 for individuals, $24,000 per household. If someone's itemized deductions equals the standard deduction, or is very close, which one is better to take? For ...
1
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2answers
111 views

May I omit from my tax return pages on which I've left all fields blank?

For example, when filing Form 1120 for 2018 by mail, if I've left all entry spaces on page 2 (Schedule C) blank, may I leave out page 2?
10
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2answers
3k views

Do you forfeit tax refunds/credits if you aren't required to and don't file by April 15?

Some people in the United States are not required to file an income tax return (e.g. their income is too low). However, they could be entitled to a refund of wages withheld, or a credit such as the ...
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0answers
24 views

My personal contribution to SIMPLE as an owner

Can I make my personal contribution, as an owner, right up until by tax filing deadline since I wont really know what I made until then?
2
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1answer
64 views

Dealing with an incorrectly filed tax return

Situation I had one company (in another state that I have used for years) file my taxes but when they had finished and sent us the results in the mail we noticed they had filed Married, filed jointly ...
1
vote
1answer
89 views

Why is California's income filing threshold GREATER than the standard deduction?

For California, the tax instruction booklet says that you need to file the income tax forms if your income is over $17,693 "gross" or $14,154 "adjusted". However, the state's standard deduction is ...
0
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1answer
45 views

Incorrect state on W-2 withholding

Working on TurboTax, and I notice that my W-2 shows my tax withholding for NC. I moved twice last year with the same employer as I move to work with their client. But seems my tax withholding didn't ...
5
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1answer
2k views

What do I do if technical issues prevent me from filing my return on time?

I use an online tax site to prepare and file my taxes. I have completed my return in their system, but there are technical issues on the site which currently prevent me from e-filing my return. Of ...
0
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2answers
55 views

Amend previous return to move estimated payment?

In a complicated situation for 2017 taxes (settled in 2018) (Estimated State payment too big --> money back; + 2018 Tax Reform), it seems like I'd be better off had I made a State Tax estimated ...
0
votes
1answer
36 views

Can an IRA contribution be made on the same date of the tax deadline and still count for that tax submission?

The deadline for taxes and IRA contributions for FY2018 in USA is April 15, 2019. If I haven't made a contribution yet for FY2018, can I go to a bank on Monday, April 15, 2019 and make a contribution ...
1
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0answers
22 views

How to calculate cost basis for RSUs that are vested and never sold?

Following is my situation (changed the numbers for simplicity): ABC Inc vested 120 RSUs in 2018, in which 20 RSUs were sold by my employer (price of the share $10, and $20 trade fee) for the tax ...
0
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1answer
45 views

How to handle income from paid internship over the summer?

I'm a full-time college student with two sources of income in 2018: a part-time job through my college for which I have a W2 (gross wage of $5,408.65) and a paid internship over the summer for which I ...
0
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1answer
47 views

Alternative to IRS Online Transcript (for W2, Paystub)

I am trying to get IRS online transcript to obtain needed info for my W2 and paystub for most recent period (year). However, for me it doesn't seem possible to get that classical online transcript. ...
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0answers
37 views
+50

If I distribute money from a non-grantor trust, can I defer future earnings of the trust to trust beneficiary's tax bracket?

If I made a large trust distribution from a non-grantor trust to the beneficiary once at the beginning of the tax year, and then the trust funds that are still invested in the trust continue to make ...
8
votes
3answers
1k views

Estimated State payment too big --> money back; + 2018 Tax Reform

In Apr 2018, for 2017 taxes, I filed for extension and made a payment for estimated tax for the State & local taxes of NY of 20K. I was completely wrong, and ended up getting a State refund of 30K ...
1
vote
1answer
38 views

Vanguard sent 1099 for my MLP stock sale. Am I being taxed twice when I file the K1?

I received a 1099 from Vanguard for the sale of my MLP stock. I got a K1 from the MLP. I entered both on my TaxAct program. My question is, am I being taxed twice on the stock sale?
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0answers
58 views

If the broker invokes this clause to sell assets to themselves on death, how is the price determined?

Recently I was considering opening a new brokerage account and found the following troubling clause in the account agreement: The transcription, with my emphasis added: You authorize us and we ...
1
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2answers
74 views

Roth counting toward 401k maximum

Vanguard is showing me that my Roth contributions are counting toward the $19,000 401k maximum. I thought Roth counted towards a separate $6000 maximum. Is my Roth not an IRA?
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0answers
29 views

Do you know of a free, online source for a history of corporate actions? [closed]

Over time, companies may change their stock symbols, spin off other companies, or merge with or be bought by other companies. If one has a company name or symbol and a date, is there a good way to ...
1
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1answer
30 views

Schedule C: Determine credit card interests expenses, line 16

How does one calculate credit card interest for schedule C, line 16? My wife has a home business and uses a credit card for the business. My understanding is that because we are using the cash ...
2
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0answers
26 views

Can US expat open an HSA? [duplicate]

I am 60 US citizen, live in Costa Rica, receive a pension, and have a high deductible ($2500) US expat health insurance. I was wondering if I can open and use an HSA to pay my healthcare costs in CR ...
0
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0answers
27 views

Change IRA contribution to prior year

I under-contributed to my IRA for tax year 2018. I'd like to apply some of my 2019 contributions to tax year 2018 to reach the 2018 tax year IRA contribution maximum. We have not yet reached to 2019 ...
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2answers
53 views

When I am continually trading an asset, when does each wash sale loss get applied?

Let's say I buy 20 shares of stock at $100 each, and later sell half of those shares at $90. Less than a month later, I buy back 5 shares of the same stock at $95. The stock then rises to $101 and I ...
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0answers
57 views

Can't file taxes probably due to ITIN -> SSN change

I get the following error while filing married filing jointly taxes in California via TaxAct (electronically, paperless): Rule Number: F540/NR/NRS/2EZ-230 Rule Number Description: There is an ...