Questions tagged [united-states]

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

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8 views

Does this mean I cannot do pre-market trading?

I am a Fidelity customer. Does the first Warning mean I cannot do pre-market trading? If that is true, who can? EDIT: The order is actually executed when the price target is met. I am confused.
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What if Other Income approaches “self-employed”? Large “Other Income” amounts?

I was wondering, in the US when you file your tax return you are either a "normal" salaried employee, W-2, or "self-employed". If you're a "normal" salaried filer, there'...
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How do I solve an accidental violation of Medicare's 6-Month look-back HSA contribution prohibition?

I'm 67 and worked past 65, not enrolling in SS, Medicare A or B. Therefore, I contributed to my corporate HSA through October 2020. I stopped contributing immediately when, upon my research, I heard ...
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43 views

How will I be taxed on returns from crowdfunded debt?

I'm in the US and playing with investing with crowdfunded debt like miventure. (I'm not affiliated with them, just an example) When I end up getting yields from this I think it ends up in my e-wallet ...
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1answer
30 views

Options trading and wash rule

For example, I buy a PUT option on TSLA for 3000 dollars and realize it's not working and sell it to close for 2000 dollars. Thus I have lost 1000 dollars on this transaction. Within thirty days of ...
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61 views

After converting after-tax 401(k) into Roth IRA, can the 401(k) contributions be withdrawn from the IRA without penalties?

https://www.investopedia.com/articles/personal-finance/063015/roth-401k-vs-roth-ira-one-better.asp mentions this upside of Roth IRA regarding pre-retirement withdrawals: A final advantage is greater ...
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2answers
46 views

Capital Gains Term when purchasing more of the same asset [duplicate]

How does Capital Gains Term work in this scenario? Buy x amount of xyz stock and hold for over a year. Then buy z amount of the same asset and hold for less than a year. Questions: If I sell the ...
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4answers
190 views

Why contribute monthly to an IRA rather than a brokerage account?

Hypothetically, if I had a long term investment in mind (let's use FNCMX) that I believed would perform well enough annually to allow me to retire at an early age, (call it 40 years old) what ...
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1answer
40 views

Employee health insurance before vs after tax deduction

The employee insurance I am being offered gives a choice deduction being taken out before or after tax. Which of these choices would result in overall more money saved? Cost of insurance is ~ $60 a ...
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Does the SEC have the list or definition of indexes that an ETF is allowed to track to be classified as an Index-Based ETF?

The SEC Investor Bulletin on Exchange-Traded Funds (ETFs) (mirror) divides ETFs into two classes: Index-Based ETFs and Actively Managed ETFs. As its name indicates, index-Based ETFs track some indexes....
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32 views

What should I do if my Dependent Care FSA amounts are inconsistent?

Box 10 (for dependent care FSA) shows $4423. I elected, contributed, and was reimbursed 5000 according to the benefit provider, but only actually had 4423 withheld according to the payroll provider. ...
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193 views

Day Trade $25,000 again

If I have a margin Day Trade account, after some transactions/tradings there is only $25,000 cash in this account now. There are some cases for this Day Trade account I need to know its status. Please ...
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Revenue earned from consulting work C-corporation taxes

I am a U.S citizen and did some consulting work for a company based in Singapore. I lived abroad and paid taxes in the country of residence. I am owner of a US based C-corporation and I reported the ...
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1answer
50 views

Error in 401K rollover to new platform. Same employer

My Company changed their 401K platform due to a partner split. Prior to this change I took out my portion and rolled it into an IRA. Two months later when they rolled all other employees amounts over ...
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1answer
23 views

Can I select lots for exercised covered calls on transferred shares where I'm tracking the cost basis?

I wrote covered calls against multiple lots of company A stock, each lot with a different cost basis. I originally bought the shares through eTrade, later transferring them to Vanguard. Only a portion ...
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2answers
122 views

help me to understand the day trade requirements

I am new to the stock market and the Day Trade. I need your help to clarify some definitions (from Fidelity): "A Day Trade is defined as an opening trade followed by a closing trade in the same ...
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Tax benefits for investors holding SAFE agreement with closing US-startup

I hold investments in a startup, using a SAFE agreement as the investment instrument. The startup is no longer existing, and as per the nature of the agreement, the investment is lost. I'd like to ...
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1answer
152 views

Company Received Unemployment Claim - I Still Work There

Company received unemployment claim in my name (with slight mispelling of my first name) I still work for the company. I have no filed anything. The paperwork has my SSN. What are my next steps and ...
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What forms for filing a federal annual tax return for privately-owned companies in the United States? [closed]

What's a list of forms for filing federal tax returns in the United States of America for a private company?
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53 views

Best place to keep savings for home down payment?

I'm currently saving for a first home down payment (in USA), but don't want to keep a large pile of money sitting in a low-yield savings account while I'm looking for the right home. I want to find a ...
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1answer
24 views

Does closing an unqualified covered call option result in realization of gains on the underlying?

In general, in a covered call scenario, does any trade on the options contracts trigger a realization of capital gains on the underlying? I am not concerned about the reset of the holding period on ...
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1answer
106 views

When selling a startup, how is the sale price taxed?

I'm interested in understanding how the sale price of a company passes through an LLC and ultimately finds its way to the founders. Let's say i have a startup which is filed as an LLC, taxed as an s-...
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What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
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11answers
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Excess income after fully funding all retirement accounts. Now what?

Long-time lurker, first time asker... I have a positive problem. We are a family of four with two small kids with one working parent (me). We have very little debt: our only debt is our mortgage, ...
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1answer
32 views

I need help with ITIN

I would appreciate you help with my question. I opened a DBA in Texas for my rental property a year ag. The DBA is coming without any identification number, what's mean that I can't pay my tax return. ...
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1answer
43 views

How do I set up an ABLE Account

It's a disability account. I'm disabled and need help with money. I need help setting up an able bank account
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2answers
1k views

Does exercising an option count as a gain?

I’ve always only sold options that I’ve had in the money. Of course sale of an option is income and will be taxed as such (assuming it’s been held <1 year). Now, for the first time, I’d like to ...
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63 views

what jobs are available for me other than teaching English? [closed]

my name is Morteza . I am an English teacher and a translator and also a stock broker for a while. I am originally from Iran and I currently live in Tehran. I have been a teacher since 2015. Before ...
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1answer
36 views

Question on form 1042-S

Some context I'm not an US citizen, but since December 2020 I'm selling some ebooks on Amazon.com. In December 2020 I had some sales, and from what I understood, I should be getting a payment in late ...
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U.S. Estate/Gift Tax: If Previously Gifted Asset Is Brought Back Into Estate At Death, How To Account For Prior-Filed Gift Tax Return?

This question is about U.S. estate/gift tax law. Imagine a scenario where a parent gifts an asset to the child, i.e. a $500k house, in an irrevocable grantor trust. It's a "completed gift" ...
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0answers
35 views

Gifting The Same Asset Back & Forth - 2x Exemption Used? Or $0 Exemption Used? (U.S.)

I have a question about U.S. estate/gift tax law. Imagine one person gifts an asset - i.e. a $1 million house - to another, & files a gift tax return in the year in which it was gifted. Then ...
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2answers
41 views

Which Tax Year for Return of Excess Roth Contributions?

In January of 2020, I fully funded my and my wife's Roth ($6,000 and $7000 respectively). Little did I know back then, that I'd get a sizable bonus at the end of the year, which put me over the ...
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3answers
262 views

If I don't trust insurance companies, what alternative options exist to counter a potential earthquake?

I live in Seattle which is well known for potentially having a huge earthquake sometime in the next 1,000 years. I would like to protect my property against such a catastrophic outcome, but at the ...
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What are the trading restrictions, if any, when investing within my Health Savings Account (HSA)?

I wonder whether there any trading restrictions when investing within my Health Savings Account (HSA). https://www.loyola.edu/-/media/department/hr/documents/benefits/health-wellness/medical/hsa-...
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1answer
43 views

Does bank interest paid offset interest received?

I'm gathering information for my US income taxes. I received $100 in interest on my savings account. However, I also paid $100 in interest on my overdraft line of credit. Do they cancel out such ...
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1answer
37 views

H4 Visa Spouse Tax Filing

I’m Resident alien on H1B visa, got married in Jan 2019. My wife visited USA in 2019, she stayed for 133 days in USA for 2019 year and in November 2019 she returned back to home country. In 2020 year ...
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2answers
82 views

Future Investments in Bull Market

Where should a conservative investor put his money when: the market is running up so fast, unemployment is increasing above 6 %, small businesses are closing at an increased rate, debt is and will ...
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5answers
1k views

Who owns the stock in a 401(k)?

I have a 401(k) through company X managed by investment firm Y. I give money to X, who give money to Y, who purchase some stocks. Who do those stocks belong to? Do they belong to I, and are managed ...
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1answer
103 views

How to keep a will up-to-date?

I am not sure if I have a misunderstanding about how the will works. Scenario: Let's suppose I: have accounts in RobinHood, TD Ameritrade and Wells Fargo. then I prepare my will listing all these ...
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69 views

Should I sell or gift my vehicle (RV) to my own LLC?

3 years ago I've purchased an old RV to use (and still using) it as a mobile office and laboratory. A month ago I registered an LLC and now I want to transfer the ownership of my RV to my company. The ...
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3answers
2k views

Minimizing taxes on sale of second home

I purchased my original home many years ago when I was single. It is a very small condo unit and was much cheaper than I could get a "regular" house for at the time. Later I got married ...
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1answer
76 views

How can I remedy a Roth IRA contribution which isn't allowed?

I have always contributed the max to my Roth IRA on the first opportunity in the new year, as I did on January 2, 2020. I ended up getting a major raise and bonus in mid-2020 that pushed my income way ...
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1answer
128 views

What happens to all my assets outside US if I die?

The event: I am Brazilian and a Green Card holder and I bought a house in Brazil. First question: Do I need to register this house in my tax return here in US? Second question: Suppose the scenario ...
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2answers
190 views

If someone could claim me as a dependent, but they will not, am I required to check the “Someone can claim me…” box on my 1040?

Let's say that an adult is living with his parents. He meets all of the tests for being a dependent of his parents. Now let's say that he wants to file a tax return and claim the Recovery Rebate ...
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1answer
58 views

Sale of land parcel separate from house

We just sold our house and vacant land, which we split into two parcels for sale to separate buyers. The land sale closed at the very end of 2020, while the house sale closed a couple weeks later in ...
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109 views

My disabled brother as dependent

My brother was disabled and i claimed him on my 2019 taxes. If i amend my taxes and take him off, can he receive the stimulus to help out the family? If he's not a dependent in 2020, and files his own ...
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Canadian and PayPal account linked to US bank

If a Canadian citizen has a US fund bank account in Canada, can they open a PayPal account and link the US fund bank account to it? They will not have a US address since they only have the US bank ...
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1answer
40 views

Why do SPAC units typically start trading at 10 USD?

I read on https://www.kiplinger.com/investing/stocks/601168/spacs-to-buy: Generally, the SPAC (Special-purpose acquisition company) will offer at $10 per "unit." Each unit includes one ...
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1answer
54 views

Should spouses filing together, who both have traded bitcoin, mix transactions when calculating FIFO cost basis?

Or should the two sets of transactions be kept separate for calculating cost basis and gains/losses? On a related note, what if one person filing alone has accounts at multiple exchanges, should the ...
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3answers
115 views

What impact does the delistment of Chinese stocks from the NYSE have on my holdings?

Recently, the New York Stock Exchange decided to de-list a number of Chinese Telecom stocks, and are rumored to be considering delisting further stocks, including Alibaba. I have a small stake in ...

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