Questions tagged [united-states]

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

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United States: Can I attach documents when e-filing for free?

The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
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23 views

Vailidity of Digital signatures on self-prepared 1040 tax form

Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail. I'm considering ...
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102 views

Recently released from prison and didn't file taxes for two years. How do i file no income?

Should I file taxes with no income because of being in prison? What about the stimulus checks? Do I need to file taxes to receive it?
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31 views

endorsing a check for mobile deposits

My bank requires me to write the following on the back of a cheque before I can use their mobile app to send it over to them: For mobile deposit at XYZ bank only I am very worried that once I ...
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1answer
18 views

Recharacterizing excess Roth IRA contribution more than once

I realized that I have made excess Roth IRA contributions for 2019. I recharacterized $X as contributions to my Traditional IRA. As I was filling out my tax form, it turns out I did not sufficiently ...
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1answer
34 views

Where to find AGI (Annual Gross Income) on Online Transcript?

If I may ask for some assistance regarding the Online Transcript: As far as I'm aware of, the Online Transcript (IRS) is separated on four different files: Account Transcript, Record of Account ...
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1answer
120 views

Can you get the stimulus check if you do not file a tax return for 2018 or 2019 and you do not get Social Security?

In the CARES Act that just passed (text here), section 2201 provides the recovery rebate tax credit for 2020, with section (f) providing advance refunds (the check). It says that the advance refund ...
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1answer
71 views

Will the stimulus bill deduct from the $1200 check after being laid off?

I recently got laid off. In my 2019 tax return, it will convey that I made $110k that year. Will the stimulus bill deduct from the $1200 check?
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1answer
66 views

Tax breakdown for bonus income

Say the bonus is $8000 and $6800 are set for a 401k (pre-tax) deduction. Here's the tax breakdown. Does this look right? Shouldn't the taxes be calculated on the $1200? ($8000 minus $6800 due to pre-...
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1answer
71 views

New hardship distribution rule for retirement accounts in the $2T Stimulus Bill

The recent stimulus bill changes The law temporarily loosens the rules on hardship distributions from retirement accounts. Here's a quote from a WSJ article. https://www.wsj.com/articles/whats-in-the-...
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1answer
101 views

Am i considered “associated” to a company i have quit but still own stock in?

I quit an equity trading broker at the beginning of this month. I still own stock in the company. Am i still considered to be "associated" to this company? I am asking because i went to open an ...
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Is this corporation electing to be an S corporation beginning with this tax year?

I had a question about what to put for this answer in section G of Form 1120S. I already filed Form 2553 the prior year to be accepted as having S-corp tax status for my LLC. Do I put "No" here ...
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4answers
781 views

How to balance paying off student loans with 401k contributions when employer matches 100%, up to federal maximum?

I've regularly heard the best advice for a young professional is to max out your employer's 401k contributions (maybe 3-5%, or limited in some way), then focus the rest on paying down debts. After the ...
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23 views

Should I file Form 1045, Application for Tentative Refund, or just ignore it?

I've entered my data into several online tax prep sites. One of them, TaxAct.com, says I should file Form 1045 because I have a business loss this year. Apparently if I do a carryback I will get a ...
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3answers
2k views

Should I transition to index funds now, or wait?

When I started investing, I made the mistake of trying to pick individual stocks and actively managed funds. I now believe that low-cost, passive total market index funds are the best strategy for me ...
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1answer
120 views

Am I less likely to get approved for credit during the COVID-19 pandemic?

I've been thinking about applying for a new credit card or two, as I've been building up credit for awhile and basically all my hard pulls have fallen off of my credit report. Given that COVID-19 is ...
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1answer
82 views

Do I owe federal/state tax if my deduction is greater than my income?

I'm currently filing with TurboTax for my first (official) year as a freelancer and had a question about how my tax owed is being calculated. I just do this stuff on the side (full-time student), so ...
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1answer
64 views

How to file taxes for a backdoor Roth and 401(k) roll-in

I am planning to backdoor $6000 into my Roth IRA for 2019, which currently has nothing in it. I have $2500 in a traditional rollover IRA. I was going to put it into the Roth, but due to the ordering ...
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3answers
2k views

Stimulus Check Eligibility (College Student)

If I am a 19 yr old college student with a part time job and currently unemployed due to the virus outbreak, will I be eligible for the stimulus check? I did not submit a tax return in 2018, but I did ...
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3answers
259 views

Where does the money from the US $2T stimulus package come from? [closed]

The US Senate announced to $2T stimulus package to help keep the economy up and running. Where does the government come up with that type of money? Surely they don't have that much cash available?
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1answer
105 views

How should I backdoor my Roth IRA?

I am single and have no dependents, am in my late 20s, and I made an income in 2019 that lies somewhere inside the phase-out section of direct contributions to a Roth IRA. I do not think I have any ...
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0answers
50 views

Multiple IRS Levy Notices?

My wife received a Notice of levy in Dec. 2019. We had no issues with this, as we did owe. The amount of the levy has since been met, but the levy is still in effect. We file jointly, so both of our ...
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1answer
111 views

Is it income and if so what kind?

Last year, I got a nasty case of food poisoning. I was so violently ill I literally couldn't think straight. The only thing open was the emergency room so that's where my family took me. They ...
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1answer
34 views

Question about calculating wash sales across multiple orders

How do I handle the accounting of my wash sales? I bought AXP in 3 different orders, all purchased within 5 days of each other: 100 @ 122 100 @ 100 100 @ 76 I sold all 300 @ 102, and then ...
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1answer
93 views

Will changing HSA custodians result in losing investment value?

My HSA custodian was acquired by another custodian, and they're planning to liquidate my investments at the old custodian, and then transferring that into a money market at the new custodian. At that ...
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0answers
39 views

How do I apply for an SBA Disaster Loan? [closed]

Resources to make application and forms process quicker and easier for businesses hurt by coronavirus? Web sites or any other resources that can make it quicker and easier to apply for SBA Disaster ...
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1answer
51 views

Are funds in 403b accounts and Social Security secure in the event of a depression?

Are funds in 403b accounts in the event of a national depression, such as in the 1920s, secure, or are they lost? And since a depression involves the whole nation, Social Security will end, correct?
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1answer
124 views

Who would be affected by mass mortgage defaults? [closed]

If, for whatever reason XYZ, a large amount of home owners default on their mortgages, what companies/financial institutions are most affected? I am asking this question sans any CDO screwiness from ...
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3answers
5k views

When filing taxes, how do I report “informal income” for which I don't have any forms?

This past summer, I worked a normal summer job and received a W2 form. However, I have also been tutoring two fellow students at the university I attend. They have been paying me "informally", eg they ...
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How do I record roll over of IRA and CMA into the purchase of service credits on my federal income tax?

I work for the a county government with its own retirement system. I served about 10 years in the military. A couple of years ago I found out my dad had put money in an IRA and a UTMA CMA for me. I ...
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0answers
70 views

how to make sure tech gadgets that comes in home is not controlled by seller [closed]

I was looking for home to buy and some homes has tech gadgets like. nest thermostat installed. ring as door bell. MyQ on garage door. I want to make sure that on sell, the seller does not keep the ...
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1answer
92 views

Can I really save money by refinancing mortgage without a broker?

I live in the US and I am considering refinancing my mortgage. From what I have read, a large part of the cost of refinancing comes down to broker fees (which tend to be a percentage of the principle (...
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51 views

Filing for unemployment after quitting a W2 job for a 1099 contractor role?

My wife left her W2 job for a 1099 contractor role last month. She was fired from the 1099 contractor role for underperforming after 3 weeks. When filling out the unemployment information for Texas, ...
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45 views

If a single owner LLC is closed in Jan 2020, does the company owner still file a return in 2021?

If someone has single owner LLC in California USA and if he/she closes the company in Jan 2020, do you still have to file business tax return in 2021? Specially if company has elected financial year ...
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15 views

Percentage usage for Listed Property (Part 5) in Form 4562

I have a question about how to write down the (column c) Business/investment use percentage of a listed property, for tax year 2019. I'm currently working with line 26 and 27, Property used more/less ...
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89 views

I need help making a small bit of money each day [closed]

I need at least $5 for the next two months. There are some limitations, as I don't have access to a lot. I am a computer programmer, and I have a small site. I'm trying out Google Adsense. I'm already ...
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1answer
74 views

How do I handle US State Income Tax for the 2020 COVID-19 Coronavirus Filing Extension

While the IRS has a page on the Coronavirus impact is there any resource on handling the various State Income taxes. Are they extended like the Federal Income tax or do I have some relief due the ...
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1answer
232 views

Does the postponed tax-filing deadline affect Roth IRA contribution deadline?

Since Mnuchin has pushed back the filing deadline to July 15th this year (IRS announcement and Notice 2020-18), does that also push back the deadline to contribute to a Roth IRA? irs.gov says this ...
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13 views

Roth IRA excess contribution: applying excess to future year, how much less to contribute then?

2018: I had an excess contribution = $X to my Roth IRA. The excess contribution was made in 2018, not between January and April in 2019. I'm younger than the Roth IRA withdrawal age. 2019: I am ...
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1answer
54 views

Do you need both a bill of sale and title when buying a used car?

I am attempting to make my first used car purchase from a private party in New York. I understand that the title should be transferred to me after the sale but what about a "Bill of Sale" ? Would I ...
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3answers
2k views

How much weaker would the US dollar be if each citizen receives a $1000 bonus from the government? [closed]

Currently there are talks of issuing a $1000 payout to all American citizens earning less than $130,000. Presuming the final number of recepients is 200 million people, this is equivalent to injecting ...
2
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1answer
21 views

What is the income tax exemption proration policy for Massachusetts part-year residents?

I moved to Massachusetts in the second half of 2019 and started a new job. I'm trying to calculate my exemption for the 2019 tax year. The "2019 Massachusetts Nonresident or Part-Year Resident Income ...
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1answer
105 views

What are the practical effects for banking consumers from Fed cutting fractional reserve requirements to zero?

With all the other news, it seems like the fed eliminating the Fractional reserve requirements for banks in is not getting so much attention. Everyone is talking about the Fed Discount rate, which I ...
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1answer
31 views

Same stock in separate accounts. FIFO implications

If I held shares of a specific stock since 2016 in one account (let's say Fidelity) and would like to day trade the same stock in another account (E-trade) would the cost basis be treated separately ...
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4answers
228 views

How Should I invest $20K? [closed]

I came by some cash a year ago, so I put $20,000 in a Certificate of Deposit which will end this weekend (at about $20.5K). Now I'm wondering what to do with it. I don't really know much about ...
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3answers
335 views

Are Social Security payments threatened by the Coronavirus crisis?

I would like to know if it is likely that the United States government may have to reduce Social Security payments for the remainder of this year to help fund economic stimulus packages to help bail ...
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9answers
8k views

401(K) Very high negative rate of return

I am 26 yo and have total $27.5k contributed to my 401(K). I have chosen 2045 Blackrock target date fund and my 2020 first quarter rate of return is -37% due to the current market blood bath. I have ...
2
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1answer
106 views

Is the new COVID-19 Tax Relief for California residents applicable to everyone?

There's news out regarding a 60-day extension for California residents "affected by the COVID-19 virus", but the wording they use is so vague. Everyone was affected. Do they mean directly contracted ...
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1answer
24 views

Where to put name suffix on I-9 Form or any form which doesn't have a specific box for it

Where would I put a name suffix on an I9 form or any form that doesn't have a specific box for a name suffix? On this form I only see fields for Last Name, First Name, Middle Initial and Other Last ...
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1answer
87 views

Can my employer's payroll company be liable for not withdrawing enough State taxes from my income? [duplicate]

My employer's payroll company did not withdraw the correct percentage of state taxes from my year's worth of paychecks. I'm now liable for $2,000 in state taxes. Can the payroll company be held ...

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