Questions tagged [united-states]

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

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How do I get over-withheld tax from 2017-2022 back as an non-resident alien?

I’ve worked as a freelancer from Europe with an American art agency for years and still get some royalties. In 2017 they suddenly changed the tax withholding from 0% to 10% this was not correct but I ...
Jaime 's user avatar
4 votes
3 answers
736 views

Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?

While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
Stevoisiak's user avatar
1 vote
1 answer
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RSUs: Can the cost basis for sell-to-cover transactions be calculated using FIFO, or does it have to be LIFO?

My RSU vesting happens with an associated sell-to-cover transaction for tax purposes. The page on my brokerage (E-Trade)'s website shows the cost-basis for this transaction as though it was calculated ...
Deadly Piglet's user avatar
1 vote
1 answer
79 views

Do Transaction Fees Count Towards Roth IRA Contribution Limit?

I'm using Interactive Brokers. I noticed that IBKR charges a transaction fee for the purchase of some funds. Does that transaction fee count toward the Roth IRA contribution limit?
Jeffrey Enriquez's user avatar
2 votes
2 answers
266 views

Co-signer or Buyer that is the question [duplicate]

My stepmother asked me to co-sign on a brand new car. I did it because I felt obligated. When we got to the dealership they said her credit was so messed up to get the car I had to be the primary and ...
Tatiana Loving's user avatar
1 vote
0 answers
107 views

Consequences of opposite put option positions between taxable account and Roth IRA?

Let’s say I have 300 shares (of the underlying) in my taxable brokerage account and they are worth $500 each; I want to take a break from working for three years; and I intend to fund this time off by ...
matt.dolfin's user avatar
-1 votes
0 answers
106 views

Does a Tax Identification Number (TIN) provide greater safety than giving SSN?

For some years I was selling PDFs through a Web site. This Web site recently switched to using a new financial product similar to PayPal that would transfer the profits to my bank account. They ...
Village's user avatar
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1 vote
1 answer
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US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?

I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
Lloyd Banks's user avatar
0 votes
1 answer
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Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
Vegas's user avatar
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1 vote
1 answer
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Move cash reserves to 529?

Let’s say that I am maxing out my 401(k), IRA, and HSA; I’m putting away $250 a month in a 529 I own with my kid as the beneficiary; and any take-home income left over at the end of the month goes ...
matt.dolfin's user avatar
0 votes
1 answer
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Can I claim the tax back from my lawyer's fee?

I received a settlement from a car accident of 285000. I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high? I haven't worked since this accident in 2012. I ...
Dave Weaver's user avatar
2 votes
1 answer
133 views

How to disburse capital gains between two people with minimal taxes?

My daughter and I bought a house together in 2022. I contributed money for the down payment. We have paid equally all of the mortgage and expenses. We are selling it now, it is on the market. I am ...
Rita Cook's user avatar
3 votes
1 answer
79 views

Can I re-file a missing Schedule 1 in this situation?

A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
Bob's user avatar
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Organizing a small academic conference. What are the tax implications?

I am organizing a small academic conference in about 10 months. About 100 scientists from all over the world will attend the conference. The conference will take place in the United States. Each ...
Astor Florida's user avatar
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1 answer
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Is it better to get a resale certificate or register an LLC in CA?

I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
best_of_man's user avatar
5 votes
1 answer
891 views

Time limit on sending invoices in the United States

Is there a time limit on how long one can wait to send an invoice? E.g. supposing a contractor does some work, and does not issue the invoice promptly. Is there some time limit to sending the invoice, ...
Robert Dodier's user avatar
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0 answers
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Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?

Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly. Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
tmwn6919's user avatar
  • 107
0 votes
2 answers
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Interest accrued before backdoor roth ira conversion

What does one do with the interest accrued ( ~$1) in the money market account in the traditional IRA that shows up before doing the backdoor Roth IRA conversion? I noticed this amount and it puts me ...
heretoinfinity's user avatar
0 votes
1 answer
112 views

I need to make an international wire transfer in 2-3 days -- how can I do that?

I need to make a wire transfer (from the USA) to an international bank in the next 3 business days. They specifically ask for an MT 103 receipt, so I don't think alternatives to SWIFT will work. I ...
voobaroo's user avatar
0 votes
1 answer
63 views

In a divorce is there a benefit to selling stocks?

During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
Barbara 's user avatar
0 votes
1 answer
115 views

Going through a divorce and I’m in dire need of a new vehicle. Can I purchase one with a co-signer?

I’m currently going through a divorce in Mississippi. Non contested papers have been drawn up and sent to my wife. My vehicle has bitten the dust. Can I purchase a vehicle with a co-signer and keep it ...
Joey Harrington's user avatar
2 votes
1 answer
46 views

Can Schedule A medical expenses offset long term capital gains?

My elderly parents have recently started incurring very significant expenses for in-home care. They are considering selling a vacation home with a long-term capital gain to cover their caregiving ...
KnowItAllWannabe's user avatar
1 vote
1 answer
106 views

Are interest and penalties due to the IRS when there is an automatic extension due to emergency?

I just got a letter from the IRS, saying that I owe them a small amount of money. I live in California, where we had an automatic extension to the due date until October 15, so that is when I filed. I ...
Wesley's user avatar
  • 113
2 votes
2 answers
296 views

Do Americans usually accept a stained dollar bill?

I'm not American, but have visited the US a couple of times. I think in one of those trips I got this $100 bill: As you can see, it has some dark stains, but it didn't bother me at the time and I ...
sourcream's user avatar
  • 125
2 votes
1 answer
133 views

How is the Underpayment of Estimated Tax penalty determined?

My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty. I was just sent a ...
asgallant's user avatar
  • 220
19 votes
1 answer
6k views

Friend accidentally Venmo'd me rent as a commercial Venmo transaction. What are the tax implications of this?

I pay the full rent to our landlord and my friend sends me his share. When using Venmo, he accidentally ticked the 'goods and services' option which marks it as a commercial transaction. He sent me $...
rsn's user avatar
  • 301
7 votes
2 answers
2k views

No Cost ETF - Is there a trap here

I have noticed that Fidelity has some no cost ETFs. That is, they do not charge a management fee. I have bought some Vanguard ETFs because they have a very low management fee. I consider both Fidelity ...
Bob's user avatar
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0 votes
0 answers
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Settlement period change in 2024

There is a settlement change in May 2024. Does that change applies to Stocks/ETF Options Mutual Funds
riya's user avatar
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1 answer
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Can buying mortgage points reduce a rate below the applicable federal rate?

And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
CodeCamper's user avatar
2 votes
1 answer
251 views

Any problems with paying essentially $0 towards student loans and counting on forgiveness?

I recently signed both my wife and I up for the new SAVE IDR plan for our student loans. This put our total monthly payment from $350 to $0... I am eligible for PSLF so my loans (about $24k) will be ...
Nosjack's user avatar
  • 8,456
2 votes
1 answer
68 views

Can a prior-year deposit be included in a current-year tax credit?

I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
Jeff Schaller's user avatar
1 vote
1 answer
79 views

Retroactive property valuation

We bought a new house in a new housing development. This was Phase I. The house was $300K when we bought it in 2018. Taxes were paid based on that value. In 2021, the county has said that they ...
RS401's user avatar
  • 11
-2 votes
1 answer
152 views

Should I pay the current balance or the remaining statement balance to avoid paying interest on my US credit card? [duplicate]

I have a credit card. I used it to make a few payments. In my account, I see: If I want to avoid paying any interest or late fees, do I have to pay the current balance or the remaining statement ...
Franck Dernoncourt's user avatar
-1 votes
1 answer
40 views

How to Report Income State Tax on Dividend Income from Mutual Funds While Traveling for an Extended Period

I left Kansas in July 2022 and have not returned since. My income for the year 2022 is solely interest and dividend income from mutual funds, including emerging market and corporate funds. The sources ...
sami's user avatar
  • 111
-1 votes
0 answers
129 views

How to avoid interest with T+1 in the scenerio given below?

In my brokerage accounts I keep fund in ETF like VMFXX ( the brokerage does not have it as default sweep option). Currently VMFXX has T+1 settlement. Currently suppose I have a GTC order to buy some ...
puzzled's user avatar
  • 960
1 vote
1 answer
108 views

When does the IRS typically announce health FSA contribution annual limits?

Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
Very Tiny Brain's user avatar
2 votes
2 answers
121 views

Can only the individual version of this health plan be a High-Deductible Health Plan?

I'm looking at a health insurance plan that has a deductible of $3000, for each person enrolled. If you enroll one person, it pays out when that person has $3000 or more of medical expenses. If you ...
interfect's user avatar
  • 159
1 vote
1 answer
58 views

How to handle US financial accounts after leaving?

I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts: Robinhood brokerage: ...
sam's user avatar
  • 151
1 vote
0 answers
89 views

Is there any way to pay Vanguard account fees without it counting as an IRA contribution?

I have a small Vanguard traditional IRA that I maintain but don't contribute to. Because I want to continue to get paper statements, there is an account fee that I haven't paid for two years. ...
Jack's user avatar
  • 303
1 vote
2 answers
169 views

What are the risks of buying health insurance directly and not through the federal or state exchanges?

I'm self-employed and it's open enrollment time. My current health insurance was bought on the state exchange but the premium is going up 22% so that certainly encourages you to shop around. I've ...
Craig W's user avatar
  • 15.7k
0 votes
2 answers
51 views

IRA withdraw penalties vs interest rates today

Here's a interesting point of view/question. With interest rates near 10% for loans these days - used car loans at 9.06% for someone with excellent credit - are we at a point where it makes more sense ...
user3260912's user avatar
0 votes
1 answer
104 views

Is it possible to deposit the check with the old business name into the new account?

Chase recently closed my business account without providing any reasons, possibly due to limited activity. They're sending a check with the remaining balance, issued in my old business name, "...
zeratul's user avatar
1 vote
1 answer
118 views

Use HSA for medical expenses or save it for investment?

If investment growth using an HSA account is not subjected to taxes, then isn't it better to invest using HSA than investing on stock platforms like Fidelity or Robinhood? When I use the funds in the ...
Lacie's user avatar
  • 169
1 vote
1 answer
81 views

What's the benefit of buying municipal bonds on the secondary market?

"Buy munis!", they say... "they're tax exempt!", they say... but are they? It looks like you're paying income tax on most of the Yield To Maturity (since interest rates have gone ...
RonJohn's user avatar
  • 50.6k
8 votes
3 answers
2k views

Switching health insurance due to birth of baby

Expecting a baby in a few months and also working through Open Enrollment season. If I chose a low deductible plan for the beginning of 2024, and then switch to a high deductible plan after baby is ...
kk7534's user avatar
  • 232
1 vote
2 answers
547 views

Homeowner's insurance and alleged business misconduct

In the US homeowner's insurance usually also covers liability for unintentional acts, such as knocking over a vase in someone else's home. Suppose someone is accused of an act that would be a business ...
Gerard Ashton's user avatar
0 votes
2 answers
162 views

Can I deduct driving expenses when I am driving for a ride share service and hoping to get a passanger?

Imagine a person is driving for a ride share service such as Uber. He is at his favorite spot waiting for his next passenger. He then gets a passenger and drives the passenger where he/she wants to go....
Bob's user avatar
  • 1,540
0 votes
1 answer
147 views

Buying back foreclosed property at auction

This is a theoretical situation, one that keeps making the rounds on Facebook (and probably other social media sites) of a "feel good" type of story, but I'm wondering if it has any basis in ...
computercarguy's user avatar
1 vote
1 answer
42 views

Dependent Care FSA prepayment in the same year?

My child's care is $1,900 a month. If I sign up for a Dependent Care FSA, I'm told that the funds are immediately available for use in the coverage year. Can you pay on January 1 2024, the full $5,000 ...
Evan Carroll's user avatar
1 vote
1 answer
100 views

Why do US Social Security benefit estimate increases vary so much from year to year?

Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start ...
rlandster's user avatar
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