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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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14 views

Money transfer to US - how to make it right?

I've inherited a real estate in another country and I'm going to sell it. All the money from the sale will go to their local bank, and my account at this bank won't be accessible from US. What should ...
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0answers
85 views

Cashed a bad check

I went to a check cashing place and cashed a check after it failed to deposit into my bank account. 2 days later the money showed up into my bank. I thought it was okay after a while because I never ...
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0answers
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Effect of holding a publicly traded royalty trust in a traditional IRA?

Does anyone know what the effect of holding a publicly traded trust like Mesabi Trust (MSB) in a traditional IRA account? This is what I've found so far on the Mesabi website: For income tax ...
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7answers
3k views

What prevents people from lying about where they live in order to reduce state income taxes?

Lets say you work in Chicago and live in Chicago but put your home address as somewhere in Indiana. Then every week you collect the mail that is being sent to you in Indiana. Wouldn't you save a lot ...
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0answers
23 views

Forced buyout - practice and major + / - for minority shareholders in USA

I just read https://www.redhat.com/en/about/press-releases/ibm-acquire-red-hat-completely-changing-cloud-landscape-and-becoming-worlds-1-hybrid-cloud-provider IBM (NYSE:IBM) and Red Hat (NYSE:RHT), ...
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16 views

Does the SEC (or any governing body) limit Rights Offerings?

Could AAPL offer all shareholders a non-transferable right to purchase two shares at a 20% discount (from today's price, exercisable for one month) for each share they own? This announcement will (...
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2answers
55 views

Does paying a medical provider in cash count toward one's insurance deductible?

When paying a medical provider in the United States, the patient can either pay them cash or have them bill the insurance (which in turns may send some of the bill to the patient). Paying cash is ...
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2answers
66 views

Is it possible to have a self pension investment account?

Is it possible to have a self pension investment account? I work as a private contractor. I do have 401K. I wonder whether it is possible for me to have a Pension Account which helps to get a monthly ...
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20 views

Excess Roth IRA Contribution - How to Capture Earned Interest No 1099 r?

I contributed over the limit to my Roth IRA in 2018. I realized this and have withdrawn the excess contribution plus earnings in 2019, and have not yet filed my 2018 tax return. My Financial advisor ...
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3answers
7k views

Ask mother to pay off entire student loan, then pay her?

To avoid paying additional interest on my student loans, I want to ask my mother to pay off the entire loans with by lump sum, and then I would pay her back with interest. Are there any issues ...
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1answer
199 views

Not entering info on tax return

My wife and I make too much to get any deduction for our student loan interest. Our situation also puts us in the Standard Deduction, and we arent itemizing. Question is, do I need to enter all our ...
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1answer
45 views

Does Chinese Contractor Need to File US Return?

My US based LLC hired an independent contractor from China for some film work. Taxes were not withheld from the contractor’s payment. They will get a 1042-S to indicate this. As a nonresident alien ...
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1answer
45 views

Federal and State Taxes on International Property as a Prize

https://www.writealetterwinahome.ca/ Recently, there has been a contest issued by Alla Wagner of Millarville, Alberta, Canada, where in lieu of selling her home (a difficult prospect at the present ...
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1answer
75 views

How does the 401k work if i move from US to canada working for same company?

I have been working in USA from past 15 years and now planning to move to Canada for the same company. So is there a 401k equivalent in Canada where i can continue contributing ? Or i can still ...
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0answers
68 views

1099-DIV line 8 says “various”

I'm using Credit Karma to file my taxes. For 1099-DIV line 8, the document says "various", but the drop down in credit karma only allow for choices of countries, not for more than one, or various ...
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0answers
28 views

Standard deductions for resident alien J1 w/ tax treaty

Someone with a J1 Scholar visa becomes a resident alien for tax purposes in the US on Jan 1, 2018 (following the two calendar years' rule). Still, under the saving clause, it may be possible to claim ...
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1answer
177 views

Why are the limits on 401k much higher than IRA?

I'm currently working in a contract position with no option to contribute to a 401k. For 2019, the contribution limit on a 401k is 19,000 vs 6000 on an IRA. Why is there such a big difference? I could ...
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2answers
100 views

How to avoid paying estimated taxes due to unpredictable investment income?

I've read that you'll owe a penalty if you don't pay enough in taxes during the year, and I'd like to avoid paying estimated taxes if possible since I have significant and hard-to-predict investment ...
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2answers
310 views

Is it unusual to pay $90,000 or more in income tax for a single person? How could this amount be minimized? [on hold]

I feel that $90k in taxes is a lot! I'm curious if in the ideal situation, what would be the best possible way to reduce taxes, properly donating it to charities you actually care about etc? Some ...
2
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1answer
215 views

Is SIPC a scam or does it protect investors from fraud?

I was trying to understand if SIPC is going to protect me. Despite the higher limit, even for small investors, it can be a problem if I consider https://www.pbs.org/newshour/nation/why-brokerage-...
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0answers
80 views

What if my employer deposited my HSA into the wrong account for two years? How do I rectify the situation?

What if my employer deposited my HSA into the wrong account for two years? How do I rectify the situation? 2017 and 2018 my HSA deposits were made to my checking account. How do we correct this error ...
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0answers
72 views

Do I pay sales tax exporting the bike

We live in The Netherlands (Europe), we are Dutch. We are now buying a motorcycle in Florida, but are going to pick it up in July and then leave the state, since we're making a roadtrip. After 2 ...
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1answer
235 views

Do I need to pay income tax to use the money of my own company?

Suppose I own a company. I am the only member of the company. I pay corporate taxes on the bills that my company emits to the customers. That's done. If I want to use the money of the company for ...
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1answer
303 views

My 401k failed the nondiscrimination test — how to avoid taxable distribution?

As in this question, and this question, my ex-company's 401(k) failed the nondiscrimination test. I've recently received a letter from the company's HR to the effect that I will receive a corrective ...
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0answers
46 views

Calculating Gross from a desired Net

I have a sole proprietorship and I'm helping out a friend. We have an agreement where I told him what I needed to net each month and I can invoice for that. If I need to net $6000 each month, how do ...
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0answers
28 views

How to value AMT Credit

I'm modelling some scenarios exercising and selling ISO stock options including "same day sell" and "hold for a year and a day", the latter one trying to take advantage of the long term capital gains ...
2
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2answers
72 views

What is the most accurate way to calculate the difference in value of one dollar between two target years?

This question concerns only USD, and doesn't need to be more granular than a year-level. I am trying to create a model that takes various features into account in explaining why a particular service ...
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0answers
68 views

Received a settlement check for lost wages, what kind of taxes apply?

I received a settlement check from a company for lost wages, and was given a 1099 for 2019. The check itself was for about $2.3k USD, and included a breakdown that didn't make sense to me and showed ...
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0answers
32 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...
2
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1answer
118 views

ADP didn't withhold any county tax and I had to pay at the end of the year

Our state tax is 3.23% and our county tax is 2.9% Employees at hubby's company who were already working there when they signed up with ADP had county tax taken out. Anyone added later did not and now ...
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3answers
7k views

Can an American birth certificate be redeemed for money? [on hold]

Can an American birth certificate be redeemed for money? Why is it printed on bond paper?
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1answer
77 views

Can I put money in a Roth 403b from my bank account instead of doing a monthly paycheck deduction?

I have a Roth IRA and a Roth 403b through Fidelity. For the IRA, I know I can put money at any time from my bank account into it. However, I don't know how to actually do it for a Roth 403b. Is the ...
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0answers
82 views

Does health insurance pay for traffic accident related claims

Is it true that in the US, health insurance does not pay for treatments needed as a result of car accidents? Specifically, what insurance covers the following scenarios: Someone has an accident ...
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6answers
273 views

Rational risk-assessment decision framework: Should I buy health insurance?

Update: I've posted a sub-question on the math stack exchange to help answer part of this primary question. Sub-question: Toy problem: How much should I rationally be willing to pay for this ...
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1answer
39 views

Business losses for expenses incurred by a foreign contractor

I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
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1answer
154 views

401(k) losing money, considering withdrawal to pay off mortgage

I left my job 13 years ago with $80,000 in a 401(k) plan and $500 a month pension. Two years ago the company told me that I had to get money for pension. I had already lost $45,000 of my 401(k) due ...
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2answers
5k views

What is the best way to pay large tax amount owed to IRS?

I recently did a preliminary calculation of my taxes for 2018 and discovered that I am going to owe the IRS about $16,000. I do not have this amount of money in reserve. My question pertains to ...
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1answer
51 views

Long Term Transaction reported as Short Term Transaction without basis on a 1099

An investor has held the XYZ for over 20 years. The XYZ company then spins off the ABC company. Over one year after the spin off, the investor sells his shares in the ABC company. It is my claim that ...
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3answers
79 views

Deferring a W2 income to another year for tax return filing

I worked for 3 companies in two states. I moved to my current company on Dec 1, 2018. I got bonuses and sign-on bonus from all 3 companies (although I returned the sign-on bonus to one because I left ...
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1answer
48 views

Executing vested options : How much tax I need to pay

I am working at a startup in California, USA and I was given some options of the type ISO, with a four year vesting period. Very soon, I will complete one year and I would like to execute 1/4th of the ...
2
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0answers
82 views

How can I stop the IRS from withholding refunds for a student loan that is already paid off?

I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
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2answers
63 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
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4answers
421 views

Why can't US students borrow at US-bond rates for studies?

Inspired by this question: How can I prepare for my US student debt? I can see the interest rate is a staggering 9%, is it true students can't aquire more cheaper finance? And if it is true, why? ...
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1answer
530 views

Fund Loses Money But 1099-DIV Shows Large Capital Gain Distribution

My Goldman Sachs fund lost over $6,000.00 for 2018, but the Form 1099-DIV shows a total capital gain distribution of over $62,000.00. How can that happen?
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2answers
85 views

Splitting home equity with family, both family members on the loan, one brought in more down

In CA, how is it approached when 2 parties enter a loan to purchase a home then either want to sell and split ways or sell and move together. The issue: Party A brought 35% equity into the new loan, ...
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0answers
33 views

Calculating capital gains and cost basis after acquisition

I had Aetna stock that has gone through the CVS acquisition. 87.815 shares of Aetna. Value with final stock price of $212.70 is about $18,678. Cost basis of $2,160. CVS acquisition resulted in ....
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0answers
63 views

Is Supplemental 20/80 health insurance still available in the US?

Are supplemental health insurance plans (those that can pay your out of pocket expenses after some deductible up to the limit that your primary insurance covers) still available in the US? I was ...
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1answer
23 views

capital gains and electric vehicle tax credit with form 1040 NR EZ

This question is regarding income tax in USA for non-resident aliens. In order to show my capital gains and electric vehicle tax credit, do I need to mention/add/substract anything in the form 1040 ...
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2answers
225 views

Do I have to tell the IRS that I was a student?

I know this question seems backwards, because most people obviously want to tell the IRS that they were students so that they can get a bigger tax refund. However, my wife and I were very fortunate ...
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1answer
41 views

Are fluctuations in the exchange rate of a foreign currency taxable for US expats converting such currency to another currency?

I understand that when I make a profit on foreign currency exchanges in excess of $200, I need to pay capital gains to the IRS. However, it isn't entirely clear to me when I am considered to have ...