Questions tagged [united-states]

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

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1answer
22 views

Roth Conversion over ACA Cliff

Since the ACA Cliff is eliminated for 2021 (& 2022), it appears to be a good time to do an extra large Roth Conversion. Assuming the individual is already close to the ACA cliff (and not on ...
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0answers
39 views

Self-Employed near retirement needing to start a retirement account

My father is 58, with no retirement accounts. He's run a sole-proprietorship for most of his life with 0-1 employees and doesn't have too much in savings. We're exploring the options of a ...
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1answer
141 views

Receiving money to send to other people: do I have to pay any taxes?

As a US lawful permanent resident, I'm filing for my taxes in the US. If I receive x USD and the source of the money is expecting me to entirely redistribute this x USD to a few other people, which I ...
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2answers
112 views

Getting a HELOC to buy an investment property with bad credit but fully paid off house

I've been doing a lot of research but can't seem to find a definitive solution to my somewhat unique situation. My wife and I own an investment property in PA (currently used as a short term rental / ...
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1answer
26 views

Wash Sale for stocks and FIFO taxes

I have a situation where I'm trying to avoid a wash sale and am trying to realize some losses by year end. Here's the situation: Jan 1st - purchase 100 shares of XYZ at $100 per share - $10,000 March ...
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1answer
168 views

How much percentage of company will I own? [closed]

I am going to start my tech company (private limited). The authorized capital of the company is $100K with 100k common shares ($1 per common share). I issued 10k common shares for me. Later, I got an ...
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0answers
78 views

Are the good faith violations counted across all accounts, or are they counted separately for each account?

I read on https://www.winvesta.in/blog/good-faith-violation/ (mirror): If you earn three good faith violations in a 12 month period, your brokerage firm will restrict the cash account for 90 days. It ...
5
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1answer
622 views

Do you have to pay taxes on the free stock you get from a Robinhood referral link if you don't sell it?

I signed up for a Robinhood account with a referral link and got a free stock. I've searched all over the internet to see if I have to pay taxes on the gifted free stock. I can confirm 100x over that ...
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1answer
167 views

What is the smallest width a US check can be?

From googling, I understand that checks need to have 8 things in them; Bank Name, Customer Name, Date, Amount in Numbers & Words, Signature Mark, MICR Routing & Account info line. Most of the ...
2
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1answer
155 views

Is my calculation of gross income correct?

I have made $7200 working for a temp service this year, then I was hired in straight into the company and hope to gross about $3700 for the previous last two weeks and the remainder of the year. I ...
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1answer
329 views

Do freelancers who receive a W2 qualify for home office tax writeoffs in the US?

Last year I freelanced year round in the U.S. For work performed from Jan-Oct I received a 1099-NEC (Non-employee compensation tax form) from my clients. However, from Nov-Dec I worked for a new ...
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1answer
52 views

SAFE Notes and taxes

If you are an advisor or a software developer and the company that you advise/consult for, pays you 10K USD, then you pay tax on the 10K received eventually. But if you chose to opt for 10K USD worth ...
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1answer
70 views

European citizen exercising USA company stock options

My situation is pretty simple, I am a European citizen working for a US based company. I would like to exercise my vested stock options and hold the stock long term since both the exercise price and ...
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3answers
3k views

Give third party check to charitable org?

I got a small stipend as a check for a focus group thing, $125. I don't want to deal with the taxes, etc. Can I just endorse the check, hand it to, say, the food bank, and pretend I never saw that ...
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3answers
6k views

Is there any downside to paying off a mortage shortly before moving?

I recently purchased a house for $125k, currently the mortgage balance is $100k, but value increased during COVID to ~$210k. I am expecting to earn a lump sum of money, enough to pay off the mortgage ...
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1answer
441 views

Are the Vanguard Target Retirement Plans designed for when you turn 65, not for when you plan to retire?

During a presentation around 401k plans, my company's 401k provider just informed us that the "Vanguard Target Retirement " plans are designed for what year I turn 65, not the year I plan to ...
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1answer
85 views

Why the tax on stocks dividends differs between the types of companies?

Why some types of companies, like a limited partnership LP deduct more percentage on the dividends (for me it was 37%) than the regular percentage (30% for inc,lmt for example)?
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1answer
31 views

If you are doing an 83(b) early exercise, would there be any tax difference between incentive stock options and non-qualified stock options?

Let's say one is being given employee stock options with a relatively low exercise price, such that it makes sense to do an 83(b) early exercise. In that case, would it matter if they are incentive ...
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1answer
48 views

When are premiums received for selling covered calls/naked puts realized?

For example, if I were to buy 100 shares in APPL today and sell a covered call option with an expiration year of 2022, would the premium that I receive be realized upon sale or when the option expires ...
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2answers
133 views

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income?

If I live in Maine but work in New Hampshire, do I owe income tax in Maine on my New Hampshire-based income? I do not believe that Maine and New Hampshire have any tax reciprocity agreement.
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1answer
1k views

How do I calculate Capital gains on gifted property inherited by the donor?

My father inherited a property as part of an estate after my grandmother passed away. Then maybe a year later he gifted it to me. I've had it longer than a year. How do I calculate the capital gains ...
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2answers
243 views

Is there no tax free way to shelter your savings from depreciation due to inflation like converting to any other unaffected foreign currency?

As I understand it, currency appreciation is treated as taxable income. However, if the currency you've converted to or any other currency you convert to isn't really appreciating at all and instead ...
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1answer
50 views

Educational Assistance Programs For Loan Repayment

I own an S corp and I am the only employee. I think I would like to create an educational assistance program for the company to pay for my student loans with pre-tax dollars. IRS publication 15-b says ...
2
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1answer
109 views

selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
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1answer
22 views

QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
2
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1answer
54 views

If a parent filed taxes in 2020, and then a child was born or adopted in 2021, are can they receive the monthly "Advance Child Tax Credit" payments?

Suppose someone filed a tax return in 2020. Also suppose a child was either born or adopted into the family in 2021. Are they eligible to receive the monthly "Advance Child Tax Credit" ...
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1answer
63 views

What type of company/business can be registered with one person?

In some countries, a company must at least has 2 board members to be registered. What about the US? What type of companies can be registered with only 1 person in the US? EDIT: My interest is a S-Corp ...
2
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1answer
42 views

What is the difference between "Filing Date" and "Accepted" date in EDGAR?

In Apple's 2019 Form 10-K filing on EDGAR, I see this: What is the difference between "Filing Date" and "Accepted" date? In some filings, the "Filing Date" and "...
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1answer
98 views

What do MX, NE, DA, F, etc. mean in the stock market? [closed]

I am completely new in the US stock market. I searched for Apple, Microsoft, etc. company stocks but found that there are also some other things like AAPL NE, AAPL MX, etc. What do they mean? I would ...
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1answer
75 views

How are salaries calculated for holidays falling during maternity leave?

My wife has taken maternity leave. She is a salaried, tenured public school teacher, but surprisingly the workplace does not offer maternity leave pay. She had a few weeks of sick leave accumulated, ...
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1answer
64 views

US Political Contributions Disclosure Form

I've been told I have to fill out a form for political contributions by my employer (a financial services firm). I googled it, and came up with Form 8872, but that looks like a form for organizations, ...
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1answer
72 views

Deposit stocks into LLC

Does depositing stocks into a single member LLC incur a capital gain? The stocks will not be sold. I have searched for this but cannot find an answer.
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1answer
116 views

How can increasing the max of SALT deductions from 10kUSD to 72.5kUSD cause an average tax cut of 145kUSD for the top 0.1% earners (>1MUSD) in the US?

I read an article from Fox Business (mirror 1, mirror 2) about the proposed change to the State and Local Tax (SALT) deductions: Under the latest proposal currently being considered by the House ...
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2answers
131 views

How is it possible for an F-1/F-2 visa holder establish a company in the US?

If someone with the F-1(student) or the F-2(Student's dependent) visa is in the US. how can he establish a company in the US? Can he do it standalone(I mean register a company with his own with no ...
2
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0answers
146 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
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2answers
176 views

How to cash a check made out to myself but without my name on it?

I was the executor of a family member's estate starting starting 7 years ago. The estate was closed on the order of 3-4 years ago, and so the estate bank account has also been closed for that many ...
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0answers
144 views

How can I find out why my debit card is getting invalidated?

I have had a problem where I use a certain super market and it is invalidating my debit card. By "invalidate" I mean that the card can no longer be used until the bank resets it. This has ...
2
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1answer
151 views

"High Income Earner" savings / investment options

After 7 years in my profession, I'm finally in a high paying position. I was reminded recently that I needed to be "accumulating wealth", which got me to reading articles. One of the things ...
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0answers
36 views

Boston, MA Condo association occupancy limitations [migrated]

I was looking at apartments in Boston, MA and found one that I liked. 2 bedrooms 1 bathroom. I was going to move with my partner and one other friend. My partner and I would share a room. I was told ...
1
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3answers
141 views

Where do US public companies announce news?

Where do US public companies announce significant news such as dividends, stock splits, new bond offerings, divestitures, mergers and acquisitions, hiring and resignations of corporate officers, etc.? ...
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0answers
53 views

Ripped $100 bill with strip [duplicate]

If i have a hundred dollar bill with half missing. have the half with the full strip on it can I still get the face value for it? I havent attempted it yet.
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2answers
32 views

How do non-refundable tax credits combine with fully refundable tax credits

I am considering purchasing a solar system for my house. I didn't do it last year, because I projected my income tax liability to be less than $1k after the child tax credit due to the fact that I ...
3
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1answer
73 views

Setting up an HSA

I am trying to set up an HSA (obviously this is in the USA.) I have a small business with a single employee and I am pretty sure my heath insurance plan is considered high deductible (individual/...
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0answers
34 views

Managing Income to Facilitate Taking Tax-free Capital Gains

Regarding Capital Gains Tax in U.S.: I am retired, and my only income is what I think is called "passive", e.g. RMDs, dividends, interest, and realized capital gains. My understanding is ...
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1answer
149 views

What should i get first debt consolidation, house or car first? [closed]

I'm an 31yo above minimum wage worker with a little over $5k in debt from credit cards with various interests, with a credit score of 617, stocks ETFs and REITs with dividends, stable cryptocurrency ...
0
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1answer
110 views

Does the increased value of my used vehicle equal the increased cost of a new vehicle during the current chip shortage?

I have been researching trading in my current vehicle and purchasing a new or use model. From what I can tell used vehicles across all manufacturers are still up substantially, ~25% YoY on average. ...
4
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2answers
87 views

Which insurance is primary when you have coverage through two employers?

If someone has health insurance coverage in the U.S. through two separate employers, which is considered primary for the coordination of benefits? How is this determined?
2
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2answers
209 views

Why have some stocks spiked then crashed, all within 30 days?

I'm referring to stocks that peaked like a mountain than crashed, but that weren't short squeezes. Is this Irrational Exuberance? If you know more examples, just edit this post please. I know little ...
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0answers
25 views

Do non-resident aliens have to pay tax on a gift from foreign source?

I am a non-resident alien (not a US person), temporarily working in the USA. I will be receiving a monetary gift from a foreign entity. The source of the cash does not originate in the US. Do I have ...
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0answers
28 views

Have a HDLC health insurance with a $4000 benefit going into a HSA. Just found out I am not eligible for the HSA. How to rectify

Did not know I was not eligible for HSA as I have had Medicare for several years. The $4000 dollars the company put into the account has been used as my wife had major surgery. There is a $3000 ...

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