Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
12,113
questions
3
votes
1answer
58 views
Deciding if you need to make estimated tax payments
I am helping a friend with her taxes. The following is a quote from the instructions for form 1040ES:
In most cases, you must pay estimated tax for 2021 if both
of the following apply.
You expect to ...
2
votes
1answer
19 views
How to Correctly Split Federal Loss From Stock/Options (1099B) Investments Between Two States?
I have been actively investing in the stock market, and received my 1099B.
Mid-year, I moved states.
For the sake of simplicity, Jan-Jun in State A, and Jul-Dec in State B.
I have more than enough ...
1
vote
1answer
24 views
US - Non-resident for tax purposes married before 31st December
I am a non-resident for tax purposes for 2020. I had 1 allowance set in my W4 throughout the year. I got married before 31st December of 2020. My spouse accompanied me to the US in the following year(...
1
vote
1answer
30 views
Amending previous years tax return without filing a whole new return
I filed my 2019 tax return, but realised that I omitted about $40 of account interest. My account has said it'll cost $1000+tax to make the amendment. I'd rather just give IRS the whole $40. Is there ...
1
vote
1answer
31 views
Defining the status of a LLC
This takes place in the USA.
I sent the documents that are required to close my LLC but never got confirmation that it was dissolved.
Throughout the whole time I ran it, I was never able to log into ...
1
vote
1answer
12 views
Incorporating existing business' fully depreciated assets
When incorporating an existing business (US sole proprietorship to S-Corp) and transferring assets + cash (consideration) in exchange for shares, how are assets handled that have been fully ...
7
votes
1answer
256 views
How to fill out W4 for second job
I just got a second job however I don’t know how to fill the W4 form. My first job pays $18hr and my second pays $14. I was t thinking about having two jobs so I filled out my W4 form for my first job ...
-1
votes
0answers
130 views
Hypothetically, using monthly return data, how old would a portfolio manager need to live until his skill become distinguishable from luck?
It's understandable that some active managers under perform, competition ensures that few will have big insights into the market. And even for those that do outperform on a market-adjusted basis, it's ...
4
votes
1answer
69 views
Can I enter a single W2 entry if I have two W2 forms from the same employer?
I have received 2 W2 forms from the same employer.
First one has all the entries for federal and my current state.
Second one does not have entries for the federal information, and only information ...
1
vote
0answers
61 views
cashier check and interest rate
I see news that in Germany banks are asking people to take the money to other banks and need to pay bank negative interest to keep money.
A co-worker pointed a strategy that we can possible use in USA,...
2
votes
1answer
39 views
How do I get my HSA custodian to fix this contribution date error?
On December 18, 2019, I set up an auto deposit, in the custodians site, of approximately $5000 into my HSA to occur on 12/31/19 for CURRENT YEAR contribution. Funds were taken from my checking ...
15
votes
7answers
7k views
Bigger house, lower down, or smaller house larger down
I am in the process of buying a house. I am a first time buyer. Of course interest rates are ridiculously low so going to get a fixed mortgage. To offer some context, I am financially secure, no real ...
3
votes
1answer
103 views
Income Tax Question on participating in a funeral service
I participated in a funeral service and was given a $100 check for doing so. Is that considered income (i.e. Other Income) on federal income taxes or is it treated as a gift?
The check was written ...
0
votes
2answers
90 views
Is it possible to have an individual brokerage account where taxes are paid on portfolio, not individual positions?
Suppose I have an individual brokerage account with a number of positions. As far as I found, the taxation takes place per position, i.e. I can be forced to pay tax even if the portfolio loses money.
...
2
votes
1answer
45 views
Why will I be receiving a 1099-R in January of 2022, for income that is supposed to be reported for tax year 2020?
I overcontributed to my Roth IRA by $2,000 in 2020. I realized this when working on my 2020 taxes this year, so withdrew the excess contribution and respective earnings of $277.50. Now I received a ...
0
votes
1answer
71 views
Will the stock holding period change from long term to short term when I add more shares into the stock?
After searching the internet,I found no answer. For example, in USA, I purchased 100 shares of Apple stock two years ago and then purchased another 100 shares last month, will my holding period start ...
1
vote
1answer
60 views
Calculate interest rate of mortgage loan that has deferred (suspended) payments
Simple example to illustrate the question:
Suppose I have a 30-year $100,000 mortgage loan at a fixed-rate of 5% interest that I took out exactly 10 years ago. I have been making timely payments each ...
1
vote
2answers
115 views
Do I have to file taxes if I make under 1000 USD?
I'm 18, I have a part-time job as a student helper at my university. I get paid 10 dollars an hour, but I work like 2-3 hours a week. So overall in the semester it's gonna come to a total of 500 USD ...
0
votes
1answer
28 views
How to determine state tax for 401(k) distribution as a part-year resident?
I'm trying to help my in-laws with their taxes and I just want to make sure about something before filing. They bought a home in Texas (no state tax) in the middle of 2020, still maintaining residency ...
2
votes
1answer
66 views
COVID security deposit question (USA-NJ)
I am a student living in a rental by a management in New Jersey. I lost my job due to COVID and have no source of income, I have a massive student debt and loans from a lot of my friends including my ...
1
vote
1answer
58 views
If I wish to vote for a company's special meeting, should I vote via all brokers, or does voting via one broker suffice?
I own some shares in the company that will hold a "special meeting", for which shareholders have the option to cast their vote for. My shares are spread across several brokers: each of them ...
0
votes
1answer
37 views
Am I required to use form 2555 even if I earn less than the standard deduction?
I am trying to file my U.S. taxes as an expat in Sweden to try to claim the stimulus check money. I received around $5000 in student grants (which do not need to be repaid) and $5,000 in loans.
I am ...
0
votes
1answer
24 views
Does a wash sale make sense in downward trending stock?
I buy 100 shares of ABC @ $50. I sell it in a week for $45. I buy it back in a week at $30. My understanding is that the adjusted basis for the last purchase was $35. Is that correct? If so, it seems ...
2
votes
1answer
55 views
Can the expense of one sole proprietorship be written off against the profit of another
I have a successful rental business, it's regularly profitable and it's an llc
If I start another business, and that business records a loss for the year, can I write off that loss against the profits ...
1
vote
1answer
45 views
Getting taxed on RSUs(USA)?
I am currently living and working in NYC, and when I joined my job, I was awarded couple hundreds of stocks which will vest in periodic intervals over the next couple of years. On my 2020 W2, on box ...
1
vote
1answer
47 views
Resident Alien but outside of US most of 2020 because of Covid-19
I have been a resident alien for the US for tax purposes between 2016-2019. In 2020, I was in the US only for 15 days and have been in India for most of 2020 because of Covid-19 and working from home ...
0
votes
0answers
37 views
Estimating common home improvement costs?
I'm thinking about buying a home in 6 months or so, and shag carpet seems to be quite popular with older constructions at the lower end of my price range.
Is there any good source for estimating the ...
1
vote
0answers
24 views
how do I report my wife's 1042-s when filing jointly after she's made the election to be treated as resident alien 6013(g)?
My wife is a G4 visa holder and an employee of an international organization. She has a bank account (UNFCU) in the US where she receives interests. The bank issues 1042-s and not 1099-int. Last year ...
1
vote
2answers
71 views
Capital Gains on same stock but two different accounts
I have two different personal accounts. One on Robinhood and one with Webull. I have many shares of a stock in Robinhood that I am trying to hold for a year or more before I sell. At the same ...
2
votes
2answers
62 views
Roth IRA on Fidelity received a IRS Form 990-T. What is this for?
A family member has a Roth IRA and she just received an IRS Form 990-T from Fidelity. She was mainly trading with her Roth IRA, which was suppose to be tax free until retirement age.
Does she need to ...
49
votes
11answers
8k views
In the US, is it normal to not include an electronic way to pay rent?
A property manager requires rent to be paid using check. Is it normal that rent cannot be paid using electronic methods such as a credit/debit card, or a bank transfer, or Paypal, or anything ...
1
vote
1answer
43 views
How to determine if my capital gains were long or short term if I only sold a fraction of my shares?
The following is my scenario:
I purchased 100 shares of stock A in November 2019, and 50 more shares of the same stock in November 2020. I sold 70 shares of stock A in December 2020 from which I made ...
1
vote
2answers
71 views
If I move out of state for 6 months to work remote, how do I setup my tax residence?
Currently my wife and I are living in California. I work remote for a company there. I am not a US citizen but I have an EAD (work authorization) in case it matters. So for now, I have been a ...
1
vote
2answers
90 views
Paying Taxes on a Bonus Check
In this article, "How to Avoid Paying Taxes on a Bonus Check" it suggests the following:
Strategies to manage the taxes you’ll have to pay on a bonus fall into two camps. First, you can
...
3
votes
1answer
590 views
Why is my former employer matching dividends in my 401k?
Here's a screenshot from the recent transaction history (this December) from the 401k from an employer that I haven't been employed by for many years. The index fund in question pays out a dividend ...
0
votes
1answer
44 views
What are the implications of a steepening yield curve?
Pretty straightforward question, with, I imagine, very complex answers. I know the yield curve basically impacts the entire financial system, but I am looking to understand its macro-effects. Here are ...
1
vote
2answers
140 views
How/why to borrow against assets?
I have read/heard that the ultra wealthy manage to avoid paying capital gains taxes on their wealth by simply borrowing against their assets at very low interest rates. Conceptually this makes sense ...
1
vote
0answers
26 views
Married filing jointly, whose name & SSN/TIN should go on 8938 for spouse's foreign account?
I am required to file 8938 as I am filing jointly with my wife. She has 2 foreign account in her home country. On 8938, the first items are:
Name(s) shown on return.
should this be both our names ...
-1
votes
0answers
22 views
When will Etrade 1099s be ready to download into my tax program?
I am able to print my 1099's from ETrade but I am unable to get them into my tax program. When will this feature be available
1
vote
1answer
32 views
Does the owner of a corporation need a W2 for personal taxes if the Corporation revenue was 0 and didn't make any money?
I the owner of a C-Corporation that didn't have any revenue in 2020. I am filing my personal tax returns and was wondering if I need a W2 issued by the Corporation with 0 income or can I just report ...
0
votes
0answers
25 views
Acclererated settlment cycle: does t+0 benefit retail investors more than institutional investors?
In this report on accelerating the settlement cycle DTCC explains that a t+1 cycle could reduce the often unpredictable instrument-specific risks as well as order execution risks while still allowing ...
2
votes
1answer
79 views
How do stock volatility halts work?
I was watching GME stock on Feb 24, 2021, and it halted twice:
once at 3:38pm ET, and it resumed trading at 3:43pm ET
again at 3:46pm ET, and it did not resume trading until after 4:00pm ET
This is ...
0
votes
1answer
35 views
F1- OPT - Resident Alien - Social Security and Medicare taxes in the USA
Please don't confuse it with answer here. Mine is not a duplicate question.
If I am on F1 (non-immigrant student) visa and doing my OPT (1st year not the STEM extension) or I am a full time student (...
0
votes
1answer
36 views
IRS Wash Sale Rule: can a single lot be adjusted more than once?
When the only eligible replacement shares for a wash sale basis adjustment have already been adjusted, are they adjusted again? Or is the loss allowed?
Example:
Suppose this is the entirety of my ...
2
votes
0answers
48 views
Past employer should have withheld FICA taxes—but did not do so. What do I do now? (J-1 Visa)
I am an Indian citizen who moved to the United States on a J-1 visa. I worked for one employer for just over two years before moving to another employer for whom I worked for one year. I am now ...
0
votes
0answers
17 views
NY State Tax Return - Maternity Leave Income (Insurance) From NY State Work Place While living out of state?
When filing for NY State taxes, filing as a non-resident, whom worked 130 days in NY state, but half way through the year, went on maternity leave, not being paid from the NY Workplace, but getting ...
7
votes
3answers
730 views
Which is best: Invest HSA money using employer sponsored account or old HSA account
Our company was recently acquired. I'll call it Company A acquired Company B.
I have an HSA account with Company B. There is around $6,000 in there. Company A acquired Company B and now we have a new ...
0
votes
2answers
62 views
REIT structure and taxation?
According to investopedia, a REIT is similar to a mutual fund, in that they pool capital to invest in real estate. But as far as I know, REITS do have an IPO, and traded like a stock. My question: is ...
3
votes
2answers
217 views
What would happen if I refuse to let the tax assessors into my house?
A representative from my town showed up unannounced at my house today and asked to come in to do a property tax assessment. I [politely] declined. The representative was reasonable and left a card ...
0
votes
0answers
18 views
Tax for sold mutual funds and stocks in non-retirement accounts for resident aliens on OPT [duplicate]
Tax-residency --> Resident Alien
Immigration status --> F1 - OPT
There is a similar question here but not the same.
My question is: Assume that I sold some mutual funds and stocks, however never ...
