Questions tagged [united-states]

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

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21 views

What purpose code should I select when transferring money to my US LLC?

I'm an Indian citizen living in India. I have an LLC registered in the state of Wyoming with an EIN. It is a single member LLC. I also have a business checking account for this LLC with a US bank. Q1:...
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3answers
116 views

When do we have to pay the tax for 401K withdrawals?

I am planning to withdraw money from my 401K to use it for down payment on a house. The question is, when do I have to pay the tax? If I withdraw it in 2020 after I file my tax return, would I pay the ...
2
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2answers
152 views

Add joint owner to title of a fully paid house in the United States

While married, I bought a property, in my name only, nine years ago. It has been fully paid off for six years. I want to add my spouse of 20 years as a joint owner on the title. What is the process ...
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2answers
65 views

paperwork application to open new financial accounts - identity theft security risk?

I opened a bank account and a brokerage account using traditional paperwork forms I was provided with at the financial institution where I opened these accounts. That got me a bit worried as the ...
2
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2answers
104 views

Am I eligible to be fully vested?

I have worked for a company in Illinois for a little more than 2 years and was layoff in 2016 in a "mass layoffs" of 37 employees. My 401K shows two balances: Vested balance: $25,651 and Current ...
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0answers
87 views

How should I report cleaning expenses on airbnb

I am trying to file my U.S. joint tax return for year 2018 and I have a question. My wife was running an Airbnb rental business for which the 1099 was reported to the IRS by Airbnb in the amount of ...
4
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1answer
116 views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
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0answers
26 views

can an indian use an already incorporated LLC's name and address for its online clients in USA [on hold]

i am an indian having online business. one of my friend having LLC in USA has offered me a help to use his company's name and address for my clients in USA. the address would serve me as a delivery ...
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3answers
100 views

Should I invest in the US or India markets?

If I had $1000 to invest, am I better off investing it in the US, in India, or a mix of the two? I am an Indian citizen working in the US, with the option of investing in US index funds or sending ...
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0answers
48 views

guidelines on transferring money

my wife and i both have a learning disability what input do you have about transferring money? I have heard of money launderying but to be honest I don't know what it looks like I know the simple term ...
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1answer
141 views

What do I do if someone forges my check

Someone recently forged my signature and used that to withdraw money from my account. I already called the bank (Chase) and they put a restriction on that account and open a new account for me. They ...
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2answers
35 views

Contribute IRA money to HSA outside of qualified transfer route?

I live in the US. I will be 59.5 on October 31, 2019. I have a Traditional IRA and an HSA (and coverage under a high deductible health plan, as I believe is required for making HSA contributions). ...
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4answers
5k views

529 (college saving) account for multiple kids

I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
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30 views

where to fill tax deduction for legal fee related to “related to doing or keeping your job” in form 529?

I filed for extension in april because i didn't have this information but need to file by Oct 15th. I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former ...
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1answer
157 views

Am I legally obligated to destroy or void a check?

I received a check for 9 cents from a major bank for an overpayment (as a result of setting up automatic electronic payments and not wanting to send an extra one time payment of 9 cents at the end). I ...
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0answers
31 views

Married and on H1B. Wife's H4 application in progress. Can I do Married filing Single for taxes?

My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st. Should ...
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2answers
151 views

Can I use home equity line of credit as second house down payment?

I recently moved to Boston where housing is very expensive compared to where I lived before. Buying a house requires a lot of money as down payment, and I am still short of $30000-$40000. But I have a ...
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0answers
53 views

If someone files a claim for short term disability for maternity leave, would future premiums be adversely affected?

If filing a claim for maternity leave does not increase the premiums required in the future, is it because the insurance company is not allowed to use the information, because it is not predictive, or ...
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1answer
75 views

could pursing a TILA claim against my credit card result in a cancellation of my credit card?

Quoting https://www.carlsonattorneys.com/truth-in-lending-act/ , URGENT NOTICE: The Carlson Law Firm is currently investigating a Truth in Lending Act violation on behalf of American Express credit ...
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2answers
174 views

What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
3
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2answers
77 views

Am I exempt from backup withholding

I am in USA. I am US citizen. Apart from my 9-5 (W2) job I work on the side creating videos for an online website. Few days ago they are requiring that I fill out a W9. I also have to specify if I ...
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5answers
10k views

Why do baby boomers have to sell 5% of their retirement accounts by the end of the year?

This article on Marketwatch quotes Raoul Pal of Goldman Sachs claiming that baby boomers have to sell 5% of their retirement accounts by the end of the year. Here is the specific passage: Pal says ...
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0answers
49 views

Do I need to report rental income on my apartment? [duplicate]

Say I am renting an apartment for ~$1000 a month and I have a friend that needs a place to say. I let him stay on my couch and he pays me ~$999 a month. So I'm at a loss of $1 each month. Do I need ...
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0answers
53 views

Is any of the income earned from P2P lending subject to Social Security or Medicare taxes

Income from P2P lending is reported on forms 1099-INT, 1099-B, 1099-MISC and 1099-OID. Are any of these earnings subject to Social Security or Medicare taxes in any way? I have heard from people they ...
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1answer
51 views

Tax return: foreign savings account in foreign currency that depreciated?

I want to clarify what is the correct way to handle taxes in my situation. I'm working with CPA, but we have different views on this topic. I'm hoping to get the proper way to handle it. Google doesn'...
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1answer
56 views

Tax implications to sell my pre-IPO shares through Sharespost

Several years ago, I was granted some RSUs from a company and I'd like to sell those RUSs in Sharespost (sharespost.com). I want understand the tax situations here. Let's just say I paid those shares ...
1
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1answer
139 views

Would like to understand why Social Security Administration (SSA) snafu happened

My bank resolved the following problem in less than two days, but I would like to understand why/how the problem happened. My husband died in mid-January, and several days later his Social Security ...
3
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1answer
54 views

Securities lending program vs a Margin Account

Suppose I have a brokerage account and I am long on a stocks very heavily and there are short sellers who need this stocks from my broker. There are two ways a stock broker can lend securities held ...
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1answer
150 views

Refinance Cost is high

I got 30 years loan for 232K two years ago with interest rate of 4.25% and now I am planning to refinance again for 15 years. Financial company mentioned they can provide interest of 2.85% but the ...
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1answer
80 views

Intelligent strategy for facing the commercial war (USA, China, maybe EU) and the subsequent predicted recessions [closed]

The international monetary found has stated that there is going to be a recession in the 90% of the countries as a result of the commercial war between USA and China, and the Brexit. It seems that the ...
4
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2answers
180 views

IRA limits with employer 401K

My wife and I both work and both our employers offer 401K plans. When I first started my job 4 years ago they had a policy that required you to work for 1 year before you could start making ...
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1answer
339 views

My mother's car was totaled

My mother was in a car accident and died. Her boyfriend's name is on the title and financing of the vehicle. She made all of her payments on the car. Is he entitled to all of the money since the ...
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0answers
28 views

is a US brokerage account for non-resident considered to be a US situs asset?

Assume a person that's not domiciled in the US. That person has a US brokerage / trading account (say in Fidelity or Charles Schwab) that holds shares of various listed companies (both US-based and ...
18
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3answers
5k views

Does a restocking fee still qualify as a business expense?

This is a question about federal income tax in the United States. I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to ...
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2answers
39 views

What is the difference between Overnight Repo Operations and Term Operations When talking About the Repurchase (Repo) Market?

According to the NY Fed website: In accordance with the most recent Federal Open Market Committee (FOMC) directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New ...
5
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1answer
88 views

What happens if the IRS owe me refund, but I file my taxes after the extension deadline of Oct 15?

What will happen if I overpaid the taxes on the extension form, but failed to file before Oct 15 deadline ? Do I lose any of the refund ?
38
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3answers
11k views

How to prove that invoices are really unpaid?

When it comes to official business documentation (USA) between a company and a client who is either another company (B2B) or individual person (B2C), how can the company providing the invoices, prove ...
1
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1answer
49 views

Why do FNMA and FHLMC impose loan limits?

Why do FNMA and FHLMC announce new loan limits for one to four-family loans? Is there a justification to have something called "conforming" loans as opposed to "jumbo" loans? Is this to separate on ...
2
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1answer
34 views

Do foreign persons need to file 1099s?

Do foreign persons need to file 1099s. If so, how do they do so without a TIN? For example, let's say a foreign person visits the United States and hires a chauffeur and pays them several thousand ...
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1answer
104 views

How is a plumber different than a landscaper as far as requiring a 1099?

I have read blogs that claim I need to file a 1099 if I hire a gardener to mow my lawn or a snow plow guy to do my driveway and pay them more than $600 per year, even if that contractor has lots of ...
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2answers
92 views

How does a non-resident foreign person report payments to a maid in the United States?

I have a friend who is not a US citizen and is not subject to US taxes. He typically pays expenses through a solely owned trust, which the IRS considers to be equivalent to a sole proprietorship. He ...
2
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0answers
54 views

Employer wants me to get an EIN for contract work. Is this okay, and if so, what kind should I choose?

I recently got offered a job opportunity to do contract work with an IT company. But along with all the usual paperwork, it's mandatory that obtain and submit an EIN. But I'm not sure which type I ...
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0answers
93 views

Can you legally keep(pool/collect/save) people's money to give to an organization?

Is it legal for me to get checks from say ten people for $300 to pay for a weekend camp, and then give the camp a check for $3000, or can only a 501(c)3 to do that?
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6answers
2k views

How does paying extra on my mortgage affect my amortization schedule?

I am a first time home buyer and have some spare cash after my home purchase to pay forward quite a bit of money (cash was not available during actual purchase, so, no, I could not have put it towards ...
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0answers
61 views

How vulnerable are my investments to broker bankruptcy? Portability of investments and transfer costs? [duplicate]

Let's assume I use a broker like Ameritrade or Schwab etc. to buy Mutual funds, ETFs, stocks etc. Now, let's assume that some point down the line the broker company goes bankrupt or shuts down due to ...
0
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2answers
77 views

Applying for first Credit Card in USA (International Student/Teacher)

I have been in the U.S. for the past 1 year and since then I just have a Wells Fargo Debit card. Recently I tried to apply for an American Express credit card (applied online) but I got rejected. ...
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3answers
166 views

How do I transfer funds from MY OWN card to MY OWN personal bank account?

Would anyone please be so kind to explain me how (where) could I transfer funds from my own debit and/or credit (particularly debit) card issued by X bank (USA) to my own personal checking bank ...
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1answer
45 views

City of Detroit Individual Income Tax Interest and Penalty Calculation

I tried to read the instruction from https://www.michigan.gov/documents/taxes/5313_Book_642104_7.pdf in order to calculation the interest and penalty I need to pay if I sent the payment. However, I ...
4
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1answer
73 views

Do options have CUSIP numbers?

If so, then where to find them?
2
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1answer
85 views

Are all the capital gain of a house or stocks tax free and have a new cost basis if passed as inheritance?

I was watching a YouTube video by TechLead, and he said that in USA, if a house or stock is passed down as inheritance, then it has an adjusted cost basis of when the person passed away. So as an ...