Questions tagged [united-states]

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

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0answers
17 views

I received a PhD stipend that was not under a fellowship. How do I report it if it was meant to be research funding?

Normally my research advisor and professor gives me my stipend through the school, which processes it as a W-2 form. However, he moved to another university in 2018. To give me my funding for research,...
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1answer
28 views

Personal income tax and new company

For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?
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1answer
44 views

How and whom to ask questions about my tax return

I am an American taxpayer. Last year I unsuccessfully sought tax advice and I wasn't sure what I was doing wrong. My situation is a bit unusual. I prepare my own returns, by hand, and don't use ...
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0answers
63 views

What are New York Window fees?

Someone told me that if the stock I want to buy/sell does not trade 100% electronically, my stock broker may need to handle physical share certificates. I was told that I could be charged a "New ...
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0answers
8 views

J1-Trainee California Tax Residency status

I am a Russian citizen and at the end of 2019 I came to California for a traineeship. I have income in both Russia and the United States (California). From the point of view of US federal tax law, I'm ...
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1answer
44 views

Does TD Ameritrade charge interest for reinvesting your own money in a margin account?

I have a TD Ameritrade margin account with $10,000 cash in it. Morning: I buy ABC stock for $10,000. Noon: I sell my ABC for $10,100, making $100. Afternoon: I want to buy stock XYZ using $10,100. ...
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0answers
33 views

From unemployed to self-employed/freelancer, how is my 401K & IRA setup?

Recently lost my job and decided to try out the freelancer route. I am in my early 40s and I expect to make about $150k before tax. I have a few questions about setting up a my 401k and IRA. Already ...
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24 views

Sales Tax - Online Only

If a business sells something online in the US, be it a subscription content (monthly emails for example) or something physical but not super regulated (guns/alcohol), does it need to have tax IDs in ...
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4answers
2k views

Understand 401k contribution

I decided to add 5% in the 401k from this month and thought it will reduce my tax income but I don't see the much difference in Tax. Can someone help me understand that. My FITW Tax reduced from $459....
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19 views

Why is the number of OTC securites different between OTC Markets and FINRA?

According to OTC Markets (https://www.otcmarkets.com/research/stock-screener), there are currently 16,610 quoted securities on its system : However, according to FINRA (https://otce.finra.org/otce/...
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1answer
35 views

Why are there no stocks quoted on the OTC Bulletin Board (OTCBB)?

I went to the symbol directory page of the OTCBB to find the list of stocks quoted on the OTCBB: https://otce.finra.org/otce/directories. To my surprise, there are no securities quoted on the OTCBB: ...
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20 views

What are NSCC illiquid charges used to pay for?

I understand the situations in which I will be charged an NSCC illiquid charge, and I have read: What are NSCC illiquid charges? From my understanding, some third-party charges the stock broker this ...
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1answer
58 views

How to send USD to Transferwise EUR balance?

I have a Transferwise account that only has bank details for EUR. I gave all the account details to my client in USA so they can do the transfer. Unfortunately my client replied that they won't be ...
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22 views

State tax refund for internship in another state - F1 student

So I am an international student on F1 in California since Sep. 2018, and did a paid internship in New York in Summer 2019. Several questions: For federal tax return, do I just sum the income (and ...
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1answer
49 views

Necessary to file US Federal W4 in addition to state W4?

I already filed a state W4* with my employer - do I need to also additionally file a US Federal W4 with the same employer? Or does state W4 take into account for Federal W4 withholding amount also? ...
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0answers
41 views

How do I get my insurance to treat an ambulance charge for a 5150 transfer as “in network”?

My daughter became suicidal and after taking her to our local emergency room she was placed on a 5150 and was subsequently transferred to the nearest inpatient mental health faculty. Our local ...
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2answers
62 views
+50

Is property tax assessed on real estate transaction fees as well (California)?

In California seller usually factors in many of the fees in the listing price, such as the seller and buyer agent fees. To best of my understanding these fees can amount to around 3% for each agent. ...
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26 views

When do I need to make a tax payment on money I receive once a year as a member of an LLC?

I will receive a one time distribution from an LLC that I am a member of in July, 2020. When and how do I need to pay taxes on this money? I don't receive any other income from the LLC throughout the ...
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1answer
41 views

Should I file two Schedule C when I hire employees?

According to the IRS, sole proprietor must apply for EIN the moment he hires first employee and must use this EIN for tax purposes. How Schedule C(s) should be filed if first employee is hired on June ...
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1answer
52 views

Joint bank account, give money to son/executor without gift tax implications

My grandfather passed away. I was added as a joint account holder onto his bank account to manage his money and bills as nobody else could after my mothers passing. His Son is also a joint account ...
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11answers
7k views

Is $3,7 USD for 340 grams/11.9 oz of “creamy” Skippy-brand peanut butter expensive from an American's perspective? [closed]

Right now, in Sweden, a small-feeling 340 g (which is apparently 11.9 oz) jar of "Skippy creamy peanut butter" is, translated to current USD value, $3.7 USD. I think it has been around this ...
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3answers
69 views

Should I have to unfreeze my credit for a bank I have an existing relationship to pull my credit?

I have my credit frozen with all three credit bureaus. In my opinion it is a big pain to have to unfreeze, because I have to remember all the details to go to three web sites and jump through a bunch ...
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1answer
84 views

What does it mean for the “Feds” to step in?

In several stock market crashes in the US including the recent Covid crash in March and the financial crisis in 2008 it was said that the Feds had to step in and save the economy. There was an ...
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14 views

Estate Tax - K-1 form

I received a K-1 after filing my taxes. It is for a family trust final K-1. Line 4a had an amount of 2,580 and line 12 A - $269 & J -$269, Line 14 A $64 To amend my return what amount is used ...
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0answers
24 views

Is the 83(b) election deadline inclusive of the start date?

In 2014 I early exercised 10,000 unvested options and filed an 83(b) with the IRS. The stock from the exercise transferred on January 1st, 2014. I called the IRS and confirmed they have the 83(b) on ...
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10answers
5k views

Does the “15% into retirement” rule include employer contributions?

I keep seeing that you should be putting 15% of your income (link2, link3) into a retirement account. Does that include the employer match? For instance, if my employer has a 4% match, do I still put ...
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0answers
36 views

Income from India to US

I have a pair of married clients from India who lent their son money to buy a restaurant in India. They now reside in the US and are naturalised US nationals, and now that the business is profitable ...
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0answers
18 views

Minimizing estate tax on US assets of non-resident alien [duplicate]

There is an estate tax of 40% on US situs assets of non-resident aliens. Is there any way to minimize this tax using, for example, trusts? Can someone elaborate on this?
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2answers
177 views

Moved out of my apartment. Can the rental company charge me for resurfacing the bathroom?

My spouse, daughter and I stayed in a rental apartment for 2 years and we recently moved out. Today I received a moving out statement from the rental company which mentions bathroom and bathtub ...
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1answer
76 views

Term insurance in USA

Can I buy term insurance in the USA if I am not physically present in the USA? I found that I am asked for the zip code whenever I fill out my details to buy insurance.
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0answers
27 views

Correct Market Value of a Stock [duplicate]

Thanks for looking into my post. I am new to the stock investment. Current Microsoft book value is 15$ but the Market value is 198$ How to decide value of the stock? How can I say its overvalued and ...
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2answers
145 views

Do Mineral Rights stay with the original land owner through death or can the current land owner retrieve them?

My husband and I are looking to purchase a hundred acre property in Western NY. The current owner says the original owner is receiving payment for gas mineral rights associated with the 100 acre ...
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2answers
83 views

Book Value vs Current Market Value

Thanks for looking into my post. I am new to the stock investment. According to Benjamin Graham, He suggested investors to purchase a stock 1.5 times the current book value. Current Microsoft book ...
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1answer
49 views

How do stock manipulators gain control of dormant shell companies traded on over-the-counter markets?

I was reading this official SEC press release: SEC Microcap Fraud-Fighting Initiative Expels 379 Dormant Shell Companies to Protect Investors From Potential Scams. Excerpt: The existence of empty ...
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1answer
58 views

Does PDT transfer with you when you switch brokerages?

Robinhood classified me as a Pattern Day Trader (PDT). If I switch to TD Ameritrade, will my 90 day ban follow me? Worried that if I make a trade with TD Ameritrade then I try to sell it will ...
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1answer
60 views

Is an individual who hasn't been in California in 2019 but is domiciled in California throughout 2019 a California tax resident?

I read on Page 4 of FTB Pub. 1031 2019 (mirror) (I italicized the important passages): [Section E:] Who Are Residents and Nonresidents A resident is any individual who meets any of the following: ...
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0answers
51 views

What is the penalty, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident?

Determining the US tax residency can be slightly tricky and as a result I wonder what the penalty is, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident....
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0answers
101 views

Turning 30, getting driver's license for the first time, need insurance

This is a bit embarrassing, but I am turning 30 and am just now trying to get a driver's license for the first time. I own my own car, just bought it recently to learn to drive, but I don't have a ...
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0answers
39 views

Taxation on LLC capital gains

If I formed an LLC with private investors and had short-term capital gains then, Are the capital gains taxed on the amount excluding the dividends/profits paid to investors? Will the investors have ...
6
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2answers
150 views

How do I get confidence that I am planning for retirement correctly

So, I am not a big spender. I have some investment in stocks and focus on monthly savings and don’t usually splurge money. That said, I don’t know if I am doing enough to save enough money for ...
0
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1answer
97 views

Covering estate tax on US assets for non-resident alien

I am a non-resident alien holding a brokerage account in the USA but residing outside the USA. My country does not have an estate tax treaty with the USA. So my estate is liable for a significant ...
-1
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1answer
13 views

Taxation of US LLC in India

I am a non-resident of the USA, and a resident of India for tax purposes. Suppose I set up my US brokerage account as an LLC in the USA. What taxes will I owe on this account in India? What taxes will ...
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3answers
87 views

Trading is less than 100 Shares and the quality of the price

I am thinking about diversifying my portfolio by adding 10 new positions. Due to limited funds, I am planning on buying less than 100 shares each time. It is my understanding that since I am buying ...
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0answers
33 views

Can I deduct anything from my Taxes if I send money back home for my educational loan?

For the tax year, I was on an F-1 visa. I routinely send money back home to India for my educational loan/ family purposes. Can I deduct this from my taxes?
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48 views

How does an increase in USD money supply affect inflation? [closed]

Say an average american household is bringing in $50,000 a year. Between ongoing quantitative easing and the drastic stimulus packages passed in February-May 2020, the USD Money Supply increased by 25%...
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0answers
33 views

529 withdrawal tax implications

I have a 529 account in Michigan for my children. It is tax free on withdrawals for higher education cost. I recently moved into another state, so I am still debating whether I should keep the ...
6
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0answers
45 views

What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
5
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1answer
138 views

How is the profit of a sale of stock calculated for taxes if the initial investment amount is divested, and the profit remains invested

I hope the title is accurate/descriptive. Open to suggestions edits if something makes more sense after reading. The best way I can describe this is with a scenario. So: $5,000 is invested in stock A ...
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1answer
95 views

How much USD is there in total? [closed]

If I hypothetically took all of the USD out there in physical currency and in people's savings/checking account then how much would I have? I suppose this would also include any liquid cash that ...
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0answers
60 views

Am I eligible for unemployment? Resigned, transitioned to part time, then let go

Work was too much, too many hours, no life, inability to take care too much stress so... I discussed resigning with my boss early January, and was convinced to stay with some help offered to reduce ...

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