Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,242
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How do I get over-withheld tax from 2017-2022 back as an non-resident alien?
I’ve worked as a freelancer from Europe with an American art agency for years and still get some royalties.
In 2017 they suddenly changed the tax withholding from 0% to 10% this was not correct but I ...
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3
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Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?
While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
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28
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RSUs: Can the cost basis for sell-to-cover transactions be calculated using FIFO, or does it have to be LIFO?
My RSU vesting happens with an associated sell-to-cover transaction for tax purposes.
The page on my brokerage (E-Trade)'s website shows the cost-basis for this transaction as though it was calculated ...
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1
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79
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Do Transaction Fees Count Towards Roth IRA Contribution Limit?
I'm using Interactive Brokers. I noticed that IBKR charges a transaction fee for the purchase of some funds. Does that transaction fee count toward the Roth IRA contribution limit?
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2
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266
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Co-signer or Buyer that is the question [duplicate]
My stepmother asked me to co-sign on a brand new car. I did it because I felt obligated.
When we got to the dealership they said her credit was so messed up to get the car I had to be the primary and ...
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0
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107
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Consequences of opposite put option positions between taxable account and Roth IRA?
Let’s say I have 300 shares (of the underlying) in my taxable brokerage account and they are worth $500 each; I want to take a break from working for three years; and I intend to fund this time off by ...
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106
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Does a Tax Identification Number (TIN) provide greater safety than giving SSN?
For some years I was selling PDFs through a Web site. This Web site recently switched to using a new financial product similar to PayPal that would transfer the profits to my bank account. They ...
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US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?
I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
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50
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Do I need to file form 5472?
I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever.
I paid a third ...
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64
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Move cash reserves to 529?
Let’s say that I am maxing out my 401(k), IRA, and HSA; I’m putting away $250 a month in a 529 I own with my kid as the beneficiary; and any take-home income left over at the end of the month goes ...
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164
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Can I claim the tax back from my lawyer's fee?
I received a settlement from a car accident of 285000.
I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high?
I haven't worked since this accident in 2012. I ...
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133
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How to disburse capital gains between two people with minimal taxes?
My daughter and I bought a house together in 2022. I contributed money for the down payment. We have paid equally all of the mortgage and expenses.
We are selling it now, it is on the market. I am ...
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79
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Can I re-file a missing Schedule 1 in this situation?
A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
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Organizing a small academic conference. What are the tax implications?
I am organizing a small academic conference in about 10 months. About 100 scientists from all over the world will attend the conference. The conference will take place in the United States. Each ...
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Is it better to get a resale certificate or register an LLC in CA?
I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
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891
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Time limit on sending invoices in the United States
Is there a time limit on how long one can wait to send an invoice? E.g. supposing a contractor does some work, and does not issue the invoice promptly. Is there some time limit to sending the invoice, ...
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Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?
Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly.
Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
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2
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Interest accrued before backdoor roth ira conversion
What does one do with the interest accrued ( ~$1) in the money market account in the traditional IRA that shows up before doing the backdoor Roth IRA conversion?
I noticed this amount and it puts me ...
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112
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I need to make an international wire transfer in 2-3 days -- how can I do that?
I need to make a wire transfer (from the USA) to an international bank in the next 3 business days. They specifically ask for an MT 103 receipt, so I don't think alternatives to SWIFT will work.
I ...
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In a divorce is there a benefit to selling stocks?
During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
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115
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Going through a divorce and I’m in dire need of a new vehicle. Can I purchase one with a co-signer?
I’m currently going through a divorce in Mississippi. Non contested papers have been drawn up and sent to my wife. My vehicle has bitten the dust. Can I purchase a vehicle with a co-signer and keep it ...
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Can Schedule A medical expenses offset long term capital gains?
My elderly parents have recently started incurring very significant expenses for in-home care. They are considering selling a vacation home with a long-term capital gain to cover their caregiving ...
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Are interest and penalties due to the IRS when there is an automatic extension due to emergency?
I just got a letter from the IRS, saying that I owe them a small amount of money. I live in California, where we had an automatic extension to the due date until October 15, so that is when I filed. I ...
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296
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Do Americans usually accept a stained dollar bill?
I'm not American, but have visited the US a couple of times. I think in one of those trips I got this $100 bill:
As you can see, it has some dark stains, but it didn't bother me at the time and I ...
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133
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How is the Underpayment of Estimated Tax penalty determined?
My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty.
I was just sent a ...
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Friend accidentally Venmo'd me rent as a commercial Venmo transaction. What are the tax implications of this?
I pay the full rent to our landlord and my friend sends me his share. When using Venmo, he accidentally ticked the 'goods and services' option which marks it as a commercial transaction. He sent me $...
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No Cost ETF - Is there a trap here
I have noticed that Fidelity has some no cost ETFs. That is, they do not charge a management fee. I have bought some Vanguard ETFs because they have a very low management fee. I consider both Fidelity ...
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Settlement period change in 2024
There is a settlement change in May 2024. Does that change applies to
Stocks/ETF
Options
Mutual Funds
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Can buying mortgage points reduce a rate below the applicable federal rate?
And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
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Any problems with paying essentially $0 towards student loans and counting on forgiveness?
I recently signed both my wife and I up for the new SAVE IDR plan for our student loans. This put our total monthly payment from $350 to $0... I am eligible for PSLF so my loans (about $24k) will be ...
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Can a prior-year deposit be included in a current-year tax credit?
I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
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Retroactive property valuation
We bought a new house in a new housing development. This was Phase I. The house was $300K when we bought it in 2018. Taxes were paid based on that value. In 2021, the county has said that they ...
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Should I pay the current balance or the remaining statement balance to avoid paying interest on my US credit card? [duplicate]
I have a credit card. I used it to make a few payments. In my account, I see:
If I want to avoid paying any interest or late fees, do I have to pay the current balance or the remaining statement ...
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How to Report Income State Tax on Dividend Income from Mutual Funds While Traveling for an Extended Period
I left Kansas in July 2022 and have not returned since. My income for the year 2022 is solely interest and dividend income from mutual funds, including emerging market and corporate funds. The sources ...
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How to avoid interest with T+1 in the scenerio given below?
In my brokerage accounts I keep fund in ETF like VMFXX ( the brokerage does not have it as default sweep option). Currently VMFXX has T+1 settlement.
Currently suppose I have a GTC order to buy some ...
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When does the IRS typically announce health FSA contribution annual limits?
Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
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Can only the individual version of this health plan be a High-Deductible Health Plan?
I'm looking at a health insurance plan that has a deductible of $3000, for each person enrolled. If you enroll one person, it pays out when that person has $3000 or more of medical expenses. If you ...
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How to handle US financial accounts after leaving?
I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts:
Robinhood brokerage: ...
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Is there any way to pay Vanguard account fees without it counting as an IRA contribution?
I have a small Vanguard traditional IRA that I maintain but don't contribute to. Because I want to continue to get paper statements, there is an account fee that I haven't paid for two years. ...
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2
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169
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What are the risks of buying health insurance directly and not through the federal or state exchanges?
I'm self-employed and it's open enrollment time. My current health insurance was bought on the state exchange but the premium is going up 22% so that certainly encourages you to shop around. I've ...
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IRA withdraw penalties vs interest rates today
Here's a interesting point of view/question. With interest rates near 10% for loans these days - used car loans at 9.06% for someone with excellent credit - are we at a point where it makes more sense ...
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Is it possible to deposit the check with the old business name into the new account?
Chase recently closed my business account without providing any reasons, possibly due to limited activity. They're sending a check with the remaining balance, issued in my old business name, "...
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Use HSA for medical expenses or save it for investment?
If investment growth using an HSA account is not subjected to taxes, then isn't it better to invest using HSA than investing on stock platforms like Fidelity or Robinhood?
When I use the funds in the ...
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What's the benefit of buying municipal bonds on the secondary market?
"Buy munis!", they say... "they're tax exempt!", they say... but are they? It looks like you're paying income tax on most of the Yield To Maturity (since interest rates have gone ...
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Switching health insurance due to birth of baby
Expecting a baby in a few months and also working through Open Enrollment season.
If I chose a low deductible plan for the beginning of 2024, and then switch to a high deductible plan after baby is ...
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2
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547
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Homeowner's insurance and alleged business misconduct
In the US homeowner's insurance usually also covers liability for unintentional acts, such as knocking over a vase in someone else's home. Suppose someone is accused of an act that would be a business ...
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162
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Can I deduct driving expenses when I am driving for a ride share service and hoping to get a passanger?
Imagine a person is driving for a ride share service such as Uber. He is at his favorite spot waiting for his next passenger. He then gets a passenger and drives the passenger where he/she wants to go....
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Buying back foreclosed property at auction
This is a theoretical situation, one that keeps making the rounds on Facebook (and probably other social media sites) of a "feel good" type of story, but I'm wondering if it has any basis in ...
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Dependent Care FSA prepayment in the same year?
My child's care is $1,900 a month. If I sign up for a Dependent Care FSA, I'm told that the funds are immediately available for use in the coverage year.
Can you pay on January 1 2024, the full $5,000 ...
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100
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Why do US Social Security benefit estimate increases vary so much from year to year?
Although not yet old enough to receive US Social Security benefits I do look at the SSA statements each year. In each statement they provide an estimate of how much I will receive if I choose to start ...
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