Questions tagged [united-states]

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

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1answer
47 views

How does the wash sale rule apply when trades in quick succession net positive?

This is probably best illustrated with an example: Day 1: I buy 10x AAPL for $1000 Day 2: I sell 10x AAPL for $2000 ($1k gain) Day 3: I buy 10x AAPL for $1000 Day 4: I sell 10x AAPL for $500 ($500 ...
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1answer
23 views

Tax treatment of earnings when making a in-service rollover from After-Tax 401k to Roth IRA

My employer offers three categories under 401k: Traditional Roth After-Tax The Traditional and Roth are well-known and like the Traditional and Roth IRA. The sum of contributions to these are capped ...
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1answer
37 views

Who to pay local taxes to if I have lived in multiple locations?

Pretty straightforward. I have lived in multiple locations (within same state) throughout 2020 and as a result find it a bit complicated to determine who I owe local taxes to? Do I prorate? Do I just ...
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0answers
63 views

Stimulus check never received, how do I alert the IRS and claim i before the 2020 deadline?

I am eligible to receive all three stimulus checks bit I am living abroad. I was told by the IRS that they sent the first two but I never received them. I do not have access to the original checks and ...
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29 views

Stimulus check never received, should I claim it on my US tax return? [duplicate]

I am an American citizen living abroad. I never received my economic impact payment checks even though they were apparently sent to my address. I understand that I can claim the money on the 1040 tax ...
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1answer
124 views

Will my property taxes change if I get it appraised for PMI removal?

I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process. I had budgeted and readied myself to make a principal payment to bring ...
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1answer
18 views

Is it possible to apply for ITIN when an original passport document or a certified copy of it can't be filed as supporting document?

My wife need to apply for ITIN so we can file our joint tax return for the first time. She is not a US resident yet, so she can't apply for SSN. According to W-7 instructions, we need to file the W-7 ...
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0answers
23 views

How many years of delinquent FBARs must I file?

I have never filed an FBAR before, but in 2019 I should have done. Do I need to therefore file FBARs for 6 years prior? Or only file the delinquent 2019 FBAR?
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2answers
65 views

Optimizing Savings Allocations

I am currently trying to decide the best way to allocate my savings, and I would appreciate your input. I am trying to budget roughly based on the idea of using 50% of my post tax income for ...
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1answer
81 views

US stock market: How do odd lot orders get filled if they are not advertised to the public?

I recently asked Why didn't my buy limit order become the highest bid? when my odd lot (1 share) buy limit order did not appear in the public list of bids. If odd lot buy orders do not appear in ...
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2answers
88 views

Submitted tax return for 2020 with correct numbers but forgot to disclose information - how can I update it?

I've just sent off a tax return (I just forgot to include schedule B, even though it does not change any numbers and I still owe nothing). I am well before the tax deadline and if I had waited a few ...
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2answers
959 views

Is it more difficult to cash in an IRA with multiple funds?

If my Roth IRA has contributions to multiple different funds will it be any more difficult to get the money out when it's time to retire? Would I just sell each of the funds and close the account or ...
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16 views

Do I need to file a tax return if I have to file an FBAR (US citizen living abroad)

I realized I needed to submit an FBAR for the previous year. I earned less than the income threshold, so I didn't submit a tax return. Do I need to now submit a tax return in addition to the FBAR? Or ...
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1answer
59 views

Do I need to file a tax return if my net capital gains are very low?

I am college student who is claimed as a dependent on my parents' tax return. At the start of 2020, I decided to step into investing and I swing-traded stocks and crypto throughout the year. At the ...
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1answer
54 views

Will my surgery bill be covered by Medicaid if I just started a new job?

I had a knee surgery while i was on medicaid. The hospital hasn't billed me for the surgery yet. I will start a new job soon. Will Medicaid still pay for that surgery?
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1answer
53 views

Given a tax advantage account and a non-tax advantage account, should trades be concentrated in the tax advantage account?

TL;DR: If my investing strategy is a mix of ETFs (50% value, rarely traded) and stocks (50% value, more frequently traded), is it advantageous to do the stocks trading in the tax advantage account and ...
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0answers
29 views

Cannot find first round (May 2020) stimulus check. Is there hope? [duplicate]

I'm not sure if I misplaced it or I never received, but I never deposited my first covid-19 stimulus check that I was supposed to receive May 2020. I paid my federal taxes in 2020. Can it be replaced ...
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0answers
31 views

Why wouldn’t I invest in NYSE:UPRO over something like NYSE:IVV? [duplicate]

I recently came across this 3x leveraged etf of the S&P 500 (NYSE:UPRO). I understand that it’s a risky investment, but I still see way more reason to buy it over any other thing that tracks the S&...
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3answers
125 views

When To Use High Dividend Funds

I recently heard that one way to retire is to accumulate enough wealth and then invest in a high dividend portfolio. That way, you can live off the dividends and not have to sell your stocks. So you ...
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1answer
47 views

Do I need to amend 2019 tax return?

Chase bank sent me 1099-MISC for $50 signup bonus when I opened a new account in 2019. I forgot to add this form while doing my taxes. This link says 1099-MISC should have at least $600. Since it is ...
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1answer
96 views

Why didn't my buy limit order become the highest bid?

I am trying to buy a stock that is $307 bid and $312 offered. I placed a buy limit order for 1 share at $307.10. However, the best bid remained at $307.00. After an hour, the best bid is still $307.00....
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1answer
49 views

Should I have received 1099-MISC for bonus on new account opening?

I received a $100 signup bonus for opening a new account with CapitalOne Checking account in USA. I kept a low balance and received very little (less than $1) interest. They didn't send 1099-INT ...
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7 views

Do I need to file tax form 1040 in a Streamline Foreign Offshore Procedure, even if I was not required to file in that year

I am a US citizen living in Sweden. I thought because my income was below the threshold for filing 1040, I did not need to submit any information to the IRS in 2019. Unfortunately, I had a little over ...
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3answers
75 views

Taxes on growth - Traditional vs Roth 401K

Let's say I can put $10K today in my 401K. Let's assume this investment theoretically grows to $100K by the time I retire. Putting aside income brackets for a moment, is it true that if my 401K ...
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3answers
118 views

Capital Gains Tax When in a High Tax Bracket

So I think this is a basic question but I'm having trouble finding an answer. I sold a rental property this year and it's going to move me up in the tax brackets. My question is, when I sell assets ...
2
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0answers
40 views

Does IRC §871(i) (no tax on deposit interest for non-residents) apply to interest paid by the IRS on delayed refunds?

Internal Revenue Code §871(i)(3) basically says that "deposit interest" on a deposit in a US bank is not taxable for US non-resident aliens. The IRS pays interest on delayed refunds and ...
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2answers
183 views

Business paying back debt to individuals

I have a single member LLC (Missouri, United States) that I started a few years ago. We received approximately $20,000 in funding from family and friends, of which I did not fully understand the ...
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2answers
160 views

Handling rent debt in California

Due to the pandemic, I was unable to pay rent for my apartment complex that I have now moved out of. I do not have the money to pay this debt because I was unemployed because of the pandemic. ...
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1answer
14 views

Should I file as Resident or Non Resident for FY2020? I arrived in US in 2015 on F1 and switched to H1B in Oct 2020

I am a single individual who arrived in US in Aug 2015 on F1. I was on OPT until 30th Sept 2020 and then switched to H1B from 1st Oct 2020. After reading documents below, I gathered that since I have ...
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1answer
34 views

2020 Backdoor Roth IRA Conversion in 2021 - Concern/Questions

In 2019, I did a backdoor Roth IRA conversion that went off without any problems (put $6000 into traditional IRA, converted to Roth IRA). In 2020, I was looking to do the same, but I hit a snag. I ...
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0answers
18 views

How to ownership-transfer inherited securities from a foreign brokerage?

I have inherited a set of stocks that sit on the Swedish Stock exchange (in an Avanza brokerage) from a deceased relative. The stocks are still currently in the name/ownership of the still-living ...
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1answer
31 views

short-term VS. long-term capital gain tax rate for margin account

I have a margin account for my stock trading. I know capital gain from stocks held for more than one year is called long-term capital gain while capital gain from stocks held for less than one year is ...
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1answer
48 views

What are SEC issues I should know about when using my automatic stock trading software?

I created software that does automatic stock buying and selling through Interactive Brokers' web/API. Does the SEC regulate this?
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1answer
47 views

how to compute income on a year when you sell an asset with some capital gain while you have a rolling over capital loss from passed years

This is about US tax law. When you sell an asset in a year, how does your income computed? Here is a scenario: say you are a 100K/year salary guy. You sell a home ( an investment home, not your ...
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2answers
48 views

Pros and cons of using a Roth IRA to fund home improvements

I have a Roth IRA with a balance of something like $150k. Say around $100k of that is contributions. Due to my income, I am ineligible to contribute to the Roth IRA, but I do maximize contributions to ...
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2answers
91 views

Accidently forgot to cancel insurance Kaiser, refund possible?

I had a personal health insurance plan from Kaiser, but I forgot to cancel it when my workplace health insurance coverage (also from Kaiser) started, so for 2 months I was charged for 2 plans. Is it ...
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1answer
43 views

OTC stocks and their foreign stock exchange equivalent

Do OTC stocks trade similarly to their foreign exchange equivalents? I'm looking at a company that is not available for US investors on the ASX, but it has ticker on the OTCQX. My broker shows me ...
3
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1answer
42 views

Are employee (NOT employer) contributions to a 401(k) ERISA-protected?

Say you work for a business that offers 401(k) plan. Investopedia says: Under the Employment Retirement Income Security Act of 1974 (ERISA), the funds in your 401(k) only legally belong to you once ...
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0answers
30 views

I filed 83(b) election via certified mail but forgot to request a return receipt, should I file again?

I filed 83(b) election via certified mail but forgot to request a return receipt, I assumed that I will get a return receipt by default which I was wrong about. The certified mail shows that it has ...
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0answers
45 views

UK-US stock transfers

I live in the United States and work for a local office of a UK company (traded on the London Stock Exchange). My employer has an ESPP administered by a company called "Equiniti". I wish ...
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2answers
2k views

Type of account for investing surplus funds when planning to retiring early?

How do people retire early? Say that their debts (including house) are paid in full, they have ample money already saved in IRAs, 401ks, etc., they are expecting a pension, and have earned enough SS ...
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0answers
29 views

US stock market: Will there be free market depth data in the near future?

Currently (April 2021), it is easy to obtain the best bid and offer (NBBO) of a stock for free. One just has to use a mainstream financial website such as Yahoo Finance or even Google, and one can ...
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2answers
80 views

What are the tax implications if I share single credit card processor between my two sole proprietorships?

Can someone who has 2 sole proprietorships share a single credit card processing device to save on processing fees? What would be proper way to file taxes in such case? Basically, my concern is that ...
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1answer
60 views

Would a hypothetical, ever-appreciating asset allow for infinite collateralized loan-rolling?

If I owned a hypothetical asset that was deemed extremely safe, and permanently increased in value over time (allowing me to borrow a similar percentage of the asset's value each time the loan reached ...
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2answers
115 views

Taking out a 401K Loan vs. Liquidating Investments - what's better?

Let's assume the following: I need $50K for various expenditures (aka simply spending, not paying off CC debt or putting the money somewhere else). I can either liquidate regular taxable investments ...
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1answer
30 views

How to pay taxes on single owner LLC

I have a LLC with one employee on Corp 2 Corp. The job pays 100k and the employee makes 70k. I am the only member of the LLC and I read somewhere that the IRS treats one-member LLCs as sole ...
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1answer
85 views

How easy is it to bootstrap a business that acts as a financial middleman for customer-to-customer transactions? [closed]

Background Most small businesses sell services/goods directly to customers (or other businesses). I would imagine starting one of those businesses just consists of opening an ordinary merchant bank ...
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2answers
461 views

How to rebalance a portfolio in a taxable account

I hold ETFs in a regular brokerage fund that is not tax shielded. I have about 20,000$ in VT, 6,500$ of that is profit. I wanted to swap VT with VEU. Are there any financial instruments that I could ...
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1answer
25 views

What is holding date for Mylan stockholders since the merger with Viatris?

Is the holding date, in regards to either short term or long term sale, the closing date of the merger or the original purchase date for a Mylan stockholder in the Viatris merger?
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2answers
149 views

What is the US subprime crisis of 2008? [closed]

I have heard that after the US subprime crisis of 2008,particularly a lot of people were pointing fingers at the Economic policymakers. I am not really familiar with why it is so, a detailed ...

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