Questions tagged [united-states]

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

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84 views

Can someone withhold $0 in federal income tax?

Is a US citizen allowed to have no federal income tax withheld on their paycheck? Assume that the person has a moderate-income, full-time job, but their child tax credits equaled more than their taxes ...
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1answer
25 views

Are non-US funds held at US brokerages by non-resident non-citizens liable for Estate Tax?

Are funds held at US brokerages (e.g. Interactive Brokers) by non-resident non-nationals liable for US Estate Tax even if the funds are invested in non-US stocks?
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Are ADRs of US stocks purchased on non-US exchanges subject to US Estate Tax if held by non-resident non-nationals?

US stocks are traded on many European exchanges via an arrangement similar to the US ADR (the UK term is "CREST") If you hold US stocks in such indirect way as a non-resident non-national ...
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1answer
26 views

UK pension (SIPP) of a non-US citizen (and non-US resident) invested in US stocks - is it liable for US estate tax?

The title pretty much sums it up: I am not residing in the US and I'm not a US citizen. I do have a UK pension (SIPP) which is invested in US stocks. The SIPP is held with Interactive Brokers which is ...
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1answer
40 views

What value should I list for a donated C-PAP machine?

I donated a new C-PAP machine to a charity. What value should I place on it on my 2021 income tax return?
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0answers
33 views

Did the Hospital Mis-Bill My Insurance Plans?

Some months ago, I received treatment at a hospital in New York City. While I was there, I provided them with the insurance information for two plans under which I was covered. Company A sent me an ...
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2answers
208 views

When transfering IRA ask origin or destination institution?

I have some money in an IRA account with NEW YORK LIFE. I would like to transfer this money into a Fedelity brokerage account since I can buy individual stocks there. Who do I contact to arrange the ...
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53 views

Do I have to submit any IRS forms every year if I own a US bank account while not being a US citizen?

I want to start a US bank account, even though I'm not a US citizen and live in the EU. Are there any IRS forms I would have to file every year just for having this bank account?
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254 views

Vanguard converted many investor shares to institutional shares for their target date retirement funds: why did it create a capital gain distribution?

I read (mirror without paywall) that the fact that Vanguard converted many investor shares to institutional shares for their target date retirement funds in September 2021 created a huge capital gain ...
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2answers
47 views

Time for an ACH Transfer

Imagine an investor who has two accounts at the same broker. One is a living trust account and the other is an individual brokerage account. Now the investor wants to move money from one account to ...
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1answer
32 views

Understanding the taxes on covered call ETFs (e.g., QYLD, RYLD and XYLD) whose dividend payments count as ROC: short-term or long-term capital gain?

As a US taxpayer, I am trying to understand the taxes on covered call ETFs (e.g., QYLD, RYLD and XYLD). From projecttheta, with QYLD as the example: Almost all of QYLD’s dividend payments have ...
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74 views

Will this trade trigger the wash sale rule?

i have an example Step 1: bought 1000 shares at 2$ Step 2: Share price dropped to 1$ the same day and added another 1000 same day(averaging down) Step 3: Next day stock increased to 1.5$ i sold 1000 ...
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118 views

Going back to school: student loans vs borrowing from IRA

Preamble about where I am right now: Late 40s In the USA Modest car loan, no mortgage, no credit card debt No spouse or children About $200,000 in a traditional IRA, another $50,000 in a Roth ...
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1answer
39 views

Is there a future tax benefit to selling RSUs in order to exercise-and-hold the stock options?

I have RSUs and in-the-money stock options granted by my company, both vested. I've held the RSUs for over a year, so I understand that when selling, I would pay long-term capital gains tax on the ...
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79 views

How much money can a self-employed person put in his IRA

Consider a self-employed person (over 55) who wants to contribute to an IRA. His income from self employment is 8000. That is, on line 31 of his Schedule C, the number 8000 appears. He cannot put into ...
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37 views

How does US Royalty Trust taxation work?

I'm talking about the US Oil Royalty Trust, such as BPT, SBR,...which are traded on NYSE stock exchange. As far as I know, unit holders typically receive form 1099-MISCs at the end of the year to file ...
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1answer
45 views

What is UTP (Unlisted trading privileges)

When I search on internet I find two explanation. UTP site - The UTP Plan (Plan) governs the collection, consolidation and dissemination of Quotation and Transaction Information for Nasdaq-listed ...
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1answer
70 views

Custodian account vs trust for child?

Let's say that a parent wants to give away some of his wealth to his 3 year old child so child could start to use it once he turns 18. What would be the main differences between creating trust or ...
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1answer
98 views

What happens to the NOT vested balance when my former employer switches 401k companies?

I have a complicated 401k situation. I had a contract job and the contract I was on got cancelled. I did not voluntarily quit, and I was not fired with cause. My contract was cancelled due to a ...
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3answers
90 views

Understanding diminishing returns for write-offs

Do write-offs become "useless" at a certain point? I assume that if a person's taxable income is at $0 for the year then there's no benefit to keep searching for write offs. Is this the case?...
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4k views

How to avoid taxes when a stock you own is taken over in a cash deal?

I own shares of company A in a personal, non-tax advantaged account. Company A is being acquired by company B at a premium in an all cash deal, but I'd like to avoid the taxes associated with selling ...
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1answer
30 views

Separate bank account / finances from Schedule C sole-proprietorship for single member "disregarded entity" LLC

If having a Schedule C business and then starting a single member LLC (i.e. which the IRS views as a disregarded entity for tax purposes), should a separate bank account / expense tracking need to be ...
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1answer
39 views

Claiming Educational expenses for my spouse - married filing jointly

My spouse is preparing for the CPA and I am wondering if I can claim her course related expenses while filing 2021 taxes? Q1. In 2021, there were only exam related and books related expenses. Are ...
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1answer
54 views

Paying cash for home and gifting a percentage to brother

Background: I live in Washington state, but was purchasing a home in California; for my mother to live in (rent-free). I was tentatively planning to gift my brother and his wife $30,000 in equity of ...
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1answer
73 views

Inflation vs Mortgage - Updated for Inflation

I don't see an exact match to this question although I previously asked when things were calmer. The press is quoting a real YoY inflation rate of 7%. Let's assume there is a mortgage at 4% and a ...
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2answers
91 views

When a stock held in an IRA takes a downturn, is that a good time to move that asset to a Roth IRA?

I have some traditional IRA funds invested in QuantumScape, and it's down quite a bit since the initial purchase. I want to continue to have some holdings in the company. Would this be a good time to ...
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1answer
69 views

Can home office deduction be taken for a portion of the area

Self employed, provide services for clients in an area of my home in the United States of America. Most of that area is not exclusively used, but there are storage areas as well as closets that are ...
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2answers
108 views

Self Directed IRA take over current mortgage?

My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
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2answers
132 views

Do I pay tax on money I send myself in another country?

I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there ...
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2answers
147 views

How to choose between Roth IRA and Traditional IRA

I have been contributing to Roth IRA for several years now. At this point my income have jumped up so I cannot contribute to Roth IRA anymore, unless I use the backdoor. Currently, my tax rate is 24%. ...
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97 views

I´m not a USA citizen, I use to had permit to work in USA, can i request to SS money back? [duplicate]

I´m not a USA citizen, I use to have a permit to work in the USA, I paid $10,605 in Social Security, and $2,682 in Medicare taxes, can I request this money back?
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2answers
63 views

Wash sale question about repeated buying and selling at a loss

I got into investing last year and there is a repeated trade on a stock I made that is bothering me. I'm not sure I fully understand the wash sales rule. Most of the examples online discuss selling a ...
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1k views

Is it correct for employer to not take out federal taxes with 2 dependents?

My wife and I each make $50k in the USA at the same employer. I noticed on her pay stubs the line for federal taxes said "$0", while mine is closer to $70, so we contacted her employer. They ...
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2answers
116 views

Is it better to have non-employer-related pet insurance if you anticipate leaving the company?

Logically, pet insurance coverage/premiums are more expensive the older the pet is when it is enrolled (higher risk factors associated with age, no preexisting conditions, etc...). I currently have my ...
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2answers
1k views

Roth vs. investing a taxable account [duplicate]

What is the benefit of Roth IRA in comparison to putting the money in a taxable account (stocks or MFs)?
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1answer
106 views

Must all US public companies have an investor relations website?

Are all US public companies required to maintain a website where they publish press releases and financial statements? If so, do such requirements only apply to exchange-listed companies, or are OTC ...
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1answer
68 views

High Expense Ratio and High Return vs Low expense ratio and low return

I am currently investing in a Traditional IRA account using T Rowe Price. The two funds I am investing are as follows: Global Technology Fund (PRGTX) Gross expense ratio - 0.86% Average Annual Total ...
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2answers
115 views

What year AGI applies to Roth IRA contribution limits?

I would like to make my Roth contribution for 2022 as early in the year as possible. There are contribution limits based on Adjusted Gross Income. None of the sources I've read made it clear if it's ...
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1answer
732 views

Can I deduct driving expenses when I am driving for Uber?

A person is driving for Uber. He gets in his car and turns on the Uber app. After some time, he gets a rider. He then drives to pick up the rider. After that, he gets another rider. He repeats this ...
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2answers
59 views

Down payment of owner-occupied multi-family after buying owner-occupied single family

This question is about US mortgages. I was talking to a realtor who told me that buying a single-family home now as owner-occupied would prevent me from applying for an owner-occupied mortgage for a ...
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2answers
88 views

Taking temporary loan from my relative to invest in an LLC in USA

This question is in context of USA. Background: My brother and I plan to invest money in an LLC that will invest in a startup. I will take a temporary loan at 0% interest from my brother to invest in ...
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36 views

Voluntarily stopping SSDI and still receive Medicare?

I'm helping a friend on SSDI navigate returning to work (as a freelancer) full time, while retaining some healthcare-she currently has Medicare because of SSDI (more specifically, Parts A and B and-...
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1answer
107 views

How can I find the FMV of my property 10 years ago, the year my husband passed away?

How can I find out the FMV of my property 10 years ago, the year my husband passed away. Related to if the $500K tax exclusion is applicable still if I sell my house this year.
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20 views

Pros/Cons of Foreign Ordinary Shares vs International Markets

As a US investor I have several options to invest in foreign equities: Direct investing in a foreign market (ASX, TSX, TSXV, etc.) ADRs (Y-class shares on OTC, not always a 1:1 ratio) Foreign ...
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2answers
134 views

Does it ever make sense for a non-US investor to buy US stocks for the dividend?

Given there's a 30% dividend withholding tax, could it still make sense to buy US stocks for the dividend? Given US dividend-paying companies usually have a longer track record of dividend payments ...
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1answer
217 views

Refinancing a mortgage: Can you buy points with cash out?

Looking over different mortgage refinance rates, I have found some that are favorable in the 0.5-1.5 point range, but the upfront cost exceeds what I'm comfortable paying out of pocket. Is possible to ...
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2answers
46 views

Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?

My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
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2answers
127 views

Asset allocation and tax efficiency

Common advice for asset allocation to increase tax efficiency is to: Put bonds in tax-advantaged accounts (401k, Roth IRA, etc) Put stocks (e.g., S&P 500 ETF) in regular brokerage accounts The ...
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2answers
173 views

Will local visit to IRS keep me out of ID.ME system?

I would like IRS 6-digit pin. I do not accept the terms & conditions of ID.ME. If I visit IRS branch, and obtain IRS 6-digit pin, they will not enter me into ID.ME system, correct?
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2answers
178 views

Reduce salary in exchange for higher employer 401k contribution?

Would it be in my interest (assuming my employer agrees) to reduce my salary by x amount in exchange for an increase in employer 401k contribution for x amount? For example if I make $150,000/yr and ...

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