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Questions tagged [united-states]

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

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buying tbills from https://www.treasurydirect.gov/log-in/

I am planning to buy tbills from treasurydirect . This page says that auction happens every week then why is there so much of lag between my transaction date 05-18-2024 and Issue Date: 06-04-2024? ...
user2543622's user avatar
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0 answers
22 views

Roth conversion as Canadian Resident

I am soon planning to move to Canada and take up a job in Canada for next 2-3 years. During my US journey of 10+ years, I have funded my 401k and Traditional IRA. I would like to know can I do Roth ...
Engineer's user avatar
0 votes
2 answers
27 views

1120s line Taxes and licenses

2024 will be my second tax return for my s-corporation. On March 2024 I paid income tax of $389 for 2023. Do I need to include $389 in 1120s line Taxes and license when i will fill 2024 tax return?
Natalia Boiko's user avatar
0 votes
1 answer
77 views

Does the IRS check for errors and refund people who overpaid?

After paying state and federal taxes through one of the IRS' approved on-line tools, I received a letter from my state's IRS I've overpaid my taxes, basically gave me money back in the amount I ...
Village's user avatar
  • 2,813
1 vote
1 answer
81 views

Can I deduct the % kept by Charity consignment stores?

Imagine I consign items to a charity consignment store. They sell all the items for $100 and send me a check for $60. They are a charity (501C-3) and kept 40% of the sale, so is the 40% Tax deductible?...
Vaughn's user avatar
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2 votes
2 answers
410 views

With zero earnings aside from long term capital gains, when would AMT and/or NIIT kick in?

Lets say I have absolutely no job/income/dividends/etc except for some long term capital gains, not related to stock options. Lets just say a standard purchase-low then sell-high of some stock. ...
Optical Carrier's user avatar
5 votes
2 answers
3k views

In the US, is the Social Security benefit negatively affected if you have one or a few low income years?

I think it is said that the benefits will be based on the top 35 yearly wages in our work history. I am not sure if it is by "year" or by "quarter" (meaning 35 x 4 = 140 quarters), ...
Stefanie Gauss's user avatar
1 vote
2 answers
34 views

Must I file 1040-NR in my case?

I'm in the EU, in a country with a tax treaty with the US. I'm not a US citizen. I won 2000 USD from a MTG online tournament. 30% went to withholding tax. I don't have any other US income during the ...
ollen35's user avatar
  • 11
1 vote
1 answer
78 views

treasury bond future confusion

I'm not really understand how treasury bond futures work. Take the 10-Year T-Note Futures. Currently, it lists that the June 2024 one is settling for $109,000 (and each T-Note has a face value of $...
APerson's user avatar
  • 89
1 vote
2 answers
183 views

Life Insurance Policy and Insured is Now Deceased

I am the owner of a Life Insurance policy that insures my sister. My Mother transferred the ownership to me as she was getting old, and I dont have a copy of the policy. The insured name listed ...
Rosanne Thorp's user avatar
2 votes
0 answers
44 views

US medical insurance Blue Shield out of pocket maximum vs benefit maximum

I have this table from my "benefit maximums" page of my American health insurance: There appears to be both a benefit maximum (second row of first table) and an out of pocket maximum (first ...
Kevin Kostlan's user avatar
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1 answer
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J1 Internship Tax Years

I'll do an internship in the US for PhD students on a J1 visa. The internship starts in October 2024 and ends in mid-January 2025. As I understand, I must file a tax return since I earned income in ...
Manuel Carrasco's user avatar
2 votes
1 answer
185 views

Filing an extension with IRS without an ITIN

I need to file a USA tax return as a non-resident alien. I have never filed a USA tax return before and don't have an ITIN. I need to apply for an extension beyond June 17 as I am awaiting a document ...
user53910's user avatar
1 vote
1 answer
136 views

Is it an issue if I slightly alter a check just so that it will scan for Mobile Deposit?

Got a check from someone who lives in another state. I am trying to deposit it through my mobile app, but it won't go through. My bank is online only and the bank that the check is written from is a ...
Kevin's user avatar
  • 2,602
2 votes
1 answer
1k views

Am I more likely to be audited after making 2 mistakes on my state taxes?

Two years ago, when filing non-resident state personal income taxes, I neglected to include an estimated payment I had made in advance. As a result, the state had to "correct" my tax refund ...
nuggethead's user avatar
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6 votes
1 answer
2k views

In the US, does the Social Security benefit calculator assumes you work until the retire age?

I was thinking that, from my ssa.gov webpage, it says if I retire at 62, my benefits will be about US$1800 each month, but if I retire at age 70, the benefits will be US$4000. (and will be adjusted to ...
Stefanie Gauss's user avatar
2 votes
1 answer
1k views

How’s the interest adjusted for additional Principal payment?

I have a 30yr mortgage with a principal balance of $400k at 7% interest rate. The monthly interest is around $2333. On April 19th I made a principal payment of $200k. Starting May 1st, I see the ...
J R's user avatar
  • 23
4 votes
1 answer
2k views

Apartment from non-US parent abroad

If my non-US parent gives an apartment in my native country to me as a gift, vs I inherit this later, and then in the far future I decide to sell that apartment, when doing my US taxes at that time ...
upstream's user avatar
  • 271
3 votes
2 answers
443 views

What is the maximum contribution allowed to my HSA if my husband is enrolled in a PPO plan, while both my child and I are enrolled in a CDHP/HSA plan?

What is the maximum contribution allowed to my Health Savings Account (HSA) if my husband is enrolled in a PPO plan, while both my child and I are enrolled in a CDHP/HSA plan?
vivek4348's user avatar
  • 133
-1 votes
1 answer
105 views

What is the effect of WEP and GPO if I worked as a teacher? [closed]

If person A chooses not to work (for pay that is, let's use the term "home maker" for this person "not working"), and is married to a significant wage earner, at retirement this ...
Brian B's user avatar
  • 199
0 votes
2 answers
133 views

Are Dividends part of operating earnings?

Berkshire Hathaway owns shares in many public traded companies and those shares pay a cash dividend. Recently Berkshire Hathaway reported earnings. The earnings report can be found at the following ...
Bob's user avatar
  • 1,673
12 votes
5 answers
6k views

What happens when you don't pay your property taxes?

Do they just straight up foreclose on your house? Or does it just get tacked onto your outstanding IRS balance as just another form of debt? Could anyone provide some insight on how the escalation ...
AlanSTACK's user avatar
  • 1,570
1 vote
1 answer
42 views

GNUCash checking account register not displaying decimals

GNUCash version 5.5 I am unable to consistently display the decimal in the checking account register. The Increase & Decrease columns don't display the decimals when there is no cents. The Balance ...
MikeNH's user avatar
  • 21
0 votes
2 answers
50 views

Investment property turned LLC

I recently turned my investment property into an LLC for liabiliy purposes. Now I want to sell it and my question is if I can deduct all my expenses from the sale like improving the vacant Lot into an ...
Javier Murillo's user avatar
1 vote
2 answers
133 views

Can tools/equipment be counted towards my home's cost basis?

Assuming a tool was used to make a house improvement that exists when the home is sold, can the tool be counted towards the home's cost basis? Examples of tools I foresee as yes: Miter saw used to ...
Scott Lin's user avatar
  • 113
2 votes
1 answer
414 views

Reverse rollover IRA and rule of 55

I'm looking to retire after 55+. Due to job changes through the years, I've rolled over previous 401K's to a traditional IRA. I want to avoid early withdrawal penalties and take advantage of the &...
CyberdyneStaff's user avatar
0 votes
2 answers
227 views

What will happen if one books a hotel with a gift card?

I understand that if I book a hotel using a credit card and assume that cancellation is not allowed, I risk being charged the price of one night (say $100) if I change my mind about this trip. On the ...
Zuriel's user avatar
  • 1,571
0 votes
1 answer
45 views

International Student in Canada who interned for 8mo in US - which country am I a tax resident of?

I have a bit of a strange tax residency situation: I am a Citizen of India, but spent 0 days in India in 2023. I am an international student in Canada, and spent 4 months of 2023 in Canada (studying ...
Plooftech's user avatar
1 vote
2 answers
62 views

IRA Hardship Withdrawal - Insurance Premiums

My spouse has been unemployed for more than 12 weeks. She is enrolled in my employer insurance plan, and pays me the difference in premium (Individual vs. Individual + Spouse) every other week. Can ...
mathemagician's user avatar
1 vote
1 answer
90 views

Trading in IRA account

When we trade using IRA account, as it is not taxable, any short or long term gains doesnt matter correct? And after retirement age when we withdraw money, there will not be a capital gains and losses ...
upstream's user avatar
  • 271
1 vote
1 answer
53 views

How do insurance policies with separate underwriters(?) work?

I have a condo insurance policy with GEICO that is separately underwritten (not sure of the precise term) by Travelers. If I want to get basically the same policy underwritten by Travelers, but not ...
mattm's user avatar
  • 2,136
1 vote
4 answers
182 views

Buying health insurance though the Marketplace vs directly

I'm considering purchasing a Kaiser Permanente plan, either directly from Kaiser or through the state marketplace. The two plans appear identical, with slightly different names: "Silver HSA X&...
Panic's user avatar
  • 148
1 vote
1 answer
66 views

USA - Received Form 1042 S after filing taxes

I am an international student on F1 visa. I have been in the US for around 8 years. I kept some money in a CD during the beginning of 2023 and it matured in December' 23. I recently got the 1042S for ...
desert_ranger's user avatar
8 votes
3 answers
2k views

How can a senior finance building a home with no current credit score but good equity in current home?

Many seniors have paid off their mortgages and car loans and haven't needed to borrow money in years, hence have no current credit score. Senior wants to downsize home but there is nothing suitable on ...
Eggy's user avatar
  • 339
0 votes
0 answers
71 views

Does anyone in Hong Kong issue personal checks, cashier's checks or international money orders that are cashable in the US?

I'm living in Hong Kong and have to pay a debt in an US institution. The debtee would only accept the payment in personal check, cashier's check or international money order, and the payment has to be ...
user141240's user avatar
0 votes
0 answers
61 views

A Question about what counts as a qualified covered call for tax purposes

Below is a quote from IRS Pub 550: Qualified covered call options and optioned stock. A straddle is not subject to the loss deferral rules for straddles if both of the following are true. All the ...
Bob's user avatar
  • 1,673
1 vote
1 answer
116 views

How to know the dollar amount that my employer pays for the group health plan?

Let's say I pay $600/month (deducted from my paycheck) for the premiums in my PPO plan. Is there a public place to check how much of the premium my employer pay (without needing to contact my employer)...
Brian Santos Gonzalez's user avatar
0 votes
3 answers
125 views

Do lenders consider stocks and bonuses as part of your income?

Most tech companies give their employees a basic income plus a certain amount of stocks plus annual bonuses. I am wondering if someone has a $120k salary + $50k stocks + $50k bonus in a year, would ...
best_of_man's user avatar
0 votes
1 answer
46 views

Would it be beneficial for me to open a savings account with a bank or credit union from which I plan to obtain a mortgage?

As a first-time homebuyer with limited information or experience in the field, I'm planning to purchase my first home in winter 2024 or spring 2025. Currently, I have approximately $50,000 in my ...
best_of_man's user avatar
1 vote
1 answer
95 views

Working while collecting Social Security: How do they correct overage?

I expect to get Social Security benefits starting soon, but I plan to keep working. I know that if I make more than a certain threshold, SSA will deduct a certain amount from my monthly benefits. ...
Shawn V. Wilson's user avatar
1 vote
1 answer
409 views

Someone literally sent 5,000$ to my cash app is that a scam or not?

Someone on Facebook literally sent me 5,000$ and is saying it will be a blessing of my day what should I do he provided evidence of the payment with a picture but the transaction is not showing in my ...
Nicolle098's user avatar
0 votes
2 answers
137 views

Age Rest Bank IMF code

What is the International Monetary Fund Code for Age Rest Bank? I require it in order to complete a transaction
owen's user avatar
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1 vote
0 answers
47 views

In what situation is owning a home better than renting and investing in the stock market? [duplicate]

In what situation is owning a home better than renting and investing in the stock market? if you were to use broad measures such as historical averages for home price, stock market returns and real ...
Sayaman's user avatar
  • 211
5 votes
2 answers
3k views

What are the specific financial implications of not being a US citizen after a spouse dies?

Given a normal marriage in the US. Given that couple has a 1 million dollar home and about the same in savings and the deceased spouse has 1 million in 401k what are the implications of the other ...
blankip's user avatar
  • 4,727
0 votes
1 answer
65 views

Trust Checking Account

I am the beneficiary of an intervivos trust. There are two trustees and I am one of the trustees. The trust has two brokerage accounts. Both trustees must approve all distributions from the trust. ...
Bob's user avatar
  • 1,673
0 votes
1 answer
83 views

401K Rollover Tax Question

I recently rolled over my employee 401k to an IRA at a different financial institution. In that 401k, I had made both taxable and nontaxable contributions. Since retiring, I’ve been receiving required ...
Kalliekaykat 's user avatar
1 vote
0 answers
45 views

Trying to identify where fees where deducted in seemingly domestic transfer

I use a gaming website (Sorare) that allows me to hold funds in USD. I decided to initiate a withdrawal and the fee shown on their site for the withdrawal was $0.25 and they use MangoPay as their ...
karancan's user avatar
  • 1,293
0 votes
1 answer
227 views

Is it a good idea to take a loan just to build borrowing history? (United States)

Context My current car, a hand-me-down from a family member, is 10+ years old with ~100k miles and starting to have enough problems that maintenance costs are quickly piling up. Over the last 2 years ...
Donuts's user avatar
  • 178
5 votes
1 answer
1k views

Can $3000 of already existing capital losses be used in next year instead of current year?

Let's say for someone who has modest ordinary income this year, but next year expects significantly more income - is it possible to defer usage of capital loss to the next year? Or, is this person ...
user4910112's user avatar
0 votes
1 answer
46 views

How to Calculate Excess Real Estate Taxes with two home offices?

My wife and I each have a home office in our home. I am using Turbo Tax to do our taxes, and it seems that our property taxes exceeded the $10,000 deductible limit. We get asked the same question for ...
Barry Chapman's user avatar

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