Questions tagged [united-states]

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

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Are 1095-C forms obsolete under the current administration?

For the past several years I've received one of these 1095-C Employer-Provided Health Insurance Offer and Coverage which lists myself, my dependents, and this table (e) for the Months of Coverage ...
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10 views

Is the first day of the offering period always the same as the “grant date” in the context of employee stock purchase plans (ESPP)?

Is the first day of the offering period always the same as the "grant date" in the context of employee stock purchase plans (ESPP) in the United States? Motivation to ask the question: I'm asking as ...
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1answer
72 views

Looking for a new job - how do I handle my landlord?

Due to personal reasons, I am seeking employment in a different state. I haven't yet found a job - in fact I only just started my search - but I know that I will want to move, and I will want to be ...
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7 views

Why offshore IP when there is subpart F income tax?

After TCJA (Tax Cuts and Jobs Act), there is the not deferrable GILTI (Global Intangible Low Tax Income) tax which was supposed to deter US firms from offshoring their IP. However prior to TCJA, there ...
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Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?

Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?
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19 views

Exemption from withholding on W-4 form for highschool student

My daughter (WA - USA, highschool student with green card) has 2 part-time jobs paying about $1500 each per year. I claim her as a dependent on my tax return. She has to fill out a W-4 form for her ...
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1answer
30 views

Can you roll a traditional IRA into a 401k and do a Backdoor Roth IRA same year?

The following is a situation a few of my friends are in: Significant assets in traditional IRA Income above Roth IRA limits Their 401k plan allows you to roll regular IRAs into it Now, the prorata ...
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19 views

RSU gain on payslip

I work for starbucks, and receive RSUs (shares) every November. I have also Netbenefits account for managing this shares. Even though I don't sell my shares, every December some amount of RSU gain ...
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2answers
151 views

What is the interest rate that the governments bonds move inversely to?

When we talk about "the interest rate" that government bonds move inversely to which is this rate?
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21 views

Dependent Care FSA Reimbrusement

I had FSA with past employer from Jan to Sept 2019 and then switched Job with new employer and started FSA amount with the rest of the limit. All my dependent care expenses were till Sept 2019 but ...
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1answer
30 views

IRA withdrawals and taxation as non-resident alien

I left the USA for India in January 2019. I retained my traditional IRA and 401(k) accounts because there is a penalty for premature withdrawals apart from the tax liability. Can I convert part of ...
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85 views

How do I deal with taxes on a U.S. Savings Bond that matured a few years before it was redeemed?

My parents recently found a 30-year Savings Bond of mine that matured in 2016. I redeemed it at the bank in late 2019. My understanding is the correct way to handle this is to file an amended 2016 ...
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139 views

What does the IRS do about trivial tax discrepancies?

I submitted my taxes (e-file) about a week ago via Turbotax - expecting a large refund. I then unexpectedly received a 1099-INT from my bank for $15 of interest received during the year. I did not ...
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41 views

Can this person use the tax status of qualifying widow on her 2020 income tax return

Please consider a case where I couple, living in the US, has two grown kids (a son and a daughter) (over 40) and the father dies in 2019. The mother inherits the husband’s assets. The couple normally ...
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17 views

Is there a time limit for 1256 contract tax loss carry-forward?

I was wondering, is there a time limit for 1256 contract tax loss carry-forward? Or can you carry the loss forward indefinitely? I saw a website that suggested that the limit is typically 7 years, ...
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31 views

account type recommendation for minor beneficiaries of a trust (US)

As the trustee of a trust, I’m looking for suggestions as to how to make distributions to minor great-grandchildren. This is not a lot of money, but not trivial. I’m considering UTMA/UGMA/529b type ...
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1answer
153 views

Do I have to pay gift tax on gifts in kind?

Let's say I am letting out a room in my house on AirBnB for $100 per night. Then one day a relative of mine is down on his luck, so I take it off the market and instead let him stay in that room. I ...
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2answers
124 views

Does returning small bank verification deposits count towards the limit of 6 monthly “convenient” withdrawals on a savings account?

Does returning small bank verification deposits count towards the limit of 6 monthly "convenient" withdrawals on a savings account? Example:
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0answers
28 views

How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?

The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada. Are they just considered as a normal account? Therefore, ...
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1answer
56 views

How to know if dividends are qualified (for example, VIGAX)

I just learned about the different tax treatment of qualified vs unqualified dividends, and I'm trying to understand which are which (before I get the 1099-*). First, I understand that I need to hold ...
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71 views

Can I use a 529 plan to pay a refinanced student loan?

As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (QTP, e.g. a Section 529 Plan) to pay student loans as a qualified education expense - provided your state ...
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1answer
109 views

Can I use a 529 plan to pay student loans and claim both the state 529 deduction and the federal student loan interest deduction?

At first blush, this sounds like it might be double-dipping. But let's take a look at the new IRS rules. As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (...
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1answer
96 views

Are long-term capital gains considered for ACA subsidy calculation, even if they are taxed with 0%?

If your total income is below a certain limit, long-term capital gains are taxed with 0% (again, up to a certain limit). If you stay below both limits, you are paying zero tax for the year; but - ...
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1answer
82 views

Is money paid by a moving company for delay of shipment taxable income, or need to be reported when itemizing?

I recently had an interstate move for a job that passed the distance test. In the process of the move my household goods were delayed transit. Since the delay exceeded the allowable window, the moving ...
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4answers
2k views

Does an HSA have to be used exclusively for medical expenses

I had an HSA last year. This year I have health insurance through ACA. Does the HSA money have to be used exclusively for medical expenses?
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1answer
8k views

My friend cosigned for a defaulted loan. Should he declare Chapter 7 bankruptcy?

Background: My friend Abe co-signed an auto loan for about $25k with his "friend" Bella, in the USA state of Maryland, about 4-5 months ago. The car was for Bella's use. The deal was that Bella would ...
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1answer
34 views

Should F2 spouse file 8843?

I have been in the US since 2016 under F1 student visa with my spouse who has F2 visa. Since I am still a non resident alien, I have been filing under single status. However, I learned that my spouse ...
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1answer
135 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
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1answer
2k views

W2 Form Stating Single instead of Married

My Employer just now sent my 2019-W2-form, I have noticed, my form shows Taxable Martial Status "Single" instead of "Married" Is it possible to change the status during tax filling. If Yes then What ...
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2answers
203 views

Can my employer change my HSA account to a HRA account?

I have a HSA through which my employer gives me $1000 a year. When I turned 65, I decided to bypass Medicare so I could keep my HSA, employer contribution, and my monthly contribution. Now at 67 I am ...
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1answer
25 views

Taxes and K-1 Partnership

What do I do for K-1's if I am no longer a partner in the company? Say I dissolved my relationship on Dec 31, 2018. Do I have to do anything on my 2019 return? How does the government know I'm not in ...
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1answer
166 views

how can I travel to to open a US bank account as an EU tourist?

Am a German citizen and I would like to open a checking account in USA, no matter which bank, important is the fact that I can have a Zelle service and that I actually can handle to manage the account ...
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115 views

Online Hackathon prize money taxation and exceptions

I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD. However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident (...
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10answers
13k views

Can I claim only part of the full amount of a check?

I received a long awaited check today (USA) written for $X. For complicated reasons (we had some dispute about how much was owed for what), I only want to accept $Y from this person for this service, ...
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1answer
126 views

Is it standard that a mortgage company won't pull your credit report while you're living abroad?

I'm going to be moving back to the states soon after living in Canada full a few years. I called wells Fargo to look into getting a mortgage today, and they told me that they will not pull my credit ...
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1answer
113 views

Why is Thrift Savings Plan restricted to U.S. civil servants and uniformed service members?

From what I can tell, TSP is pretty close to a 401(k) plan (and similar to an IRA) except the government restricts who can participate. Thrift's funds have much lower fees than many of the 401(k) or ...
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2answers
274 views

55+ communities bulding in Florida

I'm a non US citizen; my father and I are looking to invest in an apartment in Florida. I have found 55+ communities that are on our price range. But I’m not 55. Can people under 55 live in a 55+ ...
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1answer
52 views

Is it possible to use the credit card BIN to find the bank's ABA?

I am trying to determine the correct institution ABA based on the credit card's BIN. There are several resources which can determine bank's name and some other info based on the card BIN but many ...
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2answers
3k views

What's the purpose of mileage verification in auto insurance?

I believe it's every year that my auto insurance company has me fill out one of these "mileage verification" letters to submit the mileage of my vehicle that they hold an insurance policy with. What ...
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1answer
104 views

If a personal loan was made in one state, and they now live in a different state, and you live in another state, which state do you file?

I loaned a friend money. He then vanished. 18 years later I found him. He lives in a different state then where the loan was made. I also live in a different state. I know there are time limits, but ...
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1answer
30 views

F-1 to H-1B Tax Filing Status - 5 Calendar Years?

I came to the US to study on an F-1 visa in August 2014 and graduated in May 2018. Since then, I have been working on an F-1 OPT visa. In 2019, I applied and received my H1B visa - specifically, my I-...
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1answer
13 views

How can one use one's old FBAR form data to populate a new FBAR form?

How can one use one's old FBAR form data to populate a new FBAR form (Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114)? I tried exporting/reimporting the form data between ...
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162 views

Any tricks/hacks for exorbitant daycare costs?

The $5000 FSA limit is a joke given the daycare costs in our area. Is there any way to use more pre-tax money to pay for daycare ? Daycare is by far our biggest expense for the year. Any advice to ...
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6answers
13k views

My (buyer's) agent is the seller's agent for the house I want

My wife and I have been looking for houses for a few months through an agent who was recommended by a friend. We've mostly found houses by ourselves and Zillow and had him organize walk-throughs, ...
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3answers
293 views

Why do some savings accounts have a maximum balance?

Example: https://www.hustlermoneyblog.com/hsbc-direct-savings-review/ (mirror): Maximum Balance: $2,000,000
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1answer
113 views

Why does my routing number (IBAN) come up as invalid

I am trying to wire funds and my routing number to Citibank, which is 122401710 in Las Vegas Nevada, is coming up invalid IBAN when I go to wire funds. When I called Citibank they told me that I ...
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1answer
61 views

TurboTax had me file for a 1040 instead of a 1040NR. Is there a way I can change this?

It's my first time filing for a US tax return. I used TurboTax, filled up all the necessary information, and I got the result showing a form 1040, which means I got zero amount. I am from the ...
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1answer
112 views

Head of houshold: Domestic partner, and child, with joint checking

I am living with my domestic partner and our child, and she contributes about twice what I do into our joint checking account from which all bills are paid. Can she file as head of household? I think ...
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1answer
59 views

Why does a short-term certificate of deposit (CD) have a significantly smaller annual percentage yield (APY) than a saving accounts in some banks? [duplicate]

I see on Ally Financial's website that a 3-month certificate of deposit (CD) has an annual percentage yield (APY) of 0.75% whereas the saving account has an APY of 1.60%. This surprises me because I ...
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1answer
67 views

How to tell the IRS about Roth IRA gains on early withdrawal?

I had to give some of my Roth IRA to my ex-wife, and didn't do it in the wisest manner. How now do I tell the IRS that only about $80 of the $3,570 that I sent to her are taxable and penalizable ...