Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,250
questions
0
votes
0
answers
16
views
Excess deferrals to after-tax, non-Roth 401k (just happened this paycheck) – just ask the plan for a reversal? Tax implications? MBDR implications?
It’s hard to google this/find this specific situation for advice.
My last paycheck deferral on to my 401k (on 12/8/2023) resulted in exceeding the yearly maximum employer + employee = $66K limit. (2 ...
2
votes
1
answer
134
views
Yearly 401k Contribution Limit Question
December 22 is the day of my last paycheck for the year. I'm trying to contribute the maximum allowed by the IRS for the year. Since this is the last paycheck I'll get for the year, would that be ...
0
votes
1
answer
101
views
Forming an LLC to reduce personal income
I'm working as a contractor for a couple people though I haven't formally formed my own business yet.
Is it possible to reduce my personal income tax while having the money go to the business?
Ex: I ...
4
votes
0
answers
63
views
What happens when a public company fails to file their quarterly earnings reports?
I'm not a very experienced investor, but I recently came across some publicly traded stocks, such as FTCH and NEGG, that have both failed to file their quarterly earnings reports. FTCH for a single ...
0
votes
1
answer
66
views
How do I report Interest on tax refund from India?
I live in the US. In 2022 I claimed foreign tax credit for the taxes I paid in India. In 2023 I received a tax refund from India with interest added and TDS on the interest deducted. How do I report ...
0
votes
2
answers
108
views
How is 401k basis calculated? (Warning, wrong question.)
Normally if you sell one equity and buy another with that money, any gains or losses are reflected in your taxes at the time you do that rebalancing and you have a new cost basis on the new investment....
2
votes
1
answer
66
views
Difference in the Capital gain due to exchange rates
I am a US citizen. I inherited a property in India in 2018 and sold it in 2023 with no gain/loss in Indian currency.
But when I convert the cost and the sale price to US dollars, I get a loss because ...
1
vote
1
answer
61
views
Can I deduct costs associated with rental improvements?
I have a back ADU (accessory dwelling unit) at my home in Portland Oregon that I rent out. I live in the main house and the ADU is a totally separate 800 square foot house with a separate address but ...
-1
votes
0
answers
65
views
A person is under foreclosure now files title 11 but resides in another property [closed]
A person is under foreclosure. He now moves to another property. He then files a title 11 bankruptcy. He is able to stop the foreclosure case of the original property with the bankruptcy he filed. ...
0
votes
1
answer
57
views
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 ...
5
votes
3
answers
913
views
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 ...
1
vote
1
answer
32
views
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 ...
1
vote
1
answer
80
views
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?
2
votes
2
answers
277
views
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 ...
2
votes
1
answer
205
views
Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA
I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
-1
votes
0
answers
116
views
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 ...
1
vote
1
answer
50
views
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 ...
0
votes
1
answer
51
views
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 ...
1
vote
1
answer
65
views
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 ...
0
votes
1
answer
167
views
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 ...
2
votes
1
answer
135
views
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 ...
3
votes
1
answer
81
views
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. ...
0
votes
0
answers
57
views
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 ...
0
votes
1
answer
41
views
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 ...
5
votes
1
answer
948
views
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, ...
0
votes
0
answers
50
views
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 ...
0
votes
2
answers
77
views
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 ...
0
votes
1
answer
118
views
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 ...
0
votes
1
answer
64
views
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 ...
0
votes
1
answer
117
views
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 ...
2
votes
1
answer
53
views
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 ...
1
vote
1
answer
106
views
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 ...
2
votes
2
answers
311
views
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 ...
2
votes
1
answer
133
views
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 ...
19
votes
1
answer
6k
views
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 $...
7
votes
2
answers
2k
views
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 ...
0
votes
0
answers
40
views
Settlement period change in 2024
There is a settlement change in May 2024. Does that change applies to
Stocks/ETF
Options
Mutual Funds
0
votes
1
answer
79
views
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?
2
votes
1
answer
253
views
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 ...
2
votes
1
answer
69
views
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 ...
1
vote
1
answer
81
views
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 ...
-2
votes
1
answer
170
views
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 ...
-1
votes
1
answer
41
views
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 ...
1
vote
1
answer
130
views
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 ...
2
votes
2
answers
123
views
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 ...
1
vote
1
answer
60
views
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: ...
1
vote
0
answers
89
views
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. ...
1
vote
2
answers
170
views
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 ...
1
vote
2
answers
92
views
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 ...
0
votes
1
answer
107
views
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, "...