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Questions tagged [united-states]

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

2
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0answers
53 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
3
votes
1answer
165 views

Accidental trade in Roth IRA

I accidentally made a few trades totaling about $6,000 in my Roth IRA that I intended to make in my taxable account. I realized the mistake when I got a notice from from broker asking me to deposit ...
28
votes
5answers
11k views

How does the government shutdown affect tax returns?

Has a government shutdown in the past affected tax returns? In terms of refunds, is there anything to be expected differently based on historical precedent?
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0answers
52 views

Withholding Tax for Citizen of No Tax Treaty with US

I am a citizen and resident of Saudi Arabia, a country with no tax treaty with the US. I receive monthly royalties from Amazon as a designer in their print on demand platform (they sell t shirts of my ...
33
votes
7answers
11k views

Selling a property - multiple offers of same value?

In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-...
2
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0answers
43 views

Roth IRA Conversion vs Recharacterization

Despite trying to hit the nail on the head, I managed to put more into my Traditional IRA for 2018 than I will be able to deduct due to Traditional IRA phaseout limits. The last thing I want is to ...
0
votes
1answer
84 views

I worked in two states for the same company

I worked for the same California-based company in 2018, working remotely from home. I am a 1099 employee, so my employer does not withhold any taxes. I lived in California for six months, then moved ...
1
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3answers
248 views

Take money out of paycheck into income producing asset(s)

My company has a 401k plan where they would take out money from my paycheck and match whatever I put into it. The concept of taking money out of my paycheck every two weeks and put it into a ...
2
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0answers
21 views

NRA who has unearned income on Form 1042-S

I need to recover taxes reported on a Form 1042-S for my grandchildren who are non native, Native Americans. Under the Dual Tax Avoidance Agreement / treaty between Germany/USA, I submitted a W8-BEN ...
2
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2answers
35 views

Correcting a post-tax HSA deposit?

Due to a payroll error at work, my HSA contribution got put in twice for the first pay week. Once pre-tax and once post-tax. The extra total amount being in there is fine as it won't cause any limit ...
3
votes
0answers
107 views

How can I get the information why IRS doesn't want to give me an ITIN?

TL;DR: What are the venues we could take to understand why my friend’s ITIN application has been rejected and how do I finally get ITIN? Some Backstory: I am helping a friend from a non-visa-free ...
1
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0answers
56 views

Bonus which will have to be paid back [duplicate]

I received a retention bonus during the tax year 18, with the clause that if I leave within the year I have to pay back the full amount. I will hand in my resignation and will have to pay back bonus ...
4
votes
1answer
72 views

Is there any downside in opting in for Bank of America Preferred Rewards?

Is there any downside in opting in for Bank of America Preferred Rewards? I haven't seen any but opting in is voluntary and one can opt out, which makes me wonder whether there exists any downside.
1
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0answers
23 views

I’m a low income non resident alien which don’t fill United States Tax returns. Can I claim to get an ITIN under French tax treaty?

Let’s be clear. I’m not concerned by any disposition for the tax treaty nor I can file a tax return and the real purpose is to open a bank account. But I far I understand, if I claim a benefit of the ...
2
votes
2answers
74 views

Investing in a target date fund for retirement [closed]

Any suggestions about investing in a Vanguard target date fund 2045 for a Roth IRA? I'm 38 years old. Is 90/10 stocks/bonds too heavy for my age?
1
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3answers
269 views

How likely is it to be victim of credit card fraud on a credit card that has never been used?

How likely is it to be victim of credit card fraud on a credit card that has never been used? Assume that the credit card was issued by a financial institution bank in the United States. (Link to ...
2
votes
1answer
39 views

Can buying covered calls to close trigger a wash sale

I did some tax loss harvesting last week and am hoping I didn't incur a wash sale this week. Any thoughts would be greatly appreciated. I sold a portion of CELG held long term for a significant ...
1
vote
1answer
43 views

Where are additional dependent children listed on the 2018 1040 tax form?

I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
1
vote
0answers
70 views

Amex personal savings

I opened Amex personal savings when I lived in U.S. with U.S visa. But now I moved to Germany due to my job and no longer live in U.S. For TAX reason, Do I need to send W-8 BEN form to Amex national ...
2
votes
1answer
53 views

Does SE income for taxes have to be paid in the year or just earned?

If I earn self-employment income for, e.g, taking someone's photo in late December but don't receive payment for that service until January and my tax year matched the calendar year, does that income ...
5
votes
2answers
156 views

Stock owned by minor reaching adult age

I am not a US person. My son (also not a US Person) has stock in a companies traded on the NYSE and held by an agent registry. (eg. Computershare). As he reaches 18, is there anything I need to ...
3
votes
3answers
122 views

How much variation between lenders is there in the cost of financing a home mortgage loan (in the United States)?

Short Version I recently spoke with a mortgage loan officer who told me that shopping around for the least expensive home mortgage loan is essentially a waste of time, because (due to regulation) the ...
0
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0answers
27 views

Taxes due on trust inheritance

What is the IRS form which will divide the tax liability of inheritance from a trust between the heirs?
0
votes
1answer
44 views

Real Estate Agent Exclusive Agreement - Geographic Restriction

I am searching for homes in two different geographic locations in NJ. I was refereed to an agent who is local to one area I am looking at buying. I told him I may want to look further south and ...
5
votes
4answers
876 views

What are the advantages of a tax deferred investment account?

So, I suspect I am missing something huge about this. But I notice there is a lot of talk about retirement accounts recently such as 401-Ks and IRAs. I understand these come in two flavors, ...
5
votes
1answer
178 views

What are the financial implications of merging my wife's bank and investment accounts with mine?

Background I've been married to my wife for eight years. For that entire time, we've had separate bank and investment accounts, mostly due to inertia. I make most of the money, and so I manage all ...
1
vote
1answer
40 views

Calculating the basis for shares of international stock mutual fund

I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
0
votes
1answer
37 views

What information from my 2018 and 2017 tax returns should I reference to complete my 2019 form W-4?

The 2019 Form W-4 worksheet and the IRS withholding calculator are asking questions about deductions and adjustments. I do not know these numbers from memory and I think I can get them from prior ...
1
vote
0answers
35 views

What are the US tax implications of owning a controlling stake in a UK private limited company?

I'm currently a US resident alien. What are the tax implications of owning a controlling stake in a UK private limited company? It is unclear how complex filing is and what financial implications ...
3
votes
1answer
38 views

Are Governmental Roth 457b Distributions taxed if someone still works for the employer?

If someone has a Roth 457b plan, they're allowed to withdraw all the cash tax-free after they no longer work for the employer (as long as it's a qualified distribution). But if someone Still Works ...
2
votes
3answers
308 views

Contributing to Roth IRA at beginning of year

I plan to contribute the maximum $6000 to my Roth IRA for 2019 in the next month. However, there is a good possibility I will make over $122,000 dollars with overtime and therefore will be ...
3
votes
1answer
91 views

Options for non-US person outside US with 401(k)

This question is somewhat related to this one. I'm a non-US person (mid 30s) currently living and working in Europe. Previously, I lived and worked in the US (Massachusetts) for >3 years. In order to ...
1
vote
1answer
107 views

Can my grandfather receive money in the state of Wisconsin if he's unemployed?

Please read entire post before answering. Hello! My grandfather has lived here in the U.S for the past eight years. He immigrated here in 2010 and does have a green card (no citizenship). He also has ...
2
votes
1answer
92 views

Can I deposit money into a 529 and withdraw for expenses in the same year?

If I have: Spent $5k in eligible education expenses on January 1st, 2018 Deposited $5k into my 529 for 2018 on December 31st am I able to immediately withdraw that $5k to pay for the educational ...
3
votes
1answer
142 views

If my withholding will pay my and my spouse's tax bill, does she still need to pay estimated taxes as an independent contractor?

I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor. If I plan on filing my 2018 taxes jointly with my ...
2
votes
0answers
43 views

Canadian gifting a biological parent living in and citizen of the US

As a Canadian Citizen I have given (gifted) in excess of 100K US to my adult child (US Citizen) living in the US with no tax implications other than him filling out the proper form to acknowledge it. ...
2
votes
0answers
26 views

Must I file a tax return for my S-corp LLC?

I created an LLC with S-corp election in 2018 in anticipation of doing some freelance work. In the end, I did not do the work and my LLC had no income. Am I still required to file a tax return for my ...
2
votes
1answer
37 views

Reduce LLC profits by putting towards spouse's IRA?

I have a full time job. I also own a LLC (sole proprietor). I have some profits from my LLC this year. My spouse and I file jointly. My spouse is not currently employed. Can I move the profits from ...
3
votes
1answer
26 views

Clarification regarding disqualified income for Earned Income Credit (EITC or EIC)

I'm a graduate student with several kids. Right now I'm trying to leverage my temporarily diminished income by "backdoor" rolling-over my 401k account to a Roth IRA account, without inadvertently ...
2
votes
1answer
159 views

Can I pay off mortgage in full to keep my insurance claim check?

I've received an insurance claim check due to water damage in our house and the check was made in my name as well as my mortgage company's name. We believe that we can do the necessary repairs for ...
-1
votes
0answers
15 views

What is the difference in Embedded vs Non-Embedded deductibles (for health insurance), and how are deductibles satisfied?

I'm comparing two HSA health plans in an effort to help a new-hire select the best plan and expand my own understanding. One plan has an embedded deductible, one plan has a non-embedded deductible. ...
58
votes
6answers
12k views

Why does Geico ask me not to reveal the limits of my liability coverage in case of a car accident?

I read on my "Evidence of Liability Insurance card" issued by Geico in California, US: What to do at the time of an accident: […] Do not reveal the limits of your liability coverage to anyone. Why ...
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0answers
36 views

Filling out FBAR for joint account with NRA

I am a US citizen living abroad, and I must file an FBAR (FinCEN Report 114) for 2018. I have a joint bank account with a NRA (non-resident alien). This person has and wants nothing to do with the ...
2
votes
0answers
15 views

Do I need to Re-file my taxes (1040x) once I receive healthcare marketplace exemption certificate?

This pertains to tax year 2017. My girlfriend filed her taxes and filled out form 8965 (healthcare coverage exemptions form). She checked the box indicating that she had a "pending" hardship exemption ...
0
votes
1answer
31 views

Where can I find historic data for secondary market CD prices? [closed]

I'm thinking of buying some brokered CDs now through a broker such as Fidelity. Since interest rates are high, I'm thinking that I might be able to sell them at a premium on the secondary market ...
2
votes
1answer
84 views

Are contributions to 401k outside of payroll pre-tax?

Between my payroll deductions for 401k and my employer's contribution, I don't get to my $18,500 + $6,000 catch-up limit for 2018. If I put money into the 401k account from my own funds/savings to ...
0
votes
1answer
40 views

Can I get multiple hospital indemnity plans (e.g. Aflac and such)?

Is it possible to get multiple hospital indemnity plans from different companies such as Aflac and Metlife? If I were to get one by myself, can I cancel any time?
4
votes
1answer
164 views

Taking physical gold out of the United States

Are there restrictions on taking physical gold out of the US if I emigrate? Can I just pack it in my luggage and get on a plane to UK?
1
vote
1answer
53 views

International wire transfer from US to UK

I'm planning to emigrate to the UK. I'd like to transfer my meager fortune from my local bank to a UK bank once I establish an account there. Does the US government want to know that I am taking my ...
1
vote
0answers
29 views

Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?

I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...