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Questions tagged [united-states]

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

6
votes
1answer
96 views

Can a local IRS office provide more help than by phone or mail?

tl;dr: the IRS made a mistake regarding my 2016 tax return, and after a year of phone calls and letters back and forth they can't seem to fix it. Is there a good chance I'll have any better luck by ...
2
votes
1answer
55 views

Download tax return before filing to show to accountant

I like using turbotax to gather my information, but I'd like to work with my tax advisor to review what I'm filing before actually submitting the return. Is there a way for me to show my tax advisor ...
1
vote
0answers
22 views

Tax in US on interest earned from NRE account

I work in the US and recently got converted to H1B. I am planning to transfer funds to my NRE account ($3000), accrue interest in 3-4 months and then use it to pay for my student loan. Will I be taxed ...
2
votes
3answers
208 views

I have 25,000 in savings and I want to invest, but I don't know where to start [duplicate]

I've been collecting information about the best investment practices, however I'm have very little financial knowledge and was hoping someone here could point me in the right direction. I feel like I ...
1
vote
1answer
75 views

what is DEMAT equivalent in USA

I am new to USA. In India to trade in market one needs a Demat account and a trading account. but In USA, when I opened an account with a reputable brokerage there was no mention of an account similar ...
1
vote
0answers
11 views

Taxes: Form 1116 income is both Passive and Treaty

Mostly valid for Americans living abroad. I have income that qualifies as both Passive and Treaty (triple taxation) and would appreciate any advice as to whether I can claim both credits. The ...
1
vote
3answers
109 views

Sequential Wash Sales

Consider these transactions all with the same stock: Buy 100 shares for $1000 on Jan 20, 2016 Sell 100 shares for $ 200 on Feb 20, 2018 Buy 100 shares for $ 100 on Feb 21, 2018 Sell 100 shares ...
1
vote
2answers
80 views

Land purchase: documentation and must knows

I am thinking about buying a lake front lot of land near my home town in Texas. The area is incorporated, but there are very few built houses around it. I am thinking about buying it as an investment, ...
1
vote
1answer
25 views

Obtain an EIN as non-US resident

I am opening an international/offshore company in US and, as a non-US resident, I don't have a SSN. Can I still obtain an EIN?
0
votes
4answers
974 views

How can I budget to build up a down payment for a house over the course of a year?

I'm currently looking to buy a house in one year - my lease will be expiring, I'll have the time to build up a savings, and we'll have the time to research and find the exact house we want - we've ...
1
vote
0answers
84 views

Corrected 1099 resulted in less income, but now I owe more

I submitted my tax return weeks ago. And it has since been accepted. However, this morning I received an updated 1099 from my brokerage which resulted in a $1 difference (rounded). $1 dollar less ...
1
vote
0answers
45 views

Personal loan to start the LLC now being paid back to investor / member of the LLC

I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the ...
0
votes
1answer
77 views

I accidentally recharacterized nondeductible IRA contribution to Roth

In 2018, I made a catch-up contribution($1000, nondeductible) to traditional IRA). Then by mistake, instead of Roth conversion, I accidentally requested "recharacterization to Roth" which I didn't ...
0
votes
1answer
33 views

I don't have a 'I'll enter additional info on my own' button for correcting the cost basis of a stock sale

The help section of TurboTax says that to enter the corrected cost basis of a stock sale, I need to click the 'I'll enter additional info on my own' button, but I don't have this button.
0
votes
1answer
23 views

Dependent Care FSA mid year election

We have a dependent care FSA in 2018 via my company sponsored plan and I contributed $5000 for 2018. My open enrollment started recently and I realized my company has put a limit on my contribution ...
0
votes
3answers
134 views

Why Wash-sale rule makes a difference?

I have been reading the wash-sale rule. I get the concept, but I do not get why this rule exist or needed. To me, in the end, a person would pay the same amount of taxes with or without create ...
-2
votes
4answers
363 views

Why does Costco refuse credit card payments from non-Costco members in the United States?

Alice and Bob were doing some shopping at Costco in the United States. Bob is Costco member, and Alice isn't not. The cashier, citing Costco's policy, refused to accept Alice's credit card: Alice was ...
28
votes
3answers
8k views

Accountant/ lawyer will not return my call

I have an accountant who is also a lawyer who did my taxes for about 7 years. I received a notice from the IRS for the years that he filed the taxes saying that I owed $5,000. I sent him the notice ...
0
votes
1answer
177 views

Improving credit: what should I do about very old debt; ignore, settle, or pay it in full?

I have about $6,000 of very old debt. It went into collections about 3 years ago when I was in college. Today I have a good job, and I am thinking about the future. I am now interested in improving ...
0
votes
2answers
211 views

Buying and selling a house

Let say I am going to buy a home today for 100K and going to sell this house after 30 years for 300K. I have few questions regarding this one. I might have paid 100K in mortgage, so after 30 years I ...
1
vote
0answers
61 views

Tax Return Married NRA: Is Glacier Tax Prep fill the 1040NR out correctly?

I am an F1 student (NRA) and Married. Based on the new 1040NR(-EZ) instruction a married NRA cannot claim more than $5,000 deduction (1040NR Instruction). Glacier Tax Prep is a software provided to ...
3
votes
1answer
78 views

How/when to take loss in private company that re-orgs post-Chapter 11 and converts to new/fewer shares?

My wife's company is private. We bought 60 shares x $1k/share 5+ years ago. This past year they (OldCo) went Chapter 11 bankrupt re-emerged from bankruptcy as a new LLC (NewLlc) "There were assets ...
4
votes
1answer
101 views

IRS - Tax return of 2017 - Penalty

My family and I moved to the US, with a job, on May 21 of 2017. Since June of 2017, we have been covered by health assurance through my job. (the form 1095-B from Aetna informs 7 months of coverage). ...
1
vote
5answers
243 views

Are cash contributions to my church tax deductible?

Last year I contributed to the offering in church every week. I have few questions regarding this. I am not that rich, so I contribute whatever cash I have in my wallet. Can I enter this amount on my ...
1
vote
0answers
34 views

Why is the cost basis reported by a broker on RSUs 0 USD?

I notice that E-Trade reports on the Form 1099-B that the cost basis for vested RSUs is 0 USD. Shouldn't the cost basis that report in my tax form be the value of the shares at the time of vesting? ...
3
votes
0answers
41 views

Can I deduct mileage if I'm a contractor who works at home and at an office?

I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week. ...
3
votes
2answers
141 views

Why is it mandatory to depreciate a rental property?

I don't understand why an investor is forced to depreciate a rental property. In many cases (say for an investor with one rental unit only) the depreciation amount is less than the standard deduction ...
4
votes
1answer
497 views

My girlfriend has lived with me the entire year of 2018, with no job. Does she need to file a State tax return?

I work in a contracting company, so I sometimes have to move and work every few months. I have been in NC, then IL, and now in AZ. My girlfriend lives with me, and she is a full-time student (since ...
0
votes
0answers
17 views

What are the upsides and downsides of doing an HSA rollover contribution vs. an HSA trustee-to-trustee transfer in the United States?

In the United States, what are the upsides and downsides of doing an HSA rollover contribution vs. an HSA trustee-to-trustee transfer? I am aware that: one cannot do more than one HSA Rollover ...
0
votes
1answer
51 views

Should I pay off my home mortgage due to TCJA cutting SALT deductions?

Definition Under prior law, in addition to being allowed to deduct 100% of state and local income (or sales) taxes, homeowners could deduct 100% of their state and local personal property taxes. ...
0
votes
1answer
30 views

Illinois Property Taxes and Schedule E Expenses

(Assume) I rented out my condo in Illinois from Jan 1, 2018 to December 2018. In Illinois, property taxes are paid in arrears, so during 2018 I paid my 2017 property tax bill, and I haven't yet paid ...
49
votes
7answers
14k views

Can one live in the U.S. and not use a credit card?

The title may not be very accurate. I'm European (Italian) so I don't have a very clear idea of how it works in U.S. My understanding (correct me if I'm wrong) is that the economy there incentivises ...
0
votes
2answers
68 views

What is the purpose of an RSU Tax Offset?

I'm reviewing the year to date figures on my last paycheck stub for 2018. There's this entry for RSU Tax Offset I'm trying to discern here. I can trace it back as a line item of a check stub 6 months ...
1
vote
1answer
49 views

Non resident alien in US, changed status from F2 to F1, can he claim tax treaty benefit?

One of my friend first entered to US from Bangladesh on August 2017 in F2 status and here is the tax treaty between US and Bangladesh He was in F2 status in US part year from Jan 01 to May 28, 2018 (...
2
votes
1answer
86 views

Is my sister entitled to a refund for IRS over-withholding? If so, how does she get the refund?

My sister has a taxable brokerage account with Interactive Brokers and invested in GE stocks (which collapsed, resulting in a massive capital loss written off on Line 132 of Schedule 3 on her T1 ...
0
votes
2answers
62 views

Mutual Fund or Municipal Bond

I am new to this Bond's so, I am not sure which one is a good investment like state or federal bonds? Is it worth to Invest now?
1
vote
1answer
108 views

Robinhood does not provide all information necessary to fill out 1099

This year I invested money in stocks for the first time. I didn't sell anything though I received $0.26 of dividends. Robinhood sent me a consolidated 1099 which contains information about the ...
8
votes
4answers
3k views

Should I file my taxes? No income, unemployed, but paid 2k in student loan interest

This question is hypothetical. I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my ...
1
vote
2answers
62 views

How are FSAs handled when you change jobs?

For my 2019 benefits from my company I enrolled for $1000 in an FSA account. So as of Jan 1 I have $1000 available to spend, but in late Feb. I changed jobs and I have one more check being issued to ...
1
vote
1answer
33 views

Will Receive K-1 from Trust: Roth IRA

I apologize if this question is not warrant asking. Though I was wondering if taxable income earned by the trust distributed on the K-1 form would qualify me as the trustee to contribute to a Roth IRA....
1
vote
2answers
42 views

How are RSU stocks taxed?

I am confused how RSU stocks are taxed. When RSUs vest, some of them are sold (sell to cover). Is this equivalent to tax withheld on your paycheck? The RSU is kind of considered part of my pay and ...
1
vote
1answer
31 views

Schedule D, what flow to follow if you have no long term transactions but only short term gain?

The instruction for Schedule D form seems a bit ambiguous. On line 17 it says, If both line 15(total long term) and line 16(total long term + short term) are gains, go to line 18(which makes you do ...
2
votes
2answers
62 views

What should a medical receipt contain to be IRS-approved for an HSA withdrawal in the United States?

In the United States, one must keep records of all one's medical expenses processed through one's HSA in case of an IRA audit. What should a medical receipt contain to be IRS-approved? I'm assuming it ...
4
votes
3answers
157 views

How to balance saving for retirement with saving for a house?

Situation: Married w/ kids, 29, about to finish grad school, no debt. Accepted a job offer with $87k salary and an employer contribution to an SEP-IRA equal to $13k/year. No additional household ...
1
vote
0answers
22 views

Is it required to keep a Form W-8BEN when paying a foreign contractor?

Bob is a French citizen is a tax resident and permanent resident of the United States. Alice is not a U.S. person and works only outside the U.S. If Bob pays Alice for some work she performed, is it ...
4
votes
1answer
142 views

How to properly compare pension vs Roth IRA?

I am trying to compare the benefits of a federal pensions system FERS vs simply investing the money myself with a Roth IRA. I'm assuming that I work in a federal job for several years, but retire ...
1
vote
1answer
50 views

In the US, is cancer medication (for a parent living in South America), tax-deductible?

The cancer medication of my parent costs 10,000 USD a month. I would like to pay for this, but I wouldn't have enough money to live off of myself. I was wondering, would the expense would be tax ...
0
votes
2answers
45 views

Employee’s Withholding Allowance Married

I'm filed with payroll as married with three allowances (I have no kids). I make $80,000/yr, and file as "Married filing jointly". Wife doesn't work. What is the optimal Employee’s Withholding ...
0
votes
0answers
24 views

Are non-resident aliens (1040N0) allowed to offset stock gains with stock losses? And are they allowed to carryover losses? [duplicate]

I am a non-resident filing tax returns using form 1040NR. I'm really struggling to find an answer to the following questions, maybe someone knows and can help - For 2018 - Are non-resident aliens ...
31
votes
6answers
5k views

ESPP--any reason not to go all in?

I'm just finishing up paying off my student loans (woohoo!) and am starting to look at places I can put my money to make it work for me. I've read Kobliner's Get a Financial Life and am interested in ...