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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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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 ...
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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 ...
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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 ...
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3answers
310 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
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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 ...
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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
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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 ...
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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 ...
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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. ...
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0answers
27 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
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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 ...
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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
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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 ...
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0answers
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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
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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 ...
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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 ...
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1answer
32 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
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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 ...
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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?
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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?
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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 ...
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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 ...
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2answers
65 views

Filing a tax return due to US bank interest for non-US persons

Does the mere ownership of a US bank account that earns some interest require a non US person (say, based in Europe, EU in particular) to file a US tax return? Are there any other reporting ...
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1answer
37 views

Wash Sale between RSU and ESPP

I sold some RSUs at a loss of about ~5K on 12/27/2018 but am scheduled to receive the same stock via ESPP on 12/29. Will this ESPP transaction disqualify the ~5k capital loss on RSUs as Wash sale? If ...
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4answers
1k views

Are bonds worth the investment since they don't compound?

I was talking with my parents and they told me they have been buying 30 year EE bonds at $100 every 2 months with an interest rate of 4%. Because it is an EE bond, it does not pay a monthly coupon. So ...
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4answers
1k views

Should I max out my first credit card in order to build credit if I can pay the balance immediately?

I was just approved for my first credit card. I will be making a large purchase soon which will exceed my credit limit. I could split the purchase between cash/debit card and my new credit card or ...
7
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1answer
89 views

Medical expenses tax deductions - billed vs. paid

In the USA, total medical expenses above a threshold may be deducted from taxes. If a medical expense occurs in December and the bill is paid in January, for tax purposes, does this expense occur in ...
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1answer
71 views

Rollover from a Traditional IRA to ROTH IRA

I have a few thousands of dollars contributed to a Traditional IRA over 2016, 2017 and 2018. These contributions are post-taxed dollars and I have not deducted them from the IRA contributions (Since ...
27
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4answers
6k views

Can I start 529 plans for my niece & nephew without my sibling knowing?

If I wanted to start a 529 plan for them now to give to them at the end of their high school career as a surprise to both them and their parents, is it possible to do so? My niece and nephew are both ...
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2answers
74 views

credit card consolidation pro and con

My credit card is carrying a debt of $11K at 22.99%. Minimum monthly payment $293. The charges on it were authorized by me but were made by another person (a relative), who is also the one paying it ...
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3answers
858 views

When is an HSA expense “incurred”?

Starting next year (2019), my family will be covered by an HSA plan. A member of my family is undergoing a medical treatment, starting on 12/27/2018, which will continue into March 2019. There is a ...
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1answer
43 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
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2answers
171 views

Lottery Winnings in United States

I noticed everyone is saying get a Lawyer, Financial Planner, and Tax Professional if you hit the big lottery. Why would I need a Lawyer to collect what I won? Is winning in some way Illegal? I don't ...
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3answers
133 views

Why is VTI a wash sale, but VV is not?

Here is my Fidelity YTD tax report on short-term losses. Why does it show a wash sale disallowed loss for the VTI holding, but not for the VV holding? 2018 YTD ST Losses
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5answers
174 views

Is a loan tied to stock market indexes OK?

My brother came to me to borrow money to pay some taxes that are due by the end of this year. The only way I can get the requested amount is by selling mutual funds. As you know, the US stock market ...
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1answer
61 views

Secure a loan against estate in Texas

I'm a German married to a U.S. citizen, we're living in Germany. My father-in-law is retired and lives on his own property in Texas. Due to some misfortunes and health problems (and the medical bills ...
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0answers
22 views

Corporate structure for dual U.S. / Canadian citizen?

Current scenario: $150,000 CAD/yr taxable sole-proprietor income (Canadian sourced) dual U.S. / Canadian citizen Canadian resident Wishful scenario: Canadian corporation qualifying for small-...
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0answers
33 views

Is it possible to appeal a notice of intent to assess after the appeal deadline stated on the notice has passed?

Is it possible to appeal a notice of intent to assess from Massachusetts (mirror) after the appeal deadline stated on the notice has passed? I saw the notice of intent to assess too late as I was ...
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2answers
1k views

Does IRS count paying mortgage principal as taxable income from family?

My parents offered me a generous gift, specifically they want to pay off $10,000 of my mortgage principal (the mortgage is under my name, not theirs). However, I am hesitant to let them do this, as ...
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1answer
768 views

Benefits/disadvantages of filing as married?

I was hoping to get some help as to what I should file on my taxes (single, married or head of household). I recently got married in August. I honestly and not sure the benefits of filing single/...
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1answer
39 views

Can W2 salary be negotiated when removing healthcare plan?

As a W2 employee, I will get $4,500/mo plus benefits. One of the benefits is that they will pay half the healthcare plan that I select from the options available. In my case, it's about $400, so I pay ...
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1answer
63 views

How can I (1) streamline my charitable giving and (2) avoid being pestered by “free gifts” and multiple mailings from the charities I want to support?

I am trying to simplify my life and my financial life, and am making good progress, partly because I am well organized and hate stuff. A few financial areas are defeating me, however. This one may ...
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1answer
52 views

Downside to W2 with base salary and allowance?

This is simply an example, so please bear with me. ExxonMobil (headquartered in TX) offers me a software development position as a W2 employee, with my total compensation being $5,000/month. They ...
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1answer
47 views

Should I pay and refinance or continue LPMI?

Details: Origin loan: $152,000 Original downpayment: $8000 Remaining loan: $144,000 (= approximate current pay-off quote) Currently value of house: $160,000 (assume value hasn't changed since I ...
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1answer
79 views

Financial benefits of installing EV charger for landlords and employers

This question is based on the location: Vermont, USA. A lot of information regarding federal tax benefits are available online for Electric or Hybrid car owners. However, I am interested to know if ...
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0answers
100 views

Can debt collectors or creditors combine multiple “accounts” into one to increase sum above $100?

In this case, someone has several medical debts, for separate procedures/office visits. Each of these debts is of an amount less than $100. It would seem that, since the visits are separate, these ...
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0answers
8 views

1040NR needed for LLC Partner USA alien Living/Working outside the USA?

Situation: I live in Nepal and am a USA citizen. Partner lives in Romania and is a Romanian citizen. We want to start a LLC where we will share equity and get paid by this LLC. The LLC will be ...
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0answers
22 views

Financial Planning/Investment Advice (Singapore-US related)

Hope you guys can offer some advice! I'm a Singaporean (26) just out of university and trying to think about my finances in a more structured way. I currently have Income (yearly): 7.2k mandatory ...
3
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1answer
40 views

Can I contribute to an HSA after HDHP coverage ends mid year

I had a family HDHP for the first 8 months of 2018, and while I opened an HSA account during that time. Can I continue to make contributions to my HSA between September 1st 2018 and April 15th 2019 (...