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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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1answer
131 views

Why is Social Security & Medicare tax higher as W2?

I was comparing how much I'd pay in Social Security as a 1099 and as a W2. As a W2 employee, my Social Security and Medicare total is $9,180 while my total as a 1099 is $8,478. Why the difference ...
2
votes
1answer
28 views

MA 2015 Schedule Z line 12: “Income tax paid to another state or jurisdiction (from worksheet)” -> what worksheet are they talking about?

I am filling out a 2015 Schedule Z (mirror) in Massachusetts, USA, which I plan to attach to a 2015 Form 1 (mirror). Line 12 says: "Income tax paid to another state or jurisdiction (from worksheet)". ...
1
vote
2answers
83 views

Can 1099 get allowance to reduce taxable income?

I posted this question anonymously, but I can't add edit or delete, so I decided to repost. I'm a software developer for a fortune 500 company (in Texas) and I get paid $5,000/mo as a 1099 contractor....
1
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0answers
23 views

State Tax on Sale of Michigan S-Corp for Non-Resident

I have a family member that will be a resident of Florida for 2019. He is contemplating selling his business based in Michigan (S-Corp). He can run the business remotely (but anticipates spending ...
0
votes
1answer
51 views

Can 1099 contractor receive per diem and car allowance?

As a W2 worker for a US company, my monthly pay was divided into 3 quantities: $X in salary, $Y in per diem, and $Z in car allowance. The benefit was that I would only pay tax on the salary, so my ...
0
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0answers
17 views

PMI threshold when paying off part of the principal [duplicate]

I am in the process of getting rid of private mortgage insurance (PMI). I was planning on paying off my loan down to 80% loan to value and then get rid of the PMI. However, I was told by my lender ...
1
vote
1answer
73 views

Dropshipping and sales tax in sole proprietorship LLC

I own a new LLC as a sole proprietor and plan to file profits through my personal tax return. However, my business is entirely online and dependent either on affiliate or dropshipping channels. For ...
3
votes
1answer
64 views

Property Tax entry for 2018 Federal Income tax

In preparation for 2018 Federal Income Tax (based on the 2017 Tax Act), I was suprised when using 2018 Turbo Tax to see the following: Which seems to state that the IRS is still working on how to ...
2
votes
1answer
63 views

NYC - Does New York City tax scale similar to Federal taxes?

As far as I understand it: If I make 5k yearly versus making 50k yearly I fall into a different federal tax bracket and the amount I'm taxed becomes modified (this is the simple explanation). ...
-2
votes
2answers
393 views

Can I purchase gift cards this year and deduct as a business expense, and spend the cards next year?

If my friend was to buy 5k in Amazon gift cards for himself before the year end knowing that he was going to spend those during the 2019 fiscal year, with the idea that he would be writing this off as ...
3
votes
1answer
98 views

Self-employed net income for affordable housing - valid to take from profit/loss?

I'm trying to understand net income from self-employment, when qualifying for an affordable housing program. I had always thought that net income was the cash (checks, wires, etc) coming in. However,...
2
votes
1answer
90 views

Home appraisal ROI: changing floors

I know that homes in the US usually are appraised at a higher value if they have hardwood or laminate floors instead of carpet, so I recently removed all the carpet I hac downstairs and replaced it ...
1
vote
0answers
177 views

Are the “personal loan” entities legit or a bit bogus?

In the US, it's great to get many spectacular PERSONAL LOAN OFFERS in the mail. Wow! Many companies such as sofi.com and figure.com pump these. I am wondering (1) Are these generally seen as "a ...
2
votes
2answers
99 views

Can a state assess a capital gains tax on a sale of property owned by a non-resident?

If I own property in Massachusetts, but am not a resident of Massachusetts, and I sell that property at a profit, does the Massachusetts capital gains tax apply to my sale?
1
vote
1answer
97 views

Tax Loss Harvesting and RSUs

I routinely sell my RSUs as soon as they vest, but this previous vesting period -- I did not. Sadly, the stock declined ~25 percent since that time. Some key notes. This would be a short-term sale ...
4
votes
1answer
222 views

Where can I find the median new auto price? [closed]

I hear from time to time about the "average" price of a new car in the United States, and how it is absurdly high. I presume this has something to do with how four people buying a $13k car and one ...
0
votes
1answer
59 views

Is there a US banking product with free or very cheap ATM access in Canada? [closed]

My family member plans to live in Canada but his income still comes from his investment in the U.S. Is there a bank product that let him withdraw money with cheap or free ATM fee in Canada, or/and let ...
1
vote
0answers
45 views

State tax refund different from what's indicated on Turbotax form

I am digging into a past year's Utah tax return (due to an audit) and I see that 42 TOTAL DUE - PAY THIS AMOUNT is over $500; I used Turbotax and I'm seeing that on my downloaded, filed tax form. ...
1
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0answers
45 views

Sale of property in India purchased earlier using US funds and repatriate now to US [duplicate]

I was Non Resident Indians, purchased property in India with funds earned in USA. The funds were transferred from my US account to my In-Laws Bank Account in India. I am now US Citizen. I am in the ...
1
vote
1answer
65 views

I have a traditional IRA. Can I rollover my 401k into that account or do I need to make a new rollover-traditional-ira?

Basically that. I have a traditional IRA and have been contributing 5500 a year. I need to rollover a couple 401ks from previous jobs, can I move them to the same account? Or do I need to open a ...
0
votes
2answers
105 views

How to pass on personal debt for R&D to a startup?

I just realized that I've lived frugally for the past year and most of what I make goes into paying off some hasty decisions in 6 digits worth of (now) high APR credit card debt. I've spent quite a ...
0
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0answers
39 views

Estate net income NEXT year less than $600. File final tax return for THIS year?

This is what happened and will happen: 2016: Person is still alive with self-employed income reported on a Schedule C. 2017: Person died. Estate account opened. Personal and estate returns filed as ...
4
votes
2answers
111 views

Suggestions on how to distribute jewelery and other valuable personal property to the beneficiaries of my will?

I have a number of cousins to whom I have left in my will, in equal shares, a minority portion of my cash and investments. The rest goes to charities. I also have some valuable jewelry and other ...
2
votes
1answer
71 views

How does the “wash sale” rule work while selling for long term capital gains?

Lets take the following example to understand my question. I bought 100 stocks of company ABC at a price of $10 per stock on 1st May 2017. On Dec 1st 2018, I buy 100 stocks of the same company (ABC) ...
2
votes
2answers
121 views

Is it possible for me to put 50% down and my partner take out a mortgage?

I'm able to afford 50% of the house in cash, but my partner and I want joint ownership. We have considered taking out joint mortgage, but my partner's median credit score from the 3 bureaus is higher ...
0
votes
1answer
121 views

Taxes - Extra money at the end of the year

Background I run a small business and we have a fortune 500 company as one of our clients. This is great and all except that they push us around as far as finances are concerned. They always pay, but ...
3
votes
2answers
97 views

Withdraw IRA Funds after Divorce

So I know that in most cases, withdrawing cash from a retirement fund is never a good idea. However in my case, my ex husband left me with a decent divorce settlement but over 25K in credit card debt. ...
11
votes
3answers
1k views

Original creditor forwarding payments to collection agency

In 2017 I had back surgery performed at an orthopedic specialist surgery center. During the billing process I set up auto-draft for all of the bills so that I would not have to worry about missing a ...
1
vote
1answer
59 views

Lawful Permanent Resident of USA and cryptocurrency tax?

So I have the chance to purchase cryptocurrency from another country through a trusted friend, my questions are: Is this legal activity of any sort, will i be committing fraud? How would this be ...
6
votes
3answers
591 views

Is not investing in stock/shares a huge mistake?

I simply cannot understand how investing in stock/shares works. So I am too scared to invest/buy any of these, although I do have Roth and 401(k) plan through my employment. By not investing in the ...
71
votes
5answers
23k views

Why is a friend asking me to make multiple Money Gram transfers in my name using his money?

For the past few months, someone that I know casually is sending money to the Philippines every 2 to 3 days. He mentioned that the money is going to his family so that they can use it to travel to ...
2
votes
1answer
76 views

ACA and HSA question - seems HSA policies are a lot more expensive in premium and out of pocket

I am looking at ACA coverages in CT. The HSA policies cost a couple hundred more per year (family of 4) and I pay 100% of all costs not excluded by the ACA until the full deductible is reached, then ...
29
votes
5answers
7k views

Contractor wants client to open checking account

I recently heard about a construction contractor who's building a house for someone, and this contractor wants the client to open a checking account with the contractor's name on it so that the ...
0
votes
1answer
33 views

Is there a tax penalty for rollover from Thrift Savings Plan(TSP) to 457(b)?

I have non-roth funds in the TSP and have separated from the military. I'd like to move this to a public employee sponsered 457(b) so I can begin contributing again. Are there any IRS tax penalties (...
2
votes
2answers
37 views

HSA payroll contributions and additional .9% medicare tax

HSA contributions through payroll deductions are generally exempt from FICA withholding. Does this apply to the additional .9% medicare tax for income > 200k? For example, after reaching 200k in W-2 ...
4
votes
2answers
133 views

Qualify for mortgage with projected property income?

I’m qualified by my own income for a mortgage of X amount. But I want to qualify for a house of Z amount. The property I purchase will be subleased to other tenants. I know I’ll be able to afford ...
0
votes
1answer
62 views

Deciding to pay off loans vs. invest [duplicate]

I have $23k in student loans and pay $400/mo on them. I have about $2500 left over after my bills each month. I have a 401k and am already contributing the maximum on it. Does it make sense to spend ...
0
votes
1answer
79 views

Is a business buyer ever responsible for the seller's taxes?

Bert and Ernie are both 50% shareholders in their small business. Ernie is losing passion and interest in the business, and is going to cut ties and explore other opportunities. Ernie and has agreed ...
0
votes
1answer
59 views

Deductible automobile expenses for ridesharing business

Most people here will disagree with the premise of the question, so try to disregard that (and that I know this is likely a very bad idea). I'm considering buying a (new) car that I can't afford (...
1
vote
1answer
198 views

Should I sell a stock that lost value and stays low? [closed]

I own a handful (literally 10) shares that have dropped almost 13%. This doesn't amount to a major loss of investment, but a loss nonetheless. The company does not appear to be regaining any value. ...
3
votes
1answer
44 views

Can a beneficiary take the tax liability for an unqualified withdrawal from a 529? (not the account holder)

Say there is a 529 account with $30K in it. It is owned by "account holder" who is in the 20% capital gains tax bracket. The "beneficiary" of the 529 is no longer going to school, is not disabled, ...
2
votes
1answer
50 views

How can I now claim the benefits if I forgot to submit a W8?

I'm an international grad student in the US, and according to the tax treaty the US has with my country, my fellowship is tax exempt. However, I forgot to file the W8 form with my university, so for ...
0
votes
2answers
92 views

Taxes on money gift from abroad

Would I be taxed on money gift from abroad? Consider the amount is larger than 100k. If yes, what is the rate? If no, do I still have to file some particular tax form on it as well?
2
votes
1answer
120 views

Calculated 30% return from opening 0% promo credit cards for charitable contributions, is this right?

TL;DR Just how good is doubling up itemized contributions in 2018, using that to meet minimum spend for credit card bonuses, and taking the standard deduction in 2019? With the US tax code changes in ...
2
votes
1answer
50 views

Treasury Expected Yield vs. Reality Difference

I looked at the US treasury website https://www.treasurydirect.gov/instit/annceresult/annceresult.htm and the usual percentage of interest one should get is around 2.4%. So, if I bought a 4-week ...
0
votes
3answers
236 views

Receive a large wired transaction

Hypothetically, I am receiving a large amount (over 100 grand) from a company through a wired transaction. As the receiver, would I be questioned about the source of funds? Or just the company would ...
1
vote
1answer
167 views

Trying to rent an apartment, processing fee $1000?

I am a student and soon to be tenant who is looking to rent a place for about 4 months between January and May. I have to relocate near Atlantic City, NJ and I have come across many winter rentals ...
2
votes
2answers
257 views

Why has my credit score stopped moving?

I receive monthly credit card scores from my bank. After trending upwards, both scores have stopped moving. The bank score is a nice round number with 2 zeros and hasn't changed in 3 months. It seems ...
0
votes
1answer
76 views

higher tax bracket 2019

I'm retired and will be drawing a pension. I have some money in my 403b. The company wants me to come back work part time in 2019. How many hours can I work and keep from putting me in higher tax ...
1
vote
0answers
20 views

Can a US non-resident alien do tax-loss harvesting on capital gains and income? (183-day rule)

Context: I am a non-resident alien in the USA as a J1 scholar. After being present for 183 days in the USA, I must pay capital gains tax in the USA. My questions: i) can I reduce my ordinary USA ...