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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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Does using a credit card's rental car protection in case of a damage with car rental result in increase of some premium or extra fees?

Many credit cards in the United States offer some kind of rental car protection (mirror). In case of a damage to the rented car, does using the credit card's rental car protection in case of a damage ...
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Though I understood my RSU and selling the shares I acquird through it but not sure anymore

So let me give a simplified example to start. I have 1,000 RSUs that vested on June 1st 2018. The market value for them is $10 and $10,000 is accounted for on my W-2. 300 shares were automatically ...
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1answer
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What are the risks with investing in private real estate funds via Fundrise?

I recently discovered this real estate investment company, Fundrise, and after doing some research, I’m interested in investing with them. But I’m on the fence about the trustworthiness of their ...
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1answer
58 views

Does the custodian get removed from a UTMA Account when the minor is emancipated?

I have a question about the UTMA rules. If the minor (age 19) gets emancipated through marriage, does the original custodian get removed? Or how does emancipation effect the UTMA account?
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1answer
33 views

Qualified Business Income Deduction (QBI)

Where is the Qualified Business Income Deduction (QBI) calculated or deducted? I'm using a free service online, but I'd also like to manually fill out the information to double check that I and the ...
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2answers
99 views

Am I still covered by my self-employed 401(k)?

A couple years ago I setup a self-employed 401(k) plan (solo 401(k)) to handle retirement contributions made from a side hustle that my spouse and I both participated in as a qualified joint venture. ...
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4answers
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Is there any danger of my neighbor having my wife's signature?

On Monday my next door neighbor came over and asked my wife for her signature. He said they were having a contest at work (he works at the local grocery store) that whoever got the most signatures got ...
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44 views

Business days in Form 2555 Foreign Earned Income exclusion

I have been a resident of the USA since 2012 and became a US citizen in May 2018. I moved out of the USA in October 2017 and in 2018 I visited the USA in two occasions and stayed for 31 and 2 days (...
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249 views

Product and refund offered in exchange for Amazon Verified Purchase review

A few days ago, out of the blue I was contacted by a purported Amazon seller who is probably based in China, about sending me a product in their catalog in exchange for a review. They probably got my ...
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1answer
48 views

Did Schwab's Emerging Market ETF really pay no foreign tax related to the final distribution in 2018?

According to the 1099 from my broker, the Schwab Emerging Market ETF (SCHE) did not pay any foreign taxes associated with its final dividend for 2018, declared 12/28/2018. I'm quite skeptical as ...
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1answer
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What counts toward the insurance deductible: the amount that the medical provider billed the insurance or the amount the insurance billed the patient?

What counts toward the health insurance insurance deductible: the amount that the medical provider billed the insurance, or the amount that the insurance billed the patient? For example: the medical ...
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Understanding my CP22A notice: What do the billing summary figures mean?

The Billing Summary reads: balance before this change...…………………………………………………………………….Ex xxxxxx Increase in tax...……………………………………………………………………………………………………………. xxxx Decrease in Credit …………………………………….. ...
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2answers
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What's the difference between Uninsured and Underinsured motorist insurance?

In the US, one can often add Uninsured and Underinsured Motorist coverage independently to one's car insurance. What exactly is the difference? It seems that, going by the name only, Underinsured ...
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0answers
33 views

What tax forms should I expect if I exercise and sell options from a company where I am no longer employed?

This article suggests that if I were to exercise options that I was granted as part of an ISO grant and then sell them in the same year, the bargain element would be recorded in my W-2 form. What ...
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Does AMT for incentive stock option exercise affect cost basis? [duplicate]

Suppose I exercise some options from an ISO grant and doing so triggers AMT. Does the fact that I paid taxes on the bargain element of the option affect the cost basis of the stock or is the basis ...
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0answers
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Do I need to fill Form 8949 if I do not have any short term transactions?

I do not have any short term losses/gains. In that case, should I just refrain from selecting anything in Part 1 of Form 8949? Thanks
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1answer
53 views

Tax forms to report Capital Gain/Losses for Non-Resident Alien on F-1 visa?

I am a non-resident alien on F-1 Visa. I recieved a W-2 from my employer. I have also sold stocks and etfs through robo-advisors. I have recieved forms 1099-B and 1099-DIV from them. Where should I ...
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0answers
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Portioning taxable state refunds when living and working in different states

I live in Indiana, but work in Illinois -- some of my job contracts are on-site in Illinois, and others are remote work. Last year, I received a taxable state refund from Illinois. In my Schedule NR ...
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4answers
449 views

Why is the “buy vs rent” debate framed in terms of “buy a house vs. rent an apartment”?

Most coverage of the "buy vs rent" debate in North American popular financial media (see here for an example) frames the debate as a simple dichotomy: either renting an apartment (i.e. renting a unit ...
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2answers
39 views

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?

Can one transfer an assurance-vie account to another bank as a US permanent resident (green card holder) and French citizen?
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2answers
234 views

Wife No Longer Has Health Insurance, What Can We Do?

My Wife and I are both American Citizens who got married in October. Our initial plan was to enroll in my job's health coverage during the open enrollment period in November, but after we sat down and ...
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1answer
88 views

US Financial Institutions Blocking Foreign IPs

Frustration aside, why do many financial institutions block other country IP addresses? What purpose does this serve, is it a legal requirement for some institutions (examples: The Money Source, My ...
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Italian Taxes on U.S. Citizen Resident of Italy with Dividends from Permanently Established U.S. Company

NOTE: the goal of asking this question is not to avoid paying legitimate taxes, but to simply determine which state has precedent for payment of taxes due. Based on the U.S. Italy Tax Treaty income ...
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1answer
34 views

Wash Sales - Applied to Options

Does anyone know how to account for wash sale that attached based on purchasing options where the last transaction was the purchase of an option that expired worthless? The issue is that there is no ...
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16 views

Money transfer limit from United States to Argentina or Uruguay

Is there a limit on how much money I can send to my brother in Argentina or Uruguay? Western Union won't let me send more money.
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2answers
246 views

Why would an employer prevent their employees from investing in the employer's stock through the employer-sponsored 401(k) account?

Why would an employer prevent their employees from investing in the employer's stock through the employer-sponsored 401(k) account? I saw that restriction when reading the "Vanguard Brokerage Option (...
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1answer
59 views

Managed rental property: income from late fees. How to report on Schedule E?

We have a rental property that is managed by a property management company. This year, our tenants have paid late fees in addition to the rent. The management company filed these fees under Box 3, '...
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0answers
43 views

Who do I go to for assistance with a complex tax situation?

My 2017 taxes have not yet been accepted by the IRS. After several calls to them, I figured out it was because one of the two W-2s I received for 2017 was never submitted to the IRS by my employer. ...
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1answer
40 views

1099-R: Converting nondeductibe IRA to Roth

My wife opened a Traditional IRA in late 2017, and then funded it with $5,500 after-tax (nondeductible) dollars in January 2018. We made sure to tell Vanguard that the contribution was for 2017. We ...
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1answer
32 views

Adding nondeductible 1099-R reduces refund

I'm using TurboTax to do my taxes for FY2018. I make nondeductible (after-tax) contributions to my Traditional IRA, and once the funds settle (but before investing the funds), I convert the entire ...
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1answer
93 views

Can I find out who recently has been reporting very old addresses to my credit report?

My credit report at TransUnion includes, in the personal information section, both past addresses and the date each was reported/confirmed to the credit bureau. Several addresses are reported with ...
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1answer
56 views

how does a private entity FINRA has authority to fine

FINRA is a private entity per https://en.wikipedia.org/wiki/Financial_Industry_Regulatory_Authority and per http://www.finra.org/industry/disciplinary-actions and also otherwise its revenue comes from ...
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Estimated Tax Penalty

Instructions for Form 1040 state: Because Form 2210 is complicated, you can leave line 23 blank and the IRS will figure the penalty and send you a bill. We won't charge you interest on the ...
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0answers
39 views

What defines a transportation-related medical expense to be “primarily for, and essential to, medical care”?

I'm trying to understand which transportation-related medical expenses are IRS-Qualified Medical Expenses for health savings accounts (HSA). I understand that Publication 969 defines what HSAs are, ...
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1answer
92 views

Why are options that cannot be traded in cents still show a last trade as non-five-cent increments?

I read Why do some options trade in 5 cent increments? but despite that I see some options I cannot trade in pennies ( not broker specific), but I routinely see same option being traded by others in ...
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1answer
85 views

Selling A Car Anonymously

Is it ever legal for me to sell a car to someone by just signing my name and dating the title, such that the buyer's information is completely blank? To be clear, the title itself is legal, clean, and ...
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0answers
75 views

1099-Misc Box 3 Other Income

I am retired and receive a small amount from a family trust for which I am a trustee. When I was working I had more than enough earned income to make the maximun IRA and Spousal IRA contributions ...
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0answers
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Non-resident getting paid to a US bank account for freelance work but living outside US. How do the taxes work?

If you lived in the US before and have an SSN, but aren’t living in the US anymore, but receive payments in a US Bank for freelance work done for a US company, do you pay taxes in the US or do you pay ...
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1answer
54 views

Money transfer to US - how to make it right?

I've inherited a real estate in another country and I'm going to sell it. All the money from the sale will go to their local bank, and my account at this bank won't be accessible from US. What should ...
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0answers
26 views

Effect of holding a publicly traded royalty trust in a traditional IRA?

Does anyone know what the effect of holding a publicly traded trust like Mesabi Trust (MSB) in a traditional IRA account? This is what I've found so far on the Mesabi website: For income tax ...
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10answers
18k views

What dissuades people from lying about where they live in order to reduce state income taxes?

Lets say you work in Chicago and live in Chicago but put your home address as somewhere in Indiana. Then every week you collect the mail that is being sent to you in Indiana. Wouldn't you save a lot ...
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1answer
65 views

Forced buyout - practice and major + / - for minority shareholders in USA

I just read https://www.redhat.com/en/about/press-releases/ibm-acquire-red-hat-completely-changing-cloud-landscape-and-becoming-worlds-1-hybrid-cloud-provider IBM (NYSE:IBM) and Red Hat (NYSE:RHT), ...
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Does the SEC (or any governing body) limit Rights Offerings?

Could AAPL offer all shareholders a non-transferable right to purchase two shares at a 20% discount (from today's price, exercisable for one month) for each share they own? This announcement will (...
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2answers
123 views

Does paying a medical provider in cash count toward one's insurance deductible?

When paying a medical provider in the United States, the patient can either pay them cash or have them bill the insurance (which in turns may send some of the bill to the patient). Paying cash is ...
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2answers
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Is it possible to have a self pension investment account?

Is it possible to have a self pension investment account? I work as a private contractor. I do have 401K. I wonder whether it is possible for me to have a Pension Account which helps to get a monthly ...
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Excess Roth IRA Contribution - How to Capture Earned Interest No 1099 r?

I contributed over the limit to my Roth IRA in 2018. I realized this and have withdrawn the excess contribution plus earnings in 2019, and have not yet filed my 2018 tax return. My Financial advisor ...
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3answers
9k views

Ask mother to pay off entire student loan, then pay her?

To avoid paying additional interest on my student loans, I want to ask my mother to pay off the entire loans with by lump sum, and then I would pay her back with interest. Are there any issues ...
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1answer
216 views

Not entering info on tax return

My wife and I make too much to get any deduction for our student loan interest. Our situation also puts us in the Standard Deduction, and we arent itemizing. Question is, do I need to enter all our ...
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1answer
53 views

Does Chinese Contractor Need to File US Return?

My US based LLC hired an independent contractor from China for some film work. Taxes were not withheld from the contractor’s payment. They will get a 1042-S to indicate this. As a nonresident alien ...
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1answer
58 views

Federal and State Taxes on International Property as a Prize

https://www.writealetterwinahome.ca/ Recently, there has been a contest issued by Alla Wagner of Millarville, Alberta, Canada, where in lieu of selling her home (a difficult prospect at the present ...