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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
85 views

How does the 401k work if i move from US to canada working for same company?

I have been working in USA from past 15 years and now planning to move to Canada for the same company. So is there a 401k equivalent in Canada where i can continue contributing ? Or i can still ...
0
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0answers
108 views

1099-DIV line 8 says “various”

I'm using Credit Karma to file my taxes. For 1099-DIV line 8, the document says "various", but the drop down in credit karma only allow for choices of countries, not for more than one, or various ...
1
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1answer
59 views

Standard deductions for resident alien J1 w/ tax treaty

Someone with a J1 Scholar visa becomes a resident alien for tax purposes in the US on Jan 1, 2018 (following the two calendar years' rule). Still, under the saving clause, it may be possible to claim ...
4
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1answer
248 views

Why are the limits on 401k much higher than IRA?

I'm currently working in a contract position with no option to contribute to a 401k. For 2019, the contribution limit on a 401k is 19,000 vs 6000 on an IRA. Why is there such a big difference? I could ...
1
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2answers
121 views

How to avoid paying estimated taxes due to unpredictable investment income?

I've read that you'll owe a penalty if you don't pay enough in taxes during the year, and I'd like to avoid paying estimated taxes if possible since I have significant and hard-to-predict investment ...
0
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2answers
342 views

Is it unusual to pay $90,000 or more in income tax for a single person? How could this amount be minimized? [closed]

I feel that $90k in taxes is a lot! I'm curious if in the ideal situation, what would be the best possible way to reduce taxes, properly donating it to charities you actually care about etc? Some ...
2
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1answer
292 views

Is SIPC a scam or does it protect investors from fraud?

I was trying to understand if SIPC is going to protect me. Despite the higher limit, even for small investors, it can be a problem if I consider https://www.pbs.org/newshour/nation/why-brokerage-...
2
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0answers
73 views

Do I pay sales tax exporting the bike

We live in The Netherlands (Europe), we are Dutch. We are now buying a motorcycle in Florida, but are going to pick it up in July and then leave the state, since we're making a roadtrip. After 2 ...
1
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1answer
244 views

Do I need to pay income tax to use the money of my own company?

Suppose I own a company. I am the only member of the company. I pay corporate taxes on the bills that my company emits to the customers. That's done. If I want to use the money of the company for ...
3
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1answer
328 views

My 401k failed the nondiscrimination test — how to avoid taxable distribution?

As in this question, and this question, my ex-company's 401(k) failed the nondiscrimination test. I've recently received a letter from the company's HR to the effect that I will receive a corrective ...
1
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1answer
75 views

Calculating Gross from a desired Net

I have a sole proprietorship and I'm helping out a friend. We have an agreement where I told him what I needed to net each month and I can invoice for that. If I need to net $6000 each month, how do ...
0
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0answers
30 views

How to value AMT Credit

I'm modelling some scenarios exercising and selling ISO stock options including "same day sell" and "hold for a year and a day", the latter one trying to take advantage of the long term capital gains ...
0
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1answer
68 views

How to recoup tax loss due to wash sale from 2018

I had a $2600 of wash sale tax loss that occurred in April 2018 (purchased two lots of same stock within 30 days but sold them both in April at a loss at once). I did not buy that security after that ...
2
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2answers
75 views

What is the most accurate way to calculate the difference in value of one dollar between two target years?

This question concerns only USD, and doesn't need to be more granular than a year-level. I am trying to create a model that takes various features into account in explaining why a particular service ...
1
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0answers
69 views

Received a settlement check for lost wages, what kind of taxes apply?

I received a settlement check from a company for lost wages, and was given a 1099 for 2019. The check itself was for about $2.3k USD, and included a breakdown that didn't make sense to me and showed ...
0
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0answers
33 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...
2
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1answer
130 views

ADP didn't withhold any county tax and I had to pay at the end of the year

Our state tax is 3.23% and our county tax is 2.9% Employees at hubby's company who were already working there when they signed up with ADP had county tax taken out. Anyone added later did not and now ...
9
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3answers
7k views

Can an American birth certificate be redeemed for money? [closed]

Can an American birth certificate be redeemed for money? Why is it printed on bond paper?
0
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1answer
81 views

Can I put money in a Roth 403b from my bank account instead of doing a monthly paycheck deduction?

I have a Roth IRA and a Roth 403b through Fidelity. For the IRA, I know I can put money at any time from my bank account into it. However, I don't know how to actually do it for a Roth 403b. Is the ...
0
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0answers
88 views

Does health insurance pay for traffic accident related claims

Is it true that in the US, health insurance does not pay for treatments needed as a result of car accidents? Specifically, what insurance covers the following scenarios: Someone has an accident ...
3
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6answers
302 views

Rational risk-assessment decision framework: Should I buy health insurance?

Update: I've posted a sub-question on the math stack exchange to help answer part of this primary question. Sub-question: Toy problem: How much should I rationally be willing to pay for this ...
0
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1answer
55 views

Business losses for expenses incurred by a foreign contractor

I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
0
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1answer
160 views

401(k) losing money, considering withdrawal to pay off mortgage

I left my job 13 years ago with $80,000 in a 401(k) plan and $500 a month pension. Two years ago the company told me that I had to get money for pension. I had already lost $45,000 of my 401(k) due ...
24
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2answers
5k views

What is the best way to pay large tax amount owed to IRS?

I recently did a preliminary calculation of my taxes for 2018 and discovered that I am going to owe the IRS about $16,000. I do not have this amount of money in reserve. My question pertains to ...
2
votes
1answer
53 views

Long Term Transaction reported as Short Term Transaction without basis on a 1099

An investor has held the XYZ for over 20 years. The XYZ company then spins off the ABC company. Over one year after the spin off, the investor sells his shares in the ABC company. It is my claim that ...
0
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3answers
87 views

Deferring a W2 income to another year for tax return filing

I worked for 3 companies in two states. I moved to my current company on Dec 1, 2018. I got bonuses and sign-on bonus from all 3 companies (although I returned the sign-on bonus to one because I left ...
0
votes
1answer
49 views

Executing vested options : How much tax I need to pay

I am working at a startup in California, USA and I was given some options of the type ISO, with a four year vesting period. Very soon, I will complete one year and I would like to execute 1/4th of the ...
2
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0answers
90 views

How can I stop the IRS from withholding refunds for a student loan that is already paid off?

I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
1
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2answers
65 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
4
votes
4answers
489 views

Why can't US students borrow at US-bond rates for studies?

Inspired by this question: How can I prepare for my US student debt? I can see the interest rate is a staggering 9%, is it true students can't aquire more cheaper finance? And if it is true, why? ...
5
votes
1answer
592 views

Fund Loses Money But 1099-DIV Shows Large Capital Gain Distribution

My Goldman Sachs fund lost over $6,000.00 for 2018, but the Form 1099-DIV shows a total capital gain distribution of over $62,000.00. How can that happen?
0
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2answers
86 views

Splitting home equity with family, both family members on the loan, one brought in more down

In CA, how is it approached when 2 parties enter a loan to purchase a home then either want to sell and split ways or sell and move together. The issue: Party A brought 35% equity into the new loan, ...
0
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0answers
61 views

Calculating capital gains and cost basis after acquisition

I had Aetna stock that has gone through the CVS acquisition. 87.815 shares of Aetna. Value with final stock price of $212.70 is about $18,678. Cost basis of $2,160. CVS acquisition resulted in ....
0
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0answers
64 views

Is Supplemental 20/80 health insurance still available in the US?

Are supplemental health insurance plans (those that can pay your out of pocket expenses after some deductible up to the limit that your primary insurance covers) still available in the US? I was ...
0
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1answer
33 views

capital gains and electric vehicle tax credit with form 1040 NR EZ

This question is regarding income tax in USA for non-resident aliens. In order to show my capital gains and electric vehicle tax credit, do I need to mention/add/substract anything in the form 1040 ...
4
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2answers
248 views

Do I have to tell the IRS that I was a student?

I know this question seems backwards, because most people obviously want to tell the IRS that they were students so that they can get a bigger tax refund. However, my wife and I were very fortunate ...
2
votes
1answer
45 views

Are fluctuations in the exchange rate of a foreign currency taxable for US expats converting such currency to another currency?

I understand that when I make a profit on foreign currency exchanges in excess of $200, I need to pay capital gains to the IRS. However, it isn't entirely clear to me when I am considered to have ...
0
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0answers
19 views

what IRS form do you fill out for multi-year disability payments?

I received a multi-year disability payment from OPM relating to a whistleblower case, and they're saying that I recieved about 75000 for being a disabled federal employee, when it's 5 years of ...
3
votes
1answer
103 views

Claiming a Parent as a Dependent

From this, it states Paying more than half of your parent’s household expenses means you are eligible to claim your parent as a dependent. From Form 2441, I'm assuming you send in receipts or bank ...
1
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0answers
36 views

Holding Period Algorithms and the Blockchain

According to this interview, taxation holding periods in the United States for cryptocurrency can be determined by FIFO (First In First Out), LIFO (Last In First Out), or a more flexible option called ...
8
votes
2answers
2k views

Savings Accounts for Future Child Expenses

If I were looking to have a kid in the next 3-6 years, what (if any) tax-advantaged plans exist to help saving for future, related expenses? To be more specific, there are numerous types of savings ...
1
vote
1answer
83 views

Tax implications of money transfer to and from parents

I am an Indian working in the US on H1B and I want to transfer some money (about $70k) to my parents in India. They plan to use it temporarily and then return the money back to me in the US. What ...
1
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0answers
15 views

Is there a personal tax liability on corporate ESA contributions?

According to the IRS publication on Coverdell ESA, https://www.irs.gov/taxtopics/tc310: You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. ...
4
votes
2answers
331 views

Saving rate higher than the Fed rate: Too good to be true?

Recently I saw this Intrx company advertise a savings account with 2.91% APY on Facebook, and claim it would be FDIC insured up to 100M. They explain their business in the following: We are an ...
0
votes
1answer
54 views

When is the earliest I can file as a resident alien?

I came to the US in 2016 August as a F1 student and I know I am a non resident alient for the first five years. I want to know when the earliest I can file as a resident alien. Is it when I file in ...
67
votes
11answers
18k views

How can I prepare for my US student debt?

I'm a student at Drexel University. Drexel is a notoriously expensive school, and I pay roughly $35,000/yr in tuition, after awards. What's more, it is a five-year school. Currently, I'm in my fourth ...
2
votes
2answers
79 views

How does the US wash sale rule work in this specific case?

I have a question about wash sales. Here's the scenario: let's say I'm trading XYZ with the following transactions: December 10, 2019, Buy 100 shares of XYZ [Lot 1] @ $100 each December 17, 2019, ...
3
votes
2answers
81 views

Federal Aid and Tuition Reimbursement at work

My situation is the following: my wife and I are adults who are trying to complete our first bachelor degrees respectively (we started our degrees and dropped out years ago) so far, we both have been ...
2
votes
1answer
94 views

How to learn status of bankruptcy?

I was a contractor for a company that went bankrupt seven months ago. I am still owed money. I have not heard from the bankruptcy lawyers. How can I find out the status of the bankruptcy, who the ...
3
votes
2answers
154 views

Can I deduct wages I pay to my personal assistant?

Imagine I have a personal assistant, ie, an employee or independent contractor who helps me with my personal tasks, eg, booking personal travel, running personal errands, purchasing personal products &...