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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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RECOVER LOST BITCOIN WALLET ADDRESS PASSKEYS

Being a retiree, I never thought much about digital currencies until a friend introduced me to Bitcoin. I decided to try my hand at mining and airdropping and managed to accumulate a fair amount of ...
0 votes
1 answer
170 views

Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?

I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
6 votes
1 answer
282 views

529 distribution pro-rata with multiple accounts

With multiple Roth IRA accounts, distribution ordering rules treat all accounts as one. Does this rule generally also apply to 529 accounts? That is, if I am the owner on multiple 529 accounts, are ...
0 votes
1 answer
67 views

Should I still report cash earning on a 1040NR

I'm working illegally and undocumented in the US, can I still report cash earning on a 1040NR
1 vote
4 answers
613 views

Buying health insurance though the Marketplace vs directly

I'm considering purchasing a Kaiser Permanente plan, either directly from Kaiser or through the state marketplace. The two plans appear identical, with slightly different names: "Silver HSA X&...
1 vote
1 answer
80 views

Two Umbrella Policies

I have a 6 million dollar umbrella policy through my current insurance company. I do not want to switch insurance companies and they will not increase the limit on my umbrella. I want a larger ...
13 votes
2 answers
6k views

Was supposed to be co-signer on auto for daughter but I’m listed the buyer

I agreed to be a co-signer for my daughter and after all the paperwork was completed which I never signed any of it I found out I am the buyer and she is not on the loan or title at all. I live in ...
0 votes
0 answers
34 views

IRS IRC 403(b) type pension annuity plan - Roll Over monthly payments to IRA - how can it be done and best practices

Thanks to Daniel G. posted a similar question which the answer was clear but I need the next steps on how to rollover the monthly pension payments into an IRA. My plan allows both direct and indirect ...
1 vote
1 answer
76 views

How should I recover unused GAP insurance funds?

A few years ago a bought a new car from a Hyundai dealership with GAP insurance. It was all financed through Chase bank. This year I traded it in for another new car (different dealership). As part of ...
0 votes
2 answers
850 views

Can a green card holder continue to legally maintain and use an existing NRE account?

I am an Indian citizen in US and used to have non immigrant visa and recently got green card. I already have a NRE account. Can a green card holder continue to legally maintain and use an existing NRE ...
0 votes
1 answer
45 views

W-2 + LLC + C Corp: Tax Strategy Question

I have a W-2 income and own an LLC (pass-through taxation) and a C Corporation (not pass-through). If my LLC pays my C Corporation for services rendered, will that lower my overall taxes by reducing ...
2 votes
1 answer
159 views

German employee with stock options for a NASDAQ-listed company: eligible for Tax Treaty Benefits?

I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock ...
2 votes
1 answer
1k views

Someone claimed they sent 5,000$ to my cash app is that a scam or not?

Someone on Facebook claimed they sent me 5,000$ and is saying it will be a blessing of my day what should I do he provided evidence of the payment with a picture but the transaction is not showing in ...
0 votes
0 answers
118 views

Do I need a license or certificate to start an investment firm?

I am a tech entrepreneur. I have a lot of friends who work in the tech industry as well. I would like to start an investment company and ask my friends to invest their money in it. Then, I will find ...
2 votes
2 answers
337 views

Tax Implications of exercising both NSOs and ISOs

My partner and I are trying to figure out the correct tax strategy to exercise the largest amount of ISOs without triggering Alternative Minimum Tax (AMT). Situation Filing Status: Single Strike ...
1 vote
1 answer
94 views

Health insurance overturns original denial

Health insurance overturns original denial of prescription. However, member already paid out of pocket to receive medication in a timely manner. The price for the member is higher than contracted cost ...
0 votes
2 answers
475 views

Apartment owner is listed as Additional Insured on renter's insurance policy

I have concerns about liability protection with my current renter's insurance policy in the US in the state of Texas. I would like to understand if there is anything more I can do or push on my ...
2 votes
2 answers
534 views

What is the optimal security deposit amount and utilization pattern to build credit history with a secured credit card?

The DiscoverIt secured credit card seems to be recommended by many sources. It has a credit limit of $2500. I read the thread at Will a higher security deposit build credit faster with a secured card? ...
8 votes
1 answer
9k views

Which should I buy: F shares or ADRs?

Given the choice between a stock with a five-letter ticker that ends with "F" and one that ends with "Y", which should I buy? Lots of foreign companies have both F-shares and Y-...
0 votes
3 answers
56 views

H1B visa: Do I have to pay taxes on equity encashed from a company based abroad?

I am an Indian citizen and have been working as a Research Scientist on an H1B (lottery exempt) visa at a US university since November 2023. Prior to this, I was on a J-1 visa (Research Scholar) at a ...
2 votes
3 answers
237 views

Gift taxes when donor is non-citizen

Is there a gift tax when a foreigner (not a US Citizen) gives money in amounts greater than $100,000 but less than $5,000,000 to a US citizen (who is unrelated to the donor, not a spouse or decedent)? ...
1 vote
1 answer
92 views

Dependent is insured through COBRA, when they turn 26 can they elect COBRA again?

I was on my dad's insurance. When he retired in 2020, he went on Medicare, and enrolled my siblings and I in COBRA. I am about to turn 26. I know that "dependents may enroll in COBRA for up to 36 ...
0 votes
1 answer
200 views

Can I be eligible to receive retirement benefits if I started working at age 62?

I started working in January 2019 at age 62 and finished working in December 2028. Are 10 full years of work considered? key information from the comments: Request Late retirement monthly benefits in ...
2 votes
1 answer
50 views

Excess (or not) HSA Contribution Problems Due to Medicare Enrollment-6 Month Rule

I'm hoping someone can guide us to solve our HSA problem. In April 2024 my wife filed an application for Social security benefits (she will be 70 this year), which she supposed to receive in July 2024....
1 vote
2 answers
290 views

Is there a future tax benefit to selling RSUs in order to exercise-and-hold the stock options?

I have RSUs and in-the-money stock options granted by my company, both vested. I've held the RSUs for over a year, so I understand that when selling, I would pay long-term capital gains tax on the ...
1 vote
1 answer
200 views

I am an US immigrant before but left the country I would like to withdraw may 401k

How will I withdraw my 401k? I don't have any information left, washed out by the storm august 19, 2013
0 votes
1 answer
463 views

On my tax status and the substantial presence test for F1 student on OPT

I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students. I got my F1 visa and have been ...
0 votes
1 answer
22 views

Schedule OI and dual status return

When filing as a dual status alien (with 1040NR as the return), how should one respond to the tax residency question on the Schedule OI? (« List the foreign country in which you claimed residence for ...
0 votes
1 answer
122 views

Can IRS ignore my protective form and come back years later and slap me with late payment

I have a difficult tax case in the US. I myself have no relation to the US. So I wanna file a form with the IRS stating that I do not owe any tax for such and such reasons. I will not include any ...
2 votes
1 answer
218 views

Joint brokerage account legalities re: dividend, stock losses

I have a joint brokerage account with non spouse. What happens if I move stock to this account from my personal account and this stock has a $10,000 loss? Will my joint account co-owner be able to ...
0 votes
1 answer
61 views

Can I place the profit from a real estate sell into a401k

I have several rental properties that I am thinking about liquidating. I want to avoid capital gains tax on the profits. What is the best way to do that?
0 votes
1 answer
135 views

In need of an official opinion from the IRS on my controversial tax case-what's the best method?

So I have an extremely controversial tax case. There's no clear explanation of it in the law as I have been told by a couple of attorneys whom I paid. But we did develop an argumentative structure as ...
34 votes
8 answers
8k views

What is the point of ATM transaction limits?

One time, I needed $300 from an ATM, but this particular ATM had a $200/transaction limit. I took $200 dollars out of my checking account and took my card. Literally a few seconds later, I put my card ...
1 vote
2 answers
2k views

How to fill Part 2 - Claim of tax treaty benefits of W8-BEN for a resident Indian who is working as a software contractor for a US firm?

Under Special Rates and Condition in Part 2 - Claim of tax treaty benefits of W8-BEN form, I am not aware of what I can fill in the following fields: The beneficial owner is claiming the provisions of ...
0 votes
1 answer
89 views

Property inheritance with multiple siblings

Our mom passed away over 30 years ago and deeded the property to the living 9 siblings. 1 of the sibling offered to live in the house. The agreement was in place of rent, they would pay property taxes ...
1 vote
1 answer
61 views

Can IVF expenses be reimbursed tax-free from an HSA?

I am a male attempting IVF treatment with my long-term partner (not spouse). During the treatment I incurred expenses for sperm donation and freezing. Can I reimburse myself tax-free from my HSA ...
9 votes
10 answers
6k views

What is the point of term life insurance?

I am in USA. I am trying to understand term life insurance. My husband makes $150K a year and wanted to get a term life. I believe the rule is 10 times your yearly salary so for us it would be term ...
3 votes
2 answers
277 views

Indian taxation on after-tax retirement accounts such as Roth

How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
0 votes
2 answers
99 views

double taxation when more than two countries are involved

I am a US citizen living in Spain with a bank account in India as well that earns interest. Conceptually, I understand avoiding double taxation when two countries are involved. But, how does it work ...
0 votes
1 answer
83 views

Forgot to submit w8-BEN so received 1099-B

I reside in India and work for a US-based multinational company. I am on India payroll. As part of my compensation package, I receive RSUs (Restricted Stock Units) that vest annually. When I opened my ...
0 votes
1 answer
31 views

US Custodial accounts - tax in India and USA

Consider minor children who are citizens of USA, but residents of India. If the Indian citizen resident parent operates custodial accounts (with foreign equities) in their name (they are owners), is ...
-1 votes
1 answer
127 views

If it is mandatory for the person to appear at the bank in order to create a bank account then why is LLC an exception?

I have seen on many sites that I can create a company and a bank account in the USA 100% remotely and without a visa and all of that thanks to LLC but due to the requirements that banks have with the ...
2 votes
3 answers
315 views

Are non-qualified or qualified dividends taxed first?

This answer does not explicitly address the question of whether non-qualified or qualify dividends get taxed first, but am I correct that non-qualified dividends get taxed before qualified dividends ...
0 votes
1 answer
36 views

Single Member S-corp LLC with multiple business , inter business loan , asset purchase using revenue

A single member S-corp has consulting business and also a Registered investment advisor (RIA) firm (owner has series-65 & series-7 license and got the firm registered using CA/SEC to be a ...
1 vote
2 answers
1k views

Covered call selling and wash sale or potential IRS problems?

I have a stock position that went south really quick and I have been holding on for about 5 months now. My last average down was 4 months ago. My average price is $12 and the stock is currently ...
2 votes
1 answer
526 views

At what level of interest income might I be required to pay quarterly taxes? How would I estimate what I owe?

I currently reside and work outside of the US. In 2023, I filed and paid taxes on time but was assessed a penalty because I didn't pay taxes quarterly when my only US income was interest income for ...
0 votes
1 answer
39 views

If one sells some RSUs at a loss within 30 days of the ESPP purchase date, is that considered a wash sale (source)?

Consider the following: Bob is a US taxpayer, living in the US, working for a US firm. Bob is enrolled into his firm's ESPP program. The ESPP purchase date (source) is June 28, 2024. Bob receives ...
1 vote
2 answers
115 views

Approaches to filling up tax brackets - which one makes the most sense?

My key question: which one of the 3 basic scenarios outlined below to fill up tax brackets makes most sense? A few (simplifying) assumptions first: We are married filing jointly, and are planning to ...
0 votes
0 answers
41 views

In Service 401(k) Rollover

The IRS seems to allow one 401(K) rollover to IRA per 12 month period BUT does anyone reading this have a good feel for what percentage of 401(k) plan administrators allow "In Service" 401(k)...
3 votes
2 answers
305 views

Capital gains are not taxed if total income is below $77,200. Does "total income" include capital gains, or not?

The tax rate for capital gains is 0% if your total taxable income is below $77,200 (if married filing jointly). But does "total taxable income" include capital gains, or not? For example, suppose my ...

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