Questions tagged [united-states]

For questions that relate to the laws, practices, and products of the United States.

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1 answer
122 views

Are inflation protected bond funds a hedge against rate hikes?

Generally speaking, I'm a buy and hold index fund investor, with a long-term time horizon (20+ years). I currently keep ~12% of my account in intermediate-term bond funds. I don't usually make big ...
1 vote
1 answer
82 views

Can contributing to 401(k) make me eligible for Roth IRA?

In 2022, the Roth IRA contribution limit reduces from $6000 to $0 for as income increases from $129k to $144k (for a single filer). The 401(k) limit is $20,500. If my salary is $145k (too high for ...
3 votes
1 answer
179 views

Funds that approximate savings accounts

I have money in IRAs that I shouldn't take out to put into a savings account. I'd like to get a relatively safe 1.5-2% return on these, similar to what I might expect from a savings account in terms ...
1 vote
1 answer
150 views

Claim of Tax Treaty Benefits of W-8BEN for New Zealand resident

I'm starting full-time remote employment with a US company soon, and they asked me to fill up the W-8BEN form. So what should I fill up on the part of Claim of Tax Treaty Benefits? I found that NZ has ...
0 votes
1 answer
116 views

Can I use Cost Basis to allow me to invest a chunk of money in the market without losing it?

I'm trying to understand how cost basis works and if I can use it in my situation. I've been looking to purchase a home since Fall of '21 and am still actively looking. I'm not in a hurry to move so ...
2 votes
1 answer
84 views

What income taxes should I pay if the paid job is done before becoming tax resident and money paid after?

I'm moving to the US in 2 weeks. I'm a Polish independent contractor working with US clients. I expect to obtain work permit within 30 days after arrival. I do understand the taxation for the US tax ...
-1 votes
0 answers
34 views

Is it possible to use different payroll companies for different employees and yield acceptable quarterly tax return forms to the government? [closed]

Is it possible to use different payroll companies for different employees and yield acceptable quarterly tax return forms to the government? I imagine if you were to put half of your employees under ...
3 votes
3 answers
194 views
+50

When the SSA decides how much you make for the year to determine whether you pay taxes on SS, does it count IRA contributions?

I'm over 62.5 years old and semi-retired. I have a part-time gig that pays about $23K per year. I'd like to pull the trigger on Social Security, but I make too much. (I have another small gig that ...
2 votes
0 answers
58 views

Does Auto insurance remain in effect for teen driver, if policy holders die

Sorry to ask this weird question. It seems Auto insurance is owned by Parents and teenager are usually authorized driver. God forbid, if for some reason parents die( in auto or non auto accident or ...
2 votes
1 answer
18 views

Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
0 votes
1 answer
99 views

SAFE Notes and taxes

If you are an advisor or a software developer and the company that you advise/consult for, pays you 10K USD, then you pay tax on the 10K received eventually. But if you chose to opt for 10K USD worth ...
-2 votes
0 answers
63 views

Strategy to harvest large losses in cryptos minimize tax impact for the current or the next years - exploring options...?

I have about close to 100K USD in unrealized loss in Crypto currencies due to the downturn.(of course my principle is intact). I'm long for the profits in future. I'm evaluating tax loss harvesting ...
0 votes
1 answer
109 views

European citizen exercising USA company stock options

My situation is pretty simple, I am a European citizen working for a US based company. I would like to exercise my vested stock options and hold the stock long term since both the exercise price and ...
2 votes
1 answer
64 views

Can child daycare expenses be deducted on IL state taxes?

Can child daycare expenses be deducted on IL state taxes? We're doing our own taxes and everything we've read has led us to believe that the answer is no, but just wanted to double-check to be ...
2 votes
1 answer
156 views

How to handle PA 529 if the actual rent is more than COA?

My child is going to live off-campus and pay rent more than COA rent suggested by the college. Can I withdraw the COA rent amount from 529 and show the actual rent paid (which is way more) as proof? ...
2 votes
2 answers
152 views

Is a check for only a few cents valid?

If I write a check for 15¢, can the recipient cash or deposit it?
0 votes
1 answer
98 views

Carry over of North Carolina foreign tax credit

Referencing North Carolina income tax form D-400TC, Part 1 seriously limits the amount of foreign tax credit (FTC) I can take (line 7a is considerably smaller than line 6). I am wondering if it is ...
2 votes
1 answer
158 views

Bought a house, a/c not working, contract specifies a/c service, who is at fault? [closed]

I bought a house in New Mexico that closed about 2 months ago. According to the contract, the sellers agreed to have the a/c unit serviced. Exact words "seller agrees to have the a/c unit ...
1 vote
1 answer
34 views

Investing Accounts -- Does the total "acquisition cost" matter for taxes? Or does only the "realized gain" matter?

If I buy and sell the same stock or ETF many times throughout the year (basically day and swing trading), to the point where by the end of the year the total "acquisition cost" or "cost ...
6 votes
2 answers
379 views

Is a market-tracking leveraged ETF more reward for same risk?

Due to the way gains compound on one another, and the daily resetting of leveraged ETFs, a 3x ETF will yield MORE than 3x of the underlying asset (in a bullish market), sometimes up to 10x gains in a ...
0 votes
0 answers
105 views

Non-resident alien: Why did I pay no tax on dividend income? [duplicate]

I have a US stock brokerage account, and I am a non-resident alien. From my understanding, dividend income of non-resident aliens is taxed at a flat 30% rate (assuming no applicable tax treaties). I ...
1 vote
1 answer
28 views

TSE:CHB and US withheld tax

"iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged)" (TSE:CHB) is listed on the TSX and tracks an index of US high-yield bonds. It holds these bonds directly (i.e. not through a US-...
1 vote
2 answers
91 views

Accident claim money, rules, taxes and limitations

F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
5 votes
3 answers
858 views

Why do 401k up to company match, then fill Roth IRA, then finish filling 401k?

Places like NerdWallet and the FI/RE community on Reddit suggest contributing to a 401k up to the company match (if one is offered), then maxing out a Roth IRA, and then going back and continuing to ...
3 votes
1 answer
169 views

401K Vesting Changed After Leaving Company

I left a prior employer back in 2012, but I made the mistake of leaving my 401K in the company plan, which is administered by T. Rowe Price. At the time I left, the balance showed I was 100% vested in ...
0 votes
2 answers
83 views

what is more to Market Capitalization formula?

I wonder what is more to Market Capitalization formula ? I am mostly an ETF investor, but follow some stocks with few # of shares and when I look at SPCE about 4-5 years ago its market capitalization ...
1 vote
1 answer
53 views

QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
0 votes
1 answer
172 views

Non Resident Indian taxes 2016

My husband is on F-1 OPT. We are filing Form 1040 NR (under married filing separately. Although I don't have any income. AM on F-2, not filing taxes). Together with the Form 1040 NR we are filing: ...
0 votes
2 answers
84 views

Tax for two fulltime jobs in the US and Germany for a non-US non-European citizen

I am a non-US + non-European citizen who is doing a postdoc in the US (under the J1 visa), in parallel, I have a full-time job (remote) in Germany. What will happen to my tax, shall I pay any extra ...
1 vote
0 answers
29 views

Is it smart to keep my TFSA when moving on a J1 visa to the US?

I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher. I have some investments in my Canadian TFSA and was ...
1 vote
2 answers
294 views

Why are there no stocks quoted on the OTC Bulletin Board (OTCBB)?

I went to the OTCBB's symbol directory page to find the list of stocks quoted on the OTCBB. To my surprise, there are no securities quoted on the OTCBB: The symbol directory returns only one result, ...
22 votes
3 answers
6k views

Are precious metals/collectibles a viable emergency fund?

My friend received a gift from a family member in the form of silverware. The exact value is unknown but it is enough to cover 6+ months worth of expenses. I estimate it is a significant portion of ...
38 votes
8 answers
13k views

Why are credit cards preferred in the US?

Where I'm from, credit cards are common, but they're not considered the main daily use-case, as opposed to debit cards. What are practical reasons credit cards are preferred over debit cards in the US?...
1 vote
0 answers
31 views

Which state to open estate account of decedent

My father passed away in New York without a Will and i live in Texas, only son and heir. Should i open up estate account in New York or Texas?
1 vote
0 answers
31 views

How can I check progress on an EIN application?

How can I resolve my case when the IRS doesn't provide a mechanism for me to obtain updates? I registered an LLC and would like an EIN to open bank accounts. I filed an SS-4 in May. The SS-4 was ...
17 votes
4 answers
4k views

How to Convert UK Income Levels to USA Income Levels

I'm graduating with a PhD soon in the UK and now I'm trying to figure out how much I am worth in the workforce & see higher wages in the USA. I don't know if the numbers are adjusted for things ...
3 votes
0 answers
96 views

How to buy I bond for child and spouse?

To purchase I bond I followed the steps below: Opened TreasuryDirect account using my SSN and other information. Purchased a I Bond under my registration. Created a new Primary Owner registration ...
0 votes
1 answer
21 views

International Non-Resident Spouse CA Tax Filing and Community Income

Indian citizen working and living in California since 2019 and considered a CA resident for tax purposes. Got married in Nov 2021 to my wife who lives in India. She did not join me in the US in 2021 ...
19 votes
3 answers
4k views

Is it possible to sell a rental property WHILE tenants are living there?

I am thinking about selling my rental property, but currently there are tenants living there. Is it possible to "hand over" the current leases to a buyer/landlord or do I have to wait for all the ...
-1 votes
0 answers
52 views

What's new in the IRC Sec. 423 that caused that for many employers the benefit to employees is not worth the cost of managing the plan?

I read these comments: littleadv 3 hours ago: Do people still have ESPPs? Became a rather useless instrument, at least in the US . OP 3 hours ago Yes. Why useless?  littleadv 2 hours ago: Because of ...
0 votes
2 answers
100 views

Tax implications of an acquisition as an asset purchase

This is a new one for me. Say I work for a startup and own 50,000 shares at $1.00 each ($50,000). The startup is acquired by another company through an asset purchase agreement, making the entire ...
1 vote
0 answers
50 views

In which situations can a participant of an Employee Stock Purchase Plan (ESPP) receive an "ESPP refund"?

I believe one reason to receive an ESPP refund is if the ESPP doesn't allow participants to purchase fractional shares and assuming that the ESPP contribution was not a multiple of the stock price. Is ...
2 votes
3 answers
79 views

Personal contracting versus LLC

I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
0 votes
0 answers
61 views

can nonresident alien (NRA) stock loss carryover/be calculated as cost basis?

I am a nonresident alien NRA in California. I am an ordinary employee in a tech company, that's my job. I have no business. Aside from my job I trade stock by myself. So if I have capital gain, my tax ...
33 votes
2 answers
5k views

Do I have to pay a medical bill when the ER never submitted it for an insurance claim?

My husband went into cardiac failure while we were traveling. He was taken by ambulance to the nearest hospital ER. I gave his insurance information at the time of service. About a month later, I ...
3 votes
0 answers
52 views

Is it safe to have a Standing Letter of Authorization for your financial advisor?

I have a financial advisor who manages my portfolio. That portfolio is stored in TD Ameritrade, and my advisor currently has the ability to make deductions from my bank account into the portfolio ...
0 votes
1 answer
35 views

Is it optional to take a passive loss deduction?

I'm in two partnerships that lost money due to the pandemic. Those losses are supposed to be offset by the government in PPPs and ERCs, but the full payment of those has not been received yet. Due to ...
0 votes
1 answer
31 views

How to apply the basis limitation on a passive loss?

On IRS Form 8582, Part V (or worksheet 3 in 2020) tells me to enter the income or loss from my passive partnerships. Then Parts VII and VIII (or worksheets 5 and 6 in 2020) tell me to calculate how ...
0 votes
1 answer
58 views

Special Assessment as capital improvement while selling condo

I'm selling my primary residence (which I previously rented for two years) and I'm trying to avoid unnecessary recapture on the depreciation. The exact details of my situation are as follows (numbers ...
1 vote
1 answer
170 views

Why federal tax seems deducted same amount every paycheck?

I notice that no matter how much pay I receive, my Federal Tax is always deducted the same amount. On my regular paychecks, around $2000, it is $65 for "Federal Tax". But I received other ...

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