Questions tagged [united-states]

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

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1answer
144 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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2answers
241 views

How May Cash be Spent Approaching Bankruptcy?

During the bankruptcy filing process, after declaration of intent and prior to actual filing, how may money from the sale of assets be spent? I understand there is a limit to what can be repaid to ...
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2answers
440 views

Declaring bankruptcy vs just not paying off large credit card debts (no home, no car or large assets owned)

So I'm considering just letting my credit card debts go unpaid till they close. (The goal was to find some way to pay it off but I need to consider the worst possible case) The reason why I'm ...
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1answer
148 views
+50

home buying and moving in coronavirus in USA

For UK, I see news that may help people there. Is there any guidelines of USA. I know a few people in Maryland, Virginia who have closing coming in First week of April, should they close, what about ...
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0answers
34 views

COVID-19 SBA loan forigveness

The COVID-19 Paycheck Protection Program includes provisions for forgiving those loans. Normally when debt is forgiven you have to pay taxes on the forgiven debt. Will recipients of Paycheck ...
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1answer
20 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
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1answer
14 views

Where do I report 1042 S income and tax withheld on form 1040?

I am an F1 student and I am filing joint taxes with my husband, who is a resident alien. We are to fill form 1040. As a non-resident alien when I file 1040-NR, there's space to report the fellowship ...
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0answers
32 views

Why can't banks handle the stimulus package under the previously proposed 50bp interest rate?

In a recent presser, Mnuchin said that he will double the interest rate on the SBA loan from 0.50% to 1.00%. It seems that some banks can't handle loans at such a scale under .50%, and so with time ...
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1answer
111 views

Double entry process for 401k account exchange

I'm entering journal entries for hledger for a 401k account and have questions about how it should work when an account goes through an exchange (I'm not sure what it is exactly; I guess the finance ...
4
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1answer
434 views

How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?

I'm an Egyptian citizen, living in Egypt and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through stripe.com ...
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2answers
36 views

Can my existing Roth IRA be used as a spousal Roth IRA?

My wife and I both established separate Roth IRAs long ago and contributed over the years until we eventually hit the income limits. Now that I'm retired and my wife is still working, we are again ...
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2answers
215 views

Does Dependent Care FSA limit reset if I change jobs?

Let's say I have contributed and used $5,000 in 2018 for my dependent care FSA. Late in the year, I get a new job. Can I contribute to the new account for 2018? According to Zenefit, the healthcare ...
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3answers
129 views

If I convert SPY to VOO to reduce the fees, then do I have to pay a capital gains tax?

I have some SPY for many years and it has gone up since then. I noticed that the fees are much higher than the VOO which is also an ETF for the SP500. Both ETF's hold the same underlying SP500 ...
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0answers
30 views

Are IRS § 1032 and 118 redundant to each other?

118: In the case of a corporation, gross income does not include any contribution to the capital of the taxpayer. This is a bit cryptic, but based on the definition of "capital contribution", I ...
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1answer
167 views

Am I less likely to get approved for credit during the COVID-19 pandemic?

I've been thinking about applying for a new credit card or two, as I've been building up credit for awhile and basically all my hard pulls have fallen off of my credit report. Given that COVID-19 is ...
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0answers
22 views

Is it necessary to file amended 1040-NR upon receiving amended 1042-S when there is no impact to the bottom line?

After filing 1040-NR, the brokerage firm issued an amended 1042-S, which increased the following by an equal amount on the 1040-NR: Line 61 Total tax; and Line 71 Total payments. Given that the ...
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6answers
2k views

IRS notice of owing money for income tax and interest

I got a notice from IRS saying that I didn't report my unemployment income and some small interests from my savings account (I'm in the US). I was unemployed for 4 months in 2018 (in Texas) and I didn'...
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1answer
88 views

I haven't filed taxes since 2012, unable to work so no income, married but husband deserted me early 2013, do I qualify for a stimulus payment?

I haven't filed taxes since 2012 (married, filling jointly at that time). I've been unable to work since 2007, medical issues, but can't qualify for SSD/SSI and I haven't had medical insurance since ...
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3answers
2k views

When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?

Due to the covid-19 pandemic, the Federal government has decided to extend its tax filing and payment deadline to July 15th. So, if I were to file today, will I get my refund check in the mail this ...
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1answer
372 views

Can I get a tax deduction for PMI?

My yearly income is less than $80000 but my joint income goes 150000+. If i file married filing separately, will i be able to claim PMI? I think there is income limit to claim it but i am not sure of ...
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1answer
122 views

Why does New Mexico (apparently) require withholding more income than is required to cover state income tax?

New Mexico has four tax brackets, which for married filing jointly breaks down as (at least in 2019): 1.7% for $0-$8000, 3.2% for $8001-$1600, 4.7% for $1601-2401, and 4.9% for $2401 and above. I'm ...
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0answers
32 views

What is the actual growth of investment for a municipal bond fund?

I am a California resident, so if I invest in a California municipal bond fund, I will not pay taxes on both the federal and state level. I'm having difficulty interpreting the "Growth of $10,000" ...
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0answers
32 views

Maximize multi employer contributions to 401k

I switched jobs in the middle of 2019 and both my previous and current employer had great 50% matching 401k plans. I contributed pre tax 14k to my former 401k plan and pre tax 14k to my current ...
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2answers
181 views

Options Contracts During T-Mobile/Sprint Merge

T-Mobile and Sprint are officially merging as of today and tomorrow, changing the stock name from S to TMUS1 as of 4/2/20 According to the paper that OCC published (download here), Until the cash ...
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0answers
13 views

First tax declaration and foreign unearned income

I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia). Now we need to pay taxes. In 2019 we didn't ...
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3answers
4k views

Can a US citizen who has never had a taxable level of income and thus never filed taxes before receive a Coronavirus stimulus check?

I've always lived with family and been a student, so apart from odd jobs here and there I've never really worked full time or reached a minimum taxable threshold of income. On top of this, I am ...
22
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4answers
12k views

Suppose leased car is totalled: what are financial implications?

Inspired by this question on totaling vs repairing a car and my situation (I'm leasing a car) my question is: Suppose a leased car, properly insured as per the lease (i.e., comprehensive) is involved ...
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1answer
74 views

Is this capital loss deductible on my 2020 taxes?

I took a decent loss on one trade. I'm hoping someone can help me clarify if my loss can be deducted on my 2020 taxes. I am in the USA Here are the trades - 2/2 buy call option 2/2 sell call ...
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2answers
264 views

How much does the average person spend supporting their aged parents?

This Aging Without Children article states "Family is seen as the solution to aging". How true is this? In China it can be required by law. I live in the US and it seems like the flow of funds more ...
4
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1answer
58 views

How does stimulus payment income phaseout work when there are children?

The CARES Act (text here), section 2201, provides economic stimulus payments. It provides that individuals get $1,200, and joint filers get $2,400, plus $500 for each qualifying child (16 or under). ...
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2answers
164 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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1answer
15 views

What is a 3(21) or 3(38) fiduciary? [321, 338]

My financial guy mentioned different kinds of fiduciaries by number, 3(21) and 3(38). What do they mean? Where are they defined?
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1answer
121 views

Buying and Selling options for the same stock multiple times in a day?

Is it normal that traders buy and sell options of the same stock on the same day multiple times? For example, in an event of a positive earnings release, the CALL options were bought and then sold it ...
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0answers
75 views

How much value does the average software engineer bring a tech company? [closed]

In a perfectly competitive market, economics says that employee wages will rise and fall to meet the value they bring to the company, and surplus will disappear. However, the labor market is far from ...
3
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1answer
138 views

401(k)/IRA in lieu of term life insurance at age > 55

I have a term life insurance plan that will expire when I am 55 years old (~20 years from now). My insurance salesman wants me to convert part or all of this into some sort of whole life policy, and ...
4
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1answer
662 views

When should I use Layaway vs. saving up for an item?

I'm going to buy a watch for $100,000. The seller says that I can deposit $30,000 by wire-transfer, and then pay the whole thing off in 6 months, and after it is fully paid, I will get the watch. I ...
0
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1answer
54 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
0
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1answer
149 views

Should I remove Adult Dependent from my 2019 tax return so they will receive a COVID Stimulus Check?

On my 2019 Tax Return I claimed my 28 year old girlfriend as a dependent. This makes her ineligible to receive a COVID Stimulus Check. My return was already accepted and I have already received my ...
2
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0answers
61 views

Coronavirus CARES Act - How Do I Apply For A Small Business Loan As A One Person S-Corporation?

The US Chamber of Commerce recently published a quick guide on how businesses can file for a loan backed by the government under the CARES stimulus act. The guide splits up businesses as either an ...
2
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1answer
128 views

Will a non-US citizen living and working in the US be eligible for stimulus check?

Please excuse me if this question doesn't fit very well here in this forum, but I don't know which SE would be more suitable for my question than Money.SE, so I decided to ask it here. My question ...
2
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2answers
769 views

What does “Carry the decimal to four places” on line 47 “Deduction percentage” mean in 2016 Schedule CA NR?

If I get 0.93342 after "Divide line 37, column E by line 37, column D", then should I put down 0.9334 or 1.000, given the "Carry the decimal to four places" instruction? When I read "Carry the ...
33
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6answers
4k views

Strategies for putting away money for a child's future (college, etc.)?

So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
3
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2answers
87 views

Can I attach documents when e-filing for free?

The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
5
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1answer
124 views

Help for 88 Year old Mom who claimed wrong social security

My Mom is 88 and Dad is 96... both living. I just found out that my Mom who only worked 1 job for a few months 66 years ago, was claiming her own paltry Social Security... rather than applying for ...
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1answer
225 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 ...
2
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3answers
236 views

Young Professional Stimulus Check

I graduated from college in May 2019 and started my first full time job in August 2019. I filed my 2019 Income Taxes in February and reported that my parents claimed me as a dependent because they ...
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0answers
47 views

Mom gifted me property that she inherited what is my cost basis? [duplicate]

The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do ...
8
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1answer
176 views

Recently released from prison and didn't file taxes for two years. How do i file no income? [duplicate]

Should I file taxes with no income because of being in prison? What about the stimulus checks? Do I need to file taxes to receive it?
13
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3answers
17k views

Is there something on a check (cheque) that determines what currency it is?

We're a US company. We got a check from a Canadian company and usually the check will say "USD" on it. Otherwise when we deposit it, the check will clear as CAD. This check has no indicators on it....
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1answer
128 views

Is a year-end true-up employer match supposed to be received the next year?

I was browsing a 401(k) account, which has a year-end true-up employer match and is managed by Vanguard. The employee who owns the 401(k) account joined the firm in 2017, and frontloaded their 401(k) ...

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