Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,155
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Is it legal for a credit union to debit an account based on the ACH Label, when a different account number was given?
My main credit union (Credit Union A) recently upgraded their ACH software. I have a car loan with Credit Union B.
Every month for over a year, the car loan payment has debited from my savings ...
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schedule k-1, 1041 form after taxes filed
Hi i just received a form 1041 dated April 5th but post marked may first. It was well after taxes have been filed:
Line 1 - a-102.
Line 2a-c 111.
Line 2b-d 2366.
Do I need to file an amendment?
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I inherited a Roth IRA less than 5 years after a conversion, can I wait then take qualified distributions?
I inherited a Roth IRA from a parent. I am a designated beneficiary but not an eligible designated beneficiary.
IRS Publication 590-B for 2022, Distributions that aren't qualified distributions, ...
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QBI Deduction Eligibility on Income Limits and W-2 Wages
According to the IRS, on the 20% QBI deduction:
If you're a non-service provider and your taxable income is $100,000 or more above the income threshold if married filing jointly, or $50,000 if single,...
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If my company is going to be acquired for $50m, how can I avoid high taxes? [closed]
Let’s say for example I have a company that is going to be acquired for $50m and I own half it as a cofounder.
How can I avoid a large tax hit?
I know someone who received $25m from an acquisition and ...
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3
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Dollar cost averaging buy and sell can be chaotic when reporting tax?
I was thinking that with dollar cost averaging buy, we actually can do the same thing when we sell: just sell $100 per day, just like we were buying $100 per day.
However, won't that cause a total ...
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401k Contributions Guidance for Two-Member LLC in a Community Property State
We established an LLC at the beginning of this year, with just two members – my spouse and myself. We reside in a community property state and file our taxes jointly as a married couple.
Throughout ...
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Can the employer correct a W-2 withholding amount after December 31st?
Suppose an employer overpaid and withheld the correct amount for all items with respect to that (overpaid) amount for this year. If the adjustment occurs after December 31st and a few days into next ...
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Is Bitcoin taxable?
A few months age the SEC has regulated bitcoin as a commodity. Quick googling tells me than commodity wages are exempt from taxes and it looks like if a company can fully operate in bitcoin ...
- 161k
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Determining eligibility for Social Security, without my own records
Thanks in part to this site, I have a pretty good idea of what calculations the Social Security Administration will make (quarters of coverage and all that) when determining whether I'm eligible for ...
- 132k
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Does Selling RSUs Instead Of ESPP Shares Have a Material Effect On The 25K Contribution Limit For ESPP Shares?
I am at a company with an ESPP program that allows you to purchase up to 25K in shares at a 15% discount every calendar year. The 15% discount applies to the lowest share price within the past 6 ...
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Does a Lawful Permanent Resident of the US have to pay a tax when buying real estate?
The Alleged Tax
Two years ago, my wife (US Citizen) and I (Permanent Resident) bought and moved into a house in Colorado (Greeley, Weld County). At closing, we were just about to put both our names on ...
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Recently my mother died - how to handle her living trust account - Does the date of trust formation change?
A few months ago, my mother died. She had a living revocable trust which reported its income to the IRS under her social security number. When she died the trust became irrevocable and I went to the ...
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Renting my first Apartment at 61
I am 61 years of age, retired and I have never rented an apartment or bought a house. I currently live in a single family home (which I will be inheriting soon) which I plan to sell next year and move ...
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What is the difference between regular dividend and special dividend?
One implies ordinary income tax while the other is taxed according to capital gains tax, but how would you convince the IRS that your dividend payment is a special one and should be taxed at capital ...
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How can I find out what % of the health insurance premium my employer pays?
Let's say I pay $600/month (deducted from my paycheck) for the premiums in my PPO plan. Is there a public place to check how much of the premium my employer pay (without needing to ask them of course)?...
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Managing Side Income from Online Earnings. Tax Question
I am located in USA.
I have a full time job where I earn a decent pay. Apart from that I earn good amount (less than full time) from my side ventures. On my side venture I earned around 20K in 2017. ...
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How to cash out golden handcuff mortgage
Like lots of folks I locked in a low interest mortgage a couple of years ago. If I don’t move there’s no problem but if I want to move and sell the house I’m forgoing a large financial benefit.
Is ...
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295
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Traditional IRA distributions taxation as non-resident
I left the USA for India in 2019, and expect to be a non-resident for US taxation purposes when I turn 59.5. In the India-US tax treaty Article 20 Clause 1 states
"Any pension, other than a pension ...
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Form L-8, Death in New Jersey and a TOD account
Consider the following hypothetical case. A parent (living in New Jersey) dies, in 2023, leaving all his money to his daughter, who is over 21, in the state of New Jersey. His sole assets are two ...
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Taxes Related to CD with Primary and Secondary Account Holder
I visited a Bank of America branch and the representative told me that I can open a Certificate of Deposit account with them and have my mother, a nonresident alien, be the primary account holder ...
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True risk in Risks in Clearance and Settlement
Currently US stocks are settled in T+2 and options are settled in T+1 days.
Their is SEC proposal that is going to make stocks settlement to T+1 ( side comment, don't know if options will be cleared ...
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Am I calculating the future payment on my ARM correctly?
We currently have an ARM on our house, bought in April of 2020 with a starting rate of 1.99%. It is up for re-amortization in April 2025. Assuming that the rate adjust to the highest allowed in the ...
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EOB says $4k total charges, $4k ineligible charges, PR $0, still got bill from the provider for $1431
The EOB for the service (epidural) says that:
charge: $4000
allowed charge: $0
ineligible: $4000
patient responsibility: $0
ineligibility code: 1 - The Provider is not eligible to receive ...
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Looking in three different states to retire to: Should I be shopping for pre-approved mortgages first? Or wait to find a house?
It's mid-2023. My husband and I are looking to move, possibly to MA, CT or VA. We haven't found property yet (Or even have ours up to sell yet because I'm nervous on listing and not having a place to ...
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Whether or not to take HSA distribution?
Our situation: my wife and I (both 30) are expecting to incur substantial health expenses this year for some upcoming dental surgeries she needs, somewhere in the range of $12k-$14k. We're currently ...
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How would our taxes change if we filed separately with respect to student loan debt forgiveness?
I have a question regarding student loan debt forgiveness.
My wife has $50,000 in student loan debt. However, she is now a stay at home mother and earns zero income. We pay $340/month and it is only ...
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I bonds interest calculation
Current I bond annualized rate is 6.89%. How much interest will accrue in the next 6 months on a $10,000 purchase. Note 6.89% is not what will be earned in a year since the next 6 months will have a ...
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How to compare loan interest rate to savings account interest rate?
I don't understand how to compare my loan's interest rate to my savings account interest rate.
My savings account states:
The Interest Rate on your account is 4.0249% with an Annual Percentage Yield ...
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Mortgage escrow and insurance premium refund
I live in Florida. Two months ago my mortgage company sent payment (almost $5K) to my previous home insurance for auto-renewal. I found another insurance company to cover my home for far less and ...
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Advice on 401k rollover to IRA
Basic question probably. I m looking for advice on rolling over a portion of amount in my 401k to an IRA.
My needs are: a) to eliminate tax on withdrawal from IRA
b) Have flexibility of withdrawal ...
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Trading on Charles Schwab shortly before the market closing time: "Your request will be processed on a best efforts basis. "
I placed an ordered to buy some ETF on https://www.schwab.com/ shortly before the market closed and I saw the warning:
Please Note: The market closes in approximately 3 minutes. Your request will be ...
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Roth vs Traditional 401K when paying income tax in two states
I graduated in May and got my first full-time job and would like to being contributing more to retirement. I live in New York State (not NYC) and work in Connecticut so I pay state income tax in both ...
- 31.6k
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Declaring $50,000 cash deposit from parents in a foreign country
During the summer vacation in my home country, my parents gave me $50,000 USD in cash (they exchanged this cash several years ago from the bank by their savings) to support me buying a car. Recently (...
- 31.6k
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Standard deduction when moving to US throughout the year
Consider the following context:
Person A is moving to the US in July of 2022, formerly not tax-liable in the US (non-reisdent alien). They start a regular employment in the US for the remainder of the ...
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1099-Misc Box 3 income that maybe should be Box 7
As my main job, I am a college math professor (W2 wages). Last summer (2018), independent of my main employer, I worked teaching math to high school students and was paid 10K for it. I received a 1099-...
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Calculating the basis for shares of international stock mutual fund
I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
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European citizen exercising USA company stock options
My situation is pretty simple, I am a European citizen working for a US based company. I would like to exercise my vested stock options and hold the stock long term since both the exercise price and ...
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Can self-employed skip quarterly tax payement if compensated by spouse extra witholding?
Suppose a couple made a one employed spouse and one self-employed spouse. Further suppose that the couple choose to file jointly.
Instead of having the self-employed spouse pay anticipated taxes of x$ ...
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What exactly are you taxed on as a US resident vs US non-resident? Is this guide correct?
Tax Guide
During the period of time that an individual is considered a US-resident for tax purposes:
All worldwide income is taxed by the IRS at the normal rates. (e.g. basically any source of income ...
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Can you sell shares before ex-dividend and buy back after, to replace 'dividend income' by 'capital gains'?
Note: this is the opposite direction than most sell/buy questions over dividend day.
Here is the situation: I have large losses from unrelated trading activity, and can only deduct 3000 per year from ...
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Is the bank https://silverexchangebank.com scam or real [duplicate]
Is the bank https://silverexchangebank.com real or scam as they are asking 365$ amount to transfer funds from my Indian account. They are saying that we need to buy VAT as it is in UK and it is ...
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How are REIT dividends taxed? [duplicate]
Suppose I buy a $100 share of a REIT on Jan 1 and it has a 5% dividend that pays at the end of each quarter. The dividend is NOT long term capital gains, return of capital, etc. I plan to hold the ...
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Will the money I owe that I am going to payback to my sibling be taxed?
I recently completed my masters in the US, and started a job which pays decent. During my masters, my brother who works in the US paid for most of my tuition fee which is around 40000. I am planning ...
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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:
...
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How can a regular consumer, use FedNow for cash transfers?
I am so sick of the hassle of Zelle, Venmo, ACH, Cash App, Wires and "bill pay". Where there is no limit, there is a fee. Where there is no fee, there is a multi-day delay.
According to the ...
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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 ...
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tax treatment of naked put LEAPS held more than one year
Say I sold ONE,(January 21,2022 AMZN 3100 PUT) for $506.25 on September 16, 2020 and bought it back on January 21 2022 for $94.04. Is the Gain Long Term or short term ?
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Transferring money: effective person-to-person transfer mechanisms: ACH, Fednow,wire, something else? [closed]
I'm curious what mechanisms exist to transfer "largish" amounts of money from one individual to another in the US.
Sending a check seems archaic and the last one I sent was lost in the mail.
...
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Coverdell ESA income limits - whose income matters?
My children are fortunate enough to be gifted money each year by their grandparents for their birthdays. The grandparents want the money placed in each child's Coverdell ESA, but they give the money ...
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