Questions tagged [united-states]

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

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1 answer
17 views

Trust Checking Account

I am the beneficiary of an intervivos trust. There are two trustees and I am one of the trustees. The trust has two brokerage accounts. Both trustees must approve all distributions from the trust. ...
0 votes
1 answer
22 views

401K Rollover Tax Question

I recently rolled over my employee 401k to an IRA at a different financial institution. In that 401k, I had made both taxable and nontaxable contributions. Since retiring, I’ve been receiving required ...
0 votes
1 answer
59 views

Wife is a NRA on H-4 visa, no income. What are the IRS obligations?

I'm on an H-1B visa since November 2023 and stayed only 40 days in the US in that year and no time prior to that. My wife as well, but she is on a H-4 dependent visa with no income. Both of us are non-...
0 votes
1 answer
175 views

US tax 2021 for H1b and H4 visa holders- when to use 6013 h Election

I was on H1B and spouse on H4, have been filing US tax for 2015-2020 as married filing jointly and have been in US 365 days for all 5 years. In 2021 - we stayed from Jan to April 2021 which is less ...
0 votes
1 answer
99 views

Is it a good idea to take a loan just to build borrowing history? (United States)

Context My current car, a hand-me-down from a family member, is 10+ years old with ~100k miles and starting to have enough problems that maintenance costs are quickly piling up. Over the last 2 years ...
1 vote
0 answers
28 views

Trying to identify where fees where deducted in seemingly domestic transfer

I use a gaming website (Sorare) that allows me to hold funds in USD. I decided to initiate a withdrawal and the fee shown on their site for the withdrawal was $0.25 and they use MangoPay as their ...
0 votes
2 answers
191 views

2023 Fed Tax - I am owed a refund, but I am unable to file on time, do I need to file extension

For 2023 Federal Tax I am owed a refund but I am unable to file on time Do I need to request an extension? When I google this, non-IRS websites say no, I don't need to file extension if I am owed a ...
4 votes
1 answer
1k views

Can $3000 of already existing capital losses be used in next year instead of current year?

Let's say for someone who has modest ordinary income this year, but next year expects significantly more income - is it possible to defer usage of capital loss to the next year? Or, is this person ...
2 votes
1 answer
381 views

How is the Underpayment of Estimated Tax penalty determined?

My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty. I was just sent a ...
0 votes
1 answer
25 views

How to Calculate Excess Real Estate Taxes with two home offices?

My wife and I each have a home office in our home. I am using Turbo Tax to do our taxes, and it seems that our property taxes exceeded the $10,000 deductible limit. We get asked the same question for ...
0 votes
1 answer
26 views

FICA refund on H1B as a non-resident while performing work outside the US

My question is similar to the one here and concerns my 2022 US tax return: Federal income tax as nonresident alien working outside of USA remotely for US employer For 2022, I filed as a non-resident (...
8 votes
3 answers
46k views

How do I calculate the cost basis of Restricted Stock Units (RSUs)?

I was granted RSUs that vested 1/3 per year, over 3 years. From E*Trade I have: 2016, 133 Shares Vested, 89 Shares Transferred to me, Tax Paid: $3,424.52 2017, 134 Shares Vested, 90 Shares ...
0 votes
0 answers
53 views

What are the tax implications of having a rent-free lodger

First, this is all for a piece of fiction I am writing and takes place in summertime Colorado, not far outside Denver. A young woman (eighteen) has been kicked out of her parents house after her ...
0 votes
0 answers
34 views

Received a 2023 W-2 from a former employer with retirement Plan box checked

I switched jobs in Nov. 2022. The former employer provided 401(K), and the new employer (a small firm) required 1 year waiting period for 401(K) plan participation and can only enroll in January and ...
0 votes
1 answer
95 views

Why is the IRS asking about digital assets?

I noticed the IRS is always asking about digital assets for income tax but doesn't appear to do anything with it in any of the forms, at least the ones I deal with. On the 1040 we see the following ...
-1 votes
0 answers
47 views

Keeping my solo 401k but hiring an employee [closed]

My wife runs an in-home preschool which is licensed as a daycare. She has a solo 401k for herself. Every year she contributes the maximum value to this 401k which is currently $23,000 for personal ...
3 votes
1 answer
334 views

Late IRA contribution with changing filing status and income limits

My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
1 vote
1 answer
33 views

NJ Employer health insurance offerings

How do you find out what health insurance plans are offered by employers in NJ to their employees? Is there a website I can look at? Thankyou.
0 votes
1 answer
62 views

How much tax do I pay if my deductions are more than my taxes owed?

To begin, I would like to say that I am 19 years old and this is my first time paying taxes for myself, so please inform me if I am not approaching this correctly. Be wary of a little bit of math. I ...
0 votes
1 answer
46 views

How to mail quarterly estimated taxes using multiple money orders?

How would one make a quarterly estimated tax payment using money orders when the amount to be paid that quarter is greater than the limit on a money order? Let's assume other options such as online ...
2 votes
1 answer
89 views

FBAR reporting for accounts held for a part of the previous year

I should know the answer to this but (obviously) don't even though I have been filing FBAR for a few years. This is a new situation this year -- Do I have to include accounts that I held for only a ...
0 votes
1 answer
46 views

Should I convert my rental unit into an LLC for tax purposes?

I have a rental unit (condo). I would like to know if it's better to just keep it as a rental unit or put it under an LLC and if the tax implications change? Currently, it's fully a rental unit (owner ...
0 votes
1 answer
58 views

Transferring assets to child

I am a US citizen. I would like to transfer my financial institution account (with all assets) from my name to my adult child’s name. Can I do this and file 709 to show the value as a gift? What are ...
6 votes
1 answer
3k views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
1 vote
1 answer
166 views

How to pay quarterly estimated taxes when IRS doesn't let me pay online?

I moved to the US in 2023. I'm a citizen. I started earning income in 2023. I work as a software engineer as an independent contractor. This means I need to pay quarterly estimated taxes. I don't ...
1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
1 vote
1 answer
278 views

US taxes Filling in W9 form as a non-resident electing to be taxed as resident

My wife worked in the US in 2022 as an independent contractor on F1-OPT status. She was recently asked by her client to fill in a W9 form. The W9 form specifies that it is for US citizens, or US ...
0 votes
1 answer
51 views

Medical expenses filed as losses for small business

I am looking at starting a small business. I have some upcoming medical expenses and would like my small business to provide health care as a benefit (US). Is there any issue with: Start my LLC Have ...
0 votes
1 answer
34 views

exchange rate for taxes paid and reported on form 1116

I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest ...
1 vote
1 answer
71 views

W4 tax form and need suggestions re: single vs. married filing jointly

So my husband just moved to the country two months ago and will start working Monday. He has a green card and SS card. He's making 17 an hour, 40 hour week. I make 28 an hour, 40 hour week. We have no ...
0 votes
1 answer
108 views

Is it possible to lose money with SPDR BIL

I'm seeking an investment method for my Merrill Lynch Edge account since it doesn't accrue interest on cash holdings. Considering this, I opted for SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL), ...
0 votes
1 answer
63 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
2 answers
98 views

Did this person need to make estimated taxes?

Please consider the following hypothetical situation. A person is retired and his sole source of income is his investments in the stock market. In tax year 2022, he has a total tax liability of $100 ...
1 vote
1 answer
430 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
39 views

Filing for a patent application as person vs an LLC

I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet. But I am about to pay a lawyer to draft a patent for my app. Question: If I file as a ...
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
0 votes
1 answer
37 views

My mother, Estate Income Tax, a living revocable trust and the 645 Election

In June of 2023 my mother died. At the time of her death she owned income producing assets such as stocks. Some of the assets were held directly in her name and others were held inside her living ...
1 vote
1 answer
60 views

Can I claim non-summer day camps as child care expenses on 2023 US taxes?

It is unclear to me if non-summer (e.g. Christmas or Thanksgiving) child care expenses can be claimed. Logically I don't see why they would be different but I can't find any specific info saying ...
0 votes
1 answer
18 views

Where to report income from 1042s on 1040-NR as an Indian citizen for 2023?

I have scholarship/fellowship income in my 1042s that's not reported in my W2 form. However in the 1040NR for the year 2023, there doesn't seem to be a box to report this income. Where do I report it?
0 votes
1 answer
59 views

Can a person under 18 years old e-File, Direct File or Free File US Taxes?

While I could use my desktop tax software to fill my daughter's tax return for 2023.... is there an option for her to do it herself? IRS Direct File looks OK work, except it requires an ID.me account ...
0 votes
2 answers
240 views

Who gets fractional sales tax?

A 7% sales tax on an item costing $10.00 would be 70¢. On $9.99, it would come to 69.93¢, but the customer still pays 70¢. Where does that 0.07 of a cent go? Put another way, a hundred $10 ...
12 votes
1 answer
4k views

Donated $500 to a charity but didn't get an official receipt

In January of 2023 I donated $500 to a charity. I got a donation receipt from PayPal at the time. The subject line says "Receipt for your donation to [...]". However, the bottom of the email ...
1 vote
1 answer
32 views

Is it permissible to make contributions to a SEP-IRA in excess of the current year's maximum and allocate them to the following year?

Is it permissible to make contributions to a SEP-IRA in excess of the current tax year's maximum allowed amount if those excess contributions are allocated to the following tax year?
0 votes
1 answer
72 views

Should I enter the non-adjusted cost basis or the adjusted cost basis in Box 1e in Form 1099‑B in TurboTax for ESPP (Employee Stock Purchase Plan)?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax to enter "Box 1e - Cost or other basis Learn more" for some Employee Stock Purchase Plan (ESPP) ...
1 vote
1 answer
146 views

When does the IRS typically announce health FSA contribution annual limits?

Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
-3 votes
1 answer
118 views

How much taxes would I have to pay if I sold my startup in cash? [closed]

If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
2 votes
0 answers
33 views

Mortgage interest rate deduction for foreign property?

I live and work in the USA. If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
6 votes
1 answer
3k views

HOA fees before my house is ready

We are building a townhome in Utah. The original timeline was that it would be done last year but have had a number of delays. No surprise there, but starting late last year, we have been getting an ...
-1 votes
2 answers
41 views

DSI Conventional Mortgage

This is a DSI Conventional Mortgage of interest rate 8.8. The borrower is making payments but is making it past the due date of the 1st. Understanding of the DSI factor has cause interest to be ...
0 votes
0 answers
66 views

Like exchange property

I’m selling my condo and buying my parents house in irrevocable trust. Parents house appraised at 765,000. I’m going through 1031 exchange. I’m getting loan for amount at 765,000 minus proceeds from ...

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