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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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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
Laury Rosario's user avatar
1 vote
1 answer
40 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 ...
Bob's user avatar
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0 answers
32 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 ...
Lou T's user avatar
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12 votes
2 answers
4k 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 ...
Tracey Mason's user avatar
0 votes
1 answer
43 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 ...
Pushpendre Rastogi's user avatar
1 vote
1 answer
66 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 ...
heliobiosis's user avatar
1 vote
0 answers
102 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 ...
best_of_man's user avatar
2 votes
2 answers
333 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 ...
blackeyebeefhorsefly's user avatar
1 vote
1 answer
86 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 ...
paulj's user avatar
  • 1,166
2 votes
2 answers
523 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? ...
Eggy's user avatar
  • 368
1 vote
1 answer
86 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 ...
Missyinvisible's user avatar
0 votes
1 answer
196 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 ...
Dalila Zoppoli's user avatar
0 votes
1 answer
21 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 ...
oa27's user avatar
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0 votes
1 answer
118 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 ...
Tupel Mike's user avatar
0 votes
3 answers
49 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 ...
r2d2's user avatar
  • 193
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?
Mark Gongaware's user avatar
0 votes
1 answer
130 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 ...
Tupel Mike's user avatar
2 votes
1 answer
217 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 ...
Serge Birbrair's user avatar
0 votes
1 answer
87 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 ...
Kevin's user avatar
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1 vote
1 answer
57 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 ...
user133477's user avatar
-1 votes
1 answer
125 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 ...
Willy's user avatar
  • 97
0 votes
1 answer
82 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 ...
ypp174's user avatar
  • 1
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 ...
cyborgt8's user avatar
2 votes
1 answer
522 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 ...
Glen Ulmer's user avatar
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 ...
vishvAs vAsuki's user avatar
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 ...
Franck Dernoncourt's user avatar
2 votes
3 answers
311 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 ...
tparker's user avatar
  • 888
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)...
Gregory Midgehall's user avatar
1 vote
2 answers
114 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 ...
tmwn6919's user avatar
  • 119
1 vote
1 answer
58 views

Filed 1040 instead of 1040NR, noticed the error and mailed a 1040-X. Still got the refund for the 1040. Now what?

I did a research internship in California in 2023 under a J-1 visa. Unaware of the fact that TurboTax is only for residents, I filed my taxes with TurboTax. I ended up getting a letter 5447C to ...
HellSaint's user avatar
  • 111
0 votes
2 answers
95 views

Recovering a Taxpayer Identification Number from a Social Security number after 10 years

I lived in the US (New York) for 6 years and paid state and federal taxes. This was over 10 years ago. I now need my Social Security Number (SSN) and my Tax Identification Number (TIN) to apply for a ...
emonigma's user avatar
  • 103
1 vote
0 answers
43 views

Can I get the "EV Federal Income Tax Credit" if I moved to US in 2024 and want to use my previous 2023 year's income?

I moved to the US a few months ago at the start of 2024 and I am considering buying an EV. I am looking up all the rules for the EV tax credit and my this year's projected income will likely cross the ...
Titurn's user avatar
  • 11
1 vote
3 answers
237 views

Can I write off a car that will be used for reverse engineering and product testing?

I am an electrical engineering consultant (self employed) helping a client develop an accessory for Electric Vehicles. I need to have an EV to reverse engineer some of the protocols, and to test ...
notloc's user avatar
  • 111
0 votes
1 answer
71 views

US citizen. Question on state taxes. Capital gain taxes

Lets says I made $10,000 net personal investment gain on stocks if I sell now. This is Long term gain. Lets say US federal tax rate is 20% on capital gain. But I have $4,000 carry over investment ...
Steve H's user avatar
  • 101
1 vote
0 answers
50 views

Qualified Covered Calls and Naked put positions

Suppose an investor owns 100 shares of the XYZ stock in a qualified covered call position. He is also short puts on the XYZ stock. All of this is down outside of an retirement accounts. He has an ...
Bob's user avatar
  • 1,519
0 votes
2 answers
140 views

How to Treat Income After Investing in a Farm?

If I make an investment in a private farm project, let's say livestock farming, how should I record the income? Let's say most of the livestock on the farm are sold after a few months, generating a &...
Robert Chapin's user avatar
1 vote
1 answer
107 views

My general partnership stopped making money. Do I still need a K-1?

Recently the only client I have left cancelled their service that they pay for yearly. The last payment they made was last year (2023). Do I still need to fill out a Schedule K-1 for my 2024 taxes? ...
Gab's user avatar
  • 135
0 votes
1 answer
255 views

Can I gift back to my parents my 50% ownership of their primary residence house just before they sell it?

Over 20 years ago my parents gifted me 50% ownership of their home. There was no exchange of money. They now want to sell the house and downsize. We live in California, they've owned the house for 35 ...
JD0314's user avatar
  • 1
1 vote
2 answers
330 views

What do we do if a debt collector keeps calling, they have the wrong information, but refuses to give any information about the debt?

My husband has a debt collection agency that keeps calling him, daily, asking for him by his first and middle name (not his last name). Last year he was in an accident and went to the ER. When he was ...
Brittney Pursel's user avatar
0 votes
1 answer
72 views

Are REITs DPP's?

My SIE textbook says REITs "offer dividends and gains to investors but do not pass through losses like LPs and, therefore, are not considered DPPs." But Investopedia says "The most ...
Cotton Headed Ninnymuggins's user avatar
3 votes
1 answer
50 views

Can I switch from my spouse PPO plan to HSA plan

I am on my spouse PPO plan as dependent and he is filing taxes married and filed jointly with his name. Now I got new job where my employer is giving HSA account(employer contribution too!). Can my ...
Triveni's user avatar
  • 31
0 votes
1 answer
98 views

When shareholders vested with voting rights cast a vote on a firm's policies, can the firm see who voted and for what, or is the vote anonymous?

When shareholders vested with voting rights cast a vote on a firm's corporate policies (example), can the firm see which shareholders voted and which vote they cast, or is the vote anonymous? I am ...
Franck Dernoncourt's user avatar
-1 votes
2 answers
75 views

Tax implications re: execution of stop-loss orders and buying back into the same asset

I am curious about tax implications and any law/rule regarding the execution of a stop-loss order (realizing a gain), and then deciding to buy back into that same asset in a short period. For instance,...
J Brooks's user avatar
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....
Fisherman's user avatar
4 votes
3 answers
6k views

Is it legal to deposit a check that says pay to the order of cash

Has anyone cashed a check that says pay to the order of cash? That's legal, right? Because I deposited it, and I got a deposit confirmation, and then later on they closed my account and removed the ...
Joe Martinez's user avatar
3 votes
3 answers
3k views

Deciphering my Payroll stub

My employer here in Florida doesn't offer health benefits. However, each pay period (every 2 weeks) they include $150 (untaxed) for me to spend toward health care. Am I required to spend that on ...
Brian's user avatar
  • 31
0 votes
0 answers
37 views

Suspended loss on 2 properties offset ira distribution income when 1 property is sold

I have two rental properties and will be selling one this year. Property A has suspended loss of $120,000 and Property B $100,000. When I sell property A this year, I can write off $220,000 against ...
user129804's user avatar
0 votes
2 answers
83 views

Dual status and substantial presence test

In 2023, I was present in the US as an international student on a visa (and was considered a resident alien, having filed my first resident return a year prior). After I graduated, I returned to my ...
oa27's user avatar
  • 1
3 votes
1 answer
69 views

What determines the date for evaluation of GPO (Government Pension Offset), and is it a one-time evaluation?

My wife is a public school teacher in Colorado with a government pension that will be more than 75% of my social security benefit in today's dollars. (The relevant number being 75%, consisting of 1/(2/...
vml's user avatar
  • 41
2 votes
3 answers
256 views

Why is the entire address needed when paying for some bills online in the USA (US card, US merchant)?

When I pay for some bill online in the USA (US card, US merchant), sometimes I am being asked for my entire address, and sometimes I am being asked for only my ZIP code. Why? Different levels of ...
Franck Dernoncourt's user avatar

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