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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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8 views

Combine 121 and 1031 - how much capital gain is non taxable?

Section 121 allows $500k of cap-gain to be non taxable (in the right circumstances) Section 1031 allows the deferral of capital gain taxes (in the right circumstances), and they can be combined. But I'...
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1answer
32 views

18 years old and looking for advice on loans, buying a car, financing, etc

I'm 18 years old, I've been growing up in a place where there is animosity towards success, trust nobody and help from nobody is the point. Finally I'm on the right path but I'm having troubles. I ...
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1answer
36 views

Is it normal to be asked to include detailed financial information on a home rental application?

I'm submitting a rental application for a privately-owned townhome in North Dakota, US. The application asks for more detailed financial information than I have ever had to provide on past ...
4
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3answers
401 views

What is a deductible?

New grad just out of college and working at a job that is asking me how much I want to contribute to my HSA. My medical plan deductible is $3,000 and I am a single filer (when it comes to tax) so I ...
3
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1answer
94 views

Redeeming minuteman savings stamps the old-fashioned way?

We just found in our house two books of 10¢ Minuteman stamps, face value $2.90.  I see that they are sold as collectibles for a wide range of prices. But I am curious whether there is still some ...
3
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2answers
180 views

Is it illegal for builders to only work with local lenders?

I'm a month from closing on a new construction home and I changed my lender from a local lender that was untrustworthy and not giving a deal. I got a notice that the the builder wont approve the new ...
4
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2answers
96 views

No-Deductible plan or High Deductible HSA plan?

The Company I work for is offering two Insurance options starting this year. One being the No-deductible plan I am currently on, and the other being a 1500$ deductible plan with an HSA that they will ...
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2answers
57 views

Total Income tax and self-employment tax

I worked as a full time employee (W4 taxes were deducted by the employer) and I was self-employed (independent contractor - 1099MISC i.e. no taxes were deducted by the employer) for some months of the ...
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1answer
40 views

2019 FBAR filing deadline missed

This year, I missed FBAR filing deadline of April 25 and also for automatic extension of October 15. It is not because of natural disaster (that's the only relief option I see here on the IRS site. I ...
2
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2answers
37 views

How to get refund with 1040X on amended 1040NR?

I forgot to claim standard deductions of $12000 (nonresident alien, for Indian students) on my 2018 1040NR. So I am filing a 1040X. For the incorrectly filed 1040NR I received a $600 refund, but in ...
3
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2answers
184 views

Is there any risk in keeping lots of assets with one broker? [duplicate]

I'm in the USA. Currently, the bulk of my net worth is in accounts with TD Ameritrade. Right now, that's only about $30,000, but I plan to keep contributing; hopefully in a few decades, I'll have a ...
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2answers
245 views

Car Insurance - Do I need to keep comprehensive insurance after I paid off the loan?

I live in the Bay Area, California. I had to take comprehensive (Liability and Collision) insurance and pay around $500 for six months until I paid off the debt. I recollect that I was required to ...
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4answers
580 views

Income too high for a Roth IRA

I now make too much money to invest in a Roth IRA. I get no tax benefit from putting money into a traditional IRA since I already have a 401k plan which I max out. What should I consider investing ...
2
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1answer
103 views

HSA and tax free investing

The below is a quote from another HSA question's comment: I agree. To your point the best course of action would be to max out your HSA contributions, not distribute them even if you can, invest ...
2
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3answers
222 views

Practicalities of giving to children and grandchildren

I want to give $15k each to my daughter, her husband, and their two children for a total of $60k/yr. I see this example all over the internet, but no details on what this actually looks like. Since my ...
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0answers
48 views

Can you hold both Series 6 and 7 licenses? [closed]

Can you hold Series 6 and Series 7 licenses at the same time? Or if you lose 6, get 7?
7
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6answers
1k views

Will an administrator exceed the 401K limit?

Suppose a person has a single job with $80K salary for the year and chooses 30% contribution to their 401K. The limit for 2020 contributions is 19.5K. Will the employer or the administrator stop ...
2
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1answer
298 views

Is there a non-income tax way of my father paying off my house?

My father will soon be moving in with me as he is retiring at the age of 77. We are wanting to pay off my mortgage ($250,000). But we want to do it all in my name because we don't want it to appear as ...
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1answer
41 views

Coordination of Benefits With Multiple Health Insurance

I would like to understand how two health insurance companies will co-ordinate their payment. Let's take the following example a person with the following coverage: Primary health insurance: (...
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0answers
49 views

How do I set up the books for LLC taxed as a C-Corp?

Most resources online for bookeeping for LLCs immediately repeat a myth about C-Corp taxation subjecting you to double-taxation, declare that nobody would set up their single-member LLC as anything ...
1
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1answer
58 views

Can both spouses claim Family Employer Contribution?

2 spouses (X and Y) with 2 kids (x and y). They both work and both their employers offer HSA plans with Employer Contribution. X works for company XXX that offers 600$ for Employee and 1200$ for ...
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1answer
69 views

How to handle taxes by using credit card app (Square)

My old workplace wanted to contract me in to help with some on going issues they had. They ended up having me sign up to square which is a credit card service that charges a small fee when you charge ...
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0answers
69 views

Is there any investing strategy to take advantage of Volatility drag?

Besides shorting leveraged ETFs. Say a leveraged investment in an asset suffers drag and it goes down even if the asset is flat. How do I capitalize on this? Is shorting leveraged ETFs the only ...
2
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2answers
85 views

Tax safe harbor rule with estimated payments (no tax liability on prior year)

I am a Spaniard and immigrated to the US on January of this year. I worked in the US in 2015 & 2016 and filed taxes for those years, but I was not in the US during 2018 so I had no tax liability ...
3
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1answer
70 views

Qualifiying Life Event allow one to change coverage plan

Employer provides four plans, with the following three that interest me, PPO, HMO, CDHP During open-enrollment I choose PPO. I marry. This counts as a QLE. Am I allowed to change to CDHP midyear? ...
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0answers
116 views

Personal loans for poor to fair credit [closed]

How do I get a personal loan in the United States with fair credit? I have tried different lenders. I need at one for $6,000.
1
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1answer
73 views

Constraints and penalties for freezing and thawing credit report

I live in the U.S. and am interested in learning more about "freezing" one's credit report. When one freeze's a credit report for a particular bureau, does that prevent new creditors from adding ...
6
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3answers
5k views

Can I request a credit item be removed from my report as soon as it is paid in full?

I live in the U.S. and have two scenarios: On my credit report (doesn't matter which bureau), I have one account that I was never late on, paid on time each month, and is now finally paid off in full ...
0
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1answer
68 views

Possible to purchase credit reports more than once a year?

I live in the U.S. and although I am well aware that I am entitled to a free annual credit report once a year, I am open and willing to purchase my credit reports (from each bureau) more frequently ...
1
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1answer
78 views

Loan to family member in Canada

I am residing in USA. I am considering loaning USD 50K to my brother in Canada to help him buy a home. Whats the best way to go about this? I read that if its within US its best to do this a loan ...
7
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5answers
2k views

Getting health insurance with the highest deductible and putting the savings in HSA

I'm thinking about getting the highest deductible plan for next year, which would save us a lot of money. With that money, I'm planning to put all the savings (and some more) into our HSA account. We ...
2
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3answers
127 views

Do I have to claim a capital loss in the tax year that it occurred?

Say I have a stock position that is currently significantly underwater. At this point, I'd like to give up on the stock and sell it. I realize that the resulting capital loss would be deductible on my ...
3
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1answer
95 views

HSA over-contribution if I lose my job part way through the year

My employer provides my health insurance as part of my compensation and benefits package. It is a qualifying HDHP and as such every year I generally max out my HSA, either through payroll deductions ...
1
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3answers
100 views

What are some long term and low risk investment options for someone closer to retirement?

I started late. I’m 50 and have about $200k in savings, no debt and a small mortgage with $200k/year in salary. I have $300k in 401k. I’d like to put that $200k somewhere other than the bank. I don't ...
0
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1answer
111 views

Used car loan and number of credit cards

My credit history is almost 6 months old and I have a score of around 700 now. I got my first credit card 6 months ago and two weeks ago I got another credit card. Last day I got prequalified for a ...
0
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1answer
103 views

Should I sell stocks after a buyout? [closed]

I am a newcomer to stock trading so please excuse the lack of technical knowledge. I primarily invest with Robinhood. I bought some Symantec which recently got bought out by Broadcom. Since then ...
28
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8answers
12k views

Should a middle class person emulate a very wealthy investor for % of cash hold?

Warren Buffet is keeping $128 billion that can be deployed when stock market goes down. Should a middle class person hold little more of their investments as cash? Suppose if the person is responsible ...
0
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2answers
30 views

Residual FSA account funds

Each year I put some money into my FSA which will allow me to pay for prescriptions (and other medical costs) tax free. The problem is, you lose any amount not used by the end of the year (or shortly ...
1
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1answer
42 views

per occurrence deductible vs co-pay

I'm comparing insurances to select my benefits. One says the outpatient surgery facility fee is $xxx/visit, while the other says $0 coinsurance but has a $yyy "Hospital per occurrence deductible." Is ...
0
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2answers
85 views

security considerations when mailing checks

I 've read in US forums that the IRS might mail you a check if you have a tax return. I 've also heard from expatriates living overseas who received such a check that they "simply" mailed it back to ...
2
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1answer
99 views

Money type for dad's partial distribution from 401k?

My dad is 66, retired, and has around $75k in his 401k with ADP. He wants to pull $5k out of his account. ADP sent a form to fill out and I am helping him since he has some questions. On the form ...
2
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2answers
149 views

Roth IRA Rollover Transferred Twice?

Last week, I initiated a Roth IRA rollover from Brokerage A to Brokerage B. On Friday, the check from Brokerage A was cashed in by Brokerage B, and the funds became available at Brokerage B as of this ...
3
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1answer
125 views

over contributed after-tax 401K

I have had two employers in 2019. Through both employers, I made around $18K pre-tax 401K contribution combined in 2019 (which is less than $19K limit). However, through employer match and after-tax ...
3
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1answer
73 views

Wife's H4 is Pending. I am on H1B effective Oct 1 2019. Can I withhold taxes as 'Married'?

My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st. I ...
1
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1answer
78 views

Roth IRA excess contribution for current year

Just wanted to confirm - In the current year (2019), I contributed more that $6000, in fact almost double by mistake, as I did not realize my employer was deducting as well, I have both 401k and Roth ...
1
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2answers
74 views

401K loan repayment

401 K plan allows me to take a loan and repay it in monthly installments with 5% additional, which adjusts it for inflation, i.e., I do not have to pay any fees or interest rate for my loan. I know ...
1
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1answer
34 views

Tax treatment of cash bonus for new rollover IRA account

Questions: Is this considered a contribution subject to things like yearly Roth contribution limits? Is there any special tax treatment? Such as the cash bonus in regular IRA becoming after-tax ...
0
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3answers
182 views

US Tax Obligations for Multiple Trades of Stocks or Cryptocurrencies

Background I am trying to understand potential tax obligations for trading stocks and cryptocurrencies in the US. I was able to find the following information online: The IRS considers ...
6
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1answer
258 views

Does giving money to your spouse to avoid tax make any sense?

In this well known scene from The Shawshank Redeption (content warning: language), Hadley is complaining because he is getting an inheritance, but he knows that the IRS is going to take a bunch of it ...
1
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1answer
142 views

What is a Mega Backdoor Roth IRA?

The so-called "Mega Backdoor Roth IRA" was coined in the following article in 2014: I don’t hear about new ideas very often, but here is one that a few people might find very useful. I call it the “...