Questions tagged [united-states]

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

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Funds that approximate savings accounts

I have money in IRAs that I shouldn't take out to put into a savings account. I'd like to get a relatively safe 1.5-2% return on these, similar to what I might expect from a savings account in terms ...
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-1 votes
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Is it possible to use different payroll companies for different employees and yield acceptable quarterly tax return forms to the government? [closed]

Is it possible to use different payroll companies for different employees and yield acceptable quarterly tax return forms to the government? I imagine if you were to put half of your employees under ...
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2 votes
1 answer
84 views

What income taxes should I pay if the paid job is done before becoming tax resident and money paid after?

I'm moving to the US in 2 weeks. I'm a Polish independent contractor working with US clients. I expect to obtain work permit within 30 days after arrival. I do understand the taxation for the US tax ...
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2 votes
0 answers
58 views

Does Auto insurance remain in effect for teen driver, if policy holders die

Sorry to ask this weird question. It seems Auto insurance is owned by Parents and teenager are usually authorized driver. God forbid, if for some reason parents die( in auto or non auto accident or ...
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1 vote
1 answer
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Can contributing to 401(k) make me eligible for Roth IRA?

In 2022, the Roth IRA contribution limit reduces from $6000 to $0 for as income increases from $129k to $144k (for a single filer). The 401(k) limit is $20,500. If my salary is $145k (too high for ...
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  • 8,692
0 votes
1 answer
116 views

Can I use Cost Basis to allow me to invest a chunk of money in the market without losing it?

I'm trying to understand how cost basis works and if I can use it in my situation. I've been looking to purchase a home since Fall of '21 and am still actively looking. I'm not in a hurry to move so ...
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2 votes
1 answer
18 views

Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
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-2 votes
0 answers
63 views

Strategy to harvest large losses in cryptos minimize tax impact for the current or the next years - exploring options...?

I have about close to 100K USD in unrealized loss in Crypto currencies due to the downturn.(of course my principle is intact). I'm long for the profits in future. I'm evaluating tax loss harvesting ...
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2 votes
1 answer
156 views

How to handle PA 529 if the actual rent is more than COA?

My child is going to live off-campus and pay rent more than COA rent suggested by the college. Can I withdraw the COA rent amount from 529 and show the actual rent paid (which is way more) as proof? ...
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2 votes
2 answers
152 views

Is a check for only a few cents valid?

If I write a check for 15¢, can the recipient cash or deposit it?
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  • 121
3 votes
3 answers
194 views
+50

When the SSA decides how much you make for the year to determine whether you pay taxes on SS, does it count IRA contributions?

I'm over 62.5 years old and semi-retired. I have a part-time gig that pays about $23K per year. I'd like to pull the trigger on Social Security, but I make too much. (I have another small gig that ...
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1 vote
1 answer
34 views

Investing Accounts -- Does the total "acquisition cost" matter for taxes? Or does only the "realized gain" matter?

If I buy and sell the same stock or ETF many times throughout the year (basically day and swing trading), to the point where by the end of the year the total "acquisition cost" or "cost ...
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2 votes
1 answer
158 views

Bought a house, a/c not working, contract specifies a/c service, who is at fault? [closed]

I bought a house in New Mexico that closed about 2 months ago. According to the contract, the sellers agreed to have the a/c unit serviced. Exact words "seller agrees to have the a/c unit ...
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1 vote
1 answer
28 views

TSE:CHB and US withheld tax

"iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged)" (TSE:CHB) is listed on the TSX and tracks an index of US high-yield bonds. It holds these bonds directly (i.e. not through a US-...
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  • 111
1 vote
0 answers
29 views

Is it smart to keep my TFSA when moving on a J1 visa to the US?

I am an Austrian citizen, who just finished his PhD in Canada (on a study permit) and will now move to the US on a J1 Visa as a researcher. I have some investments in my Canadian TFSA and was ...
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  • 11
0 votes
2 answers
83 views

what is more to Market Capitalization formula?

I wonder what is more to Market Capitalization formula ? I am mostly an ETF investor, but follow some stocks with few # of shares and when I look at SPCE about 4-5 years ago its market capitalization ...
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  • 616
1 vote
0 answers
31 views

How can I check progress on an EIN application?

How can I resolve my case when the IRS doesn't provide a mechanism for me to obtain updates? I registered an LLC and would like an EIN to open bank accounts. I filed an SS-4 in May. The SS-4 was ...
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  • 173
1 vote
0 answers
31 views

Which state to open estate account of decedent

My father passed away in New York without a Will and i live in Texas, only son and heir. Should i open up estate account in New York or Texas?
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-1 votes
0 answers
52 views

What's new in the IRC Sec. 423 that caused that for many employers the benefit to employees is not worth the cost of managing the plan?

I read these comments: littleadv 3 hours ago: Do people still have ESPPs? Became a rather useless instrument, at least in the US . OP 3 hours ago Yes. Why useless?  littleadv 2 hours ago: Because of ...
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1 vote
0 answers
50 views

In which situations can a participant of an Employee Stock Purchase Plan (ESPP) receive an "ESPP refund"?

I believe one reason to receive an ESPP refund is if the ESPP doesn't allow participants to purchase fractional shares and assuming that the ESPP contribution was not a multiple of the stock price. Is ...
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3 votes
0 answers
52 views

Is it safe to have a Standing Letter of Authorization for your financial advisor?

I have a financial advisor who manages my portfolio. That portfolio is stored in TD Ameritrade, and my advisor currently has the ability to make deductions from my bank account into the portfolio ...
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0 votes
1 answer
35 views

Is it optional to take a passive loss deduction?

I'm in two partnerships that lost money due to the pandemic. Those losses are supposed to be offset by the government in PPPs and ERCs, but the full payment of those has not been received yet. Due to ...
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  • 127
0 votes
1 answer
31 views

How to apply the basis limitation on a passive loss?

On IRS Form 8582, Part V (or worksheet 3 in 2020) tells me to enter the income or loss from my passive partnerships. Then Parts VII and VIII (or worksheets 5 and 6 in 2020) tell me to calculate how ...
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  • 127
2 votes
3 answers
79 views

Personal contracting versus LLC

I am taking on a side project where I will be making a little under $100 US an hour for a few (5-10) hours a month. I do have a LLC already established in the same industry (fitness/teaching) in ...
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  • 221
3 votes
0 answers
96 views

How to buy I bond for child and spouse?

To purchase I bond I followed the steps below: Opened TreasuryDirect account using my SSN and other information. Purchased a I Bond under my registration. Created a new Primary Owner registration ...
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  • 171
1 vote
1 answer
179 views

what is rule for 40 year retirement?

For 30 year retirement 4% rule is suggested to be followed. Suppose a prospective retiree wants to plan for 40years, what should be max withdrawal rate
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  • 616
1 vote
1 answer
170 views

Why federal tax seems deducted same amount every paycheck?

I notice that no matter how much pay I receive, my Federal Tax is always deducted the same amount. On my regular paychecks, around $2000, it is $65 for "Federal Tax". But I received other ...
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1 vote
3 answers
164 views

Opening first credit card and car financing

I just graduated and I'm about to start a new job in the US in September. I haven't had a credit card before and I would like to finance a car, which is $34k. My monthly salary after taxes will be $5k ...
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0 votes
0 answers
74 views

Where can I sell Savings Stamps in an album [closed]

My 87-year-old father just found two partial books of 10¢ Saving Stamps from the 1960s belonging to my younger brother, and myself. Most of these stamps look exactly like they did the day we affixed ...
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0 votes
2 answers
80 views

Contribute to IRA when covered by 401(k)

401k situation : Both my partner and I have employer that provide 401(k) coverage and the employer matches certain percentage. We max out these options My 401k plan doesn’t give my much flexibility/ ...
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3 votes
1 answer
162 views

Possible to open multiple IRA accounts from the same institution?

Let's say I already have a traditional IRA account with a brokerage, and I've used it for tax deduction last year. Now, I want to use the backdoor Roth conversion method. From what I have ready, I ...
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0 votes
1 answer
33 views

How to look up Oppidan and Ebenezer financial statements?

Oppidan is a property development firm with headquarters in Minnesota. They partner with Ebenezer to run senior care facilities. I would like to know more about the finances of these two companies. ...
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  • 585
1 vote
2 answers
86 views

Alternative to lack of biweekly mortgage payments

It is my understanding that biweekly payments that are applied to your loan reduce your principal 2 weeks before your monthly payment could lead to a shorter duration for the money owed. Please ...
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1 vote
1 answer
80 views

Is The Wash Sale Definition Vague, Or Am I Reading It Wrong?

From Pub 550, page 56 (or so), "Wash Sales" is defined as: "A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: ... ...
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2 votes
1 answer
219 views

why 4% rule in retirement if S&P return is about 7%

Lots of planners and web sites suggest rule of 4% for 30 year retirement. Also per many sites US average return in stock market is about 6.5 to 7 %. So is the 6.5-4 = 2.5% is safety margin ? Any ...
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  • 616
0 votes
0 answers
38 views

Investing in US and UK stocks through a foreign partnership

I am a partner in a partnership that I originally set up with a cousin to gain hands-on financial literacy by running a small web store with a physical collection point in the nearest town. Two other ...
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1 vote
0 answers
31 views

How to fill out California Allowances on the DE-4 form and Deduction on the W-4 form?

This is related to the question: In the US, how do we make tax withholding less if we lost our job for a few months? So the form that is similar to a Federal W-4 form is the California DE-4 form. For ...
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1 vote
0 answers
52 views

Tax implication receiving a payment in US from a company

I want to sell a property located in Asia. The buyer for whatever random reason wants to pay a part of the payment (500k usd) from a US corp account. I do have a personal US bank account, that is, it ...
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  • 187
8 votes
1 answer
4k views

Can I paypal myself to get free money? [duplicate]

This quarter my credit card [Discover offers 5% cashback for using Paypal. At the end of the year, it matches all the cashback that I earned and thus I will earn a total of 10% cashback for using ...
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  • 1,007
0 votes
1 answer
25 views

Are transferred funds from NRO Account to USA taxed?

I received my PF amount in my NRO account. If i transfer that amount to USA, will i be paying tax before transfer at Indian side or after transfer in US? Different websites give confusing rules, what ...
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3 votes
2 answers
387 views

Paid Cash for a car and dealer called me to return it 10 days later?

Bought a car cash from a dealer and traded in my car with a lien left over of $1100 dollars. We agreed after negotiations on buying used car for $23K and they would accept my trade for $5500 leaving $...
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0 votes
2 answers
32 views

Do businesses/trades issue 1099-NEC/MISC to only parent companies or only subsidiaries?

Do businesses/trades issue 1099-NEC/MISC to subsidiaries or only to the parent company? If the parent company is a corporation, but the subsidiary may or not elect taxing as a corporation, does the ...
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16 votes
3 answers
4k views

What is the meaning about the IRS saying that "copy A" is scannable but the online version printed is not scannable?

The IRS (Internal Revenue Service) 1099 form says "The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not ...
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0 votes
0 answers
49 views

Working remotely for company based in NYC?

I am a resident of Philadelphia, PA. I got an offer to work for a company based in NYC. The position is initially remote for ~6 months, before becoming hybrid and forcing me to live in NYC itself. ...
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  • 2,778
0 votes
1 answer
123 views

Emergency Fund: CD Ladder or I Bonds?

I've been living below my income for a while now, and built up an emergency fund of 12 months comfortable expenses/18 months bare-bones expenses. Currently it's sitting in a savings account earning a ...
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0 votes
1 answer
72 views

Is shareholder of A whose business travel cost reimbursed by company A once and receives no wages from A considered either employee or contractor?

Is a share-holder of company A who is paid for business travel costs by company A but does not receive any wages from company A and spends all their working hours for company B which has no ...
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2 votes
1 answer
51 views

What is the difference between "attorney's services" and "legal services" for 1099 box 10 guidelines?

Under section 6045(f), report in box 10 payments that: Are made to an attorney in the course of your trade or business in connection with legal services, but not for the attorney’s services, for ...
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2 votes
1 answer
107 views

Does side-job with W-9 get listed as 2nd job in W-4 for new job?

I have a question regarding "multiple jobs" since my 2nd job is as an independent contractor and has a W-9. My previous main job (W-4) did overlap with the side job, but I will not work the ...
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4 votes
0 answers
144 views

What are the Italian equivalents of 401K, Roth IRA and Savings account?

I am Italian and I consume a lot of internet content about saving and investing (that's why I am here too!). I often hear or read about: 401K Maxing out your 401K (and meeting your employer's match) ...
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  • 141
5 votes
2 answers
194 views

Should everyone who receives dividend income fill out a W-4 form reporting it to their employer?

My friend mentioned to me that he got dinged by the IRS for underpayment of estimated tax. Apparently the reason that his employer didn't withhold enough tax from his paycheck is that he received ...
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