Questions tagged [united-states]

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

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34 views

COVID-19 SBA loan forigveness

The COVID-19 Paycheck Protection Program includes provisions for forgiving those loans. Normally when debt is forgiven you have to pay taxes on the forgiven debt. Will recipients of Paycheck ...
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1answer
20 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
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Why can't banks handle the stimulus package under the previously proposed 50bp interest rate?

In a recent presser, Mnuchin said that he will double the interest rate on the SBA loan from 0.50% to 1.00%. It seems that some banks can't handle loans at such a scale under .50%, and so with time ...
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1answer
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Where do I report 1042 S income and tax withheld on form 1040?

I am an F1 student and I am filing joint taxes with my husband, who is a resident alien. We are to fill form 1040. As a non-resident alien when I file 1040-NR, there's space to report the fellowship ...
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2answers
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Can my existing Roth IRA be used as a spousal Roth IRA?

My wife and I both established separate Roth IRAs long ago and contributed over the years until we eventually hit the income limits. Now that I'm retired and my wife is still working, we are again ...
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Is it necessary to file amended 1040-NR upon receiving amended 1042-S when there is no impact to the bottom line?

After filing 1040-NR, the brokerage firm issued an amended 1042-S, which increased the following by an equal amount on the 1040-NR: Line 61 Total tax; and Line 71 Total payments. Given that the ...
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30 views

Are IRS § 1032 and 118 redundant to each other?

118: In the case of a corporation, gross income does not include any contribution to the capital of the taxpayer. This is a bit cryptic, but based on the definition of "capital contribution", I ...
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1answer
88 views

I haven't filed taxes since 2012, unable to work so no income, married but husband deserted me early 2013, do I qualify for a stimulus payment?

I haven't filed taxes since 2012 (married, filling jointly at that time). I've been unable to work since 2007, medical issues, but can't qualify for SSD/SSI and I haven't had medical insurance since ...
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32 views

Maximize multi employer contributions to 401k

I switched jobs in the middle of 2019 and both my previous and current employer had great 50% matching 401k plans. I contributed pre tax 14k to my former 401k plan and pre tax 14k to my current ...
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32 views

What is the actual growth of investment for a municipal bond fund?

I am a California resident, so if I invest in a California municipal bond fund, I will not pay taxes on both the federal and state level. I'm having difficulty interpreting the "Growth of $10,000" ...
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First tax declaration and foreign unearned income

I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia). Now we need to pay taxes. In 2019 we didn't ...
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3answers
129 views

If I convert SPY to VOO to reduce the fees, then do I have to pay a capital gains tax?

I have some SPY for many years and it has gone up since then. I noticed that the fees are much higher than the VOO which is also an ETF for the SP500. Both ETF's hold the same underlying SP500 ...
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2answers
181 views

Options Contracts During T-Mobile/Sprint Merge

T-Mobile and Sprint are officially merging as of today and tomorrow, changing the stock name from S to TMUS1 as of 4/2/20 According to the paper that OCC published (download here), Until the cash ...
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1answer
58 views

How does stimulus payment income phaseout work when there are children?

The CARES Act (text here), section 2201, provides economic stimulus payments. It provides that individuals get $1,200, and joint filers get $2,400, plus $500 for each qualifying child (16 or under). ...
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1answer
15 views

What is a 3(21) or 3(38) fiduciary? [321, 338]

My financial guy mentioned different kinds of fiduciaries by number, 3(21) and 3(38). What do they mean? Where are they defined?
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3answers
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When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?

Due to the covid-19 pandemic, the Federal government has decided to extend its tax filing and payment deadline to July 15th. So, if I were to file today, will I get my refund check in the mail this ...
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How much value does the average software engineer bring a tech company? [closed]

In a perfectly competitive market, economics says that employee wages will rise and fall to meet the value they bring to the company, and surplus will disappear. However, the labor market is far from ...
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1answer
54 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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1answer
148 views
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home buying and moving in coronavirus in USA

For UK, I see news that may help people there. Is there any guidelines of USA. I know a few people in Maryland, Virginia who have closing coming in First week of April, should they close, what about ...
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Coronavirus CARES Act - How Do I Apply For A Small Business Loan As A One Person S-Corporation?

The US Chamber of Commerce recently published a quick guide on how businesses can file for a loan backed by the government under the CARES stimulus act. The guide splits up businesses as either an ...
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1answer
128 views

Will a non-US citizen living and working in the US be eligible for stimulus check?

Please excuse me if this question doesn't fit very well here in this forum, but I don't know which SE would be more suitable for my question than Money.SE, so I decided to ask it here. My question ...
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1answer
149 views

Should I remove Adult Dependent from my 2019 tax return so they will receive a COVID Stimulus Check?

On my 2019 Tax Return I claimed my 28 year old girlfriend as a dependent. This makes her ineligible to receive a COVID Stimulus Check. My return was already accepted and I have already received my ...
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3answers
4k views

Can a US citizen who has never had a taxable level of income and thus never filed taxes before receive a Coronavirus stimulus check?

I've always lived with family and been a student, so apart from odd jobs here and there I've never really worked full time or reached a minimum taxable threshold of income. On top of this, I am ...
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6answers
2k views

IRS notice of owing money for income tax and interest

I got a notice from IRS saying that I didn't report my unemployment income and some small interests from my savings account (I'm in the US). I was unemployed for 4 months in 2018 (in Texas) and I didn'...
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1answer
124 views

Help for 88 Year old Mom who claimed wrong social security

My Mom is 88 and Dad is 96... both living. I just found out that my Mom who only worked 1 job for a few months 66 years ago, was claiming her own paltry Social Security... rather than applying for ...
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47 views

Mom gifted me property that she inherited what is my cost basis? [duplicate]

The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do ...
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2answers
87 views

Can I attach documents when e-filing for free?

The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
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0answers
40 views

Vailidity of Digital signatures on self-prepared 1040 tax form

Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail. I'm considering ...
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1answer
176 views

Recently released from prison and didn't file taxes for two years. How do i file no income? [duplicate]

Should I file taxes with no income because of being in prison? What about the stimulus checks? Do I need to file taxes to receive it?
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0answers
45 views

endorsing a check for mobile deposits

My bank requires me to write the following on the back of a cheque before I can use their mobile app to send it over to them: For mobile deposit at XYZ bank only I am very worried that once I ...
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1answer
28 views

Recharacterizing excess Roth IRA contribution more than once

I realized that I have made excess Roth IRA contributions for 2019. I recharacterized $X as contributions to my Traditional IRA. As I was filling out my tax form, it turns out I did not sufficiently ...
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1answer
38 views

Where to find AGI (Annual Gross Income) on Online Transcript?

If I may ask for some assistance regarding the Online Transcript: As far as I'm aware of, the Online Transcript (IRS) is separated on four different files: Account Transcript, Record of Account ...
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1answer
189 views

Can you get the stimulus check if you do not file a tax return for 2018 or 2019 and you do not get Social Security?

In the CARES Act that just passed (text here), section 2201 provides the recovery rebate tax credit for 2020, with section (f) providing advance refunds (the check). It says that the advance refund ...
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1answer
84 views

Will the stimulus bill deduct from the $1200 check after being laid off?

I recently got laid off. In my 2019 tax return, it will convey that I made $110k that year. Will the stimulus bill deduct from the $1200 check?
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1answer
70 views

Tax breakdown for bonus income

Say the bonus is $8000 and $6800 are set for a 401k (pre-tax) deduction. Here's the tax breakdown. Does this look right? Shouldn't the taxes be calculated on the $1200? ($8000 minus $6800 due to pre-...
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1answer
79 views

New hardship distribution rule for retirement accounts in the $2T Stimulus Bill

The recent stimulus bill changes The law temporarily loosens the rules on hardship distributions from retirement accounts. Here's a quote from a WSJ article. https://www.wsj.com/articles/whats-in-the-...
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1answer
105 views

Am i considered “associated” to a company i have quit but still own stock in?

I quit an equity trading broker at the beginning of this month. I still own stock in the company. Am i still considered to be "associated" to this company? I am asking because i went to open an ...
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0answers
15 views

Is this corporation electing to be an S corporation beginning with this tax year?

I had a question about what to put for this answer in section G of Form 1120S. I already filed Form 2553 the prior year to be accepted as having S-corp tax status for my LLC. Do I put "No" here ...
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4answers
816 views

How to balance paying off student loans with 401k contributions when employer matches 100%, up to federal maximum?

I've regularly heard the best advice for a young professional is to max out your employer's 401k contributions (maybe 3-5%, or limited in some way), then focus the rest on paying down debts. After the ...
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24 views

Should I file Form 1045, Application for Tentative Refund, or just ignore it?

I've entered my data into several online tax prep sites. One of them, TaxAct.com, says I should file Form 1045 because I have a business loss this year. Apparently if I do a carryback I will get a ...
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3answers
236 views

Young Professional Stimulus Check

I graduated from college in May 2019 and started my first full time job in August 2019. I filed my 2019 Income Taxes in February and reported that my parents claimed me as a dependent because they ...
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3answers
2k views

Should I transition to index funds now, or wait?

When I started investing, I made the mistake of trying to pick individual stocks and actively managed funds. I now believe that low-cost, passive total market index funds are the best strategy for me ...
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1answer
167 views

Am I less likely to get approved for credit during the COVID-19 pandemic?

I've been thinking about applying for a new credit card or two, as I've been building up credit for awhile and basically all my hard pulls have fallen off of my credit report. Given that COVID-19 is ...
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1answer
83 views

Do I owe federal/state tax if my deduction is greater than my income?

I'm currently filing with TurboTax for my first (official) year as a freelancer and had a question about how my tax owed is being calculated. I just do this stuff on the side (full-time student), so ...
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1answer
67 views

How to file taxes for a backdoor Roth and 401(k) roll-in

I am planning to backdoor $6000 into my Roth IRA for 2019, which currently has nothing in it. I have $2500 in a traditional rollover IRA. I was going to put it into the Roth, but due to the ordering ...
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3answers
3k views

Stimulus Check Eligibility (College Student)

If I am a 19 yr old college student with a part time job and currently unemployed due to the virus outbreak, will I be eligible for the stimulus check? I did not submit a tax return in 2018, but I did ...
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3answers
334 views

Where does the money from the US $2T stimulus package come from? [closed]

The US Senate announced to $2T stimulus package to help keep the economy up and running. Where does the government come up with that type of money? Surely they don't have that much cash available?
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1answer
109 views

How should I backdoor my Roth IRA?

I am single and have no dependents, am in my late 20s, and I made an income in 2019 that lies somewhere inside the phase-out section of direct contributions to a Roth IRA. I do not think I have any ...
2
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0answers
54 views

Multiple IRS Levy Notices?

My wife received a Notice of levy in Dec. 2019. We had no issues with this, as we did owe. The amount of the levy has since been met, but the levy is still in effect. We file jointly, so both of our ...
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1answer
116 views

Is it income and if so what kind?

Last year, I got a nasty case of food poisoning. I was so violently ill I literally couldn't think straight. The only thing open was the emergency room so that's where my family took me. They ...

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