Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
10,485
questions
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0answers
44 views
Online Hackathon prize money taxation and exceptions
I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD.
However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident (...
9
votes
3answers
1k views
Can I claim only part of the full amount of a check?
I received a long awaited check today (USA) written for $X. For complicated reasons (we had some dispute about how much was owed for what), I only want to accept $Y from this person for this service, ...
2
votes
1answer
73 views
Is it standard that a mortgage company won't pull your credit report while you're living abroad?
I'm going to be moving back to the states soon after living in Canada full a few years. I called wells Fargo to look into getting a mortgage today, and they told me that they will not pull my credit ...
1
vote
1answer
73 views
Why is Thrift Savings Plan restricted to U.S. civil servants and uniformed service members?
From what I can tell, TSP is pretty close to a 401(k) plan (and similar to an IRA) except the government restricts who can participate.
Thrift's funds have much lower fees than many of the 401(k) or ...
2
votes
2answers
227 views
55+ communities bulding in Florida
I'm a non US citizen; my father and I are looking to invest in an apartment in Florida.
I have found 55+ communities that are on our price range. But I’m not 55.
Can people under 55 live in a 55+ ...
1
vote
1answer
39 views
Is it possible to use the credit card BIN to find the bank's ABA?
I am trying to determine the correct institution ABA based on the credit card's BIN. There are several resources which can determine bank's name and some other info based on the card BIN but many ...
7
votes
1answer
3k views
What's the purpose of mileage verification in auto insurance?
I believe it's every year that my auto insurance company has me fill out one of these "mileage verification" letters to submit the mileage of my vehicle that they hold an insurance policy with.
What ...
0
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0answers
79 views
If a personal loan was made in one state, and they now live in a different state, and you live in another state, which state do you file?
I loaned a friend money. He then vanished. 18 years later I found him. He lives in a different state then where the loan was made. I also live in a different state. I know there are time limits, but ...
0
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1answer
24 views
F-1 to H-1B Tax Filing Status - 5 Calendar Years?
I came to the US to study on an F-1 visa in August 2014 and graduated in May 2018. Since then, I have been working on an F-1 OPT visa. In 2019, I applied and received my H1B visa - specifically, my I-...
0
votes
1answer
11 views
How can one use one's old FBAR form data to populate a new FBAR form?
How can one use one's old FBAR form data to populate a new FBAR form (Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114)?
I tried exporting/reimporting the form data between ...
0
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0answers
135 views
Any tricks/hacks for exorbitant daycare costs?
The $5000 FSA limit is a joke given the daycare costs in our area.
Is there any way to use more pre-tax money to pay for daycare ?
Daycare is by far our biggest expense for the year.
Any advice to ...
17
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6answers
10k views
My (buyer's) agent is the seller's agent for the house I want
My wife and I have been looking for houses for a few months through an agent who was recommended by a friend. We've mostly found houses by ourselves and Zillow and had him organize walk-throughs, ...
1
vote
3answers
256 views
Why do some savings accounts have a maximum balance?
Example: https://www.hustlermoneyblog.com/hsbc-direct-savings-review/ (mirror):
Maximum Balance: $2,000,000
1
vote
1answer
98 views
Why does my routing number (IBAN) come up as invalid
I am trying to wire funds and my routing number to Citibank, which is 122401710 in Las Vegas Nevada, is coming up invalid IBAN when I go to wire funds.
When I called Citibank they told me that I ...
1
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1answer
51 views
TurboTax had me file for a 1040 instead of a 1040NR. Is there a way I can change this?
It's my first time filing for a US tax return. I used TurboTax, filled up all the necessary information, and I got the result showing a form 1040, which means I got zero amount. I am from the ...
2
votes
1answer
103 views
Head of houshold: Domestic partner, and child, with joint checking
I am living with my domestic partner and our child, and she contributes about twice what I do into our joint checking account from which all bills are paid. Can she file as head of household? I think ...
1
vote
1answer
49 views
Why does a short-term certificate of deposit (CD) have a significantly smaller annual percentage yield (APY) than a saving accounts in some banks? [duplicate]
I see on Ally Financial's website that a 3-month certificate of deposit (CD) has an annual percentage yield (APY) of 0.75% whereas the saving account has an APY of 1.60%. This surprises me because I ...
2
votes
1answer
66 views
How to tell the IRS about Roth IRA gains on early withdrawal?
I had to give some of my Roth IRA to my ex-wife, and didn't do it in the wisest manner.
How now do I tell the IRS that only about $80 of the $3,570 that I sent to her are taxable and penalizable ...
2
votes
1answer
50 views
Buying and Selling options for the same stock multiple times in a day?
Is it normal that traders buy and sell options of the same stock on the same day multiple times? For example, in an event of a positive earnings release, the CALL options were bought and then sold it ...
2
votes
1answer
39 views
Russian taxes with dual citizenship
I'm a minor (17) who is considering using my birthright to be recognized as a Russian citizen, as my mother is one. If I apply as a minor this late, will I have to worry about taxes if I reside in the ...
2
votes
1answer
87 views
Are there any issues with sending money outside of the US?
My girlfriend is an immigrant and for her birthday, I asked her what she wanted. She said she would like me to send a gift back to her home country for her parents instead of getting her something. I ...
6
votes
2answers
365 views
Tax efficiency and Roth IRAs
I have a question relating to avoiding investment taxes as compared to maximizing tax free growth in a Roth IRA.
Suppose you have:
$10000 in a Roth IRA
$10000 in a taxable brokerage account
and ...
3
votes
1answer
219 views
Totaled car with two insurance policies
I moved out from home to another state and purchased an auto insurance policy in my name for my vehicle, paid for the 6 months upfront. Previously it was insured under my parents' policy. I set the ...
1
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0answers
121 views
U. S. Treasury Check signed “pay to the order of”
My son received several checks from the VA, he signed them pay to the order of me, his mother, where can I cash them? My Credit Union won't accept them.
1
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1answer
78 views
Doing side work no LLC - what to do on W9 form?
I am doing some work for on the side for my former employer. They pay me via an application called square that I use.
Its the end of the year so I asked them for a 1099 / W2 and they sent me a W9 ...
0
votes
1answer
77 views
Washsale for daytrading
I have following scenario of washsale ? Can someone please help me if wash sale will apply to me in any case ?
I knwo for three trades i made in Dec 2019 has wash sale but is covered with profit I ...
3
votes
1answer
88 views
irrevocable Trust - Who Pays The Taxes
Someone creates an irrevocable trust on behalf of someone. It is funded by a large amount of money that will be invested. The beneficiary will receive the profits/interest from the trust but not the ...
5
votes
2answers
180 views
Back-date term life insurance policy?
Yesterday the insurance brokerage that wrote my current term policy 2 years ago contacted me to see if I would like to replace the policy. Obviously they want to generate a new commission by churning ...
2
votes
1answer
179 views
HSA Contribution Limit Question - Fun Situation
Here is the situation and what I would like to do:
My wife and I are on separate HDHP with our respective employers, which means we are eligible for 2 HSA accounts and 2 solo limits for a total of $...
4
votes
1answer
116 views
How should I distribute investment types between differently-taxed accounts?
Background: I'm 37 and work in the U.S. I have a gross income ~100k, a 401k funded to the legal limit, a Roth IRA funded to the legal limit, and a regular investment account. The 401k has most of the ...
0
votes
2answers
185 views
Is a down payment better than a lump sum payment?
I forgot to tell my banker that I wanted to make a down payment on my auto loan. According to my banker, the interest rate wouldn't have changed from the lower principal, only my monthly minimum ...
1
vote
2answers
66 views
SEP IRA Contribution
I opened an SEP IRA account with chase and transferred $500.
Do I need to buy bonds or stocks using this amount this year itself or can I buy bonds after 2 years?
3
votes
0answers
63 views
Return of excess employer contribution after transfer to IRA
A few years ago, I had an internship, and had to set up an account with the employer's retirement fund company.
A couple of years after leaving the company, I was closing out old accounts, and ...
1
vote
1answer
129 views
Is it necessary to pay quarterly earnings taxes in US?
I worked as an Independent Contractor (for the first time ever) during September and October which means that I owe quarterly taxes that are "due" on January 15th.
I also worked as a full-time ...
0
votes
5answers
468 views
When and how would a company make money by taking $1 out of my paycheck and donating it to charity?
In the US as I understand it, there are corporate tax deductions for charitable giving.
For this or any other reason, would a company with large salary expenditures and positive profits (sometimes) ...
0
votes
1answer
113 views
Investment Analyst salaries in the US prior to the GFC
I'm not sure if this is the right place for this question, but when I was watching the movie "Margin Call" a while back, the 23-year-old investment analyst boasts about his $250,000 salary. Did ...
6
votes
1answer
130 views
In which country do I pay capital gain taxes, as a German with a US Internship?
This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
4
votes
1answer
324 views
How do I avoid having my revenue taxed twice by the IRS?
I do affiliate marketing for a living. The commission payments get transferred into my business PayPal account and the various businesses also send me a 1099. Normally I would just list the 1099s on ...
0
votes
0answers
31 views
Incorrect amount of shares on a 83(b) election form
My question is about a 83(b) election form during early exercise of ISO.
I've worked in a company for quite some time and was awarded ISO in 2017: 50k shares at a strike price of $0.02c. A year later ...
5
votes
3answers
227 views
Best Way to minimize taxes on 401K distribution?
I recently retired at 57 after 36 years with the same employer. I live pretty frugally and my pension is $90K covers all my normal living expenses.
I have approximately $2M in retirement savings most ...
0
votes
2answers
1k views
Does Meghan Markle need to pay taxes for her stay at a billionaires house?
According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman.
Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
12
votes
1answer
4k views
Can I open a 529 retroactively to pay my student loans?
At the end of the year 2019, congress passed the SECURE Act. This act does many things relating to retirement accounts, but Section 302 specifically relates to 529 account expansions. These changes ...
19
votes
8answers
12k views
Is it true that car insurance can go up if a member of your family gets a license?
I was told that because I live with a parent, if I were to get a drivers license, their insurance payments would be higher, even if I'm not actually on their insurance.
Is that true?
How would the ...
-2
votes
1answer
95 views
Can a Health Savings Account be opened two related people?
If a daughter is self-employed (not W2) and sets up a HSA, Is it possible to setup an HSA account in the name of the mother & daughter? The goal is to have the options to pay for in-scope ...
3
votes
2answers
277 views
Renting at a Loss While Banking on Capital Gains
I live in an area that is rapidly growing. My current house (based on comps) has appreciated $50k in two years to give an example. I currently have an opportunity to buy another for a reasonable price ...
3
votes
3answers
334 views
Bank asking for spouse's financial details: what to tell them?
Our bank sent an email to my spouse saying that they are required by law to collect some details, and that they may terminate her account if this info is not provided. My wife is a homemaker, and ...
3
votes
2answers
132 views
Purchase/money/allowance management for teenagers
I have two kids older than 13 but younger than 18. One is 16+. As they start making their own purchasing decisions, I'm trying to set things up to be convenient for everyone. My current problems are:
...
0
votes
2answers
71 views
Is employee's 401(k) contribution still a tax deduction for employer through “wages paid”?
Small business owners can claim wages paid to employees as tax deduction. If one of his employees would elect to contribute $15K of his salary into 401(k) account then would the employer still be able ...
0
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0answers
22 views
W-9 requirements for product vs service provided
As a company, would we need to obtain a W-9 (& file a 1099) from an individual that we purchased a horse or a horse trailer from?
9
votes
1answer
1k views
What risks are there to co-signing an apartment if I get the money upfront?
My girlfriend is getting an apartment since she'll be away at school for 6 months. She's an international student so can't legally work off campus, but she has more than enough money to cover the ...
