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Questions tagged [united-states]

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

794 questions with no upvoted or accepted answers
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12
votes
0answers
521 views

What are the appropriate forms to file when using a mega-backdoor?

For the backdoor (IRA -> Roth IRA, generally up to $5500 per year) conversion, we need to file Form 8606. Are there any equivalent forms that must be filed for mega-backdoor (After-tax 401k -> Roth ...
9
votes
0answers
248 views

Are banks discontinuing single-use virtual credit card numbers (like BofA's ShopSafe)?

I found this old question / answer that refer to the same problem: I used to generate a new virtual credit card number with BofA's ShopSafe service, set the credit limit / expiration date and I could ...
7
votes
0answers
167 views

Can I legally file zero tax return as non-resident to get ITIN?

I want to obtain an ITIN number to get a credit card / open bank account in the US. I know, IRS does not issue this number unless for tax reporting purposes. I visit the US from time to time on a ...
7
votes
1answer
128 views

Can I defer starting Medicare if 65 and on COBRA after a lay-off? (HSA, COBRA, and Medicare)

I turned 65 in February, am still working full-time, and have medical insurance through my company that qualifies me to defer signing up for Medicare. I've been contributing the maximum to my HSA ...
7
votes
0answers
227 views

Paying for nursing home care: What is the relationship between Medicare and owned property?

This question is prompted by a comment in a question I asked previously regarding the finances of aging parents (assets include a small savings and some property). I will summarize the comment as ...
7
votes
3answers
1k views

Mega Backdoor Roth: Withdrawal consequences for in-plan vs out-of-plan conversion

My employer allows after-tax 401k contributions, and has an option for automatic quarterly after-tax 401k -> Roth 401k in-plan conversions. The other option for executing the mega backdoor Roth is to ...
6
votes
0answers
75 views

Tax deduction for legal fee in defending my current job related to a threatening letter?

I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they asked me to sign additional ...
6
votes
0answers
80 views

State Income tax when splitting a day between states (in the USA)

First of all, I realize that when traveling to another state for employment it is commonplace to owe taxes in that state for the work performed+sourced in that state. Example: you work/live in ...
6
votes
1answer
426 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
6
votes
2answers
265 views

Who actually decides whether a credit check is soft or hard?

Many web sites explain the different effects of hard and soft credit inquiries, but none of them actually explain how the process works, so they're not useful for figuring out how borderline cases are ...
5
votes
1answer
96 views

Can my spouse and I both have HSA's at the same time if I am covered on his health insurance plan?

My husband has a HDHP through his employer which I am covered on, along with our 3 children. He has an HSA plan that he contributes to through his employer in the amount of $200 every two weeks or ...
5
votes
0answers
139 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
5
votes
0answers
67 views

County tax credits for living and working in different states

I moved mid-year to Indiana, from Illinois. My employer remains in IL. For the entire year, my employer withheld IL state taxes. For the second half of the year, my employer also withheld local (...
5
votes
0answers
112 views

Is there any reason I'd prefer having my school not report a 1098-T?

I didn't get a 1098-T from my school this year. I contacted them about it, and they said it wasn't required in my case, but they went ahead and issued it anyway since I asked. They also told me they ...
5
votes
2answers
307 views

Dual Citizen (US / CDN) wants to buy US equities in Canadian brokerage

I'm dual citizen (US & Canada) residing in Canada. I returned to Canada two years ago. I just started thinking about investing again in Canadian equities (either stocks, ETF's or mutual funds). ...
5
votes
1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
5
votes
0answers
152 views

Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?

A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
4
votes
0answers
63 views

Who reports the dividend for ACTS transfer, Outgoing or Incoming brokerage?

When a taxable brokerage account is transferred from one broker to another and as the old broker receives( and in turn forward to new broker) the dividend after the transfer as Dividend pay date is ...
4
votes
0answers
81 views

Is Fidelity an IRS approved custodian?

My employer offers a Simple IRA match. The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1. I see many references to Fidelity in my ...
4
votes
0answers
164 views

Is there evidence that in the long-term, leveraged ETFs perform poorly?

I came across an interesting question: "Why are daily rebalanced inverse/leveraged ETFs bad for long term investing?" Despite the topic, the answers there actually illustrated the hypothetical risk ...
4
votes
1answer
326 views

How does a publicly traded company decide when it closes and opens its trading window to its employees in the United States?

How does a publicly traded company decide when it closes and opens its trading window to its employees in the United States? I understand that the earnings result announcement must fall sometime ...
4
votes
0answers
34 views

What, exactly, makes an “unrelated business” unrelated in the case of junior partnerships held inside IRAs?

My question is concerning the unrelated business income tax on partnership interests inside a Roth IRA. Specifically, I own common stock in a company that's technically classified as a Limited ...
4
votes
0answers
31 views

Can I list multiple wage income abbreviations on Free File Fillable Form 1040?

Background Wage income abbreviations are for taxable income not listed on a W-2. Two examples of these abbreviations are "HSH" and "SCH". Those two abbreviations are mentioned on pages 26 & 27 of ...
4
votes
0answers
67 views

Does a French citizen living in the US owning stocks in a brokerage account in France have to pay taxes on dividends to the French tax authorities?

Does a French citizen living in the United States and owning stocks in a brokerage account located in France have to pay taxes on dividends to the French tax authorities (fisc)? Additional ...
4
votes
0answers
135 views

IRA rolled over mistakenly to 401k

In a previous tax year I rolled over some money from a former employer's traditional IRA (TD Ameritrade) to a non-Roth 401k plan (Milliman). I didn't report this on my federal tax return at all ...
4
votes
0answers
572 views

How do I fill in a W-8BEN for for sites such as Zazzle as an individual?

I have have some cash sitting (and growing) in a Zazzle.com account for a while. In order to have this cash paid to me as a U.K. citizen still living in the U.K., I need to submit a W-8BEN form. I ...
4
votes
0answers
73 views

Does basis remain in Traditional IRA after a complete conversion?

If you convert your entire Traditional IRA to Roth IRA, but the amount you convert (the value of the Traditional IRA at the time you convert) is less than the basis (after-tax amount) in the ...
4
votes
0answers
317 views

How does one calculate their AMT MAGI to determine their passive activity loss limitation?

The instructions for line 19 (passive activities) of Form 6251 (Alternative Minimum Tax) mention that you may need to do an AMT version of Form 8582 (Passive Activity Loss Limitations): Refigure ...
4
votes
0answers
84 views

Understanding Nexus as a small business owner

I'm interested in becoming a 3rd party Amazon FBA (fulfilled by Amazon) seller. I recently learned about a rule called "nexus". Basically, I understand I have nexus (tax liability) in the state ...
4
votes
1answer
372 views

How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?

I'm an Egyptian citizen, living in Egypt and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through stripe.com ...
4
votes
0answers
76 views

Should I create a simultaneous Part-time Sole Proprietorship and Part-time single-member S-Corporation?

I am self-employed and my business has two distinct parts: Engineering and Design - which makes $50k income / year Manufacturing and Sales - which makes $150k income / year I am currently running ...
4
votes
0answers
35 views

Single Member CA LLC moving to WA keeping CA client - residency and work outside of CA

I have a CA Single Member LLC and do work for a California client. Contract work is between client and LLC. I move from CA to WA and establish residency there. I perform ALL work outside of CA. ...
4
votes
0answers
3k views

NY State Sales Tax on Lease Transfer

I am hopeful that someone can help me understand New York State (NYS) Sales Tax with regards to a lease take over, in what seems to be paying tax twice. So here is the scenario: Person A leases a ...
4
votes
0answers
125 views

US Taxes: Missing the deadline for IRA contribution

Is there a way to make an IRA contribution of say $x for 2016 (Deadline was April 15 2017)? Background Info: The $x has already been claimed in taxes. But because of a technical error from the ...
4
votes
1answer
221 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
4
votes
1answer
2k views

US resident with Canadian income via T4A-NR

I am a single person LLC in the US and I do a lot of contract work for a US company. In 2016 I was asked by them to do some work in Canada and spent about 30 days working in Vancouver. My LLC issued ...
4
votes
1answer
236 views

US taxation of stock purchase plan for non-resident alien

An individual in USA is a non-resident alien for tax purposes for the whole year. He works for a US corporation in US. He buys stocks under the stock purchase plan of the company and sells it in the ...
4
votes
0answers
151 views

Questions on retirement saving plans for non-resident aliens

I am a German citizen that started working as a postdoctoral researcher at a University in the U.S., being on a J1 visa. Part of my benefits package includes an employer match that I can make use of ...
4
votes
0answers
93 views

State tax withholding election

I live in Connecticut but work in New York. My employer wants to know what state I wish to be "taxed in". I understand that CT gives a credit for taxes paid in NY. Which state should I elect to have ...
4
votes
0answers
281 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
4
votes
0answers
414 views

Donating to US versus Canadian charities to maximizing tax benefits

I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size? My ...
4
votes
1answer
152 views

State income tax : full resident, spouse part-year resident: joint return possible?

In 2018 I was a resident of New Jersey the whole year, but my spouse was a part-year resident: he permanently moved to Germany on August 1st and established his domicile there. After that date, he ...
4
votes
1answer
227 views

Taking physical gold out of the United States

Are there restrictions on taking physical gold out of the US if I emigrate? Can I just pack it in my luggage and get on a plane to UK?
4
votes
1answer
157 views

CP542 backup withholding notice from IRS

I've just received an utterly bizarre letter from the IRS, excerpted below: Notice: CP542 Form: 1040 Tax Period Ending: 12-31-1985 Our records show you have reported and paid all tax ...
4
votes
1answer
287 views

Do I need to pay taxes on my mother in law giving us “rent” money?

This is for California, USA My MIL is living with us these days and we do not actually charge her for any rent. She has a small business that has sporadically yields some income. She insists on ...
3
votes
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 ...
3
votes
0answers
68 views

Do you have to pay taxes on a Unison “investment”?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
3
votes
0answers
74 views

Are US HSAs taxable in the UK?

I'm working temporarily in the US, but I'm from the UK. I have a Health Savings Account (HSA), which works similarly to a retirement account (penalties for withdrawals before 65, free thereafter; tax-...
3
votes
0answers
63 views

HCE Excess Refund on 401k Plan

This year, I received a letter from the company I worked for notifying me that they did not pass the 401k non discrimination test. As a highly-compensated employee, I received an excess refund check ...
3
votes
0answers
163 views

Cashier checks purchased in the 80's at a bank that is now closed - the State Treasury Dept can't find them

My dad who is deceased purchased cashier checks in the 80's and the bank has since closed. I reached out to the States unclaimed property; they found several checks but there are a few left that they ...