Questions tagged [united-states]

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

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1answer
35 views

Question about calculating wash sales across multiple orders

How do I handle the accounting of my wash sales? I bought AXP in 3 different orders, all purchased within 5 days of each other: 100 @ 122 100 @ 100 100 @ 76 I sold all 300 @ 102, and then ...
5
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1answer
96 views

Will changing HSA custodians result in losing investment value?

My HSA custodian was acquired by another custodian, and they're planning to liquidate my investments at the old custodian, and then transferring that into a money market at the new custodian. At that ...
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1answer
53 views

Are funds in 403b accounts and Social Security secure in the event of a depression?

Are funds in 403b accounts in the event of a national depression, such as in the 1920s, secure, or are they lost? And since a depression involves the whole nation, Social Security will end, correct?
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3answers
5k views

When filing taxes, how do I report “informal income” for which I don't have any forms?

This past summer, I worked a normal summer job and received a W2 form. However, I have also been tutoring two fellow students at the university I attend. They have been paying me "informally", eg they ...
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0answers
21 views

How do I record roll over of IRA and CMA into the purchase of service credits on my federal income tax?

I work for the a county government with its own retirement system. I served about 10 years in the military. A couple of years ago I found out my dad had put money in an IRA and a UTMA CMA for me. I ...
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1answer
94 views

Can I really save money by refinancing mortgage without a broker?

I live in the US and I am considering refinancing my mortgage. From what I have read, a large part of the cost of refinancing comes down to broker fees (which tend to be a percentage of the principle (...
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0answers
53 views

Filing for unemployment after quitting a W2 job for a 1099 contractor role?

My wife left her W2 job for a 1099 contractor role last month. She was fired from the 1099 contractor role for underperforming after 3 weeks. When filling out the unemployment information for Texas, ...
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0answers
46 views

If a single owner LLC is closed in Jan 2020, does the company owner still file a return in 2021?

If someone has single owner LLC in California USA and if he/she closes the company in Jan 2020, do you still have to file business tax return in 2021? Specially if company has elected financial year ...
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1answer
76 views

How do I handle US State Income Tax for the 2020 COVID-19 Coronavirus Filing Extension

While the IRS has a page on the Coronavirus impact is there any resource on handling the various State Income taxes. Are they extended like the Federal Income tax or do I have some relief due the ...
8
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1answer
278 views

Does the postponed tax-filing deadline affect Roth IRA contribution deadline?

Since Mnuchin has pushed back the filing deadline to July 15th this year (IRS announcement and Notice 2020-18), does that also push back the deadline to contribute to a Roth IRA? irs.gov says this ...
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0answers
13 views

Roth IRA excess contribution: applying excess to future year, how much less to contribute then?

2018: I had an excess contribution = $X to my Roth IRA. The excess contribution was made in 2018, not between January and April in 2019. I'm younger than the Roth IRA withdrawal age. 2019: I am ...
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1answer
54 views

Do you need both a bill of sale and title when buying a used car?

I am attempting to make my first used car purchase from a private party in New York. I understand that the title should be transferred to me after the sale but what about a "Bill of Sale" ? Would I ...
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3answers
2k views

How much weaker would the US dollar be if each citizen receives a $1000 bonus from the government? [closed]

Currently there are talks of issuing a $1000 payout to all American citizens earning less than $130,000. Presuming the final number of recepients is 200 million people, this is equivalent to injecting ...
2
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1answer
22 views

What is the income tax exemption proration policy for Massachusetts part-year residents?

I moved to Massachusetts in the second half of 2019 and started a new job. I'm trying to calculate my exemption for the 2019 tax year. The "2019 Massachusetts Nonresident or Part-Year Resident Income ...
3
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1answer
105 views

What are the practical effects for banking consumers from Fed cutting fractional reserve requirements to zero?

With all the other news, it seems like the fed eliminating the Fractional reserve requirements for banks in is not getting so much attention. Everyone is talking about the Fed Discount rate, which I ...
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1answer
31 views

Same stock in separate accounts. FIFO implications

If I held shares of a specific stock since 2016 in one account (let's say Fidelity) and would like to day trade the same stock in another account (E-trade) would the cost basis be treated separately ...
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4answers
231 views

How Should I invest $20K? [closed]

I came by some cash a year ago, so I put $20,000 in a Certificate of Deposit which will end this weekend (at about $20.5K). Now I'm wondering what to do with it. I don't really know much about ...
2
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3answers
344 views

Are Social Security payments threatened by the Coronavirus crisis?

I would like to know if it is likely that the United States government may have to reduce Social Security payments for the remainder of this year to help fund economic stimulus packages to help bail ...
24
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9answers
8k views

401(K) Very high negative rate of return

I am 26 yo and have total $27.5k contributed to my 401(K). I have chosen 2045 Blackrock target date fund and my 2020 first quarter rate of return is -37% due to the current market blood bath. I have ...
2
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1answer
109 views

Is the new COVID-19 Tax Relief for California residents applicable to everyone?

There's news out regarding a 60-day extension for California residents "affected by the COVID-19 virus", but the wording they use is so vague. Everyone was affected. Do they mean directly contracted ...
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1answer
40 views

Where to put name suffix on I-9 Form or any form which doesn't have a specific box for it

Where would I put a name suffix on an I9 form or any form that doesn't have a specific box for a name suffix? On this form I only see fields for Last Name, First Name, Middle Initial and Other Last ...
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1answer
89 views

Can my employer's payroll company be liable for not withdrawing enough State taxes from my income? [duplicate]

My employer's payroll company did not withdraw the correct percentage of state taxes from my year's worth of paychecks. I'm now liable for $2,000 in state taxes. Can the payroll company be held ...
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1answer
43 views

1099-DIV Corrected Line 5: Do I Need to File an Amended Return?

I'd love to know this for both my federal income taxes and Illinois. I just received a corrected 1099-DIV. The only change I can see is to Line 5, which is "Section 199A dividends." The amount was $...
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1answer
34 views

How to avoid getting double taxed by 1099-B / K-1

In the last year, I bought and sold many shares, one of them a partnership (BEP) - I didn't know at the time, and had no idea about the consequences. Note that I am not in any way interacting with ...
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1answer
50 views

Are price over earnings always over Graham's recomendations in the US market?

I am reading Benjamin Graham's book and trying to apply to market, a few day after the krach, as I have free time. I'm puzzeled about some of the rules of Graham for the defensive investor to invest ...
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0answers
25 views

Opening a regional US bank account: Non-resident?

I am from Brazil and would like to open an account in the US. I was wondering if there is any regional (i.e., US only, or that does not operate within LATAM) bank that would let me open an account ...
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0answers
20 views

Claiming foreign short term losses in the US from the year before moving to the US

I'm a Canadian citizen living and working in the US since September 2019. In 2018 I incurred capital gain losses (of an investment that was under 1 year) of about 20k USD. I filed these losses in my ...
2
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0answers
38 views

Tax status decision

I left the USA for India on 1/31/2019. I was present in the USA in 2018 but for 15 days, and for the whole of 2017, and in 2016 except for 15 days. Will I be classified as a resident alien, non-...
3
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0answers
73 views

In general, does “the market” prefer or dislike bottom-floor apartments/flats?

I can see both many pros and many cons of living in a bottom-floor apartment, as opposed to one on any other level/floor. I'm undecided myself, actually. However, I'm asking about what the general ...
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0answers
16 views

West Virginia or New Jersey state income taxes

I live in Texas. I receive oil and gas royalties income from my properties in West Virginia. I have the 1099-MISC. The company that sent me the 1099 MISC is located in New Jersey. What state do I ...
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0answers
32 views

My French sister in law has money in France and needs to transfer her money to Colorado

My French sister in law has money in an account in France (Paris) She needs to move that money to Denver, Colorado. I live in Dallas, Texas. Would it be easier for her to travel to Dallas and let me ...
3
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2answers
128 views

Sales tax on Food

I bought a prepared salad at Walmart today in Houston, Texas. I thought it a bit strange to pay tax on food, but I understand their reasoning. What was still confusing was that I was charged an 8.25% ...
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1answer
83 views

Why don't American Mutual funds offer SWP's?

Indian Mutual funds have a feature called SWP [Systematic withdrawal plan]. It's a feature that enables an investor to automatically withdraw the appreciated amount or a specific amount periodically[ ...
4
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1answer
74 views

What does TMUBMUSD10Y stand for? (U.S. 10 Year Treasury Note)

MarketWatch, WSJ, and Barrons all list the U.S. 10 Year Treasury Note using the symbol TMUBMUSD10Y. What type of ticker/symbol is this? What does TMUBMUSD10Y stand for?
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0answers
17 views

Will lender title insurance need to be bought again if refinance with same issuer? [duplicate]

If I refinance my mortgage with same lender, will I need to pay for new lender title insurance ? I understand, I can ask the lender, but before I do I want to know how is the experience of other ...
5
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1answer
65 views

In USA can I offset capital gains from the sale of a business with capital losses from stocks?

I recently sold a business and will receive a pay-out spread over a couple of years. Each year I will receive a predefined sum, which will be reported as capital gains. Now, with the stock market ...
4
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1answer
168 views

I work remotely for a company in another state. Both states are witholding taxes from my paycheck. Is this right?

I live in Pennsylvania. I work full time 100% remotely for a company that is located in Connecticut. On my first paycheck I was surprised to find that I was having state income tax withheld by both ...
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0answers
38 views

International Student with US brokerage account

I graduated from a university in the states last May and was wondering if I had to file my taxes this year. I did not earn any income in the states in 2019 but I opened an account with a US-based ...
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0answers
24 views

Residency Questions for International Student while filing Tax

I am an international citizen. I studied in New York City in 2019. I interned in California during the summer for about 3-4 months. On December 25th, I left NYC for my home country and returned to ...
2
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2answers
110 views

I initiated a 401k rollover to an individual IRA, but plan sponsor didn't execute

I got confirmation of my rollover on the phone but checked back 3 days later and the process had not taken place. I did this with the understanding that my fund holdings would be liquidated and then ...
3
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1answer
62 views

do forced withdrawals on 401K contributions include “interest” accrued on the contributed funds?

So let's say I max out my 401(k) ($19,000 in 2019) and then have a forced withdrawal of $10,000 because my company failed the highly compensated employee test. The $19,000 I put into the 401(k) is ...
2
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4answers
113 views

Formula to compare the potential earnings of buying the same stock at different prices

If I want to buy an index fund, I could buy it today at the current price, or I could setup a limit order and try to buy it at a lower price. Obviously it's better to get it at the lower price, but ...
3
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1answer
105 views

Will old owner's title insurance be valid on refinance?

I was wondering: if I refinance my home, will I need a new owner's title insurance, or will the previous title insurance still be valid? I suppose the new lender will require new lender's title ...
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2answers
93 views

Points paid on purchace of principal residence shows up twice

I received two 1098 tax forms this year because I got a mortgage from one lender and then after a few weeks they sold the debt to another lender. Both forms show that there are "points paid" on the ...
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2answers
375 views

What’s the best method to save money on behalf of a baby?

What’s the best method to save money for a baby? Assume I can afford to save a small sum ($25-$75) every month. What’s the best investment vehicle? I would hope to amass a significant sum by the ...
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3answers
203 views

Mistakenly filed as Exempt from income tax witholdings for entire year 2019

I am a basic 30 year old filing Single, W2, healthy working individual. No dependents, no additional schedules, capital gains or losses other than Student Loan interest expense. I started a new job ...
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1answer
136 views

Limited retirement options?

My employer offers no retirement plan; my income is in the phase out for a RothIRA, so I will be unable to contribute this year (any contributions this year are from remove of excess contributions in ...
1
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1answer
94 views

Can a previous employer contribute to my closed 401k after termination

I was terminated in late January of 2020 by my previous employer. I had worked for them for 5 years and 2 months. I had over 5k in my 401k account and withdrew it all a couple days after termination (...
0
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1answer
39 views

What kind of payments are accepted for the initial purchase of United States Treasury securities?

What kind of payments are accepted for the initial purchase of United States Treasury securities ? (not be to confused with trading done on the secondary market) When a normal person is purchasing ...
1
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2answers
108 views

Can I consider check from LLC company as a personal check?

I have a friend wanting to send me $10K like as a gift. But he owns an LLC business so he said his LLC bank account and personal bank account is one. It's the same. My question is can I get it like a ...