Questions tagged [united-states]

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

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MESP Tax forms for years with only contributions

I started two 529 funds for my children in the 2023 calendar year and want to claim the contributions from my Michigan State Income tax. But I was looking on the MESP site and can't find any tax ...
sedavidw's user avatar
  • 249
-4 votes
2 answers
182 views

Unintentionally bought 10kUSD of I bonds with a few cents: how can I correct my mistake and properly purchase 10kUSD of I bonds?

I bought 10kUSD of I bonds via treasurydirect.gov. The bank account I mistakenly used to purchase the bonds only had a few cents. To my surprise, my account on treasurydirect.gov indicates that the I ...
Franck Dernoncourt's user avatar
1 vote
1 answer
58 views

DC Resident but work for company in NJ and NJ State Tax Withheld

I live in Washington DC full time but work remotely for a company in New Jersey. I have NJ State Taxes withheld from my paycheck, not DC. I'm the only one who works in DC fulltime and my employer said ...
S. A.'s user avatar
  • 11
0 votes
2 answers
90 views

W-4 Excess Exemption / Under-Withholding

I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax. When I asked ...
Fernando's user avatar
2 votes
1 answer
181 views

Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?

This is related to an earlier post. Link It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
nuggethead's user avatar
  • 1,999
2 votes
3 answers
476 views

Contributing over the 401(k) limit vs investing in an index fund?

I find myself in a lucky position. I have a stable, high-paying job that allows me to achieve nearly all my financial goals, including: Maxing out the yearly contributions to my 401(k), including ...
Tyrian's user avatar
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0 votes
2 answers
113 views

Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?

My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify. For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
Mr Monee's user avatar
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1 answer
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SEP IRA eligibility criteria?

I am trying to determine if I can establish and contribute to a SEP IRA. Here are what I think to be the relevant details and questions. I receive a W-2 from my day job employer I have side income ...
pixelearth's user avatar
-1 votes
1 answer
59 views

Which LLC is best if you are going to be hiring freelancers?

I am working to start a publishing company with a partner. I am researching the best LLC type for tax purposes to create - a regular LLC or an LLC taxed as an S-corp. From what I have researched, a ...
Drew_Thunder's user avatar
0 votes
1 answer
76 views

Backdoor Roth IRA and "total basis in traditional IRA for 2022 and earlier years"

Like many of you, I am currently preparing my taxes for 2023. I have a question about Backdoor IRA and a particular line in my 2022 Tax Return. Each year, I have contributed to a Traditional IRA and ...
thoma's user avatar
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1 answer
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Does repayment of personal loan count as income for US tax

I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
Pete W's user avatar
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0 votes
1 answer
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Is book review service expenses declarable under Schedule E for royalties?

I have books that generate royalties. I am using the QBI since I do for profit and it is what I do. I have included ads as part of expenses but I am also having a book review service where aside from ...
Michael's user avatar
  • 119
0 votes
1 answer
58 views

If you have zero income after a capital loss carryover, is your estimated tax safe harbor for the next year also zero?

For example if you have (assume no other income): 2022 $600K capital loss carried forward 2023 $300K capital gains 2024 $1.5M capital gains Do you have safe harbor to pay 0 estimated tax until Jan ...
rmrmqqq's user avatar
0 votes
2 answers
114 views

What to do after receiving 1099?

I know I need to report that income, but I'll already be doing so after downloading and summarizing my transactions via my bank. Do I need to separately report income from each 1099? Do I need to ...
No Name's user avatar
  • 311
1 vote
1 answer
151 views

Why do people like Mega Backdoor Roth IRAs?

So, according to me: Traditional IRA: Money goes in tax-free Grows tax-free Taxed as ordinary income in retirement Roth IRA: Money goes in after-tax Grows tax-free Tax-free in retirement (These ...
Raj's user avatar
  • 673
9 votes
5 answers
3k views

Are there any "strategies" for Social Security besides the obvious decision as to when to take it?

I am of the age that I am constantly receiving mailings for local and web based retirement seminars, many touting "strategies" for withdrawing Social Security entitlements. This word, (in ...
Michael Hall's user avatar
3 votes
1 answer
200 views

Does PMI removal effect homeowners insurance?

Imagine a homeowner has a loan of $500k. The loan also has a PMI of about 150$. But the home value increases. The homeowner calls the bank to get the PMI removed. The appraised value comes out to 650k....
wander95's user avatar
  • 131
2 votes
1 answer
123 views

Employer has been acquired. Rollover 401(k) before plan changes?

I currently have a 401(k) plan from my employer at Institution A. I also have a rollover IRA at Institution A (with funds from prior employers' plans). My employer has been acquired, and have ...
Theodore's user avatar
  • 121
2 votes
1 answer
82 views

My Mother's Estate, a living revocable turst and Income Tax

My mother died in June 2023. At the time of her death she had a living revocable trust which had several brokerage accounts. The living revocable trust reported its income to the IRS using her Social ...
Bob's user avatar
  • 1,689
1 vote
3 answers
169 views

File as single or married separately?

I’m in the US under an f1 student visa and got married in december of 2023 with a foreign person that lives abroad. I received income in 2023 and will submit my taxes as non resident and I believe my ...
kds9847's user avatar
  • 25
0 votes
3 answers
79 views

Chose resident alien status instead of dual status?

I was hoping someone could bring some clarity on this. Here is my situation: I have been in the US since 2019 and last year I submitted my taxes for 2022 as nonresident because I was under an F1 ...
kds9847's user avatar
  • 25
1 vote
2 answers
197 views

My wife is 26 and I am 30. We want catastrophic health insurance. If she is the policyholder, can we do this?

Please do not reply with "you can't get catastrophic if you're not under 30". I know that. My question is can WE get it as a FAMILY PLAN if my 26-year-old wife is the policyholder.
Derek Fulton's user avatar
2 votes
1 answer
71 views

Filing taxes in USA as non-resident alien, which forms to fill?

I have been working as a postdoc in California since February 1, 2023. My first entry to the USA on a J1 visa was on January 27, 2023. My contract with the university is ending soon, hence, I will be ...
ZE1's user avatar
  • 23
1 vote
1 answer
64 views

Why do charitable donations of ESPP shares need to first be held long term for US tax purposes?

I often see advice like this for tax advantages of charitable donation of shares: If the donated shares were acquired from incentive stock options (ISOs) or an employee stock purchase plan (ESPP), be ...
All The Rage's user avatar
3 votes
1 answer
331 views

Can my spouse use her HSA funds to pay for insurance premiums if she lost her job?

My wife was recently laid off and will be joining my health insurance plan that I have through my employer. She's on a visa, so will not be claiming any unemployment benefits. Since my insurance will ...
mathemagician's user avatar
0 votes
2 answers
65 views

Is it possible to undo Roth 401k contributions, not ROE, but have it returned?

I contributed around 10k to my Roth 401k in 2023, but I need the money due to my personal situation quite immediately (2-4 weeks). Is there any mechanism of undoing my contribution and getting the ...
haku's user avatar
  • 133
0 votes
1 answer
41 views

I was a W2 taxpayer now a new 1099 tax payer with a newly formed LLC with EIN number

I am being paid a 10k salary for driving the business from the company whose product i will be selling, but they are in Overseas. The newly formed LLC is me only at this stage? How can i overcome this ...
Carey James's user avatar
0 votes
1 answer
156 views

Why did the Fed increase the fixed rate of I-bond to 1.3% from 0.4% for the US?

What could be the cause of this increase? Would the trend continue? Why or why not?
HelloDarkWorld's user avatar
1 vote
2 answers
95 views

Unexpected contribution to HSA after joining Medicare

In November 2023 I applied for Medicare Part A (the same month I turned 65) A few months prior to November 2023 I instructed my employer to stop the payroll deductions to my HSA account. Payroll ...
Sprph58's user avatar
  • 11
1 vote
1 answer
141 views

Does my Trust Need to File Taxes?

I am the trustee of a irrevocable trust. This trust doesn't earn any money (I think). It was created to own three houses that would have otherwise been in my mother's name. Her health is not great, ...
chad's user avatar
  • 121
-4 votes
1 answer
124 views

If one ALREADY gifted an apartment abroad to avoid foreign taxes, does one fill out a form 709, or do nothing until it's sold?

Before I attempted to do the following, I asked questions and other questions on this list and built up a fan base of those who are convinced I am out to cheat the IRS. It's already a year into this ...
Mr Monee's user avatar
  • 462
1 vote
1 answer
97 views

Amending IRS return after receiving tax refund interest

I filed my original 2022 tax return last year in February and shortly after received a refund. A month later, I realized I forgot to include my IRA tax-deductible contribution and filed an amendment. ...
Michele's user avatar
  • 35
7 votes
2 answers
4k views

ETF and Fraud by the ETF sponsor

If an investor buys an ETF, typically, he is buying a basket of stocks. Those stocks are being held by the sponsor of the ETF. What happens if the sponsor of the ETF, sells those stocks and then ...
Bob's user avatar
  • 1,689
0 votes
1 answer
72 views

Selling most appreciated units or least appreciated

I have been consistently receiving RSUs. Now i want to steadily sell them to reduce my exposure and diversify.Should i be selling the least appreciated unints or most appreciated? Is there any ...
nandonachi's user avatar
0 votes
1 answer
57 views

relationship between a mortgage bond and homeowner

This is a quote from Liars Poker, the famous book by Michael Lewis that details his time working as a bond salesman. Lewis Ranieri cast himself in an odd role for a Wall Street salesman. He ...
APerson's user avatar
  • 69
3 votes
2 answers
580 views

Why did I get MI-1040ES - Michigan Estimated Income Tax for Individuals form in the mail?

I recently got something from the Michigan Department of Treasury in the mail that looks like 4 sort of coupons where I tear a section out and write down payment amount (not sure how much to write ...
JonH's user avatar
  • 1,395
0 votes
1 answer
209 views

How do I handle tax withholding when I have multiple jobs?

I’ve been stuck in my taxes for the past 3 years because I don’t know how to adequately fix my situation. My first job pays $60k a year. My second paid me $22k this year but it was contract. I never ...
Kyra Burnett's user avatar
0 votes
0 answers
24 views

Tax question: W8-BEN - How to fill 2: Claim of tax treaty benefits for Indian who worked in UK for a US company and then moved to India (not working)?

I am an Indian citizen worked in UK for a US company and then moved to India and not working in India for that company but has the stocks from that company. How to fill the Part 2 in W8-BEN: Claim of ...
Vijay's user avatar
  • 1
1 vote
0 answers
157 views

How to make estimated taxes when income is unknown and/or "lumpy"

I have trouble getting my arms around estimated tax payments. Let's assume I have some small steady income but the majority of the income is "lumpy": large one time payments that are hard to ...
Hilmar's user avatar
  • 7,697
0 votes
1 answer
124 views

Why is it called "accredited investor" status with no accreditation process?

The word "accredited" has a pretty specific meaning: having successfully passed a formal process of certification. But becoming an "accredited investor" doesn't appear to have any ...
Mason Wheeler's user avatar
0 votes
1 answer
89 views

what does average per capita income mean?

According to https://www.census.gov/quickfacts/fact/table/austincitytexas/PST045222 the "Per capita income in past 12 months (in 2022 dollars), 2018-2022" for Austin, TX was $54,673. What ...
neubert's user avatar
  • 3,832
1 vote
1 answer
41 views

how do I answer step 2 of W-4 form if I am currently on payroll with a single large company and will be on 2 payrolls 3 weeks from today?

This question is very close, but not exactly mine since this person asking the question says their facility had a closure and might not be on a payroll for a period of time. My question is about being ...
user1068636's user avatar
5 votes
1 answer
325 views

Will paying off a defaulted loan from 20 years ago affect my credit?

I defaulted on a loan 20+ years ago, which has since fallen off my credit report. My credit score today is excellent. If I were to pay the balance being asked for by the current debt owner/collector (...
user11122233341's user avatar
2 votes
1 answer
124 views

Do I have to file a return to be able to carry over a past capital loss?

If I have no income for a year but incurred capital losses in a past year, do I have to file a return for each year following the capital loss (even if I have no income) in order to retain the capital ...
sterid's user avatar
  • 181
0 votes
0 answers
20 views

Taxation of dividends/CGs/interest arising in US for Indian citizen resident in India

I am an Indian citizen and used to live in USA. I had opened both regular bank/brokerage account and IRA (retirement brokerage) account too. Now, I live in India and a 'Resident & Ordinary ...
user674669's user avatar
0 votes
1 answer
85 views

Solo 401k contribution limit for high Schedule K-1 income

This is really two questions. For this post, I'm going to use a very simple example. I have a single-member LLC with an S-corp election. I am the only employee. In 2023, my W2 wages were $66,000. My K-...
sparaps's user avatar
1 vote
1 answer
104 views

Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?

I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
Franck Dernoncourt's user avatar
2 votes
1 answer
226 views

What are "transactions and earnings" within the IRA?

I'm a European citizen who needs, for professional reasons, to understand in broad terms how the IRA works. I read the wikipedia page, and there is written that "all transactions and earnings ...
robertspierre's user avatar
5 votes
1 answer
80 views

What's the tax treatment if I am charged for a dividend on a stock I am short?

I sold an option, and it was exercised, leading me to be short a stock going into ex-dividend. The brokerage charged me for the value of the dividend that was paid by the company, which happened to ...
sterid's user avatar
  • 181
4 votes
3 answers
2k views

If I roll over one Roth IRA into another, can I withdraw the full rollover amount after five years?

Say I have $100,000 in a Roth IRA, composed of $60,000 in contributions and $40,000 in interest/earnings. If I roll over that full amount into a second Roth IRA, then wait five years, would I be ...
Wayfaring Stranger's user avatar