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Questions tagged [united-states]

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

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1
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2answers
233 views

How common is it among people who are successful investing in a second property to pay the down payment with a home equity loan?

Can someone share insight into how common it is among people who make a decent profit buying a second home to pay for it by making a down payment using equity against their first home? I am ...
2
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1answer
38 views

composition of ADR in comparison to home market

I want to know how one unit of ADR is constructed from the home stock. For example, I see a ADR for India's Tata motors . ADR is trading at about $12 and in home market it is about INR 177, but given ...
1
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1answer
56 views

payments received in one year paid out the next year (US IRS tax question)

If you have an agreement that 70% of the profits from an activity will go to a contractor, and you receive the 100% of profits in year 1, but to protect against credit card fraud, you hold those ...
4
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2answers
55 views

Moving from individual HDHP to family HDHP, can my wife only contribute to an HSA?

I have had an HSA account that I used to contribute to for my HDHP plan through my employer. This year I am on my wife's HDHP plan through her employer. Does this mean I can no longer contribute ...
1
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1answer
98 views

Traditional IRA Withdrawal Strategy

My father is retired (age 66) and makes $35K between his pension and Social Security. He also has a traditional IRA with $60K that he is not currently withdrawing from. My mother is currently working (...
3
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2answers
145 views

How can I get a tax benefit from making COBRA payments?

I referred to these questions - Q1 and Q2 but it was long time back. My old job is over, employer regular coverage was till end of Oct, 2019. Starting a contract job(Corp to Corp)-self employed(sole ...
1
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1answer
44 views

FBAR last year of residence

Next year leaving U.S. for good. Gonna obtain sailing permit with IRS and file taxes as soon as possible. I will need to file FBAR for 2020 as well. Should I file FBAR only for part of the year I ...
1
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1answer
240 views

Can you claim books as a business expense?

Bill Gates reads hundreds of books a year, most, if not all of which are books that directly help him with his work. In his case, it probably doesn't matter, but for the rest of us, buying hundreds of ...
4
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2answers
1k views

Orthodontist charged me more than submitted as total to insurance and wants me to pay the rest?

I had an orthodontic procedure done. The total bill was $10k. My insurance covers 90% of this procedure.They processed the claim and it shows coverage at about 60% of the total amount. I called ...
30
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6answers
13k views

Is putting money in a 401(k) plan risky?

I've been working for a company that offers me a MassMutual 401(k) plan as a benefit. The employer's match is 50% of my contribution. I've contributed 3% of my gross salary to the plan, and planning ...
0
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2answers
90 views

What are the tax implications for an individual renting property from an LLC of which they are a member?

The scenario is that individual I is a member of LLC L, and L owns property P. L distributes profits and losses to I. I rents P from L. An obviously significant free variable is how much rent L ...
1
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1answer
62 views

Do I have to pay income tax and capital gains tax on S-corp distributions when my stock basis is $0?

Consider the following hypothetical: I start an S-corporation as sole owner and employee but contribute no initial capital or assets. My starting basis is $0. (My initial investment is my expertise, ...
0
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2answers
177 views

401k Taxes (USA) — Traditional vs Roth (not IRA)

Good afternoon, Looking for the 401k tax pros out there. I have four primary 401k tax related questions: 1) Income Tax Bracket at Retirement: When retiring and "cashing out" on a trad 401k: I ...
18
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11answers
13k views

Urgently need pre-paid debit card to pay debt collector

I owe a sum of a few thousand dollars to a debt collector. I've already gone through the steps of getting a confirmation of the debt and it is a debt I know I'm accountable for. I need to pay this ...
1
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1answer
23 views

S-Corp - Small Business Health Options Program (SHOP) vs Individual Policy Through Marketplace For One Person

I have a one person S-Corp. I am currently purchasing an individual health insurance plan through the federal marketplace, but would like more plan options. I know that SHOP (Small Business Health ...
4
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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 ...
3
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1answer
54 views

Can I invest in both SEP IRA and IRA or solo 401(k) if i've worked in W2 for few months and as an independent contractor for the rest of the year?

I worked as a W-2 employee from Jan-Mar and became an independent contractor from Sep this year.My employer did not provide me 401(k) or any benefits. I received around 18K after tax from W2 and I'm ...
1
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2answers
124 views

Could I file for Trader Tax Status with a full time job?

Suppose I have enough trades and meet the requirements to qualify for Trader Tax Status with the IRS. (If I trade in the morning, trading 4 days a week, 15 trades a week, 720 a year, plus any ...
0
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0answers
15 views

How do I check validity periods for federal student loans in an income-driven repayment plan?

My federal student loans have been an in IDR status for a few years, but there was also a short break for a few months when I did not recertify on time. How can I check the periods when I had a valid ...
2
votes
1answer
88 views

When does stock options start expiring on Monday and Wednesday?

I recall that traditional options expire on the 3rd Friday of the month and that weekly options expire every Friday. I was looking at Yahoo Finance and I saw some options that expire on Oct 28, ...
2
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2answers
159 views

How to claim Commuter Parking funds?

I have funds locked into a Commuter Parking account (withdrawn from my bi-weekly pay on a pre-tax basis) that I will never use. Typically, these funds can only be used on work-related parking expenses....
0
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0answers
19 views

Payment from USA to India partnership - how do i pay taxes?

I am wiring money from a US corporation to a company that is a partnership based in India. How do I calculate the tax owed to the Indian government and how do I send it to them? Do I deduct this ...
2
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2answers
200 views

Can a broker buy shares to cover naked calls without notifying me?

I sold some in-the-money naked calls, and found out the next day that the broker bought the underlying shares to cover the calls. They claimed that the underlying is hard-to-borrow and since the ...
1
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2answers
67 views

Online portfolio return calculator [closed]

Is there a online calculator where I can punch in ETFs that I want in my portfolio and it shows the return over time? I want to add GLD, VOO, VGT to see what my return would have been and then ...
0
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1answer
113 views

Ally bank zero comission vs Robinhood no comission fees?

Ally bank claims to have zero-comission transaction fees accounts for trading, Robinhood does the same. Do they both actually not charge any fees/comission? My understanding was that the free fees ...
4
votes
1answer
41 views

When should a covered call option be bought back to avoid assignment

I am trying to learn options. I sold a covered call (weekly option) that will expire on October 25th and I want to avoid being assigned. Should I buy it back on 24th (one day early) or can it be ...
0
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1answer
78 views

Can I change a cost basis method retroactively?

On Form 8949 of my 2017 tax return, I reported short-term (Box C) & long-term (Box F) "transactions not reported to you on Form 1099-B". Will the IRS allow me to file an amended return that ...
4
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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 ...
5
votes
1answer
60 views

Are options on popular ETF considered section 1256 contracts?

I want to learn about 1256 contracts and am wondering if options on common ETFs (like QQQ, SPY, DIA) (not futures) are considered section 1256, because these ETF tracks broad market but does not ...
4
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1answer
214 views

Is the Thrift Savings Plan a 401k plan, a 403b plan, a 457 plan, or none of the above?

Is the Thrift Savings Plan a 401k plan, a 403b plan, a 457 plan, or none of the above? If it is none of the above, then where are the rules and regulations of the plan defined if not in the U.S. Code?
1
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3answers
144 views

S&P 500 Longevity and ETFs

According to this forecast S&P 500 companies longevity (the time they exist in the index) will reduce from 24 years to just 12 by 2030 mostly due to tech disruptions. For an S&P 500 ETF ...
3
votes
3answers
101 views

During a day, when does a mutual fund buys (or sell) the underlying stocks?

An index mutual fund holds shares weighted by the components in the underlying index. Suppose one day, the fund has to net buy $1 million worth of shares (current owners request the sale of $2 ...
2
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2answers
239 views

Shared Income System

I would like to share my salary with a small group of family or friends. Is there a way to do this without the income being taxed twice (once for me and once for each friend?
2
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1answer
82 views

Domestic US wire - do they get my account details

If I send a domestic US wire from my bank to another US bank, does the person on the other end get my account number details? I understand that the receiving bank may get my account number details. ...
1
vote
1answer
47 views

Moving from Family HDHP/HSA, to individual HDHP/HSA and individual FSA?

A similar question was asked here, but in this case they were looking to move to a family plan. Wife has FSA with employer, and my new employer offers an HSA plan. What to do? My situation is my ...
0
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1answer
129 views

How to price target when selling a home?

Under the Fair Housing Act, it is prohibited to "impose different sales prices or rental charges for the sale or rental of a dwelling." But in the residential market, does price targeting actually ...
3
votes
2answers
255 views

How does the IRS $25,000 purchase limit carry-over work for ESPP?

My company offers an ESPP program. For completeness's sake, the basic details are as follows: There is a 15% discount on purchase. There are always two simultaneous offerings. Employees may ...
1
vote
1answer
230 views

How can I be sure if my grandfather's money is safe?

Years ago, my grandfather sold an old apartment and opened an investment account with a financial advisor he knew from his neighbourhood. The financial advisor works with a broker and my grandfather ...
0
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0answers
78 views

203k loans, hometyle loans, and 'habitability'

I am looking to buy a primary residence in Detroit. I am interested in doing renovations myself as much as possible, even if it takes several years while living in the home. I've been researching 203(...
3
votes
2answers
192 views

If I'm 25 and work 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?

If I'm 25 and work for the next 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?
-1
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1answer
348 views

Is it true trips for YouTubers are tax deductible, while investment research costs are not?

In USA, for a YouTuber who earns US$60,000 per year for making Pokemon Go videos on YouTube and takes about 8 trips to Japan, Europe, Taiwan, Chicago, sometimes not because there is a Pokemon Go event,...
3
votes
2answers
153 views

How to enter an order to buy or sell stocks with the intent to cancel without risk?

There was a market crash in 2010, in that it is alleged that the scammer entered the sell orders with intention to cancel. With my experience, once I enter an order( limit or market) with a ...
0
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1answer
72 views

Would deflation further stress the Federal Government's Balance Sheet? Would this put in peril Debt payments and Social Security benefits?

I would like to know if deflation would represent a risk to Debt (bond) payments and Social Security benefits. To my understanding, Social Security is only indexed when there is positive inflation. ...
0
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0answers
37 views

What purpose code should I select when transferring money to my US LLC?

I'm an Indian citizen living in India. I have an LLC registered in the state of Wyoming with an EIN. It is a single member LLC. I also have a business checking account for this LLC with a US bank. Q1:...
5
votes
3answers
205 views

When do we have to pay the tax for 401K withdrawals?

I am planning to withdraw money from my 401K to use it for down payment on a house. The question is, when do I have to pay the tax? If I withdraw it in 2020 after I file my tax return, would I pay the ...
2
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2answers
201 views

Add joint owner to title of a fully paid house in the United States

While married, I bought a property, in my name only, nine years ago. It has been fully paid off for six years. I want to add my spouse of 20 years as a joint owner on the title. What is the process ...
0
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2answers
83 views

paperwork application to open new financial accounts - identity theft security risk?

I opened a bank account and a brokerage account using traditional paperwork forms I was provided with at the financial institution where I opened these accounts. That got me a bit worried as the ...
54
votes
5answers
12k views

How can I sell my shares in a privately-owned company I used to be employed by?

Basically, I was a software developer at a company and I was issued some stock options early on, before the company grew significantly. The company then hired a CEO who pledged to take the company ...
2
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2answers
131 views

Am I eligible to be fully vested?

I have worked for a company in Illinois for a little more than 2 years and was layoff in 2016 in a "mass layoffs" of 37 employees. My 401K shows two balances: Vested balance: $25,651 and Current ...
2
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0answers
102 views

How should I report cleaning expenses on airbnb

I am trying to file my U.S. joint tax return for year 2018 and I have a question. My wife was running an Airbnb rental business for which the 1099 was reported to the IRS by Airbnb in the amount of ...