Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
14,486
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Are health insurance premiums obtained through ACA deductible for the self employed?
This IRS article, and this answer on money.se seem to indicate that health insurance premiums are deductible for the self employed. However, turbo tax, when entering this deduction, specifically warns ...
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Trading an FHA loan to bank for an REO
I hope this is the right location for this question. I couldn't find a section that better fit this question. If this is not the right place please let me know.
I got a house 3 years back using an ...
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Do I have to pay tax on my last pay check which is the first of the tax year?
I am leaving my job and permanently emigrating from UK to USA. My last pay check will be just after the new tax year in April. Due to some bonuses etc I've accumulated over the years but never cashed ...
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Flex spending accounts and hsa when changing jobs
I have 2 issues related to a job change and my FSA with my previous employer
I gave a two week notice on 2/23/2015. The employer chose not to keep me in the office for those 2 weeks, but would pay ...
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Tax liability for stocks vested for a H1B visa holder
I got the shares of a company as part of the employee stock options program when I was associated with the company when I was living in India.
I moved to USA an year ago on H1B visa. My company got ...
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Am I obligated to file through a tax preparer after an unsatisfactory consultation?
I have been doing my taxes for 25 years with TurboTax. Like others, I was a bit upset at them for doubling the price of their software, so I decided I would make an appointment with H&R Block, ...
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2
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Can I and should I put my dad's Parent PLUS student loan under my name?
My dad took out a loan for me to go to school that currently has a principal of $58,000. Its interest rate is 7.5%. Even though it's not technically my loan, I'm paying all of it by the agreement my ...
user19035
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As a US citizen studying in Canada, do I pay income taxes in either country for Scholarships?
EDIT: It is really more of a "grant" than a "scholarship". Also, I qualify as a resident of Canada for this tax year.
I'm a US citizen in graduate school in Canada. I have an annual scholarship of ...
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Can I max out both an SEP and Roth IRA in the same year?
I am an independent contractor and get the majority of my income as 1099. I have both an SEP and Roth IRA that I have contributed to in the past, but I would really like to ramp up my retirement ...
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Is Schedule C appropriate for single-owner S Corporation elected company (Domestic For-Profit Corporation) registered in Washington, D.C.?
Can I, as the owner of an S Corporation that is registered in the District of Columbia as a For-Profit Domestic Corporation, use form 1040 Schedule C?
Two tax professionals have used this form; for ...
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Non-resident alien in the US working in Canada under a TN Visa - Determining sponsor for tax purposes?
I am a Canadian citizen (and resident) who did a 4-month internship in California under a TN visa (as a non-resident alien) in 2014. I am filing out form 8843 for tax purposes, and it is asking for ...
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USA H1B Employee - Capital gains in India from selling selling stocks
I moved to the US in May 2012. I had made some investments in Indian stock markets. Since I did not make any significant profits in 2012 and 2013, I never paid taxes on that. In 2014, I have made some ...
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Worked as a non-resident alien in the US (Canadian citizen and resident) for a few months under a TN visa, how do I file a tax refund?
For a few months in 2014 I worked as a non-resident alien under a TN Visa in the U.S. I am a Canadian citizen and resident. I only worked a few months so I shouldn't have to pay much in taxes, but ...
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What are the trading cost differences between stocks and mutual funds in 401k account?
I am confused about the mutual fund investment minimums and buying commission fees. I've been searching these question on the internet but no good answers. Hope someone can answer my questions below ...
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Where to find information about taxes in order to compare job offers?
I've been offered a few jobs in the U.S., and being a foreigner I really don't know how to calculate my take-home pay. One is a job offer in NYC with a base salary of 100k, a yearly target bonus of 15%...
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Write off bedroom as office
Right now, I rent a 4/4 with 3 roommates. One of my roommates is leaving at the end of this rent period. The rent for us is $225/month/room. If I rent both my current room and a second room (the room ...
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Recapture (repay) all or part of that credit or deduction
I use TaxAct to prepare my tax return for 2014. I got the warning below.
Warning: Form 1098-T Prior Year Entries
One or more of MySon's 1098-Ts contain entries in box 4 for prior
year ...
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Should I Have Received a 1099-G?
I received a refund from the state of Illinois last year on my income taxes. I have been expecting to receive a 1099-G due to that refund. I have not received the expected form.
After some googling,...
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Paid extra tax. Do I need to get a corrected 1099G?
I got a state income tax refund for tax year 2013 from the state of Maryland last year (2014). That refund is correctedly stated on the 1099G I received. However, subsequent to getting the refund, ...
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How do I deduct state tax overpayment when going from "married filing jointly" to "single"
In 2013 I was married filing jointly. We had underpaid our state taxes by $24,000 so we wrote a check to the state for $24,000.
In 2014 we divorced, and are filing separately. The $24,000 can be ...
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Do you pay taxes on stock gains that are just returning to their original purchase price?
If a stock that I purchased in 2013 lost money overall in that year but then in 2014 the stock increased to the amount I paid for it, do I pay 2014 taxes on the stock increase?
My account history ...
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Is laminate flooring an "Improvement" or "Depreciable Property"?
My question assumes MACRS GDS depreciation, in the United States.
I converted my primary residence to a rental property last year. While I still lived there, I installed laminate flooring in some of ...
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Filing Dual Status Return with one W-2 From Same Company
I was non-resident (NR) alien during first part of the year and became resident (R) alien the second part of the year. I worked for the same company the whole year and was issued W-2. During the non-...
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Self Employed, but not required to pay estimated taxes?
According to Chapter 2 of Publication 505 on the IRS website, I am not required to pay estimated self-employment taxes because I do not plan on having taxes totalling over $1,000 by the end of the ...
user26182
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Can I claim a child as a dependent on my tax return as a J-1 visa holder?
I'm at loss how to proceed here. I'm a J-1 student graduating with a Ph.D. in May. The whole previous academic year I've been abroad working on my dissertation. My wife has had a J-2, which expired ...
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As US citizen want to send money to my parents account. Do they need to pay tax? If not how can they show that it is a gifted amount from my daughter?
I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in ...
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Am I investing properly for my future?
What should my next step be?
I apologize in advance for the length of the post. I consider myself to be in a good standing, but I'm always looking for ways to improve.
Student loans:
I graduated ...
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Should the amounts in W-2 Box 14 appear in Box 14 in TurboTax?
I bought some company stock via ESPP and had my first bundle of RSUs vest. The amounts are both shown in box 14 of my W-2.
However, I don't see any value imported into box 14 of my 1040 tax return ...
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How should accounting software be categorized in terms of business expense?
I'm using online payroll software to manage payroll for employees and contractors.
What category would the expense of this software fall under?
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How can people have such high credit card debts?
Apparently, the average US household has US$16000 in credit card debt, with even college graduates having US$2000 by the time they graduate. In Canada, this figure is almost CA$27000. For comparison,...
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Is corporate housing provided as part of a relocation package tax-deductible?
I have a question about Publication 521 (Moving Expenses).
The publication indicates that lodging during the move is a deductible expense.
When we moved, my employer paid for us to stay in a hotel ...
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Should I use 529 plan?
My wife is going to get a Master degree in a state university for continue education. She already finished 3 credits. The tuition was just withdrawn from our checking account. We never use 529 plan ...
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Can someone explain to me how should I go about paying off my student loans?
I have two loans right now:
$72k Balance - Minimum of ~$500/month payments
and
$30k Balance -Minimum of ~$350/month payments
The part that is confusing me is how much of my money is going purely ...
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Tax Implications - First 2-Family Rental Property
My brother and I have opened up an LLC and have put an offer on our first 2-family for a rental. We have some questions on loans/tax implications for the business that we're hoping to get some ...
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Insurance, healthcare provider, apparent abuse, lack of transparency
I'm now covered by my employer's health insurance. We're used to shopping around for health care, so we expect to spend $80 to $100 at the doctor if we're sick.
My wife has an understandable ...
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How can I resolve a missing credit card reward check?
My wife has a points-based rewards card with a significant point balance. Recently she tried to cash her points (for around $200), requesting a paper check be sent to her mailing address. After 3 ...
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Is it worth contributing to my 401k if I will only stay with the company a short time?
I have recently become eligible for my employer's 401k plan. For reasons that I will not discuss here, I do not intend to stay at my current employer for longer than another year or so at most, ...
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Why would I choose a 40-Year depreciation instead of the standard 27.5-Year?
I converted my primary residence into a rental property last year. For depreciation purposes, I must choose between GDS ("General Depreciation System") or ADS ("Alternative Depreciation System"). ...
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What is the penalty for having an HSA and Medicare?
If I open a HSA my employer will contribute $1000 yearly, but I am not supposed to contribute to an HSA because I have Medicare Part A.
What is the penalty for contributing to an HSA when you have ...
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Defaulting on early termination charges out of a phone contract
I was wondering what the consequences are:
is your credit history ruined, or merely dinged? Is the blow recoverable?
Can the carrier try to get the money back in court? I assume you'll wind up ...
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Child is on the way, invest for college and car fund options - opinions
I have a baby on the way and own my own business.
Because I have my own business my income is volatile every month, and don't want to count on contributing monthly for 20 years for my child college ...
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Can I contribute to a Roth IRA while living and working overseas?
If I have a Roth IRA while living in the US and want to contribute to it after I move overseas to work for a few years, how do I do this? Say I make 70k overseas and plan to take the foreign earned ...
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Where do I-Bonds fit into personal finance plans?
I'm mainly interested in a finding a medium-term, low risk savings vessel. Bank and Credit Union savings accounts available to me at the moment are all < 1% APY, so inflation-protected securities ...
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Can I deduct the full amount of a rental loss in two states?
Last October I moved from California to Connecticut, converting my primary residence to a rental. I didn't get it rented out until December, so I ended up with a loss for the year. My California ...
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Do I have to wash money through HSA account?
I paid for my eligible health expenses from my regular account at the end of 2014 and beginning of 2015 because I did not have enough money on my HSA account.
Now that I realize that I can contribute ...
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969
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Avoid exorbitant costs when forced to break a lease
Assume Joe's employment contract and hence USA visa have ended, therefore he is forced to leave the country and break the apartment lease. The leasing company is demanding the remaining 6 months of ...
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When using an HSA debit card for qualified medical expenses, do you typically need to mail your provider proof?
How would Fidelity (who I have my HSA through) know that what I withdrew money for was actually a medical expense? And how does it get reported to count towards my deductible?
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What is HSA contribution limit with 75% HRA compensation?
I have HDHP family plan through my employer with $3000 family deductible.
My employer also has HRA that covers all my expenses after 750$ and before $3000 (=75% of 3000 deductible).
I claimed only $...
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Redirecting my portion of beneficiary IRA?
My mother passed away last year. She left her three children as POD to her traditional IRA. I would like to give my 1/3 portion to my sister as a gesture of thanks for the 10 years she cared of our ...
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Does mutual fund front-load fee count toward IRA contribution limits? [duplicate]
I want to max out my IRA and I am investing in a mutual fund with 5% front-load fee.
Does that mean that I can contribute $5,500 max for IRA but have real IRA balance $5,500 less $275 = $5,225 as a ...
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