Questions tagged [united-states]

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

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1answer
102 views

Nonresident aliens do not need to pay tax on earned interest?

I am a nonresident alien living in the USA and paying federal and state taxes on my salary. I am working in a university in Colorado with a J1 visa which is valid from 06/24/2018. I have a social ...
2
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1answer
123 views

Personal loan from mother

My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
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1answer
26 views

Where can I find ADR (American depositary receipts) prospectuses? [closed]

I read on https://www.fool.com/investing/2018/10/24/what-is-an-adr-and-how-does-it-differ-from-regular.aspx: ADRs are subject to additional fees that traditional stocks don't carry. These are ...
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1answer
62 views

What taxes and fees to expect for income from Germany to USA

I am setting up a contract for freelance work that will be done from the USA for a client in Germany. At what rate will income from Germany to the USA be taxed? Are there other fees to think about?
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4answers
181 views

Is there such a thing as a truly preapproved credit card or loan?

I receive quite a few "preapproved" credit card and personal loan offers in the mail. These invariably include an application form and a disclaimer that the card or loan might not be granted if ...
2
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1answer
71 views

Is it normal to delay initial payment on home insurance by escrow/mortgage company?

A few years ago, I bought a home. The mortgage company had( have) the escrow. One thing that bothered me, is that the mortgage company is supposed to pay the Home Insurance and the amount was deduced ...
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0answers
27 views

H1B Temporary Worker/ 1099 MISC Income

I am a H1B temporary worker in the united states at the moment. Last year, there was a pilot TV series filming in our apartment of residence which resulted in some inconvenience for me as a resident. ...
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0answers
27 views

Hospital Payment Plan - FSA account

I have a large hospital expense coming up in the next week and was planning on signing up for a monthly payment plan. Currently, I am not enrolled in FSA account for the 2019-2020 period. We are in ...
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1answer
142 views

Traditional Ira Scam Question

Have you ever heard of a situation where a potential scammer asks you to open a checking and Traditional ira with the goal transferring money to you anonymously? The protection of their identity is ...
2
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1answer
261 views

Re-purchasing a stock at a loss. Re:IRA's

I recently sold some stocks at losses, but also some at profit in a regular TD Ameritrade acct. Can I buy those same stocks in an IRA within 30 days without affecting the loss in a regular account ...
6
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1answer
60 views

Is a IRS filing status of “qualifying widower” always equivalent to “married filing jointly”?

Are all applicable filing statuses are always explicitly spelled out in every IRS tax form, or are certain shorthands/assumptions made? For example, the 2019 Form 8995 says it may be used to ...
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1answer
69 views

Have short term insurance now and due to recent issues insurance company will not renew. How can we get insurance?

My sister worked at bank and had to retire 10 months ago due to testing positive for dementia. She signed up for short term insurance and not Cobra. In the past she has had both knees replaced and ...
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1answer
44 views

Must 529 withdrawals be made the same year as student loan payments to avoid taxes and/or penalties?

Background The tax law definition for Qualified Higher Education Expenses (QHEE) was amended (signed into law in December of 2019) to include student loan payments (to a maximum of $10,000). 529 ...
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0answers
20 views

Investing in US Stock market from India

I am from India, want to invest in the US stock market, what article and % should I use in W-8 BEN for Tax Treaty, I checked IRS but was not able to find the correct article.
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0answers
30 views

How should I report a Foreign Financial Account that contains more than one currency on TurboTax?

I use Turbotax to prepare my taxes in the United States. How should I report a Foreign Financial Account that contains more than one currency on TurboTax? All currencies are in the same account number....
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1answer
129 views

Whats the penalty for withdrawing from my Roth IRA when I day trade with it? [duplicate]

I have 12K in my Roth IRA. I use it to day trade. Now I want to take out the 12K what is my penalty? And do I get taxed on my trades when I buy and sell?
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1answer
32 views

As a Self Employed LLC filer living in NYC. How can I estimate my taxes? Is there a Tax filing form simulator I can input numbers into?

I have the following example values of: Self Employed LLC Income: 50K (Computer Repair Business) Married filing jointly 2 children No mortgage or property. We rent. Paying for daycare - $800/month. ...
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0answers
40 views

What can I do to avoid losing $2000 DFSA credit due to account mix up with another colleague's?

My wageworks account got mixed up with a former colleague's, since our names (both Chinese) are very similar. I discovered this last December, and have been in weekly contact with my HR department ...
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1answer
30 views

Premium tax credit repayment - below poverty line

So when we where signing up for 2018 healthcare. We estimated we would make enough money to qualify for the APTC...and not to much to not qualify for it..In Colorado in 2018 you had to make above a ...
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1answer
47 views

How do I report a sale of stock of the private corporation?

For a sale of shares of a listed corporation, the stockbroker reports the transaction to the IRS and the seller by 1099B reporting. When a shareholder sells his shares in a private corporation (...
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0answers
33 views

Can I use my sole proprietorship EIN on the W9 for my single-member LLC?

The IRS says For federal income tax purposes, a single-member LLC classified as a disregarded entity generally must use the owner's social security number (SSN) or employer identification number (...
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1answer
1k views

How does a Child Tax Credit work to reduce my taxes?

Let's say I make 100K a year from my business and I have 3 kids under 9 years old. I read that each child can give me $2000 child tax credit. So if my 100K business income is taxed and say its 40%: ...
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2answers
91 views

In the U.S., what is the simplest way to establish a payment plan for back taxes?

I live in MD, U.S. My wife and I haven't filed taxes since 2014. We are sure we owe a large amount of money. We have money to throw at the problem, and would like it settled in the most painless way ...
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0answers
43 views

Simultaneous mortgage refinance applications on the same property for different property usage types

I'm refinancing a property. I use it a secondary home, but I'm not sure if lenders will consider it a secondary home because it's just under the usual 50 mile minimum distance to my primary. Rates are ...
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7answers
4k views

401k loan & repayment: double taxation?

I've heard a few people say that taking out a loan against your 401K and repaying it means that you are taxed twice: You are repaying your loan using after-tax dollars You are going to be paying a ...
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1answer
58 views

Deduct Expenses not Known and thus not Reported by the Broker on my Capital Gains

I'm interested in borrowing money from one of my credit cards to invest. Yes, I know how that sounds, and I'm aware of the risks; that is not what this question is about; I'm only interested in the ...
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0answers
20 views

change of address form 8822

In 2017-2019 I worked in the US under an H1B Visa and recently back to my native country. I am looking into filing Form 8822 (Change of Address) with the IRS. The form is straightforward but I am ...
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7answers
19k views

Why do American dual-high-income couples get legally married?

If each member of a couple makes a high income, they pay much more U.S. income tax if married. So it makes sense for them to avoid legal marriage. They can still do a religious ceremony or a ...
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0answers
36 views

US Citizen living permanently abroad working for US company vs State and Local taxes

I am US and EU citizen and I am going to start working remotely from EU for US company. It's going to be a full time employment (w-4/401k etc). Am I required to pay state and local taxes (NY in this ...
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0answers
27 views

2020 W4 Allowances? [duplicate]

What the heck is going on with the new 2020 w4? Allowances are gone and there's no clear relation on what to specify to get the same withholding amount you used to get when claiming an allowance ...
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1answer
115 views

Insurance company pays our mothers children to take full care of her as she is bedridden and paralyzed on one side. Do we pay taxes on this money?

Car crash insurance company pays us(children) to take total care of my paralyzed mother as the result of a car accident. Do we have to pay claim or pay taxes on this money?
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1answer
45 views

Should I report Employer Tuition Assistance? (what if it's paid after tax year?)

I live, work and attend school in the U.S. My employer has a tuition assistance program in place that covers 100% of tuition and eligible expenses up to $5000 per calendar year. My plan was to attend ...
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1answer
23 views

How does one calculate their Gross Income using Quickbooks Online that is to be reported for Tax Filing?

Using quickbooks online, I'm able to generate my Profit and Loss statement and I see my Net Income for the year 2019. Is this the final Gross Income number that I will be reporting on my tax return or ...
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2answers
87 views

How to transition a sole proprietorship to an LLC?

There are several questions about sole proprietorship versus LLC. Suppose I have a sole proprietorship right now, and I form a single-member LLC tomorrow (March, partway through the year), treated as ...
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1answer
2k views

Are real estate taxes deductible if I use home for business?

I use home for business - work as a contractor from home, on my home computer, but there is no area for exclusive use - desk and computers are also used for personal purposes. So I do not qualify for ...
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1answer
122 views

Why does New Mexico (apparently) require withholding more income than is required to cover state income tax?

New Mexico has four tax brackets, which for married filing jointly breaks down as (at least in 2019): 1.7% for $0-$8000, 3.2% for $8001-$1600, 4.7% for $1601-2401, and 4.9% for $2401 and above. I'm ...
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3answers
4k views

Is there any upside in keeping a physical copy of one's health insurance membership card in the United States, or is a scan of it enough?

Is there any upside in keeping a physical copy of one's health insurance membership card in the United States, or is a scan of it enough? (assume the scan is backed up and it will not get lost.)
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3answers
2k views

Amazon gift card scam

Recently, I was scammed for several thousand dollars in Amazon gift card scam. I received email from Amazon.com that "several thousand worth of electronic goods will be delivered in next 2 days. If ...
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0answers
96 views

If my job is exactly the same across three employers, is it considered one job or three for tax credit purposes?

The state of Oklahoma has a tax credit for engineers working in aerospace, described in form 564. The definitions on page 2 specifically state under "Qualified Employee": [the employee] was not ...
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2answers
875 views

Opening an FSA with dormant HSA

A long time ago, I opened an HSA account. Now my employer is offering me an FSA account. So long as I don't contribute to the HSA account, can I keep it for later and only contribute to the FSA ...
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1answer
63 views

Break-even for itemized deductions in Maryland

The federal standard deduction for married filing jointly in 2019 is $24,400. The Maryland state standard deduction is only $4,550 and you cannot itemize on your state return unless you itemize on ...
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1answer
71 views

As an H1B visa holder, can I claim my H4 children as dependents on 1040NR or 1040?

I live in the United States (Florida) since September 2019. I'm married and have four children. I'm on H1B, my wife and kids are on H4. I have an SSN, they don't. My wife does not have any US income....
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1answer
108 views

Variable Rate Bonds and NQSI

I was looking at a friend's 1099 and I saw the term NSQI. It was for a variable interest rate bond. Am I correct that means non-qualified stated interest? The 1099 showed both the interest the bond ...
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2answers
78 views

How do reverse stock splits affect my holding period for tax purposes?

Suppose I buy one share of stock in AAPL. 6 months later I buy another share. 6 months later AAPL does a 2:1 reverse split and I sell the resulting share. Would I pay short term or long term ...
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0answers
45 views

What does Turbotax mean by “This account did not have income, deductions, or credits associated with it in [year]”?

I use Turbotax to prepare my taxes in the United States. When declaring foreign financial account, Turbotax asks: What does Turbotax mean by "This account did not have income, deductions, or ...
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1answer
74 views

Is this capital loss deductible on my 2020 taxes?

I took a decent loss on one trade. I'm hoping someone can help me clarify if my loss can be deducted on my 2020 taxes. I am in the USA Here are the trades - 2/2 buy call option 2/2 sell call ...
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1answer
31 views

What is the deadline to file an amended tax return?

About a week e-filing my taxes this year one of my brokerage accounts sent me a corrected 1099-div. Is there a deadline to get my amended tax forms sent in? Is it still April? Also, are is there a de-...
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1answer
46 views

Why do Outbound Wire Transfers made in non-USD have no fee while Outbound Wire Transfers made in USD have a fee at Bank of America? [closed]

Why do Outbound Wire Transfers made in non-USD have no fee while Outbound Wire Transfers made in USD have a fee (45 USD this example) at Bank of America? Does that mean that Bank of America uses a bad ...
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1answer
62 views

Zelle Advice: Nonprofit donor sent over 1K through Zelle to the wrong person who won't refund it?

We know it is theft if money deposited by a bank to someone's account in error is kept with knowledge that it is not theirs. But what about Zelle? Someone donating over 1K to a nonprofit sent it to a ...
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0answers
50 views

ACH transfer to incorrect account type ('Savings' instead of 'Checking') - US bank to another US bank: Is it lost?

A friend visiting the US was asked to transfer $2000 for rent payment to a US bank account. On February 12th, while doing an ACH transfer from his US bank account to the landlord's account in another ...