Questions tagged [united-states]

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

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7
votes
3answers
396 views

Why am I not billed for EOB balance?

Why am I not always required to pay the outstanding amount listed on my Explanation of Benefits? Documentation of how EOBs work state that I am responsible for any outstanding amount that the ...
6
votes
1answer
1k views

Legal to apply dormant account fees until the account overdrafts?

Is it legal in the USA for a bank to assess and apply dormant account fees until the account overdrafts and goes negative? This is happening to a friend of mine and it doesn't seem like it should be ...
1
vote
2answers
124 views

basic retirement planning for someone middle-aged

I'm in my early 40s and haven't done anything for retirement yet. I do own some property which I plan to sell later this year, and I'm planning to use the proceeds to plan for retirement. The proceeds ...
4
votes
2answers
358 views

How long after a hotel stay can you be billed in the US?

TL/DR: I stayed in a hotel and haven't been billed yet. At what point am I no longer legally responsible for the debt? I used a well known website (expedia) to book a hotel room for a week in a small ...
3
votes
1answer
198 views

Is it typical to wait 19 months for first employer 401K contribution?

I want to understand if these policies would be considered typical, better than average, or below average. An employer offers a matching contribution to 401K, details are: 0% vested in employer ...
-1
votes
1answer
63 views

Optional vs Mandatory State and Federal Paycheck Taxes for NYS

I live in New York state (upstate; not NY City) and am wondering which of the following taxes I must pay out of my weekly paycheck: Income Tax Federal State Local FICA & State Taxes ...
0
votes
0answers
28 views

What is the best way to gift NRI daughter from India? [duplicate]

My dad is an Indian citizen and he plans to sell his farm land and send the proceeds to me as a gift. I am a US citizen. What are the tax implications to my dad since he is selling farming land? ...
2
votes
1answer
73 views

As a trustee and executor of a trust, can I “settle” the financial portion of a trust on my own?

regarding settling the trust as an executor: I have gone through the legal aspects of informing heirs regarding the trust, and assuming that there are only liquid assets, can I just make out checks to ...
5
votes
1answer
85 views

Can my spouse and I both have HSA's at the same time if I am covered on his health insurance plan?

My husband has a HDHP through his employer which I am covered on, along with our 3 children. He has an HSA plan that he contributes to through his employer in the amount of $200 every two weeks or ...
0
votes
0answers
15 views

Tax treatment of PFIC when investment is done monthly

I work in the US. Towards the end of 2016 I started investing in Indian Mutual Funds through an investment management acquaintance of mine. This has been with my income that is already taxed in the US....
2
votes
2answers
216 views

Why do some credit cards display the 4 last digits of the credit card in the signature blank next to the CVV code?

Why do some credit cards display the 4 last digits of the credit card in the signature blank next to the CVV code? For example, I noticed that my newly issued Bank of America Travel Rewards card now ...
3
votes
1answer
76 views

US Citizen working in Japan for a Japanese company, and also remotely for a US company. What's my tax situation?

I've searched a few queries, but didn't find many people in a situation quite matching mine. Starting in October, I will work full-time for a company in Japan, and I will also put in some part-time ...
1
vote
0answers
136 views

Young man living abroad, never paid taxes. Would this simplify a renunciation?

I'm a young (20 years old) American (French dual citizenship) living in Europe currently considering renouncing my US citizenship. However, I'm quite intimidated by the amount of paperwork, especially ...
120
votes
14answers
16k views

As a 16 year old, how can I keep my money safe from my mother?

I am 16 and still in HS and work 20+ hours a week. I live with my mother (my Dad left us when I was a kid and I don't see him anymore). My mother is an alcoholic and has trouble keeping a job. I don't ...
1
vote
0answers
53 views

NRI gifting funds from UAE to USA [closed]

I am an NRI (Non-Resident Indian) and I wish to transfer funds, from UAE to USA, as gift to my daughter. She is an Indian passport holder staying in USA on OTP visa. What are the limits and taxes, if ...
6
votes
1answer
442 views

Strange withdrawal from checking account

I got a notice that there was an ACH withdrawal yesterday from my checking account of $225.38 by OPENSKY PHONE PMT. I'd never heard of OpenSky before and I'm not sure what a "phone pmt" is. I called ...
5
votes
3answers
136 views

Why are margin maintenance requirements based on total account value and not just the margin debt?

Just reading through Charles Schwab's margin brochure and saw this section... The securities used as collateral must maintain a minimum value relative to the account’s margin debit balance. ...
1
vote
0answers
50 views

Lowest tax implication for selling an inherited house

Context: A homeowner passed away in 1999 and the house ownership was moved into a trust. At that time the house was worth ~120k. It is now worth ~400k. The beneficiaries are divided equally among 3 ...
0
votes
0answers
61 views

Can I have a sidegig contract in the US if im fully employed in the UK?

My current situation is the following: I'm based in the UK. I'm working as a full time employee for a company X that has a client Y. We've finished some work for client Y and they have a US company ...
4
votes
1answer
181 views

Can my employer make me forfeit Safe Harbor match if I over contribute?

My employer 401k plan offers 'after tax non Roth' contributions, in addition to traditional pre-tax and Roth. I chose to max out my pre-tax contributions at $19,000 this year and then switch to '...
0
votes
0answers
126 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
0
votes
0answers
193 views

An honest mistake [duplicate]

I had a check that I had found while I was sorting through papers, and I figured it hadn’t been cashed because it was pretty much intact and still attached to the pay stub. So I deposited it, thinking ...
10
votes
3answers
3k views

What do “unsettled funds” mean?

I sold my ETFs today in a non-margin account in an online trading platform. 99.99% of my account currently consists of unsettled funds. What does it mean that they are "unsettled funds"? Does it mean ...
20
votes
4answers
18k views

I was contacted by a private bank overseas to get my inheritance

Someone I knew, who was in a Mexican prison, has passed away and apparently this person has left me money. The bank called me and gave me details to log into an online bank account where I could see ...
3
votes
1answer
159 views

Am I a “Material Participant”?

I am a limited partner in the company where I work full time in a middle management role. (Or more specifically, I am a limited partner in the holding company that exists for the sole purpose of ...
1
vote
1answer
205 views

Tag along in publicly traded companies

I am not sure if that's the best place to ask this question, so—feel free to relocate to a more appropriate site. So, I have a couple of questions: First-off: in Brazil, we have listing segments for ...
-2
votes
3answers
382 views

What stops someone from abusing the Annual Gift Exclusion Amount?

Let's assume this hypothetical. My son is now 18 years old. Since he was 8, I've been setting aside the annual gift exclusion amount and placing it in a safe in my house. With snipers guarding said ...
2
votes
1answer
89 views

401(k)/IRA in lieu of term life insurance at age > 55

I have a term life insurance plan that will expire when I am 55 years old (~20 years from now). My insurance salesman wants me to convert part or all of this into some sort of whole life policy, and ...
2
votes
2answers
180 views

Student loans w/ employer contribution payoff strategy

I have $17k in student loans (4 of them, all Stafford less than 4.5%). My monthly minimum payment is under $200, and my employer contributes exactly $200 on my loans each month (regardless of minimum ...
1
vote
1answer
28 views

IRS CP2000 for Company Retention Stock Options

I was granted company restricted stock with a vesting period of 4 years. I was under the impression that upon vesting, the stock is taxed and that's all I owe. I could then sell the stock and that ...
4
votes
1answer
152 views

Check if the management of the building I'm in sends late rental to credit agencies

I'm running low on money for the next 6 weeks until I get payment for contract work I've done. In the meantime I owe to various places. I'd like to prioritize paying back to places that will report to ...
3
votes
2answers
95 views

Married Mid-Year, Tax Liability Now Paid

I've paid my taxes as single all year, but now I'm married! With this new filing status, my tax liability has decreased, as my wife has both a lower income and a daughter. By my calculations, our tax ...
4
votes
2answers
196 views

Do businesses pay taxes in addition to sales taxes from customers or do they use sales taxes to pay their taxes? [closed]

Whenever we go to a store or supermarket we pay taxes on many products. Sometimes different products have different tax rates too, which makes things even more complicated. I was wondering if stores ...
2
votes
3answers
105 views

Do I get reimbursed from my HSA for amount applied to the deductible or the actual amount paid?

My health plan (Cigna) through my employer is a HDHP that comes with an HSA (through HSABank). When somebody in my family gets medical services, they "bill" the insurance, which tells the medical ...
5
votes
3answers
373 views

Can I purchase a 2 bedroom Philadelphia condo, live in one room, and rent the other?

I am in the process of purchasing a condo in North Philadelphia. The situation is great and my offer has been accepted. I received Condo Association documents to review and have 4 days left to review ...
4
votes
1answer
196 views

Options for Protecting Inheritance Before Death?

My mother is starting the process of selling her house and downsizing to an affordable apartment. The house sale will leave her a fair amount of cash that she will use to close the gap between her ...
6
votes
3answers
628 views

How should I save/invest for my son

I had a son 8 months ago and we opened a savings account for him that already has a few thousand in it from various family members, and I have set up an auto transfer of $50/month into it from my ...
12
votes
3answers
6k views

Applying for FHA mortgage when living together but only one will be on the mortgage, no savings

Trying to get some info for a friend here. She's looking at getting a mortgage - her BF of many years can't join her on a joint so it'll just be her. Am I correct in assuming that all their monthly ...
1
vote
0answers
80 views

How much are index providers accountable to their clients?

Criticism on index providers: The increasing influence of indices means that some critics argue that benchmark providers such as MSCI are too powerful, given that promotions or relegations can ...
1
vote
2answers
174 views

30 yr mortg + IRA/stock market, OR 15yr mtg then 15 yrs IRA/stocks

I'm planning to refinance the mortgage given the low rates these days. Need to make a choice between a 30 yr fixed and a 15 or 20 yr fixed. Monthly household budget can accommodate any of the mortgage ...
1
vote
0answers
148 views

Restricted stocks

I have a 36,000 shares of a $0.30 stock. The company is still in business and is listed. The stock certificated is stamped restricted. I contacted the company to remove the restriction & was told ...
1
vote
4answers
232 views

Is it possible/easy to get some rare banknotes and/or coins that worth more than the face value?

Today I got a few Eisenhower dollars from my bank and it seems they worth slightly more than one dollar each as they are rarer. In general, is possible/easy to get some rare notes and/or coins that ...
1
vote
3answers
115 views

Tracking Company Buybacks

According to Investopedia, "[c]ompanies [can] buy back shares on the open market over an extended period of time and may even have an outlined share repurchase program that purchases shares at certain ...
5
votes
3answers
612 views

Why does the Fed change rates in quarter points rounding?

I have always seen( since 1990s) that the Fed changes( cut/increase) interest rates in quarter point increment /decrements in USA that affect the world bond, stock market and borrowing rates, while I ...
2
votes
2answers
42 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
2
votes
1answer
309 views

Can you ask a bank to delete all your personal info they might still have from any closed accounts?

I have an account with a bank that I closed many years ago. I'm not sure if they still have my personal information on file or not, but is there a way to request that they purge ALL my information? ...
2
votes
1answer
103 views

Tax implications of selling UK property as US residents, while keeping cash proceeds in the UK?

We are currently selling our UK property and complete in a couple of weeks. The original plan was to transfer the money to our US account and pay off our US mortgage, but the exchange rate is ...
4
votes
1answer
149 views

Am I required to issue tax forms for the users of my website (on which they can earn money)? [closed]

The website in question is a peer-to-peer platform. Users can contact each other and agree a fixed cost for a particular service. I take a percentage of the cost and the rest goes to the user who ...
1
vote
1answer
163 views

Inheritor dies before trust distributed, then what?

A man, say, Hilbert, buys second-to-die life insurance, then dies. Then one of his inheritors, Daniel, dies. Then Hilbert’s spouse dies, making the policy ready for distribution to the inheritors. Is ...
3
votes
1answer
72 views

Can my student loan interest apply for an above-the-line deduction when I'm on my grace period?

I was reading this article on 2019 tax deductions: https://www.fool.com/taxes/2019/01/13/your-2019-guide-to-tax-deductions.aspx I recently graduated college in May and started work in July 1st. I ...