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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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5
votes
1answer
193 views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
1
vote
3answers
208 views

Should I invest in the US or India markets?

If I had $1000 to invest, am I better off investing it in the US, in India, or a mix of the two? I am an Indian citizen working in the US, with the option of investing in US index funds or sending ...
1
vote
1answer
162 views

What do I do if someone forges my check

Someone recently forged my signature and used that to withdraw money from my account. I already called the bank (Chase) and they put a restriction on that account and open a new account for me. They ...
1
vote
2answers
35 views

Contribute IRA money to HSA outside of qualified transfer route?

I live in the US. I will be 59.5 on October 31, 2019. I have a Traditional IRA and an HSA (and coverage under a high deductible health plan, as I believe is required for making HSA contributions). ...
5
votes
4answers
5k views

529 (college saving) account for multiple kids

I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
1
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0answers
31 views

where to fill tax deduction for legal fee related to “related to doing or keeping your job” in form 529?

I filed for extension in april because i didn't have this information but need to file by Oct 15th. I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former ...
0
votes
1answer
169 views

Am I legally obligated to destroy or void a check?

I received a check for 9 cents from a major bank for an overpayment (as a result of setting up automatic electronic payments and not wanting to send an extra one time payment of 9 cents at the end). I ...
4
votes
2answers
164 views

Can I use home equity line of credit as second house down payment?

I recently moved to Boston where housing is very expensive compared to where I lived before. Buying a house requires a lot of money as down payment, and I am still short of $30000-$40000. But I have a ...
1
vote
0answers
53 views

If someone files a claim for short term disability for maternity leave, would future premiums be adversely affected?

If filing a claim for maternity leave does not increase the premiums required in the future, is it because the insurance company is not allowed to use the information, because it is not predictive, or ...
0
votes
1answer
92 views

could pursing a TILA claim against my credit card result in a cancellation of my credit card?

Quoting https://www.carlsonattorneys.com/truth-in-lending-act/ , URGENT NOTICE: The Carlson Law Firm is currently investigating a Truth in Lending Act violation on behalf of American Express credit ...
1
vote
2answers
180 views

What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient ...
3
votes
2answers
79 views

Am I exempt from backup withholding

I am in USA. I am US citizen. Apart from my 9-5 (W2) job I work on the side creating videos for an online website. Few days ago they are requiring that I fill out a W9. I also have to specify if I ...
27
votes
5answers
10k views

Why do baby boomers have to sell 5% of their retirement accounts by the end of the year?

This article on Marketwatch quotes Raoul Pal of Goldman Sachs claiming that baby boomers have to sell 5% of their retirement accounts by the end of the year. Here is the specific passage: Pal says ...
2
votes
0answers
49 views

Do I need to report rental income on my apartment? [duplicate]

Say I am renting an apartment for ~$1000 a month and I have a friend that needs a place to say. I let him stay on my couch and he pays me ~$999 a month. So I'm at a loss of $1 each month. Do I need ...
1
vote
1answer
74 views

Is any of the income earned from P2P lending subject to Social Security or Medicare taxes

Income from P2P lending is reported on forms 1099-INT, 1099-B, 1099-MISC and 1099-OID. Are any of these earnings subject to Social Security or Medicare taxes in any way? I have heard from people they ...
0
votes
1answer
52 views

Tax return: foreign savings account in foreign currency that depreciated?

I want to clarify what is the correct way to handle taxes in my situation. I'm working with CPA, but we have different views on this topic. I'm hoping to get the proper way to handle it. Google doesn'...
0
votes
1answer
66 views

Tax implications to sell my pre-IPO shares through Sharespost

Several years ago, I was granted some RSUs from a company and I'd like to sell those RUSs in Sharespost (sharespost.com). I want understand the tax situations here. Let's just say I paid those shares ...
1
vote
1answer
142 views

Would like to understand why Social Security Administration (SSA) snafu happened

My bank resolved the following problem in less than two days, but I would like to understand why/how the problem happened. My husband died in mid-January, and several days later his Social Security ...
3
votes
1answer
62 views

Securities lending program vs a Margin Account

Suppose I have a brokerage account and I am long on a stocks very heavily and there are short sellers who need this stocks from my broker. There are two ways a stock broker can lend securities held ...
1
vote
1answer
161 views

Refinance Cost is high

I got 30 years loan for 232K two years ago with interest rate of 4.25% and now I am planning to refinance again for 15 years. Financial company mentioned they can provide interest of 2.85% but the ...
-1
votes
1answer
85 views

Intelligent strategy for facing the commercial war (USA, China, maybe EU) and the subsequent predicted recessions [closed]

The international monetary found has stated that there is going to be a recession in the 90% of the countries as a result of the commercial war between USA and China, and the Brexit. It seems that the ...
4
votes
2answers
188 views

IRA limits with employer 401K

My wife and I both work and both our employers offer 401K plans. When I first started my job 4 years ago they had a policy that required you to work for 1 year before you could start making ...
1
vote
1answer
345 views

My mother's car was totaled

My mother was in a car accident and died. Her boyfriend's name is on the title and financing of the vehicle. She made all of her payments on the car. Is he entitled to all of the money since the ...
2
votes
0answers
35 views

is a US brokerage account for non-resident considered to be a US situs asset?

Assume a person that's not domiciled in the US. That person has a US brokerage / trading account (say in Fidelity or Charles Schwab) that holds shares of various listed companies (both US-based and ...
18
votes
3answers
5k views

Does a restocking fee still qualify as a business expense?

This is a question about federal income tax in the United States. I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to ...
1
vote
2answers
49 views

What is the difference between Overnight Repo Operations and Term Operations When talking About the Repurchase (Repo) Market?

According to the NY Fed website: In accordance with the most recent Federal Open Market Committee (FOMC) directive, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New ...
5
votes
1answer
94 views

What happens if the IRS owe me refund, but I file my taxes after the extension deadline of Oct 15?

What will happen if I overpaid the taxes on the extension form, but failed to file before Oct 15 deadline ? Do I lose any of the refund ?
38
votes
3answers
11k views

How to prove that invoices are really unpaid?

When it comes to official business documentation (USA) between a company and a client who is either another company (B2B) or individual person (B2C), how can the company providing the invoices, prove ...
1
vote
1answer
90 views

Why do FNMA and FHLMC impose loan limits?

Why do FNMA and FHLMC announce new loan limits for one to four-family loans? Is there a justification to have something called "conforming" loans as opposed to "jumbo" loans? Is this to separate on ...
2
votes
1answer
34 views

Do foreign persons need to file 1099s?

Do foreign persons need to file 1099s. If so, how do they do so without a TIN? For example, let's say a foreign person visits the United States and hires a chauffeur and pays them several thousand ...
0
votes
1answer
146 views

How is a plumber different than a landscaper as far as requiring a 1099?

I have read blogs that claim I need to file a 1099 if I hire a gardener to mow my lawn or a snow plow guy to do my driveway and pay them more than $600 per year, even if that contractor has lots of ...
2
votes
2answers
156 views

How does a non-resident foreign person report payments to a maid in the United States?

I have a friend who is not a US citizen and is not subject to US taxes. He typically pays expenses through a solely owned trust, which the IRS considers to be equivalent to a sole proprietorship. He ...
2
votes
0answers
55 views

Employer wants me to get an EIN for contract work. Is this okay, and if so, what kind should I choose?

I recently got offered a job opportunity to do contract work with an IT company. But along with all the usual paperwork, it's mandatory that obtain and submit an EIN. But I'm not sure which type I ...
0
votes
0answers
99 views

Can you legally keep(pool/collect/save) people's money to give to an organization?

Is it legal for me to get checks from say ten people for $300 to pay for a weekend camp, and then give the camp a check for $3000, or can only a 501(c)3 to do that?
5
votes
6answers
2k views

How does paying extra on my mortgage affect my amortization schedule?

I am a first time home buyer and have some spare cash after my home purchase to pay forward quite a bit of money (cash was not available during actual purchase, so, no, I could not have put it towards ...
1
vote
0answers
61 views

How vulnerable are my investments to broker bankruptcy? Portability of investments and transfer costs? [duplicate]

Let's assume I use a broker like Ameritrade or Schwab etc. to buy Mutual funds, ETFs, stocks etc. Now, let's assume that some point down the line the broker company goes bankrupt or shuts down due to ...
0
votes
2answers
79 views

Applying for first Credit Card in USA (International Student/Teacher)

I have been in the U.S. for the past 1 year and since then I just have a Wells Fargo Debit card. Recently I tried to apply for an American Express credit card (applied online) but I got rejected. ...
-5
votes
3answers
199 views

How do I transfer funds from MY OWN card to MY OWN personal bank account?

Would anyone please be so kind to explain me how (where) could I transfer funds from my own debit and/or credit (particularly debit) card issued by X bank (USA) to my own personal checking bank ...
1
vote
1answer
88 views

City of Detroit Individual Income Tax Interest and Penalty Calculation

I tried to read the instruction from https://www.michigan.gov/documents/taxes/5313_Book_642104_7.pdf in order to calculation the interest and penalty I need to pay if I sent the payment. However, I ...
5
votes
1answer
134 views

Do options have CUSIP numbers?

If so, then where to find them?
3
votes
1answer
143 views

Are all the capital gain of a house or stocks tax free and have a new cost basis if passed as inheritance?

I was watching a YouTube video by TechLead, and he said that in USA, if a house or stock is passed down as inheritance, then it has an adjusted cost basis of when the person passed away. So as an ...
2
votes
2answers
144 views

What to do with tax-free 50k? [duplicate]

Say I'm a federal employee and as far as retirement and healthcare, everything is smooth sailing, I'm well on track to retire comfortably with a pension in lets say 2045. Also consider zero debt, no ...
5
votes
1answer
799 views

Multiple stock symbols for same company with in USA

I was looking for a quote (and trading) for Berkshire Hathaway Inc class B . There are web sites that are displaying the following symbols BRK'B NYSE: BRK.B BRK-B Why so many and what about ACATS ...
2
votes
1answer
33 views

Request of W8BEN from bank

I am a foreigner who resides in the US, and I am a 'US person' from a fiscal point of view. Therefore, it is my understanding I should not file a W8BEN. Nevertheless, I have a bank account and some ...
4
votes
1answer
101 views

Health Savings Account without Earned Income

I live in the United States. I have read that you can contribute money to a Health Savings Account even if you are no earned income. It that right? The reason I find it a bit hard to understand is ...
1
vote
1answer
63 views

Questions about student loan refinancing while pursuing a Dental Residency

I was wondering if folks here have had experiences with refinancing student loans that could help answer some questions. I am trying to look into options for refinancing my wife’s private + federal ...
5
votes
1answer
208 views

How do US brokers make money and what should a consumer look out for?

My question is an extension of Brokerage Making money. Recently, Schwab and TD_Ameritrade have lowered commissions to zero. There are other brokers that also offer zero commission. I know there is ...
0
votes
3answers
256 views

What is the reason for paying more capital gains tax if I stay in the same house longer?

Example 1: I stay in House 1 for 5 years, it goes up in value by $250k, and I sell it, then I pay $0 tax. And I do the same for House 2 for 5 years, and it went up $250k and I sell it, then it is $0 ...
0
votes
0answers
14 views

Previously Taxed Earnings and Profit (PTEP) Definition

Schedule P of IRS form 5471 requires documentation of Previously Taxed Earnings & Profit (PTEP), defined as: Earnings and profits (E&P) of a foreign corporation attributable to amounts ...
3
votes
1answer
161 views

Erroneously used child's birth instead of loss of insurance as QLE, double paid insurance for same month

Quick backstory: My wife is a teacher and we were getting our health/dental/vision from her work. When we got pregnant with our second child, we decided she wouldn't go back to work after the baby ...