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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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2023 Fed Tax - I am owed a refund, but I am unable to file on time, do I need to file extension

For 2023 Federal Tax I am owed a refund but I am unable to file on time Do I need to request an extension? When I google this, non-IRS websites say no, I don't need to file extension if I am owed a ...
Marium's user avatar
  • 373
1 vote
1 answer
102 views

What are the tax implications of having a rent-free lodger

First, this is all for a piece of fiction I am writing and takes place in summertime Colorado, not far outside Denver. A young woman (eighteen) has been kicked out of her parents house after her ...
SoronelHaetir's user avatar
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0 answers
46 views

Received a 2023 W-2 from a former employer with retirement Plan box checked

I switched jobs in Nov. 2022. The former employer provided 401(K), and the new employer (a small firm) required 1 year waiting period for 401(K) plan participation and can only enroll in January and ...
user2264641's user avatar
1 vote
1 answer
159 views

Why is the IRS asking about digital assets?

I noticed the IRS is always asking about digital assets for income tax but doesn't appear to do anything with it in any of the forms, at least the ones I deal with. On the 1040 we see the following ...
jxramos's user avatar
  • 1,441
3 votes
1 answer
396 views

Late IRA contribution with changing filing status and income limits

My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
0x5453's user avatar
  • 135
0 votes
1 answer
88 views

How much tax do I pay if my deductions are more than my taxes owed?

To begin, I would like to say that I am 19 years old and this is my first time paying taxes for myself, so please inform me if I am not approaching this correctly. Be wary of a little bit of math. I ...
crtobin34's user avatar
2 votes
1 answer
128 views

FBAR reporting for accounts held for a part of the previous year

I should know the answer to this but (obviously) don't even though I have been filing FBAR for a few years. This is a new situation this year -- Do I have to include accounts that I held for only a ...
punkish's user avatar
  • 271
0 votes
1 answer
66 views

Should I convert my rental unit into an LLC for tax purposes?

I have a rental unit (condo). I would like to know if it's better to just keep it as a rental unit or put it under an LLC and if the tax implications change? Currently, it's fully a rental unit (owner ...
Jonathan's user avatar
  • 105
0 votes
1 answer
63 views

How to mail quarterly estimated taxes using multiple money orders?

How would one make a quarterly estimated tax payment using money orders when the amount to be paid that quarter is greater than the limit on a money order? Let's assume other options such as online ...
Neel Kamath's user avatar
0 votes
1 answer
69 views

Transferring assets to child

I am a US citizen. I would like to transfer my financial institution account (with all assets) from my name to my adult child’s name. Can I do this and file 709 to show the value as a gift? What are ...
user65985's user avatar
  • 171
1 vote
1 answer
484 views

How to pay quarterly estimated taxes when IRS doesn't let me pay online?

I moved to the US in 2023. I'm a citizen. I started earning income in 2023. I work as a software engineer as an independent contractor. This means I need to pay quarterly estimated taxes. I don't ...
Neel Kamath's user avatar
1 vote
1 answer
58 views

NJ Employer health insurance offerings

How do you find out what health insurance plans are offered by employers in NJ to their employees? Is there a website I can look at? Thankyou.
Lisa C Smith's user avatar
0 votes
1 answer
62 views

Medical expenses filed as losses for small business

I am looking at starting a small business. I have some upcoming medical expenses and would like my small business to provide health care as a benefit (US). Is there any issue with: Start my LLC Have ...
Francis Smart's user avatar
0 votes
1 answer
53 views

exchange rate for taxes paid and reported on form 1116

I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest ...
punkish's user avatar
  • 271
1 vote
1 answer
390 views

W4 tax form and need suggestions re: single vs. married filing jointly

So my husband just moved to the country two months ago and will start working Monday. He has a green card and SS card. He's making 17 an hour, 40 hour week. I make 28 an hour, 40 hour week. We have no ...
kris350's user avatar
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0 votes
2 answers
99 views

double taxation when more than two countries are involved

I am a US citizen living in Spain with a bank account in India as well that earns interest. Conceptually, I understand avoiding double taxation when two countries are involved. But, how does it work ...
punkish's user avatar
  • 271
0 votes
2 answers
108 views

Did this person need to make estimated taxes?

Please consider the following hypothetical situation. A person is retired and his sole source of income is his investments in the stock market. In tax year 2022, he has a total tax liability of $100 ...
Bob's user avatar
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1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
javanoob's user avatar
  • 335
0 votes
1 answer
55 views

Filing for a patent application as person vs an LLC

I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet. But I am about to pay a lawyer to draft a patent for my app. Question: If I file as a ...
Bear Bile Farming is Torture's user avatar
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
javanoob's user avatar
  • 335
0 votes
1 answer
48 views

My mother, Estate Income Tax, a living revocable trust and the 645 Election

In June of 2023 my mother died. At the time of her death she owned income producing assets such as stocks. Some of the assets were held directly in her name and others were held inside her living ...
Bob's user avatar
  • 1,509
0 votes
1 answer
23 views

Where to report income from 1042s on 1040-NR as an Indian citizen for 2023?

I have scholarship/fellowship income in my 1042s that's not reported in my W2 form. However in the 1040NR for the year 2023, there doesn't seem to be a box to report this income. Where do I report it?
Shruti's user avatar
  • 1
1 vote
1 answer
81 views

Can I claim non-summer day camps as child care expenses on 2023 US taxes?

It is unclear to me if non-summer (e.g. Christmas or Thanksgiving) child care expenses can be claimed. Logically I don't see why they would be different but I can't find any specific info saying ...
Frank's user avatar
  • 31
0 votes
1 answer
98 views

Can a person under 18 years old e-File, Direct File or Free File US Taxes?

While I could use my desktop tax software to fill my daughter's tax return for 2023.... is there an option for her to do it herself? IRS Direct File looks OK work, except it requires an ID.me account ...
Bryce's user avatar
  • 2,560
0 votes
1 answer
170 views

Is it possible to lose money with SPDR BIL

I'm seeking an investment method for my Merrill Lynch Edge account since it doesn't accrue interest on cash holdings. Considering this, I opted for SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL), ...
Gulzat Mamytbek's user avatar
1 vote
1 answer
43 views

Is it permissible to make contributions to a SEP-IRA in excess of the current year's maximum and allocate them to the following year?

Is it permissible to make contributions to a SEP-IRA in excess of the current tax year's maximum allowed amount if those excess contributions are allocated to the following tax year?
Tim's user avatar
  • 151
-3 votes
1 answer
137 views

How much taxes would I have to pay if I sold my startup in cash? [closed]

If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
Bear Bile Farming is Torture's user avatar
2 votes
0 answers
39 views

Mortgage interest rate deduction for foreign property?

I live and work in the USA. If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
Raj's user avatar
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0 votes
0 answers
28 views

Tax changes after NY to NJ change in company location

Currently I work for company in NYC, but I live in NJ. so I pay NY tax as well. My company has office in NJ as well now. I have option to select company office of NYC or NJ as my work location now. If ...
Nil's user avatar
  • 1
0 votes
0 answers
71 views

Like exchange property

I’m selling my condo and buying my parents house in irrevocable trust. Parents house appraised at 765,000. I’m going through 1031 exchange. I’m getting loan for amount at 765,000 minus proceeds from ...
Giselle Nguyen Kessler's user avatar
12 votes
1 answer
4k views

Donated $500 to a charity but didn't get an official receipt

In January of 2023 I donated $500 to a charity. I got a donation receipt from PayPal at the time. The subject line says "Receipt for your donation to [...]". However, the bottom of the email ...
Buge's user avatar
  • 229
-1 votes
2 answers
54 views

DSI Conventional Mortgage

This is a DSI Conventional Mortgage of interest rate 8.8. The borrower is making payments but is making it past the due date of the 1st. Understanding of the DSI factor has cause interest to be ...
Abi Gordon's user avatar
4 votes
1 answer
1k views

I filed my taxes not knowing I was being claimed as a dependent meaning that the Head of Household will have more deducted than before

I filed my own taxes unaware that I could be and apparently was being claimed as a dependent, so it's been brought to my attention that the Head of Household could have a higher standard deduction ...
Ben Connor's user avatar
6 votes
1 answer
3k views

HOA fees before my house is ready

We are building a townhome in Utah. The original timeline was that it would be done last year but have had a number of delays. No surprise there, but starting late last year, we have been getting an ...
Linda B's user avatar
  • 69
0 votes
2 answers
122 views

Why is the fact that the beneficiary has full control over a UTMA account after reaching adulthood commonly considered a disadvantage?

On many "pro/con" lists for UTMA accounts, one of the disadvantages listed is that the beneficiary, after reaching a certain age which varies between states, has full control of the money. ...
Someone's user avatar
  • 1,417
0 votes
1 answer
78 views

Should I enter the non-adjusted cost basis or the adjusted cost basis in Box 1e in Form 1099‑B in TurboTax for ESPP (Employee Stock Purchase Plan)?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax to enter "Box 1e - Cost or other basis Learn more" for some Employee Stock Purchase Plan (ESPP) ...
Franck Dernoncourt's user avatar
1 vote
3 answers
211 views

Buying a new house built for me

I currently live in New Jersey and I am planning on moving to an over 55 community in Florida. The community I like has very little in terms of pre-built new homes and I would really like a brand new ...
Bob's user avatar
  • 1,509
0 votes
2 answers
268 views

Who gets fractional sales tax?

A 7% sales tax on an item costing $10.00 would be 70¢. On $9.99, it would come to 69.93¢, but the customer still pays 70¢. Where does that 0.07 of a cent go? Put another way, a hundred $10 ...
Frungi's user avatar
  • 119
-1 votes
1 answer
64 views

Does checking "A portion of these dividends is U.S. Government interest." matter when filing tax in Washington state?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax whether a portion of these dividends is U.S. Government interest: Does checking "A portion of these ...
Franck Dernoncourt's user avatar
-1 votes
1 answer
88 views

Non resident taxation: Received 1099-B

I am a US non-resident for tax purposes for FY 2023 (wasn't in the US for any day in the year). I had a brokerage account in the US as well from which I received 1099-B/1099-DIV/1099-INT/1042-S for my ...
ksb's user avatar
  • 99
1 vote
1 answer
109 views

Are medicare advantage rewards taxable?

I have my health insurance in a uhc medicare advantage program. Last year, a rewards program was introduced in which I received a debit card for use in places such as a grocery store or pharmacy. ...
David's user avatar
  • 93
0 votes
1 answer
49 views

Calculating non-exempt interest for California income tax

This question is about how California taxes interest on municipal bonds that are exempt from federal income tax. I live in California. In 2023 year I received tax-exempt interest from a variety of ...
octern's user avatar
  • 143
0 votes
1 answer
273 views

I am 63 with a Heloc at 9%. Should I pull from my 401K to pay off this high interest Heloc

I am 63 with a $37,000 dollar Heloc at 9%. Should I pull from my 401K to pay down this high interest Heloc and start putting the extra money away to build my savings. We have $950,000.00 in our ...
OneCuteBunny's user avatar
0 votes
0 answers
66 views

Automatic termination of PMI for adjustable rate mortgage (recast)

We made a substantial principal reduction (~80% of original loan) as part of a recast on an adjustable rate mortgage. I was unaware that I'd have to request PMI removal. That does seem to be pretty ...
Samuel Cox's user avatar
-2 votes
3 answers
248 views

Double self-employment tax (MA state and federal)?

I am living in Hong Kong but paying taxes as a US citizen to the US. The company I work for is in MA. Although I receive a 1099-NEC, in actual practice I am a part-time employee. I understand that I ...
Philip's user avatar
  • 141
0 votes
3 answers
72 views

Better to fully liquidate and then reallocate position (partially back into same asset) if earlier holdings cost basis lower?

Say I have $1,000 in stock X and I'd like to rotate $500 into stock Y. If cost basis for earlier shares are lower (and taxes are assessed via first in, first out for sales), selling $500 of stock X to ...
Runeaway3's user avatar
  • 2,898
3 votes
1 answer
554 views

How long has the IRS limit of 25k contribution to ESPP been in place

The IRS limits contributions to Employee Stock Purchase Programs (ESPPs) to at most $25000 per year. This limit has not changed for at least five years, during which the CPI has increased roughly 25%. ...
Trevor J Richards's user avatar
0 votes
0 answers
134 views

Cost of an Umbrella Policy

About me, I am single and I own a car. I also own a home. I live in New Jersey. I recently got a quote on a 5 million dollar umbrella policy and a quote on a 10 million dollar umbrella policy for my ...
Bob's user avatar
  • 1,509
0 votes
1 answer
320 views

How much exactly do debt collectors usually pay for medical debt?

Just read the book Never Pay The First Bill by Marshall Allen. It was eye-opening and confirmed a lot of my suspicions about the relationship between health insurers and healthcare providers. This ...
Derek Fulton's user avatar
8 votes
2 answers
3k views

Declaring bankruptcy when I am the primary and my son is the co-signer on his car loan

Four years ago, I thought I was cosigning on my son's car. At the time, I was in Oklahoma and he was a New Mexico, so everything was done through FedEx. I have since moved to New Mexico and ...
Connie 's user avatar