Questions tagged [united-states]

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

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Roth 401k - Contributions are not going in as after tax?

So, I have a Roth 401k with my employer. I always thought that the Roth meant that I am contributing after-tax dollars into the account. I just realized the following: For simplicity, let's assume: I ...
Raj's user avatar
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2 votes
0 answers
167 views

How do I reduce the interest I'm paying on unused student loan?

I am studying at a US university, on a student loan from a UK company - funds are paid directly to the university. The loan provider already disbursed the loan amount to my university's finaid ...
spatial's user avatar
  • 21
2 votes
2 answers
250 views

Does ITIN require you to file taxes?

For someone who is not a US resident, citizen or tax resident If he has ITIN, is he required to file US taxes?
xqwxeqwex's user avatar
  • 128
-1 votes
2 answers
103 views

How should holding periods / acquisition dates be adjusted as a result of Wash Sales?

From IRS Pub 550: Wash sales. Your holding period for substantially identical stock or securities you acquire in a wash sale includes the period you held the old stock or securities. This is ...
morsecoder's user avatar
0 votes
1 answer
108 views

What happens to long-term capital losses that are transferred due to Wash Sale rules?

From Fidelity: According to the tax code, short- and long-term losses must be used first to offset gains of the same type. But if your losses of one type exceed your gains of the same type, then you ...
morsecoder's user avatar
0 votes
0 answers
108 views

Is Dafexcounty bank legit or scam? [duplicate]

I received the payment for my task on Dafexcounty. However, in order to transfer money to another bank. I need to avail VAT Code or they say Virtual Account Token Coin worth 150$. They said that I can'...
cheesssseee's user avatar
0 votes
1 answer
138 views

Can they charge me late fees for payment that they didn’t receive because of their own fault

Back in Aug, my bank sent my rent check to my rental office. The address that the rent check was sent to was it has been the address since I have lived there since last year they’re in the same ...
Fleeta Rucker's user avatar
4 votes
1 answer
486 views

Why does SGOV pay dividends twice in December?

The US ETF SGOV pays dividends once a month from Feb. to Nov, then twice in December. Why? I'm reading it may be for tax reason. If that's correct, what's the tax reason? From https://seekingalpha....
Franck Dernoncourt's user avatar
3 votes
1 answer
236 views

How can I know the price and make sure insurance is going to pay for a certain procedure beforehand?

This is a test for me. I'm used to using the software side of StackExchange, but I think this format could work for this. Let's see and please let me know if there's a better place to discuss these ...
A Campos's user avatar
  • 133
1 vote
1 answer
246 views

Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?

Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
Big Tuna's user avatar
1 vote
1 answer
94 views

Can F1 Student Resident Alien Buy From Treasury Direct?

I've been in the United States for 10 Years now on F1 VISA. I've filed taxes and got a SSN 5 years ago. I have a drivers license and an EAD. I'm a resident alien for tax purposes. Can I open an ...
Terry W's user avatar
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13 votes
2 answers
4k views

Can you self-direct a 401k to buy you a house?

So, this question came about because I was playing thought games. It is my understanding that a 401k isn't really an account type, but a thing with the tax code. Most employer sponsored 401k accounts ...
Elros's user avatar
  • 233
2 votes
1 answer
227 views

Lack of response by FinCen?

I had all my FBAR information prepared well before the deadline to file. In order to avoid electronic signatures, I requested a paper FBAR, and received one. The paper FBAR contained instructions ...
Alex's user avatar
  • 150
0 votes
1 answer
142 views

US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount

US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount When I google "irs lifetime gift tax exemption 2023", I get this result ...
Marium's user avatar
  • 363
1 vote
0 answers
38 views

Non US Citizen, non-resident, remote worker tax liability? [duplicate]

So a friend of mind is not a US citizen, and Non-resident, he's working as a contractor remotely for a company in the US from his own country. And he has an international bank account in one of the ...
Rafael Adel's user avatar
0 votes
2 answers
60 views

TAX Advice Loan Notes

I moved to the US on the 21st of December 22 (E2 Spouse Visa). Before leaving I sold my UK company which completed on the 20th of December 22. The deal was structured so that part was cash payable on ...
Wattey 's user avatar
1 vote
1 answer
108 views

Successor beneficiary to inherited IRA - RMD calculation?

There are so many moving parts to this in the tax code... I keep thinking I understand it but now I'm not sure. My grandmother died in March 2017, age 93. She had been taking required distributions ...
Joe's user avatar
  • 115
1 vote
2 answers
134 views

What does share of equity mean?

The following is from Exxon Mobil's website which can be found at: Exxon Mobil's Balance Sheet It has the following line in it: Exxon Mobil share of equity 199,703 195,049 What do ...
Bob's user avatar
  • 1,689
4 votes
4 answers
282 views

Do I receive any economic benefit when a Mutual Fund makes a distribution?

Do I receive any economic benefit when a Mutual Fund makes a distribution? I am asking this question from the point of view of someone evaluating my income. Let’s say to evaluate how much I should pay ...
Chuck2289's user avatar
1 vote
1 answer
123 views

Will I get a refund for my insurance renewal?

I Switched insurance from company A to company B. Insurance A had already charged the renewal amount December 9th even though I’m not due to renew until December 22nd (since that’s when my coverage ...
Victor Gonzalez- Cortez's user avatar
0 votes
1 answer
38 views

Excess deferral to AFTER-TAX, NON-ROTH 401K bucket. Will I be double-taxed/penalized?

I recently went over the 66k limit for employer + employee contributions to 401k with my most recent paycheck (I have one paycheck left for the CY). I'm under the 22,500 pre-tax limit. I called ...
dbugg's user avatar
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1 vote
1 answer
122 views

Rolling over Traditional 401(k) affected by Pro Rata

I currently have three retirement accounts: Account A: Traditional IRA with Pre-tax money Account B: Traditional IRA with Post-tax money (used for backdoor Roth IRA) Account C: Roth IRA Account D: ...
davyli's user avatar
  • 33
0 votes
1 answer
62 views

How can I deduct Rental Real Estate Partnership loss?

I am a limited partner in a Real Estate Partnership. When I received my Tax Year 2022 form K-1 from the Partnership, it listed a loss in Box 2 - Rental Income or Loss. Can I apply this loss to ...
Mark Lavin's user avatar
1 vote
1 answer
100 views

LLC Credit Card - When does money count as being spent

I run a single member LLC in the state of Virginia and, for tax purposes, I am trying to figure out calculating profit/loss at the end of the year when using a business credit card. In the first year ...
Elder Tree's user avatar
0 votes
1 answer
97 views

The Roth IRA clock and taxes

Please consider the following hypothetical situation: A 30 year old investor puts $500 into a Roth IRA. When he turns 36, he takes all the money out and pays taxes on his profits and maybe a penalty ...
Bob's user avatar
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0 votes
0 answers
66 views

What is my best option to reduce Tax Liability on an unpaid 401K Loan from a previous employer?

I lost my job in June 2023 and I had 2 outstanding 401K loans. Unfortunately I could not secure a job until 2 months later and had to use severance to pay bills instead of paying these loans back. ...
Vince D.'s user avatar
2 votes
1 answer
213 views

What's the consequence of not filling out IRS Form W4P accurately

Question about federal tax withholding for pensions in the US. I've decided to dig into a pension and they require me to fill out a form W4P for federal tax withholding. Our other income is from ...
Hilmar's user avatar
  • 7,687
0 votes
1 answer
57 views

Excess deferrals to after-tax, non-Roth 401k (just happened this paycheck) – just ask the plan for a reversal? Tax implications? MBDR implications?

It’s hard to google this/find this specific situation for advice. My last paycheck deferral on to my 401k (on 12/8/2023) resulted in exceeding the yearly maximum employer + employee = $66K limit. (2 ...
dbugg's user avatar
  • 1
2 votes
1 answer
365 views

Yearly 401k Contribution Limit Question

December 22 is the day of my last paycheck for the year. I'm trying to contribute the maximum allowed by the IRS for the year. Since this is the last paycheck I'll get for the year, would that be ...
Rich's user avatar
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1 vote
1 answer
252 views

Forming an LLC to reduce personal income

I'm working as a contractor for a couple people though I haven't formally formed my own business yet. Is it possible to reduce my personal income tax while having the money go to the business? Ex: I ...
maxical's user avatar
  • 111
6 votes
1 answer
175 views

What happens when a public company fails to file their quarterly earnings reports?

I'm not a very experienced investor, but I recently came across some publicly traded stocks, such as FTCH and NEGG, that have both failed to file their quarterly earnings reports. FTCH for a single ...
AlanSTACK's user avatar
  • 1,440
0 votes
1 answer
70 views

How do I report Interest on tax refund from India?

I live in the US. In 2022 I claimed foreign tax credit for the taxes I paid in India. In 2023 I received a tax refund from India with interest added and TDS on the interest deducted. How do I report ...
user65985's user avatar
  • 169
0 votes
2 answers
178 views

How is 401k basis calculated? (Warning, wrong question.)

Normally if you sell one equity and buy another with that money, any gains or losses are reflected in your taxes at the time you do that rebalancing and you have a new cost basis on the new investment....
keshlam's user avatar
  • 44.8k
2 votes
1 answer
81 views

Difference in the Capital gain due to exchange rates

I am a US citizen. I inherited a property in India in 2018 and sold it in 2023 with no gain/loss in Indian currency. But when I convert the cost and the sale price to US dollars, I get a loss because ...
user65985's user avatar
  • 169
1 vote
1 answer
112 views

Can I deduct costs associated with rental improvements?

I have a back ADU (accessory dwelling unit) at my home in Portland Oregon that I rent out. I live in the main house and the ADU is a totally separate 800 square foot house with a separate address but ...
user3644951's user avatar
0 votes
1 answer
75 views

How do I get over-withheld tax from 2017-2022 back as an non-resident alien?

I’ve worked as a freelancer from Europe with an American art agency for years and still get some royalties. In 2017 they suddenly changed the tax withholding from 0% to 10% this was not correct but I ...
Jaime 's user avatar
6 votes
3 answers
1k views

Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?

While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
Stevoisiak's user avatar
1 vote
1 answer
96 views

RSUs: Can the cost basis for sell-to-cover transactions be calculated using FIFO, or does it have to be LIFO?

My RSU vesting happens with an associated sell-to-cover transaction for tax purposes. The page on my brokerage (E-Trade)'s website shows the cost-basis for this transaction as though it was calculated ...
Deadly Piglet's user avatar
1 vote
1 answer
118 views

Do Transaction Fees Count Towards Roth IRA Contribution Limit?

I'm using Interactive Brokers. I noticed that IBKR charges a transaction fee for the purchase of some funds. Does that transaction fee count toward the Roth IRA contribution limit?
Jeffrey Enriquez's user avatar
2 votes
2 answers
299 views

Co-signer or Buyer that is the question [duplicate]

My stepmother asked me to co-sign on a brand new car. I did it because I felt obligated. When we got to the dealership they said her credit was so messed up to get the car I had to be the primary and ...
Tatiana Loving's user avatar
2 votes
1 answer
239 views

Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA

I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
matt.dolfin's user avatar
1 vote
1 answer
65 views

US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?

I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
Lloyd Banks's user avatar
0 votes
2 answers
62 views

Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
Vegas's user avatar
  • 101
1 vote
1 answer
72 views

Move cash reserves to 529?

Let’s say that I am maxing out my 401(k), IRA, and HSA; I’m putting away $250 a month in a 529 I own with my kid as the beneficiary; and any take-home income left over at the end of the month goes ...
matt.dolfin's user avatar
0 votes
1 answer
223 views

Can I claim the tax back from my lawyer's fee?

I received a settlement from a car accident of 285000. I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high? I haven't worked since this accident in 2012. I ...
Dave Weaver's user avatar
2 votes
1 answer
139 views

How to disburse capital gains between two people with minimal taxes?

My daughter and I bought a house together in 2022. I contributed money for the down payment. We have paid equally all of the mortgage and expenses. We are selling it now, it is on the market. I am ...
Rita Cook's user avatar
3 votes
1 answer
95 views

Can I re-file a missing Schedule 1 in this situation?

A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
Bob's user avatar
  • 1,689
0 votes
0 answers
62 views

Organizing a small academic conference. What are the tax implications?

I am organizing a small academic conference in about 10 months. About 100 scientists from all over the world will attend the conference. The conference will take place in the United States. Each ...
Astor Florida's user avatar
0 votes
1 answer
95 views

Is it better to get a resale certificate or register an LLC in CA?

I would like to sell my 3D printed items on Amazon, Etsy, eBay, Shopify, etc. I recently discovered that I can avoid paying taxes when purchasing raw materials or business equipment by obtaining a ...
best_of_man's user avatar
5 votes
1 answer
2k views

Time limit on sending invoices in the United States

Is there a time limit on how long one can wait to send an invoice? E.g. supposing a contractor does some work, and does not issue the invoice promptly. Is there some time limit to sending the invoice, ...
Robert Dodier's user avatar