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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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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
264 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
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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
588 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
135 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
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1 answer
341 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
0 votes
1 answer
126 views

How *exactly* do I complete an indirect Roth transfer?

There are tons of results when you Google "how to do a Roth indirect transfer". But each article is 95% the same and doesn't provide enough details on tax reporting. Or they only provide tax ...
Nosjack's user avatar
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1 vote
0 answers
38 views

Municipal bonds investment tax for couple living in different states and file jointly

My spouse and I live in different states (my spouse in A, and I in B). If my spouse buys muni-bond for state A and we file jointly at tax year end, is this investment federal and/or state tax free (...
user34829's user avatar
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1 answer
109 views

Fastest way to do direct transfer of from bank IRA to brokerage IRA?

I want to transfer a my Synchrony Bank cash IRA to my Vanguard IRA. Synchrony does not support the ACAT transfer service (Vanguard does) Vanguard says that it will take 4 to 6 weeks for the transfer ...
piton's user avatar
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0 answers
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Using an LLC to buy property in Spain

I am considering entering into an agreement with another couple (friends of mine) to purchase a piece of property in Spain. The apartment would be primarily for our own use. However, we could both ...
fanoPaul's user avatar
1 vote
1 answer
79 views

Foreign Tax Compliance Question

I am writing to seek guidance on my tax compliance situation as a non-immigrant from a foreign country A(where there is no tax-treaty with USA) who came to the USA in mid-2019 on a working visa. In ...
easter9154's user avatar
1 vote
2 answers
108 views

How to handle an account that lost value after inheritance? (USA)

The exact amounts aren't important, so I'll just invent some for the example. My wife’s mother put $50,000 into a mortgage sharing fund¹ from which she received a proportional share of the interest.  ...
WGroleau's user avatar
  • 1,031
1 vote
1 answer
80 views

What is the reasoning behind high income requirements for 457b plan enrollment

If 457b plans are designed primarily for state and local government employees whose mean compensation is typically lower than 100K in the U.S., why would some institutions that employ state/local ...
iskandarblue's user avatar
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0 answers
52 views

1099B has two transactions, for one stock, listed under long term but dates span under 1 year. How to file?

I'm finishing up my taxes and I have a 1099-B where for one of the stocks, two transactions occurred where the purchase and sell date were under a year apart but is listed under long term with box D ...
n1th6's user avatar
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0 votes
1 answer
89 views

Pro-rata rule and after-tax only Rollover IRA

What-if question.... I have a rollover IRA account that accumulated pre-tax balances from old 401Ks. At the same time I never contributed after-tax money to a traditional IRA. Would it be beneficial ...
MVE's user avatar
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1 answer
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Do I need to file US tax forms if I'm outside US the whole year but received an award money?

I was previously an international PhD student in the USA on F1 visa, and I graduated in August 2022 (was a resident alien in 2022), and moved to Germany late 2022. Then in May 2023 I received an award ...
Lagrenge's user avatar
  • 101
1 vote
1 answer
60 views

1099-int concern, tax filing

My credit union issued me a 1099-int for savings bonds that were cashed in 2023. Is it correct to say that box 3 of the 1099-int be the total of the interest earned plus half the face value of the ...
user avatar
12 votes
2 answers
5k views

Do US banks cover the loss of money in checking accounts due to identity theft or hacking through the FDIC or some other ways?

This question is NOT about credit card accounts. It is about checking accounts with US banks. Suppose some US citizens have checking accounts with US banks, and the customers lose money due to either ...
Job_September_2020's user avatar
2 votes
1 answer
182 views

In the US, which shares should I sell if I want to keep the most compounding effect?

This is for the US. I have been doing DCA: Dollar Cost Averaging, so I have been buying Apple and Google (and some Amazon, QQQ, S&P500 ETF) regularly, perhaps $100 per day, in my regular personal ...
Stefanie Gauss's user avatar
1 vote
1 answer
174 views

My employer incorrectly withheld FICA taxes and will refund them, can I still file my taxes using my W2 instead of W2C?

As the title says, I am on student visa and my employer had incorrectly deducted fica taxes (medicaid and social security) from which I am exempt. As the first step is to contact the employer for a ...
MrStrike's user avatar
1 vote
1 answer
51 views

Does conversion of paper US I bonds to electronic form reduce the limit on electronic I bond purchases in the same year?

Currently, in the USA, an individual can purchase up to $10,000 in electronic Series I ("inflation-protected") bonds in a given year, plus up to $5,000 in paper I bonds. The latter can only ...
sdenham's user avatar
  • 113
1 vote
1 answer
2k views

Where's the 2023 Qualified Dividends and Capital Gain Tax Worksheet?

When I google it, I just get the 2018 one, which I'm pretty sure doesn't work for 1040 2023. The IRS site just gives the Schedule D: https://www.irs.gov/forms-pubs-search?search=Qualified+Dividends+...
Acccumulation's user avatar
1 vote
2 answers
222 views

Washington State Paid Family / Medical Leave PFML Withholdings - Are These Deductible As State Income Tax?

Washington state's Paid Family / Medical Leave premium looks and smells like a state income tax. It's mandatory and it's deducted from your paycheck like any federal or state income tax. Can the ...
Lloyd Banks's user avatar
0 votes
1 answer
90 views

Wife is a NRA on H-4 visa, no income. What are the IRS obligations?

I'm on an H-1B visa since November 2023 and stayed only 40 days in the US in that year and no time prior to that. My wife as well, but she is on a H-4 dependent visa with no income. Both of us are non-...
gusrondina's user avatar
2 votes
1 answer
75 views

unrelated business taxable income

My wife and I are partners in a real estate mortgage business that divides the interest (minus office expenses) proportionally among all the partners.  Generates IRS form 1065 K-1 and K-3 every year.  ...
WGroleau's user avatar
  • 1,031
4 votes
1 answer
555 views

How is Credit Card Interest charged?

It is my understanding that if have an outstanding balance on most credit card and you use it make a purchase then the interest will start to accrue from the date of purchase. However, I thought that ...
Bob's user avatar
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0 votes
1 answer
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Is it considered a wash sale if stock is bought twice within 30 days of sale?

Let's say I bought one unit of ABC stock on March 1, 2024 for $100 and another unit on March 2, 2024 for $100. I sold both units of ABC stock for $80 each on March 14, 2024. Assuming I don't buy ABC ...
nijanthanh's user avatar
0 votes
1 answer
217 views

Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?

26 years marriage. Wife stayed home for 20 of 26 years. Husband owned S-Corp that flowed to their personal taxes, always filed in October after an extension, and never paid the liability. Once the ...
TWilson's user avatar
4 votes
2 answers
1k views

How is holding time calculated for long-term capital gains tax?

Say I have an account with the following buying history: Date Symbol Price Quantity 01/01/2023 AAPL $300 3 shares 01/01/2022 AAPL $100 1 shares 01/01/2021 AAPL $100 1 shares If I were trying to ...
jed's user avatar
  • 610
1 vote
1 answer
75 views

Minimizing or avoiding penalty for early withdrawl of IRA and 401k

A friend of mine came to US to work for few years and he is forever going back to his original country because of personal reasons. He contributed to IRA, 401k and would like to take the money with ...
ewr3243's user avatar
  • 193
1 vote
1 answer
75 views

Tax question about land sale

Our home is on 7 1/2 acres. We are selling 2 1/2 acres of land but keeping 5 acres with our house. What taxes do we have to pay?
Lynda's user avatar
  • 11
6 votes
2 answers
1k views

What is the Roth IRA limit for someone with a low income?

Say, someone over 18, a college student, earn a total of $5000 (W2 Wages, tips, other compensation) from a summer job. And pay: $500 social security / medicare tax $800 federal income tax $200 state ...
Aelian's user avatar
  • 165
7 votes
1 answer
127 views

May a church pay for AED/CPR training for congregants?

I'm Treasurer of my church in Michigan, USA. We are purchasing an AED. We'd like to have more people from our congregation be CPR/AED certified. Can the church pay the ~$60 per interested person? I ...
Matt Thomas's user avatar
3 votes
2 answers
496 views

Refiguring for AMT, detailed instructions

I really wanted to understand my federal taxes, so I decided to prepare them for 2023 "by hand" using the fillable PDF forms offered by the IRS. No problems -- except for one thing. I'm now ...
JeffreyJ's user avatar
  • 651
0 votes
0 answers
31 views

Tax Calculation for Liquidity Pool Transactions: Cost Basis Method and Procedures

I've been encountering difficulties in calculating taxes on transactions related to liquidity pools. Despite using Coinledger, I've found it doesn't support multiple transactions within a liquidity ...
Summer's user avatar
  • 103
0 votes
1 answer
73 views

Do wash sales rule disallow losses if 100% of the stock is sold, all on the same day, within 30 days of buying lots, and no new shares are bought?

I bought multiple lots of stock A on 3 separate days, each about a week apart, so I have buys on 3 days. I sold all of it about a week later, and from the first buy to the final sale, less than 30 ...
L Hastings's user avatar
1 vote
3 answers
293 views

Why am I being declined for new insurance?

I requested quotes from Liberty Mutual and Geico for car and homeowner's insurance, and they both refused to insure me. This was a shock to me, since my wife and I both have credit ratings above 800, ...
T Scherer's user avatar
  • 111
3 votes
3 answers
617 views

Will Brokerage Be Concerned If I Swap ("Churn") Between Two Positions on a Monthly Basis?

Disregarding the "Why?" or potential brokerage/trading fees, please consider the following scenario: I have two positions, A and B. I have $100,000 in position A at the beginning of the ...
AA040371's user avatar
  • 353
0 votes
1 answer
51 views

Tax filing requirements for inactive LLC filing as S Corp

I have a single member LLC that files as an S Corp. In 2023 it was inactive. I know that I have to file an 1120-S. I'll be putting zeroes for all the dollar amounts. Do I need to complete the various ...
Sol's user avatar
  • 113
0 votes
0 answers
62 views

Confused by the 'same day' wash same rule

Publication 550 states the following: Loss and gain on same day. Loss from a wash sale of one block of stock or securities cannot be used to reduce any gains on identical blocks sold the same day. ...
gv39's user avatar
  • 1
0 votes
2 answers
280 views

Is it safe to give this info out if I didn't receive an ACH transfer to my account

I won on an online casino and it's been longer than normal. When I contacted the casino they said they had processed it 7 days ago and if it hasn't hit my account they need the following information ...
Connie Lynn Rolnicki's user avatar
1 vote
0 answers
27 views

How do you calculate taxes on proceeds from sale of a private company held in escrow?

In 2023, a private company in which I held stock was sold in an all-cash acquisition. A portion of my proceeds were placed into an escrow account to cover post-sale price adjustments, expenses, and ...
josh3736's user avatar
  • 450
0 votes
0 answers
14 views

Multiple, sequential wash sales [duplicate]

Am I doing this right? For context, I get monthly RSU vests from my company which auto-sell a few days later, so almost every sale at a loss is a wash sale. Consider the following series of ...
gv39's user avatar
  • 1
0 votes
1 answer
129 views

Can I withdraw money from my Roth IRA to pay last year's tuition?

I just learned I can withdraw money from my Roth IRA to pay tuition fees for a graduate degree without the 10% penalty. Can this be done retroactively at all? Specifically, can I sell enough right now ...
Danny's user avatar
  • 103
2 votes
1 answer
1k views

How to amend 2023 federal return after refund has been issued?

I e-filed our 2023 federal taxes early last month, with a refund coming our way. Yesterday I received a letter from our mortgage company along with an adjusted form 1098; the letter explained they had ...
spuck's user avatar
  • 853
0 votes
0 answers
35 views

What tax forms do I use?

I own my own business - Sole Proprietor. I have employees and pay quarterly taxes using form 941. I do not take a paycheck or draw from my business. I also work for someone else and receive a W2. What ...
moneygirl's user avatar
0 votes
1 answer
97 views

Exchanging out of circulation Canadian dollar to US dollar in the US

I have these Canadian dollars from 2010. I live in the U.S. Midwest. I have been to Wells Fargo, US Bank, and Chase branches and they all said it's out of circulation. It's not a lot of money. I am ...
Node.JS's user avatar
  • 657
0 votes
1 answer
140 views

Interest accrued in Traditional IRA during Backdoor Roth Conversion

Similar to another question: Interest accrued before backdoor roth ira conversion, but I want to highlight a specific nuance of my situation. In 2023, I contributed the maximum $6500 to my Traditional ...
citizenkoehn's user avatar
1 vote
2 answers
68 views

Contributions (ira, hsa, etc) for minors?

I know a minor who has some decent self-employment income that has a heavy self-employment tax pending. No personal deductions are being made currently, as the minor doesn't even have a retirement or ...
No Name's user avatar
  • 331