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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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1
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3answers
233 views

How to write a non-transferable check for sending in the mail?

I want to write a check in the US, to be sent to the recipient via standard mail (USPS). What (and where) do I need to write on the check (in addition to the standard recipient name, $ amount, date ...
0
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0answers
169 views

Am I on the right track? Feedback welcome!

Here's my situation: 43 y/o, married w/ two kids under 10. I'm in a defined benefit program and I have a formula where I can retire at 60 with 2% of my highest salary times the number of service ...
2
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0answers
51 views

Are Fed repo operations done through the discount window?

Recently the Fed performed repo operations to keep the effective Fed funds rate down and close to its target. Is this the usual way banks get loans from the discount window, using treasuries as ...
6
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0answers
75 views

Tax deduction for legal fee in defending my current job related to a threatening letter?

I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they asked me to sign additional ...
1
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0answers
19 views

Treatment of PTP in QBI decution

I am trying to understand the new QBI (Qualified Business Income) deduction rules in the US. I am confused about the treatment of PTP (Publicly Traded Partnerships) income. The IRS provides two ...
9
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0answers
248 views

Are banks discontinuing single-use virtual credit card numbers (like BofA's ShopSafe)?

I found this old question / answer that refer to the same problem: I used to generate a new virtual credit card number with BofA's ShopSafe service, set the credit limit / expiration date and I could ...
2
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0answers
55 views

At formation, in exchange for stock, X contributes cash, Y contributes only “services provided” (sweat equity). What's a smart way to do it?

Setup: X has cash, Y has an idea, experience and contacts and wants to work on this idea full-time. X wants to create a corporation with Y and contribute $100,000 for 50% of its equity. Everything ...
2
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1answer
106 views

How do I change what my house is registered as?

Recently, I've moved into a new, larger house. The previous owner had rented out two thirds of the house, so there are redundant functions. Of course, because of this, we wanted to do the same. ...
0
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1answer
183 views

Salary increased 25% and tax withholdings increased 300%? Help with my W4

I've filled out the W4 five times now and keep getting a high number. At my old job, about $344 was withheld in my biweekly paychecks and my new job is withholding 4 times as much. My new salary: ...
1
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2answers
72 views

Does Dependent Care FSA limit reset if I change jobs?

Let's say I have contributed and used $5,000 in 2018 for my dependent care FSA. Late in the year, I get a new job. Can I contribute to the new account for 2018? According to Zenefit, the healthcare ...
0
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0answers
33 views

Can I transfer my own money from India to the US?

I transferred around $50K from USA to India in early 2019. I now want to bring that money back to the USA. Is there any restriction on bringing my own money back to the USA? Do I have to pay the ...
-5
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2answers
144 views

Can I avoid paying property tax by creating a non-profit?

Let's say I own a home and the mortgage is completely paid off. I was reading the nonprofits do not have to pay property tax. What if I created a nonprofit with the sole purpose or mission statement ...
1
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1answer
177 views

Why do US online banks require permanent residency?

I am legally residing and working in the US under an H1B visa and so far haven't had any issues opening bank accounts. All I was ever asked for was proof of US address and a valid Social Security ...
42
votes
7answers
5k views

Is insurance company’s preferred auto shop biased?

I was rear-ended. There's a crack on the upper part of my bumper and the plastic part of the trunk locking mechanism is broken (though the trunk still closes). The insurance company was pretty ...
9
votes
5answers
5k views

Can I pay off my mortgage with a new one?

I'm wondering if this is possible and a wise decision. Let's say I have a house mortgage for $100k. Now, if I were able to save up half of the amount. Should I get another mortgage of $50k and pay ...
2
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0answers
58 views

Forced to file W-9 even not passing Substantial Presence Test

I just moved to the US in September. Because I receive salary in the US, have a US address and US driver's license and everything, Fidelity, where I have a company stock plan account, my bank, and my ...
4
votes
2answers
287 views

Banking Travel Rule and Nomadic living

I'm currently a digital nomad and my bank has frozen my account when I tried to change my mailing address to a PO box due to the "Travel Rule". My bank tells me I must show them a utility bill with ...
1
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2answers
75 views

LLC Partnership vs. S-Corp In 2019 With Qualified Business Income Deduction

I've got a small business (LLC, taxes as a partnership) with $700,000 of revenue and $500,000 of profit. Company is a husband and wife combo (consultancy), with consultants for other expenses. I've ...
2
votes
1answer
92 views

What happens if you sell a put and the company splits or spins off a business?

I'm considering selling FB Jan 2022 puts at the $145 strike and I'd like to know what would happen in the following scenarios. Scenario #1 Facebook spins off or sells Instagram and/or WhatsApp prior ...
3
votes
1answer
46 views

Choosing between Tradtional PPO and HDHP with high prescription cost

I have been on some variety of HDHP most years since about 2005. The math has almost always been a no-brainer, particularly at my last place of employment. However, I started with a new employer in ...
1
vote
6answers
192 views

How best to invest high income if looking to eventually maximize charitable donations?

I live in the US (Maryland) and make over 140,000 a year (is it bad that after I hit 6 figures I stopped paying attention to exact salary and so can't recall more accurately then that?). I'm lucky ...
1
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1answer
69 views

Tax consequence of 100% profit deferral to solo 401k contribution

My yearly maximum contribution to solo 401k is $6000 after $13000 contribution to Simple IRA on W2 position. This year I expect to earn less than $6000 from the side job. Can I contribute all profits ...
1
vote
2answers
149 views

How to find HSAs?

I just started a new job with a health plan that includes an employer contribution to an HSA. This is my first time ever having an HSA. Until I started looking, I thought an HSA was something that I ...
5
votes
2answers
98 views

HSA eligibility when with employer plans

My employer offers two health plans: PPO with optional FSA HDHP (high deductible health plan) with an HSA option. The plans have identical coverage, the difference is in the premiums, deductibles, ...
1
vote
2answers
107 views

Is the math wrong on these future value and draw-down calculations?

Let's say I plan on retiring in 10 years, have some IRAs (401(k) rollovers), a conservatively invested taxable account and plan on contributing 15% to my 401(k) until I retire. I'm using round ...
1
vote
1answer
100 views

How has the Fed been reducing its balance sheet?

I understand the Fed has been letting its treasury securities mature without reinvesting in new ones, but does the Treasury actually pay the Fed the principal? That is, does the Treasury's reserve ...
-4
votes
1answer
474 views

Stranger from US wants to send me 65 million dollars and asking for bank details

Some random stranger on Twitter followed me and I followed her back.. Then I received this message from her: "Thanks for the follow back. My name is Mrs Jimmy Joy from Canada, a cancer patient and ...
2
votes
0answers
51 views

US Citizen employed in India but working remotely from US

I am an US Citizen and also an overseas citizen of India (OCI). Last year I joined a company in India. But in September this year I had to come to US to support a family emergencies and health issues. ...
1
vote
1answer
33 views

Declaring partnerships or companies abroad in the US

As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
1
vote
1answer
90 views

Declining Binding Arbitration on credit card accounts

Recently Chase was making a change to its user agreement and was automatically assuming your consent to abide by binding arbitration unless you opted out explicitly by sending them a snail mail with a ...
0
votes
1answer
79 views

taxes on cash-out refi debt used for investment vs lot purchase

Consider the following scenario: an existing mortgage on a property worth 300k, with a current mortgage balance of 100k. a cash-out refinance for 200k, releasing 100k of funds. If we use that 100k ...
2
votes
2answers
155 views

Savings strategy for grad students (minimal expenditures and minimal savings)

This is question has been somewhat asked elsewhere: Savings account vs Roth 401k Savings Account Rates vs. CD Rates vs IRA CD Rates Can a Roth IRA be used as a savings account? However, I wanted to ...
3
votes
1answer
92 views

If I use 1099 or S-Corp, can I deduct rent from my income?

If I live in another state in USA and either still pay rent or mortgage, but rent an apartment in Silicon Valley and work there to earn money as a business (1099 or S-Corp), then can't I deduct that ...
4
votes
1answer
75 views

Are contributions to a non-dependent's 529 account in MN tax deductible?

(Minnesota) If I contribute to the 529 account of a friend or relative who is not my dependent, can I still claim the 529 tax deduction or tax credit?
4
votes
2answers
247 views

Selling a fossil

If I sell a fossil that I found on my property, do I owe tax on the proceeds? How would I figure my basis? I “bought” the fossil with the land, so is my basis the cost of the land?
8
votes
2answers
237 views

Why some ETFs delay payment of dividends after Ex Date?

I was looking at ETFs and noticed that etf like QQQ, DIA( Ex date is 09/20/2019 but pay date is 10/15/2019) pay dividends about 5 to 6 weeks after the Ex-Dividend date . But other etfs (e.g IVV, VOO) ...
3
votes
0answers
68 views

Do you have to pay taxes on a Unison “investment”?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
2
votes
2answers
119 views

Does your 401k provider stop you when you hit your max?

In general, I was wondering who is responsible for keeping track of when a normal, employer-sponsored 401k account has hit its pre-tax contribution limits for a year. I assume that, in the end, the ...
1
vote
1answer
69 views

Are Muni REVENUE bonds secured or can the local gov. use the revenues for other purposes not paying the bond holders if its going bankrupt?

Municipal bonds are of two kinds: GO (General Obligation) Bonds or Revenue Bonds. My question on Revenue Bonds is: are the revenues from the specific project secured or can the local government use ...
14
votes
8answers
26k views

Practicality of 30 year fixed mortgage at 55 years of age

I understand that lenders cannot discriminate based on age, but is there really data to support that lenders do not do that? But suppose if one gets the mortgage when he/she is 55 years or older and ...
2
votes
2answers
167 views

stock trading in fractions of a penny

When I get quote on ITOT or IEMG and some times on IWM, I see quotes in sub penny. reuters also confirms that it happens, Can a ordinary investor put limit orders in sub-penny ? I am not asking ...
2
votes
3answers
75 views

Assuming a mortage dependent on interest rate outlook

Purchasing a home. All-cash deal is feasible. I believe that mortgage rates will be rising in the near future, say doubling in ten years. I do not believe mortgage rates will fall. I believe interest ...
-8
votes
2answers
174 views

Avoid taxes after pay rise [closed]

Background: I received a substantial pay raise which puts me in the next tax bracket for income tax. After tax, I would still have more net income than before the raise (in fact, more than 80% of the ...
2
votes
0answers
37 views

S Corp Options Exercise Tax Benefits

I have options to purchase stock in a S Corp. Is there any tax advantage to exercising those options at least one year prior to a sale of the company for capital gains tax purposes or does concept not ...
3
votes
3answers
241 views

is high credit score an asset? [duplicate]

A quick definition of asset is a useful or valuable thing, person, or quality. Can a high credit score be thought as an asset ? I am not asking what can I do with my credit score, I am simply asking,...
1
vote
3answers
145 views

Additional withholding

I have claimed 9 federal withholdings for the entire year and just switched back to claiming 0 August 1st as I should have done from the beginning of the year. I do not want to owe taxes so I have ...
0
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0answers
40 views

Filing Sales Tax Return When 3rd Party Collects & Remits Sales Tax - App Store & Google Play Scenario, US

In many cases App Store & Google Play will collect & remit sales tax themselves for your sales. Question is how to file this scenario. Do you file these sales as "non taxable sales" or do ...
1
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0answers
26 views

NYS Part-time return and Federal Foreign Earned Income Exclusion

I have a hard time to understand how to report the Foreign Earned Income Exclusion on New York State form IT-203 when filing as a part time resident. Specifically, I was living in NYC, accepted a job ...
3
votes
1answer
164 views

What is effective interest rate?

I'm reading the book The Big Short. In the first chapter, it says that around 2002, Household Finance Corporation was offering home equity loans that were lying to the consumers. They were actually ...
2
votes
1answer
89 views

Forgot to use carried on capital loss - can I use it next year?

the tax accountant that prepared my 2018 US Federal taxes forgot to carry over the allocatable amount ($3000) of a capital loss that I incurred some years ago. In the previous years, I always carried ...