Questions tagged [united-states]

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

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1answer
62 views

Educational Assistance Programs For Loan Repayment

I own an S corp and I am the only employee. I think I would like to create an educational assistance program for the company to pay for my student loans with pre-tax dollars. IRS publication 15-b says ...
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1answer
143 views

selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
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1answer
30 views

QSBS for restricted stock options

The below applies to a US company I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
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2answers
98 views

If a parent filed taxes in 2020, and then a child was born or adopted in 2021, are can they receive the monthly "Advance Child Tax Credit" payments?

Suppose someone filed a tax return in 2020. Also suppose a child was either born or adopted into the family in 2021. Are they eligible to receive the monthly "Advance Child Tax Credit" ...
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1answer
65 views

What type of company/business can be registered with one person?

In some countries, a company must at least has 2 board members to be registered. What about the US? What type of companies can be registered with only 1 person in the US? EDIT: My interest is a S-Corp ...
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1answer
49 views

What is the difference between "Filing Date" and "Accepted" date in EDGAR?

In Apple's 2019 Form 10-K filing on EDGAR, I see this: What is the difference between "Filing Date" and "Accepted" date? In some filings, the "Filing Date" and "...
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1answer
108 views

What do MX, NE, DA, F, etc. mean in the stock market? [closed]

I am completely new in the US stock market. I searched for Apple, Microsoft, etc. company stocks but found that there are also some other things like AAPL NE, AAPL MX, etc. What do they mean? I would ...
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1answer
79 views

How are salaries calculated for holidays falling during maternity leave?

My wife has taken maternity leave. She is a salaried, tenured public school teacher, but surprisingly the workplace does not offer maternity leave pay. She had a few weeks of sick leave accumulated, ...
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1answer
65 views

US Political Contributions Disclosure Form

I've been told I have to fill out a form for political contributions by my employer (a financial services firm). I googled it, and came up with Form 8872, but that looks like a form for organizations, ...
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1answer
73 views

Deposit stocks into LLC

Does depositing stocks into a single member LLC incur a capital gain? The stocks will not be sold. I have searched for this but cannot find an answer.
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1answer
122 views

How can increasing the max of SALT deductions from 10kUSD to 72.5kUSD cause an average tax cut of 145kUSD for the top 0.1% earners (>1MUSD) in the US?

I read an article from Fox Business (mirror 1, mirror 2) about the proposed change to the State and Local Tax (SALT) deductions: Under the latest proposal currently being considered by the House ...
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2answers
136 views

How is it possible for an F-1/F-2 visa holder establish a company in the US?

If someone with the F-1(student) or the F-2(Student's dependent) visa is in the US. how can he establish a company in the US? Can he do it standalone(I mean register a company with his own with no ...
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0answers
147 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
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2answers
187 views

How to cash a check made out to myself but without my name on it?

I was the executor of a family member's estate starting starting 7 years ago. The estate was closed on the order of 3-4 years ago, and so the estate bank account has also been closed for that many ...
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1answer
196 views

"High Income Earner" savings / investment options

After 7 years in my profession, I'm finally in a high paying position. I was reminded recently that I needed to be "accumulating wealth", which got me to reading articles. One of the things ...
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3answers
147 views

Where do US public companies announce news?

Where do US public companies announce significant news such as dividends, stock splits, new bond offerings, divestitures, mergers and acquisitions, hiring and resignations of corporate officers, etc.? ...
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0answers
53 views

Ripped $100 bill with strip [duplicate]

If i have a hundred dollar bill with half missing. have the half with the full strip on it can I still get the face value for it? I havent attempted it yet.
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2answers
33 views

How do non-refundable tax credits combine with fully refundable tax credits

I am considering purchasing a solar system for my house. I didn't do it last year, because I projected my income tax liability to be less than $1k after the child tax credit due to the fact that I ...
3
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1answer
74 views

Setting up an HSA

I am trying to set up an HSA (obviously this is in the USA.) I have a small business with a single employee and I am pretty sure my heath insurance plan is considered high deductible (individual/...
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0answers
36 views

Managing Income to Facilitate Taking Tax-free Capital Gains

Regarding Capital Gains Tax in U.S.: I am retired, and my only income is what I think is called "passive", e.g. RMDs, dividends, interest, and realized capital gains. My understanding is ...
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1answer
153 views

What should i get first debt consolidation, house or car first? [closed]

I'm an 31yo above minimum wage worker with a little over $5k in debt from credit cards with various interests, with a credit score of 617, stocks ETFs and REITs with dividends, stable cryptocurrency ...
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1answer
112 views

Does the increased value of my used vehicle equal the increased cost of a new vehicle during the current chip shortage?

I have been researching trading in my current vehicle and purchasing a new or use model. From what I can tell used vehicles across all manufacturers are still up substantially, ~25% YoY on average. ...
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2answers
91 views

Which insurance is primary when you have coverage through two employers?

If someone has health insurance coverage in the U.S. through two separate employers, which is considered primary for the coordination of benefits? How is this determined?
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2answers
221 views

Why have some stocks spiked then crashed, all within 30 days?

I'm referring to stocks that peaked like a mountain than crashed, but that weren't short squeezes. Is this Irrational Exuberance? If you know more examples, just edit this post please. I know little ...
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0answers
25 views

Do non-resident aliens have to pay tax on a gift from foreign source?

I am a non-resident alien (not a US person), temporarily working in the USA. I will be receiving a monetary gift from a foreign entity. The source of the cash does not originate in the US. Do I have ...
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0answers
29 views

Have a HDLC health insurance with a $4000 benefit going into a HSA. Just found out I am not eligible for the HSA. How to rectify

Did not know I was not eligible for HSA as I have had Medicare for several years. The $4000 dollars the company put into the account has been used as my wife had major surgery. There is a $3000 ...
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0answers
45 views

T-accounts for shared rental property

I recently bought a vacation property with two friends that we intend to use part-time and rent part-time. All three of us are on the deed and mortgage. Equity, income and debt are all split equally ...
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4answers
234 views

Would allowing my company to pay me less in order to donate that money to charity lead to net increase in charitable donations?

To give context for this question I first need to explain that I am lucky enough to make very good salary, and also live like I'm on minimum wage, which allows me to donate a pretty decent percentage ...
2
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1answer
33 views

With a Dependent FSA, are expenses incurred in the current calendar year, but before mid year enrollment eligible?

In the United States with a Dependent FSA, are expenses incurred in the current calendar year but before mid-year enrolment eligible? e.g., if I enroll in November for the 2021 calendar year, are ...
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1answer
183 views

Must I pay NYC city tax?

I do not live in New York City I live in central New York and work in central New York. My employer has taken out NYC city taxes. Is this a tax I, not being a resident of NYC or any of the 5 boroughs ...
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3answers
3k views

Is US capital gains tax progressive?

As has been answered on many questions, people pay 0% capital gains if their taxable income is below $40,000, 15% capital gains tax if between $40,000 and $441,450 and 20% if over $441,450. My ...
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0answers
41 views

Backdoor Roth with contributions from previous years?

Say an individual maxed out their IRA contribution for 10 years running, and each year was not able to take a deduction on their IRA contributions because their income was above the limit. Could that ...
4
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2answers
479 views

Post Tax Traditional IRA vs Normal Mutual Funds Account

I am setting up a Traditional IRA account and this will have my post tax contributions. Traditional IRA does not have any income limit but the contribution limit is $6000 (married filling jointly). If ...
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1answer
189 views

How does the IRS define non-compliance?

How does the IRS define non-compliance? If an individual taxpayer makes a typo of $1 on a tax form, does the IRS consider that person to be non-compliant? Is there a scope of actions that the word ...
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0answers
96 views

Can "Family Cottage" LLC contributions be taxed?

I and a handful of relatives inherited a "family cottage" (a recreational cabin in the woods) from my Grandparents, who organized it into an LLC before passing it onto us in the form of ...
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2answers
133 views

What is the advantage of making charitable contributions (CCs) from one's IRA over just writing checks?

From time to time, I see an enthusiastic tip about how neat it is to make one's charitable contributions from one's IRA, in lieu of taking all or a part of one's RMD. I don't see the point. The ...
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1answer
61 views

Do state payroll taxes qualify for SALT deductions?

Some states in the United States such as Washington state disguise income taxes as payroll taxes. Do payroll taxes qualify for State and Local Tax (SALT) deductions?
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1answer
36 views

For IRS form 8938, how is interest in specified foreign financial assets determined?

The instructions for IRS form 8938 for 2020 state the following, and only the following, under the heading "Interests in Specified Foreign Financial Assets": You have an interest in a ...
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5answers
11k views

Can I create an LLC to put my assets into it in case I am personally sued

This is kind of the reverse of what typically people do. Typically an LLC is created to protect the owner's assets if the LLC is sued. I'm looking at it in the reverse order. If I put my money into ...
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1answer
54 views

Can I withdraw my contributions from a Roth IRA early without penalty even if they were rolled over from a Roth401k?

I understand that both Roth 401k and Roth IRA accounts allow withdrawing contributions prior to age 59/12 without penalties. But today I heard someone say that I should NOT roll over my Roth 401k to a ...
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1answer
62 views

Sending money to father in India to buy home

I am an NRI living in USA. If I send money (<$15000) in a year to my father in India as a gift to buy home in India under his name, will there be any tax implications in India for him or in USA for ...
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2answers
260 views

Is there a renter vandalism insurance

I'm renting out my house soon, it there some kind of insurance I can buy to protect me from renter vandalism? I'm living in the Northeast coasts of the US.
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1answer
51 views

When 401K gets rolled over to a rollover IRA OR Traditional IRA gets rolled over to Roth IRA, do the stock units get preserved?

Consider a traditional 401K getting rolled over to a rollover IRA. When such a rollover happens, do the stocks and mutual funds get sold and the total sum gets transferred as cash into the new account ...
4
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1answer
119 views

Is it possible to to rollover 401K into an IRA account multiple times with different employers?

Say I am employed with company 'A' with whom I have a 401K account. Now, while switching jobs, I decide not to carry forward this 401K to the next employer but instead rollover this 401K I had with ...
3
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2answers
509 views

What Income is the Roth IRA Income Limit Based On

Background: Last year I was making well under the Roth IRA income limit, but after some raises and bonuses this year, I'm starting to toe the line with the income limit. I've done some research and ...
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1answer
80 views

Is it allowed to change one's qualifying long-term-care insurance after opting out from the long-term care payroll tax in Washington?

After opting out from the long-term care payroll tax in Washington by purchasing a qualifying long-term-care insurance, one has to keep a qualifying long-term-care insurance, other one may get in ...
4
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1answer
33 views

Does Contributions To A Simple 401K Plan Count Toward The Yearly "Normal" 401K Contribution Limit?

I work two jobs and have a "normal" 401K plan from one of the two jobs. The contribution ceiling for a "normal" 401K plan in 2021 is $19,500. I know that contributing to a SEP ...
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6answers
231 views

Downsides to a mortgage recast?

Once I've made enough payments toward the principal, the bank allows me to recast my mortgage. Say originally, I have to pay $2000 per month and this will allow me to pay off my loan earlier, at Nov. ...
0
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1answer
136 views

Is a delayed investment a valid agreement among family?

Our family is currently in a bit of dispute over the future of my mother's home (she is still living). I apologize if my explanation here is more complicated than it needs to be; I have simplified the ...
2
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2answers
105 views

Closing on a property: working out the numbers in advance

I'm preparing to close on a house next week, and I'm trying to work out in advance the exact numbers, mostly so I am prepared in advance but also so I know how much I will be wiring from my bank ...