Questions tagged [united-states]

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

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4
votes
2answers
456 views

Buying and selling the same stock. How is gain for taxes calculated?

Asking from US tax perspective, I have a stock that I bought for $1. I sell it at some point for $2. Within a week or two after, the same stock falls to $1.3. At this point, I buy one stock again. ...
2
votes
1answer
124 views

Which US banks support 3DS? [closed]

Please name one US bank that supports 3DS transactions. 3DS = Three Domain Secure. It's a system originally developed by Arcot Systems (now CA Technologies) and first deployed by Visa as part of ...
0
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4answers
201 views

Downsides to mortgage refinancing?

We have been in our current house for about 2.5 years and have a 30 year mortgage at 3.875%. We could refinance to a 30 year at 3.375%. Our mortgage amount is about 500k. Refinancing adds about 12k ...
1
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0answers
67 views

How is the Swedish income tax when compared to that of the US?

Calculating the income tax does not seem easy like solving a single formula. I tried to use online calculators, but the results widely varied by sites, so it may be more accurate to ask someone who ...
1
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0answers
26 views

due date for tax filling when recently moved abroad

I was US resident alien for the three past years (no Green card; had an H1B visa), i.e. 2017, 2018 and 2019. In December 2019 I moved permanently back to my native country. We 're now (February 2020) ...
0
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3answers
152 views

ATM cash deposit verification

When I deposit cash with a bank employee, they look at it and I have never heard of the amount later getting changed due to mistake or counterfeits. If I deposit cash with an ATM which reads the ...
1
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0answers
45 views

Settlement Period for options pre 1993

I was reading Settlement Period and wondering what was the settlement duration for options pre 1993. For equity/etf, it seems it was five days. So for options, was it four days ? , any verifiable ...
1
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1answer
75 views

Owing NYC local income taxes?

I was completing my 2019 taxes when I found out that my employer(for the new job that I started in 2019) has not withheld any local NYC income tax(“Local income tax”[box 19] on w2 is empty but they ...
5
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2answers
566 views

Will a mortgage lender ever lower a locked rate?

I'm in the process of looking into refinancing my home. Let's say I talk to lender A and lock a rate of 3%. Two days later, rates fall. If I hadn't locked, then lender A would currently offer me 2....
0
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1answer
67 views

When is the last time/date I can sell an option contract?

I am long on a few put options that expire this Friday. They are currently in the money (ie the stock price is below my strike price... *knock on wood**). I am utilizing Robinhood as the brokerage ...
0
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2answers
77 views

Claiming dependent - put 1 or 500 in step 3

In Federal tax form W4, I am trying to figure out what to put in the following section so that my w4 is correct. I changed my status from single to married since I got married recently at the ...
1
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3answers
214 views

Should I use Backdoor Roth

I recently got a new job that doesn't have a 401k. I rolled my previous 401k of $30k into a traditional IRA. I plan on contributing $12,000 to retirement this year but I know I can only contribute $...
1
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0answers
29 views

Handling the Income from an Income-Only Medicaid Asset Protection Trust

My family has created an Income-Only Medicaid Asset Protection Trust for my mother. I have some questions about how the interest (income) part of this works logistically. I am the Trustee, and have ...
1
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1answer
105 views

How are shares of private corporations valued for the purpose of income tax?

If somebody gives me stock in a private corporation, how is that gift valued for the purposes of income tax? Assume the stock is unlisted and has no publicly tradable value. I know that all stocks ...
2
votes
0answers
26 views

FBAR/Form 8938 implications for US heir/beneficiaries of foreign estates

This is a somewhat technical question and I'm hoping someone here has actual experience in handling this; it should be a quite common situation in the US, but I couldn't find any direct information: ...
1
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2answers
202 views

strategies to reduce the impact of large, long-term capital gains?

I once had a boss who, even though he was not working in Florida, would frequently fly to Florida for just the weekend or stay for extended periods at his residence there in order to be able to claim ...
21
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5answers
4k views

History of marginal-rate taxation in the US

I recently came across an article that made me think about marginal tax rates in the US. Specifically, in the fourth paragraph there is the statement: He once asked me to explain to her that if she ...
1
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1answer
50 views

Withholding taxes when removing an excess contribution?

I am attempting to remove an excess contribution made to my 2019 Roth IRA account before 2020 tax deadline. While removing the contribution, Vanguard asks for whether federal and state taxes should ...
15
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2answers
5k views

Do “normal” shares in large companies pay equity, as well as profit?

If I buy shares in a big company like Intel or Microsoft I (can) receive a dividend. So these shares (can) pay "profit". However, if the company is bought, do i also receive a split of the "equity"/...
2
votes
1answer
117 views

Where should I send my federal tax return if there is no payment attached but I'm not owed money?

I wound up owing a small amount of money on my federal tax return this year. Rather than attaching a payment, I decided to pay online immediately. But now I'm a bit confused about where to send my ...
2
votes
1answer
146 views

Would a stop sell order execute if the stock suddenly dropped and recovered?

A few weeks ago I bought some Tesla shares at $908. I held them until Feb. 19 when the price went to $930, putting in a stop-limit order to sell at $915, but not below $900. Shortly after, the stock ...
1
vote
1answer
55 views

Dependent removed from Health Insurance Coverage

My newborn has been removed from Health insurance coverage after failing to upload documents to verify the qualifying life status event. There were 2 documents uploaded, one which successfully ...
-3
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1answer
125 views

Can a surge in buying due to a recent drop artificially raise the price without actually fixing the underlying problem?

Assume you were omniscient and knew the primary reason for a dip in the market. Is the following mechanism for a temporary rise, post dip, feasible? Reason X causes a dip. Investors, not fully aware ...
2
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0answers
35 views

Social Security Spousal Benefit while Spouse is Working

For US Social Security, a person of Full Retirement Age (FRA) can claim spousal benefits to receive 50% of the FRA benefits of their spouse. Suppose person A is of FRA and has no income. Person B (...
1
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1answer
71 views

LLC Holding Company Advantages

I own several rental properties with a friend. A tax advisor recommended using the following strategy: One company for me, call it "Person A LLC" and one for my partner, "Person B LLC". Then one ...
0
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0answers
21 views

What could cause options premiums and futures market to point in opposite speculative directions?

Its 8am EST here in the US. At around 530am the premium per share for a put option of SPY expiring on 2/28 was $0.13. Between 645 and 730 the premium rose to $0.22. This would suggest that a fall in ...
0
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2answers
113 views

Which debts to target to maximize credit score change

I have a variety of debts, and I have a strategy to pay them off. It starts with getting my credit score up another 40-80 points or so to reach the threshold where I can do a cash-out refi on the ...
2
votes
1answer
49 views

If my HSA contributions are already deducted on W2, should I still deduct it from Schedule 1, Line 12?

All of my HSA contributions were made through salary reductions last year, so they already show up on my W2 as such. Thus, if I claim HSA contributions on Line 12 of Schedule 1, it seems like I am ...
32
votes
3answers
15k views

Made a down payment for a vehicle in cash for $10,000 and a Form 8300 was sent to IRS

What does the IRS do with forms 8300 they receive? I have never bought in cash, but made a car down payment for $10,000. A notice was sent to me that said a Form 8300 was filed with The IRS. Do they ...
2
votes
1answer
64 views

Why do some employers in the United States ask employees to accept the grant when granting them Restricted Stock Units (RSUs)?

Why do some employers in the United States ask employees to accept the grant when granting them Restricted Stock Units (RSUs)? For example, accepting the grant could be done by clicking on some "...
3
votes
1answer
79 views

How to correct periodic excess Roth IRA contributions, with Direct Rollover within the same timeframe?

In 2019, I accidentally contributed to my Roth IRA, despite my income being over the limit. I made periodic contributions of $200 every month, totaling $2400, which I plan to remove before the April ...
0
votes
1answer
33 views

How to declare Cash Liquidation Distribution considering the Cost Basis?

I've been accumulating RSU and Compensation via stock (against my better judgment, but that's another topic) Now the company liquidated. e-trade documentation for 1099-div shows that i received money ...
2
votes
1answer
133 views

How to avoid paying tax on starting bonus that was used to reimburse a bonus from a prior employer?

My prior employer paid me a retention bonus in 2018. I left that company a year later, causing me to have to repay half of the bonus. My new company added an equivalent amount to my starting bonus. I ...
0
votes
1answer
45 views

business expenses for previous year

It's my understanding that, right now (Feb 21) at least, I can put money into an IRA and have it count towards my 2019 taxes (if I haven't filed yet) instead of my 2020 taxes. Can I do the same for ...
1
vote
1answer
117 views

401k's from the employers side

Let's say you, as an employee, have $5,000 in 0% vested funds in a 401k. You don't get the money when you leave but what does happen to that money? Does that money get redistributed out to other 401k ...
5
votes
2answers
704 views

Sale of a rental property, looking to buy a new house that the seller can't move out of right away

I recently sold my rental property (owned for 5yrs, rented out for the last 3.5yrs) and netted $50k. I am currently under contract to purchase a new house for $55k down that I plan on living in. The ...
1
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0answers
41 views

Dual citizen (US/French) always lived in France and extraterritorial taxes

Me, a dutch national living in France since 2005 and my girlfriend, a US and French national are planning to get PACSed (contract of civil union?/married without the religion part ?). My girlfriend ...
1
vote
1answer
37 views

Do I need to pay capital gains on real estate purchased in india from funds provided by my father?

My dad purchased a flat for me in 2006 when I was an NRI, resident country USA. The money came from his bank account in India. The title of the flat was always in my name. I would like to sell the ...
5
votes
1answer
670 views

In accordance with IRS regulations filing of an FBAR is required in my case

I have approximately $26,600.00 in a foreign bank account...this account is used for daily living expenses. I am wondering when reporting this on IRS Form 8938 if I will have to pay US Taxes on this ...
0
votes
0answers
28 views

What would happen if Treasury Yields fell below the effective funds rate?

As far as I understand there should not really be an impact because financial instituitons will still be borrowing at the effective federal funds rate. But would there be any other side effects if ...
1
vote
0answers
52 views

Why is NYS supplemental rate so high?

For 2019 the NYS suplemental withholding rate was 9.62%. However the maximum tax bracket in NYS is 8.82% for 2019. This means that even for the highest earners the withholding will be too much and ...
1
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0answers
55 views

Does the IRS require you to first use K1 losses to offset income before taking a standard deduction?

Suppose the following example: +$10,000 wages -$15,000 nonpassive K1 losses from an S-corp -$12,000 standard deduction If the IRS forces me to use the K1 losses to offset wages first, before the ...
1
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3answers
107 views

Is bill pay from brokerage to Credit card account possible?

What are the regulatory limitations [in Wisconsin, US] that prohibits one from paying one's Credit card bills directly from one's brokerage account?
1
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1answer
61 views

How to solve an IRA fiasco involving excess contributions and incomplete Roth conversion?

I have (what appears to be) a rather challenging situation involving failed backdoor Roth IRA contributions. At a high level, there were excess contributions for the previous tax year, and last year ...
1
vote
1answer
59 views

Must my college send a 1098-T form for the financial aid checks they have sent me? Because, I haven't received anything at all

I did the basics to make sure that I'm not missing anything Check more than 3 times on my main college online account. No 1098-t forms. Check email more than 3 times. No 1098-t forms check mail more ...
1
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1answer
88 views

Rental home office expense

Employee at one of our locations wants to move to a different state for 2 years and has rented a home which includes a home office, which he will work remotely from. Employer has agreed to pay the ...
1
vote
0answers
94 views

Does a small Bonus for an unpaid internship need to be reported or taxed?

I did an unpaid internship in fall 2019, at the end I was given an amount below $500 as a small bonus for my work their. It came from a personal account of my boss, so my question if that money needs ...
2
votes
2answers
134 views

Can I (a UK national) buy shares in an American firm?

So quite simple, as the title states: as a UK national, can I buy shares in a US based company? A little more than this however, is do I have to sign up to a US brokerage firm, or can I do this from ...
2
votes
1answer
78 views

Does removing excess Roth IRA contribution reduce amount contributed?

The title of this question might not make sense, so let me explain. The "excess" contribution here refers to the full 6000 (filing as single) amount in the situation in which the person is not ...
1
vote
1answer
79 views

Excess Roth IRA Contributions calculation?

Due to my income in 2019, I exceeded the Roth IRA contribution limits. Now I am trying to figure out how much to withdraw and how to report it. I have an account with Vanguard. So I have the ...