Questions tagged [united-states]

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

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18 views

Subtrust's 1099-R recipient's TIN doesn't match subtrust's 1041 EIN

1099-R for beneficiary SJ SUBTRUST OF MBJ TRUST shows recipient's TIN as SJ's social security #, because when we designated that beneficiary of MBJ's Vanguard annuity, that was the only TIN we could ...
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1answer
29 views

Overpayment at time of 401k withdrawal, during 2020

If, during 2020, one did an early withdrawal funds from a 401(k) and/or IRA, and one elected for extra withholding (above its final tax rate), when would that get returned? Is it handled with the tax ...
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36 views

What does a negative plan discount mean on a medical insurance claim in the United States?

I saw the following medical insurance (Aetna) claim in the United States: What does the negative plan discount mean?
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1answer
57 views

Taxes: Selling covered calls at a loss

Let's say I own 100 shares of X with a holding period of >1 year and I have 1 covered call option written against those shares. On the day of expiry, it's looking like the stock is up much higher ...
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23 views

Can Mylan stockholder claim capital loss on Ciatris merger? [duplicate]

What is the consequence to Mylan stock holders. Can they claim a capital loss? When does their starting date begin? They seem to have different rules than Pfizer stockholders in some instances.
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1answer
42 views

How to find information on bond buyers?

To better assess my bond investments, I want to see what institutions are buying US treasuries in the auctions over the last three months. Just want to see if there is any change in the composition of ...
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1answer
76 views

How much do US banks rely on deposits from retail customers to operate? (checking, savings, CD's, etc) [closed]

How much do US banks rely on deposits from retail customers to operate? Deposits such as checking accounts, savings accounts, certificates of deposit, etc. Let's say overtime this number trends to ...
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48 views

Money transfer to Turkey

My partner from the USA has sent me money (a few million dollars) to Turkey, the transfer is now exactly 14 days ago, have received until now still no money receipt, the money should be on the ...
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0answers
73 views

For 2021, What is the most Tax-Advantageous Way to Make a Charitable Donation that is Larger than my AGI?

I may be making a charitable donation this year (2021) to my school; it will be about 1.5 times my AGI. What is the most tax-advantageous way to make this donation? If I make the donation in stock ...
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11 views

In what case(s) is the end of the offering period (when one purchases the shares) considered the grant date?

I read on https://fairmark.com/compensation-stock-options/employee-stock-purchase-plans/dispositions-of-espp-stock/ in the context of employee stock purchase plans (ESPP) in the United States: For ...
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1answer
37 views

Accrued Interest on Corporate Bonds

A hypothetical investor buy a corporate bond on Dec 5, 2020 and pays $1000 dollars of accrued interest. The bond then pays him $1500 dollars of interest on March 1, 2021. I claim that $1000 dollars of ...
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1answer
33 views

Expense of precious metal ETFs and tax implications

I am trying to understand how precious metal ETFs actually collect their fees. I know that for a stock ETF, expenses are collected by charging the shareholder's brokerage account a cash amount on a ...
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1answer
170 views

Parents did not receive 3rd stimulus wait or?

My parents got the first and second stimulus. Most americans got the third one today. For some reason my parents did not get the third one today. When I check the Get My Payment status site it says ...
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1answer
51 views

Bermuda missing from S&P's list of Withholding Tax Rates - what's the rate?

S&P Dow Jones publishes a list of Witholding Tax Rates by country here. For some reason, Bermuda is not on this list. What is the rate for Bermuda?
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2answers
1k views

Stimulus 2021 double payed for dependent that's no longer dependent

I haven't filed 2020 taxes yet. On my last return (2019) my adult daughter was on my return as a dependent. When I file 2020, I will not put her on my return as a dependent, because she finished ...
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6answers
5k views

Is a Roth IRA good for a high schooler?

I am a high-school Senior who will not earn enough income working this summer to have to pay income taxes. I have a full ride to college, so I was thinking of using my earnings/savings for retirement. ...
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25 views

Federal NOLD vs Florida NOLD

I'm considering opening a corporation within the State of Florida. Although, I'm trying to understand the Corporate Short Form Income Tax Return. Florida Short Form F1120-A Line 1 (total income) Line ...
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1answer
177 views

3rd stimulus check when 2020 dependents differ from 2019

The third round of stimulus checks are said to be in the process of being prepared to be sent out to many Americans, with March 17 being said to be the date that many people are supposed to receive ...
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1answer
53 views

How do Federal and State Capital gains tax offset one another or stack?

I want to know how capital gains taxation works to understand better about taxes. To make it very simple lets say that Federal capital gains tax rate is 20% and state capital gains tax rate is 10%. ...
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2answers
1k views

Can I reimburse medical expenses using funds added to HSA in a later year?

I have a question about whether I can use HSA to reimburse the following kind of qualified medical expense - Year 1 - I add $3000 to my HSA account Year 1 - My qualified medical expense is $4000 Year ...
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2answers
47 views

If I show a total loss for the year, will I be impacted by wash rule disallowed losses?

I tried day trading after losing my job. With a $25k initial investment, I traded heavily for a few months using margin. I was up about $5k and then took a huge hit on some options when the market ...
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1answer
66 views

How do I go about seeking capital/investment to develop/build a sustainable farm

I have been dreaming of building/developing a sustainable and regenerative farm (say in Arizona, New Mexico, Nevada or Colorado). I live in California. If I buy a piece of land that has 2 or more of ...
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1answer
84 views

how can capital losses carryover used be more than $3000? (in US income taxes)

This is regarding short-term capital gains (actually losses) carried over from past years. I have a capital loss carryover of about $4800 from 2019. I had a gain of about $12k in 2020. I thought the ...
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1answer
118 views

Taxes for deceased parents

Parents passed. Was told I need a CPA for final filing. I gave a $350 retainer. Because my siblings were on the deed to protect the house from nursing home I'm told I need to file a gift return for 3 ...
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1answer
118 views

Tax deduction working from grandparents home

I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
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2answers
453 views

Can I deduct travel expenses even if I received a W-2?

I have a full-time job. I also work as a freelance musician playing for local theaters. One of the theaters I work for is in another city and they gave me a W-2 for the ~$1000 I made in 2020. ...
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0answers
85 views

Am I understanding the math of this futures contract trade correctly?

DISCLAIMER: To be clear, I have zero interest in trading futures. I don't have the knowledge, risk appetite, or capital for that. I'm just asking this to learn. The S&P 500 closed at 3,939.43 on ...
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1answer
24 views

Can I file tax for both F1 and H-1B partially the first year?

Last year I started working at a company as F-1 OPT around Jul, and then I turned into H-1B on Oct. So, I have to file as a non-resident alien. However, somehow the company withhold FICA tax from my ...
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1answer
157 views

Am I in trouble? I am a nonresident and received the stimulus money for COVID 19 from IRS in my tax return

Does anyone know how to proceed and the consequences of it? What will happen with my future and current visa status if they find out? I mean, can they actually track it? I filled 2020 tax return 2 ...
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5answers
9k views

Is this check safe to deposit?

About 5 years ago, I participated in an educational training program. Recently, they sent me an envelope with a check for $300 in the mail. There was no explanation attached. The check looks okay, has ...
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0answers
21 views

Reporting correct Qualified Dividend - if an amount is subtracted

A certain broker, in the tax info guide shows in line 1b it "will not determine if applicable holding periods have been met" So, according to instructions in 2020 1040 "Dividends you ...
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1answer
43 views

TNote 10yr Futures YTM vs market yield?

I understand how to calculate the yield on a 10 yr TNote based on face, price & coupon. I don’t understand why the yield (and price) on a futures contract about to expire is so different than the ...
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17 views

How much to amortize if purchased sometime mid-year for the tax year an intangible asset?

If my SMLLC purchased an intangible asset (say a domain name for $3000) in the middle of the year (say March X, 2021), assuming we use a 15-year straight-line depreciation, can I amortize the entire ...
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1answer
27 views

Any current way to account for changed child tax credit in a W-4?

The recently enacted American Rescue Plan Act (aka third stimulus) changes quite a number of things for the tax code for 2021. Notably for this post, the child tax credit for 2021 is increased to ...
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1answer
95 views

How can crypto exchanges avoid sending a 1099-B?

A friend of mine is looking to trade crptocurrencies and I subsequently warned him that he'll have to keep careful track of all of his transactions throughout the year because he would have a lot of ...
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1answer
39 views

Where to report foreign income on 1040 Individual income tax return form

The 1040 Individual Income tax return form asks in field 1 to report wages/salaries/tips/etc and to attach forms W-2. If one received both income in the US, and some income abroad, and is tax liable ...
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2answers
60 views

Bought a domain before starting a small business (SMLLC), is it considered a startup cost?

I bought a domain ($3,000) right before I started a business SMLLC (single-member LLC). At the time, I thought that the domain can be treated as "start-up" cost so I do not need to ...
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5answers
999 views

What are the bounds of the enforced value of “legal tender”? [closed]

Suppose Bob and Alice are both U.S. citizens and Bob lends Alice 100 euros with 105 euros required to be paid back to Bob in exactly one month. A month later, Alice comes back with X amount of ...
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2answers
90 views

IRS accepted my e-file but the IRS website can't find a record of it

I e-filed my 2020 taxes seven days ago and it was accepted by the IRS. However, when I visit the IRS's "Get Refund Status" website, it cannot find my return. I have never had this occur in ...
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0answers
36 views

Income taxes - Changing state of residence before moving out of the US

I'm an European citizen working for in the US with a 2 year contract; I was and will be a non resident alien for 2020 and 2021, but RA in 2022; I have to contribute to a retirement fund (it's a 401(a),...
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0answers
89 views

Why did I get a 1099-R (and am being taxed) for a whole life policy (for me) that my parents transferred to me?

Last year my parents 'transferred to me' what I think was a whole-life policy. They had been paying small premiums on it for years (I'm 47), said it had some cash value, and were offering to transfer ...
2
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1answer
85 views

Taxes on out-of-state income due to working remotely during pandemic

An employer located in VT (USA) has employees who live in VT and NH. All of these employees were accustomed to commuting, as it is not a job which lends itself easily to remote work. Due ot the ...
2
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1answer
71 views

How does a long trip abroad change US taxes for a citizen or permanent resident?

I'm a green card holder in the US and a citizen of Brazil. I work from home in the US for an American company, with an American contract. I don't report any income in Brazil and don't receive my ...
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2answers
221 views

Why did Turbotax say that I made profit when I actually lost money?

This is the 1099 that I got from my broker. According to them, I lost about $9178 However, when I imported that 1099 file into Turbotax, it said that I actually earned $2562. This is very confusing....
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5answers
3k views

With tax-free earnings, isn't Roth 401(k) almost always better than 401(k) pre-tax for a young person? [duplicate]

I can start withdrawing from my 401(k) in 30 years. I'm currently in one of the the highest federal tax brackets and will likely be in the lowest tax brackets when I start withdrawing. That alone ...
41
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6answers
6k views

How do car leases work? [closed]

I have seen many questions asking about leasing vs buying. I have always bought used cars with cash and have never looked into leasing a vehicle. I have no idea how they work. Can someone explain how ...
2
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1answer
48 views

Stimulus check for resident alien on 2020 tax return

As a F1 student, I was nonresident alien from 2015-2019, then my status changed to resident alien at 2020. But, as you know, this status change happens at August 2020, I didn’t get the stimulus check, ...
2
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2answers
65 views

Is there a tax form that reports deductible contributions to a 529 plan?

All 529 plan contributions are not deductible at the Federal level, therefore the IRS doesn't seem to have a form used to report the contributions. However, several states (like mine, Oklahoma) allow ...
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1answer
4k views

What is the likelihood I get in trouble for forgetting to file cryptocurrency taxes? What should I do?

PayPal had a promotion without fees a long time ago, they also did it December 2020 and I just sold crypto again through paypal. This time they mentioned some sort of tax form, which somehow I was ...
11
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3answers
5k views

Will Humbled Trader sessions be profitable?

I am tempted to buy Humbled Trader "premarket daily trading plan and discussion" subscription of Humbled Trader. Question: How profitable is it likely to be, based on the following facts? ...