Questions tagged [united-states]

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

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8
votes
3answers
3k views

Why would a bank refund appear as a debit on my billing statement?

My bank in the US sent me a check accompanied by this letter: We're providing the attached check due to a refund on your account. This amount may appear as a debit on your billing statement. Why ...
2
votes
2answers
128 views

Does Parental Support For Child In College Become Gifts When Child Files Independently?

Suppose the Child in College pays 55% of her Support with her own funds. Then Child cannot be claimed as a dependent on Parents' return. So would the 45% of the her Support paid by Parents, less ...
0
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3answers
169 views

How much is $1K worth if I need to pay $100 in taxes if I liquidate now?

Let's say I have $1000 in an index fund, of which $500 is an unrealized gain (which I need to pay taxes on if I liquidate). For simplicity, let's assume that taxes on gains are 20% and will not change ...
0
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0answers
20 views

How up to date is institutional holdings info on form 13-F?

Definition from Nasdaq website: Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission. Major institutions are defined as firms or ...
1
vote
2answers
185 views

What are the legal and tax implications of crypto lending?

With high interest rates for crypto loans, I'm currently thinking of lending out my cryptocurrency on a crypto lending platform like Celsius Network. However, I'm not too sure about the implications ...
18
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6answers
7k views

Why is the monthly premium of one medical insurance plan over TWENTY times of another?

After many years of school, I recently started work. I learned about the different categories of health insurance: for an HMO I have to contact my PCP, PPO gives more flexibility, and POS is somewhere ...
0
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0answers
31 views

How is the first price of us treasury futures decided?

How is the first price of u.s treasury futures decided? Does it depend on the last price of the previous future contract ?
-1
votes
1answer
102 views

How often does the treasury department issue bonds and at what prices?

How often does the u.s treasury department issue bonds and at what prices? Does it issue bonds throughout the year with the same annual yield regardless of current bond prices in the bond market, as ...
9
votes
1answer
216 views

What do I do after requesting and receiving a debt validation letter for a medical debt I don't recognize?

I received a debt collection call a few months ago from a professional debt collector for a debt I didn't recognize, followed by a written notice. I wrote back that I dispute the debt and requested ...
1
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0answers
16 views

Net Unrealized Appreciation (NUA) on Rollover scenario

Finding this as maybe the closest match, to the scenario, I also find that this and this strongly suggest that NUA rules only apply to Employer stock purchases. In other words, if I work for Acme, ...
0
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2answers
169 views

How can treasury bond ETF increase its value when the FED raises interest rates?

The theory about bonds say that when the interest rates raise, bonds value falls since today's bonds have a higher yield than yesterday's bonds. However, let's take the 2018-2019 period. The FED ...
1
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3answers
68 views

Exercising Adjusted Puts

I am at a loss for what to do about this situation that I "thought" I understood before the Ex-Date happened. I was capitalizing on the 2.25 dividend that SSSS announced. I bought over 200 ...
0
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3answers
209 views

How do I start building a portfolio of mutual funds/ETFs? [closed]

I am looking for information on building a portfolio of mutual funds and/or ETFs that will be more on the stable side. How can I begin this journey ? This is for someone who is over 70 and lives in ...
3
votes
1answer
237 views

No need to pay tax on long term capital gains under 40K?

In the long term capital gains tax brackets, I saw that the tax rate is zero percent for Singles up to 40K. So if I am single, and have capital gains under 40K, then I don't need to pay any taxes on ...
1
vote
2answers
291 views

Is it possible to get food stamp or financial assistance for early retirement

Say if you retire early with 500k in saving but you lose all your income, do you count as low income and can get some sort of financial assistance e.g. food stamps or having that 500k disqualifies you ...
1
vote
1answer
82 views

How does NYC compute the "ESTIMATED MARKET VALUE" of condo apartments

When the city of New York assesses the value of a condo for property tax purposes, the first line is the ESTIMATED MARKET VALUE. This number may or may not determine the property taxes owned (...
3
votes
2answers
163 views

Medical estimates that are inaccurate

My partner and I have recently had a few medical-type procedures (dental, veterinary), at small private practices, that we pay at least partly out-of-pocket. In each case we were given advance ...
2
votes
1answer
93 views

What should my state tax withholdings be? I live in VA and work remotely for a CA company

I work remotely for a company in California, but I'm a Virginia resident 100% of the time. This is my first year working for this company. Last year, I claimed 1 exemption on my VA taxes (myself). For ...
0
votes
2answers
211 views

Is it legal for a college to ask for your 12-month bank transaction history?

I'm trying to pull together my in-state residency petition before my fall bill is due after finding out suddenly that my residency was listed as out-of-state while I was on scholarship. The petition ...
1
vote
2answers
141 views

Automated/Least Painful Backdoor Roth IRA + Nuanced Questions

As quick background, I'm an expat that has been living abroad for the past 8+ years, and have been and continue to be ineligible to contribute to an old Roth 401k that I still possess with my previous ...
3
votes
1answer
68 views

How does capital gains tax work on a year when you move from one state to another?

I recently moved across the country (about 3 months ago) and was wondering if I am able to sell any of my equity without a huge tax penalty. I definitely acquired the stocks long before I moved (more ...
2
votes
1answer
90 views

Are taxes on dividends marginal based on tax bracket like regular income?

For income, the tax rate is marginal (or "staggered"), meaning that the actual (effective) tax rate is not the same as the tax bracket you fall into. In other words, income "fills up&...
-1
votes
3answers
306 views

Why sell stocks when inflation is high?

It doesn’t make much sense to me why the stock market (sometimes, today isn’t really an example) does more poorly when inflation is high. If CPI was high, I would think you’d want your $$$ invested in ...
0
votes
1answer
88 views

Stepping up cost-basis on primary residence

This is the US. As far as I'm aware as a single person you have a $250,000 capital gains exemption if I lived in the house two of the past five years. I'm planning on moving out of my primary ...
2
votes
2answers
90 views

Is the donation of billable or paid time of a contractor or employee tax-deductible?

In California, USA, for federal and state taxes, are services performed by a paid employee or contractor (who receives compensation for that time from the company as regular/overtime wages/salary or ...
2
votes
4answers
138 views

Should I separate a portion of my 401k into an annuity?

Bank financial planner thinks I have too much (dollar wise) in mutual funds in my 401k. I am 12 years from retirement. They suggest taking a portion of that and opening an annuity for some protection ...
3
votes
0answers
61 views

Estate received unexpected IRS refund - bank account is closed

I was administratrix of my late sister's estate. Last November, everything had been finalized, the final check written to her surviving spouse, and I closed the estate bank account. This week I ...
2
votes
1answer
68 views

Rolling Traditional 401k Over then making Roth Contributions

I have a Traditional 401k that I want to rollover into my new 401k which I haven't made any contributions to yet. Can I roll my traditional 401k over to my new 401k, then make Roth contributions to my ...
2
votes
1answer
73 views

Is a layoff a QLE allowing one to elect different health plan offered by employer?

If one is laid off, one is allowed under Cobra to continue group based health insurance thru employer. Does the layoff count as a QLE allowing one to change health coverage if an employer offers ...
2
votes
1answer
59 views

Reimbursement from insurance after FSA reimbursement received

A couple months ago, I had a dental appointment and, since my dentist is not in-network, I had a substantial bill. I submitted this expense to my flex spending account (FSA) for reimbursement, and I ...
2
votes
2answers
70 views

Electing Cobra with HDHP after layoff

I have researched that if a COBRA plan is a HDHP, one can continue to contribute to their HSA. How would one contribute to HSA pre-tax if laid-off? Or Would the HSA contributions be deducted on tax-...
3
votes
1answer
173 views

Why did I receive tax penalty on paid family leave from the California tax board?

I just received a notice from California tax board that says I owe state tax on the deduction I claimed in 2017 for paid family leave. This was filed through turbotax so I assumed it was accurate. I ...
3
votes
0answers
57 views

How will Washington State Long Term Care tax affect workforce joining in the future

Washington state is planning to bring in a new Long Term Care tax that is going to be 0.58% of the total income. To opt out, tax payers need to buy a private policy before 2021/11/01 and then apply to ...
0
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0answers
35 views

How to correct mistake on CA 540 NR?

I recently received a letter saying that I owe the state of California money because I did not submit form 3853. My understanding is that this is the form I should be submitting if I do not have ...
2
votes
2answers
226 views

Can I pay my baby an income to max out a custodial Roth IRA without paying/filing taxes for him?

I made a huge income jump from a career move right after having a baby. I do not want to do any lifestyle creeping and would rather put this money to work with compound interest. I'll already be ...
2
votes
0answers
94 views

Items bought for staff to work remotely, kept by staff [closed]

I volunteer for a small US-registered non-profit (almost all activities are conducted outside the US, but I'm asking about US accounting). We're trying to record some expenses and are unsure what we ...
13
votes
3answers
8k views

If my account only sells crypto, will I get taxed?

Will I get taxed if I do this? Purchase $1000 USDT on Binance Transfer to a crypto exchange outside the U.S., or transfer to a wallet address and use decentralized exchange. Buy bitcoin, earned $1000,...
3
votes
0answers
53 views

Does the distribution of a dynasty trust count as income for purposes of chapter 7 bankruptcy?

Assume a person is one of the beneficiaries of a dynasty trust fund. The dynasty trust is irrevocable and perpetual, set in a US state that allows perpetual trusts. Annual distribution of the trust to ...
1
vote
1answer
112 views

Calculating Earnings per Share for Berkshire Hathaway

I am looking at page 5 of the following earnings release: Form 10-Q (Q2 2021) I want to calculate the earnings per B-Share. I do this with the following calculations: 28094e6 / ( 1519576*1500 + ...
8
votes
1answer
685 views

For mutual funds, can you pay capital gains taxes even if you sustain a loss (as this article implies?)

https://www.businessinsider.com/uit-unit-investment-trust says: UITs come with much lower expense ratios and also come with favorable tax terms. Because of the way capital gains taxes are structured, ...
0
votes
0answers
16 views

CA Tax return change - missing 3853

I am a non resident for the entire year in the US for the year 2020. I however do have some residual income coming in from shares vested on me previously when I was working in the US. So I continue to ...
2
votes
3answers
239 views

How much more do cars cost because of Covid?

I'm wanting to buy a car in the next few years. Covid caused used car prices to jump, and new car prices followed along. Prices have started to come back down, but my understanding is that they're ...
15
votes
7answers
4k views

Is there any reason not to immediately use cash back balance to pay credit card?

If one of my credit cards accrues cash back that is redeemable towards statement balances, is there any reason not to immediately use this cash back each time I go to pay the card? Is there a benefit ...
0
votes
3answers
201 views

If I buy a property that has a home on it and subdivide the land and sell off the home for less than I bought it for, is that a capital loss?

I want to buy a home that sits on 1 acre for $1m (in the USA). I want to subdivide the land into two pieces and keep the new 0.5 acre parcel to build a home on for me. I have no interest in keeping ...
0
votes
0answers
21 views

Can the time to file an 83b start before a business entity is created?

I have an interesting twist the question of when the countdown to the 83b filing deadline starts. https://law.stackexchange.com/questions/41013/what-is-the-83b-election-postmark-filing-deadline ...
0
votes
2answers
137 views

Can I use my brokerage accounts and trading as my job evidence?

I live in the US and have some brokerage accounts and I have income from trading online. I also don't have another job. Can I use my income and trading history when I want to apply for a loan or ...
0
votes
1answer
126 views

What should I take into account when deciding whether I should sell my car?

I purchased a 2016 Acura TLX in 2017 for ~$28,000 (2k down, 26 financed at 4.45%). I now owe ~$4,600 on the car. The car has a few damages to it (dented hood tip, cracked windshield, cracked taillight,...
0
votes
0answers
32 views

Starting/acquiring a business to minimize RMDs

Suppose an individual is 72 years of age and would like to minimize RMDs from a traditional 401k plan. They are willing to continue working in order to qualify for the still-working exception, as ...
1
vote
0answers
39 views

What stops the depositary banks of American Depositary Receipts (ADR) from charging the maximum possible fees?

Depositary banks of ADRs periodically charge depositary fees (custodial fees) to the owners of the ADRs by subtracting from ADR dividends. The maximum fees that the depositary bank is allowed to ...
0
votes
1answer
66 views

As a Non-US freelancer, do I need to pay tax in the USA for money earned outside USA?

I'm a Bangladeshi citizen, will go to USA for my PhD few days later on a student VISA (F1). I have <1000 USD in my account of a freelancing site that I plan on withdrawing after going to USA. The ...

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