Questions tagged [united-states]

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

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Does asset custodian matter when determining which capital gains lot you sold? (USA)

Say you bought N shares of some company at broker X on Jan 1, 2021. You bought N more shares of the same company at broker Y on Feb 1, 2021. Then on March 1, 2021, you sell N shares with broker Y. For ...
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1 answer
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How does Turbotax get your W-2 from the previous year without user input?

How does Turbotax get your W-2 from the previous year without user input? Does it use the prior year's W-2 to populate the current tax year's W-2? Also when Turbo tax says you will get a refund next ...
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1 vote
0 answers
30 views

Unvested "RSE" on W-2 Box 14

My spouse's employer has granted him RSUs (which for some reason they call RSE) as part of a long term incentive plan. It is a set amount granted ever year over the past 3 years, but none of it has ...
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1 vote
1 answer
44 views

Capital Gain on sale of shares

I have sold shares held by me in Pakistan. My holding was for more than a year. Do I need report this on my US Form 1040 for 2021 tax year? How do I report it ie where and how on Form 1040?
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0 votes
1 answer
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Depreciating an investment property & tax strategy

This is regarding US Federal taxes (and California state taxes). Last year in February we purchased a second home property (via mortgage) and have made numerous renovations and repairs to it up until ...
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3 votes
0 answers
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Does the SEC require an announcement of hostile takeovers?

Elon Musk bought 9% (or so) of Twitter. Apparently he failed to make some sort of disclosure, which he is being sued for Musk started buying Twitter stock in January and acquired more than 5 percent ...
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2 votes
0 answers
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Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?

I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
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  • 1,669
3 votes
1 answer
202 views

I Savings Bond Rate Question

With the I Savings Bonds rate at 7.12%, I'm thinking about buying some. From my understanding: You have to hold them for at least one year If you cash them out before 5 years, you lose the previous ...
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9 votes
2 answers
999 views

Is it routine for historical stock price data to be revised?

I noticed that the price history of AT&T stock (T) prior to April 11, 2022 is about 25% lower today than it was a week ago. That is to say that when I click on my favorite financial websites and ...
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1 vote
1 answer
36 views

How to correct or amend mistake on form 8829

I have a question regarding how to correct a mistake I made on my 2020 taxes on form 8829 regarding business use of my home. For line 38 for the value of land for my home, I indicated $0 instead of ...
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0 votes
1 answer
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How to attach amended federal tax return to fresh California tax return?

California income tax (paper Form 540) requires attaching a copy of the taxpayer's federal return. If, when filing a given year's California Form 540 for the first time (not amended), the federal ...
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6 votes
4 answers
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How do I get my withholding correct when a significant amount of my income doesn't arrive until late December?

Almost half my taxable income last year arrived in late December, in the form of two things: 1) a large Christmas bonus (company politics mean I haven't had a real raise in a decade, but my bonus has ...
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4 votes
1 answer
2k views

Can I claim a capital loss on property I gifted?

I had some cryptocurrency with an unrealized capital loss that I gave to someone as a gift. My adjusted cost basis just before I made the gift was $4,000. The fair market value (FMV) of the ...
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-1 votes
2 answers
227 views

What will happen to a tiny debt if I ignore it?

I received a medical bill of $150.00 and I made a payment of $149.99 (just as an experiment) so technically I own the clinic $0.01. I am curious what will happen to this tiny debt. It will cost them ...
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1 vote
0 answers
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Should the box 10 of W2 include dependent care contributions made by an employee?

My employer has included both the contributions made by them (employer) and by me (employee) in the box 10. As I was not eligible to get the dependent care contributions deducted, I am paying taxes on ...
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  • 161
0 votes
1 answer
31 views

Application deadline for change in annual accounting year

In the IRS instructions for Form 1128, under When to File, it says: To request a ruling to adopt, change, or retain a tax year, file Form 1128 by the due date (not including extensions) of the ...
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1 vote
0 answers
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How can I undo traditional IRA contribution and contribute to Roth IRA instead? [duplicate]

I made a contribution to my traditional IRA account for 2021. Later I learned from my CPA that since we had already reached the deduction limit of 125k for a couple, we won't be getting any tax break ...
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4 votes
1 answer
183 views

Can I buy whatever I want in an IRA?

I have a Roth IRA and so far I've only contributed to a target fund. If I contribute $500 dollars to the IRA, could I buy whatever I want, such as $500 dollars in Apple stock? If so, when I want to ...
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1 vote
1 answer
40 views

Do I include 2 sets of W2's in mailed State return

I am filing my federal return as Married Joint and two state returns, one as married joint and one as married separate. This is due to one spouse living/working in the second state for part of the ...
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1 vote
0 answers
87 views

Remodeling contractor went broke, didn't deliver services paid for - deductible?

In spring of 2021, I hired a remodeling contractor in Illinois and paid him progress payments totaling about 90% of the contract price. Then he went broke, leaving a mess, which turned out to be less ...
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3 votes
1 answer
154 views

Appraisal came in low, but appraiser was given incorrect price

I just received an appraisal report claiming that the house I'm buying is worth $7,000 under the price that I'm paying. However, the appraisal report shows that the appraiser was given a contract ...
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3 votes
1 answer
125 views

Is the hospital illegally using "balance billing" of primary and secondary health insurance to charge us too much?

My wife and I live in New York City and recently we had a baby and my wife stayed in the hospital for two nights. She has insurance through her employer, which is her primary insurance, and she is ...
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0 votes
1 answer
41 views

Where do I roll over capital losses from a previous year on my tax forms?

I use TurboTax and a couple of years ago I lost money in the stock market. I haven't made any money in the stock market since then but plan to start investing again and wanted to make sure that the ...
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0 votes
2 answers
28 views

Do I need to file an amended US tax return for a missing 1098?

I just filed my 2021 US form 1040 tax return yesterday. Earlier today, I discovered that I'd missed entering a form 1098. I used TurboTax to do the filing, so I opened it up and clicked the "file ...
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2 votes
2 answers
395 views

Capital gains exemption on home sale

I am under the understanding that the capital gains exemption on a primary residence applies to gains only and not the total sale price of the house however I am in the process of signing paperwork ...
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  • 191
9 votes
2 answers
3k views

Married filing jointly, can one of us take the standard deduction while the other itemizes?

My spouse is self-employed and has significant expenses that he can write off, eg home office expenses. For him, itemized deductions makes total sense compared to standard. I'm also working from home (...
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2 votes
1 answer
57 views

Flexible Spending Account to pay medical loan from earlier year?

I'm considering a surgery which would be covered by an FSA account. However I have not contributed anything to my FSA account, and it would take two years of max allowed amount ($2,850) to cover the ...
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  • 141
0 votes
1 answer
45 views

What tax form do I use to file 2021 federal taxes AFTER extension?

Filing paper form 4868 for extension. Still making payment by check. What form do I use to file 2021 federal taxes? I searched instructions and it says put payment I made in Schedule 3, Line 10. Where ...
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  • 285
0 votes
1 answer
47 views

How do I report stock dividends for US nonresident taxes on my income tax return?

Foreigner filing U.S. taxes with form 1040-NR. I own stock of a U.S. company in a foreign brokerage account and had U.S. tax withheld from dividends based on form W-8 BEN. How do I report this income ...
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3 votes
2 answers
1k views

What should one do with excess capital losses?

What should one do with excess capital losses? Suppose I need to sell some stock to fund a down payment on a house, and I have long term gains, short term gains, and long term losses to choose from. ...
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0 votes
0 answers
60 views

can nonresident alien (NRA) stock loss carryover/be calculated as cost basis?

I am a nonresident alien NRA in California. I am an ordinary employee in a tech company, that's my job. I have no business. Aside from my job I trade stock by myself. So if I have capital gain, my tax ...
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2 votes
1 answer
103 views

How to stop loan providers juggling my money during employer repayment?

I've worked for a high-needs public school for many years, and finally received notice the state would be paying off my student loan debt. Last summer, they paid $6k and they will pay the remaining $...
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0 votes
0 answers
82 views

Receiving money on a Wise USD account from a US bank via bill.com for a non-US resident

Some companies use bill.com to pay their contractors. Bill.com website states this: Note: To successfully receive a payment by a Bill.com customer will have to meet the following criteria: Your ...
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-1 votes
2 answers
88 views

Where can I see my interest and dividends earned as well as net capital gain/loss for my Fidelity HSA last year?

As I was a tax resident of California in 2021, I must report the interest and dividends earned as well as net capital gain/loss for my HSA account, which is managed by Fidelity: Where can I see my ...
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2 votes
1 answer
80 views

Age requirements for rolling savings bonds into 529 plans

It's my understanding that one can avoid paying taxes on savings bond interest if the money from the bond is put into a 529 college savings plan. My question is about the apparent requirement that the ...
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0 votes
0 answers
28 views

1031 Exchange versus Accelerated Deprecation on New Property

On the surface a 1031 exchange seems like a no brainer if someone is selling property and buying a qualified property. However, it seems that if I use a 1031 exchange my accelerated depreciation on ...
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1 vote
1 answer
34 views

Where is an REIT's FFO reported?

Investopedia and other websites state that REITs are required to disclose their Funds From Operations (FFO) on their financial statements. I looked at the 10-Ks from two of them (ARI and KKR) and can'...
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1 vote
0 answers
66 views

Selling stocks on a foreign exchange and converting proceeds to USD

Let's say I had 100 shares of ABC on a foreign stock exchange. I sold the shares for a small profit in 2020 and received 1200 ₹. I'm a US resident, so I paid taxes on the gain in the US in 2021. Note ...
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  • 138
4 votes
1 answer
105 views

Home Office Deduction, exclusive use, and access to closet

My house has an "In-Law" suite that I plan to use for an exclusive self-employed home office for tax deduction purposes. It contains a main room, a bathroom, a kitchenette, and a walk-in ...
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3 votes
2 answers
287 views

Is there an ultimate income tax deadline for prior year, requested extension, didn't owe but still need to file?

Let's say that for your 2020 United States federal and Connecticut state income taxes, you: didn't owe any taxes but still needed to file had capital losses that you want to carry forward to future ...
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  • 488
1 vote
0 answers
47 views

Didn't receive tax refund due to incorrect account number

I requested the IRS to send my 2021 refund to two different accounts, in one of them it came through just fine. In the other, I wrote the wrong account # so it never came to me. (it's a vanguard ...
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  • 292
3 votes
1 answer
469 views

What tax is needed to be paid when gifting a daughter a rental

If I wish to gift my daughter a single residence that is rented out for $1000/month and my daughter would get the rent money for about 4 years or so, what taxes would I expect to pay on the transfer ...
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  • 292
4 votes
1 answer
103 views

Home Office Tax Deduction: Use split between WFH and side gig

Question: am I eligible for the Home Office Deduction, and if so, how to ensure I am figuring it correctly given the below? I am a software developer and have been working from home for several years ...
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1 vote
1 answer
53 views

Reporting capital gains as an F-1 student in the US

United States Since I was on an F-1 STEM OPT status in 2021, my brokerage company issued me a 1042-S form. This only shows the dividends and interest, but not the capital gains. How do I calculate my ...
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4 votes
1 answer
170 views

Does California double-tax the portion of incentive stock options which are subject to AMT?

Consider the following scenario: In 2020, Alice vests and exercises ISOs at $1 strike price, $3 FMV. Under California AMT, she generates $2/share of gain. Alice exercises enough shares to owe a ...
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0 votes
1 answer
55 views

How would I calculate the wash sale permanently disallowed?

If I close a put position at a loss in an after-tax account and buy 1 share of the underlying in an IRA within 30 days, how much of the loss is permanently disallowed according to IRS wash sale rules? ...
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2 votes
1 answer
278 views

Can I switch my car lease to prepaid?

My financial circumstances have recently changed, and as a result my cash flow is slightly negative. I have a car lease but I also have enough saved that I could prepay the remaining payments on the ...
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  • 723
2 votes
2 answers
197 views

Problem with debit card getting blocked all the time due to defective "fraud protection"

I make a lot of non-local purchases using my Mastercard debit card. I buy things both out of state and in foreign countries, principally in Europe. I constantly have the problem that my card gets ...
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  • 9,316
1 vote
0 answers
32 views

Asset allocation and IRA [duplicate]

I have to take a required minimum distribution from my IRAs every year. And I pay taxes on it at a marginal rate of 24%. I also have assets in a non-IRA investment account. I do make some charitable ...
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1 vote
1 answer
72 views

Two Trusts and Income Tax

Imagine a person who parents set up an irrevocable trust for him while he was alive. Upon the death of the parents, the parent's will setup another irrevocable trust. After the death of the parents ...
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