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Questions tagged [united-states]

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

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3 votes
2 answers
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IRA in a margin account

I understand that an IRA can't be held in a margin account, or at least margin can't be used. What I didn't know until recently is that the IRS can declare the entire account distributed if it's in a ...
Carey Gregory's user avatar
-1 votes
1 answer
151 views

Wash Sale Rule on a new repurchase and sale of the same stock

A newbie here! I have PayPal stock for over two years and my total return/losses is over -$2000 now. I bought and sold $700 of new stock a few days ago, for tiny profit, and I just found out about the ...
joe w's user avatar
  • 1
1 vote
1 answer
78 views

Estate tax exemption amount question

The Congress passed the Tax Jobs and Cuts Act during Trump's tenure as the president. One of the facets of this law was the doubling of the Estate Tax exemption from around 5 million to 11 million. ...
ronald christenkkson's user avatar
0 votes
2 answers
404 views

Sister bought me out of house. What taxes do I owe?

My mom signed over her house five years ago for a dollar each. It was already paid off. My sister lived in it for the past five years. We agreed to sell it or she would buy me out at the five year ...
Callinbull's user avatar
3 votes
1 answer
180 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar
21 votes
3 answers
8k views

Doctor won't let me self-pay because I've "already presented" them my insurance card?

My doctor's cash price is lower than the insurance price. Since I likely won't hit my deductible this year I asked to switch to self-pay. They told me they are "not allowed" since I have &...
Derek Fulton's user avatar
0 votes
1 answer
334 views

My friend is in prison but he was able to get a stimulus check. How to cash it?

My friend is in prison, however he was able to get a stimulus check from the IRS when they were allowed to. I tried to deposit his check into my account after he signed it, but my bank rejected the ...
Carolee James's user avatar
0 votes
1 answer
91 views

How to calculate depreciation to get to the adjusted cost basis?

I am trying to get to my adjusted cost basis on an apartment. I already looked at this page but it would help if someone could help me with this. Do I need to factor in depreciation, or can I just ...
simpleperson's user avatar
5 votes
1 answer
697 views

is tax basis for inherited stocks & bonds the death date of the decedent or the date the brokerage firm unfreezes his account?

I inherited stocks and bonds from a relative.Normally the cost basis is the date of the decedent's death.The brokerage firm locked the accounts until they received letters of testamentary from the ...
peter's user avatar
  • 51
14 votes
4 answers
9k views

What could account for me owing exactly $6000 in taxes?

In preparing my taxes, my on-line tax software says I owe exactly $6000. My wife and I make a combined income of around $140,000. We work for the same employer. On her W4, we didn't adjust taxes for ...
Village's user avatar
  • 2,813
0 votes
0 answers
67 views

Is there a need to formally register activities performed under an LLC?

I am considering establishing an LLC. The forms that I have seen for North Carolina just have contact information but no actual description of the LLCs activities. Is there a need to describe the ...
pixelearth's user avatar
-1 votes
1 answer
163 views

Can I buy my personal residence with a 1031

So this is not the typical "can I a home with a 1031 to live in". I know those rules. My question is a bit different. I have lived in my primary residence for more than 2 years. I would ...
Cade's user avatar
  • 19
2 votes
1 answer
158 views

Can I use losses to raise my tax basis?

Let us say I made a poor investment and lost 10K. Let us also say that I have not realized any profits in that tax year and don't need to draw on my investments. For the sake of argument let us also ...
kaan_a's user avatar
  • 123
0 votes
0 answers
44 views

Wise cash balance interest program and NY state residents

Why is it that the cash balance program (and consequent FDIC insurance) that Wise offers its customers is not available to residents of New York State? Is there any way around this?
Tim Cowlishaw's user avatar
4 votes
1 answer
749 views

Is this a medical billing spear phishing attempt?

Background info: I recently had a nasal swab sent off during a doctor's appointment, and I've already paid the small Labcorp bill. My medical insurance is not Blue Shield. I got this text message last ...
perigon's user avatar
  • 141
2 votes
1 answer
61 views

I filled out W-9 in 2 different states for online buisness

Can I have W-9 forms one in Texas and one in Puerto Rico at the same time
Jesus Christ is the Word of Go's user avatar
2 votes
1 answer
129 views

If property is a rental, does *only* landlord insurance cover me?

Sort of unsure if this should be in law stack or here... I have seen online that landlord insurance is decidedly different from standard home owners insurance. If my property is a tenant-occupied ...
Runeaway3's user avatar
  • 2,898
6 votes
1 answer
345 views

Can I claim a tax loss for Crypto blockchain shutdown?

Short version is that I bought crypto by way of trading BTC/ETH into the coin of discussion and the blockchain of that coin was shutdown. I can't access the balance in my wallet (and never will). Can ...
Jeremy's user avatar
  • 181
0 votes
2 answers
74 views

MESP Tax forms for years with only contributions

I started two 529 funds for my children in the 2023 calendar year and want to claim the contributions from my Michigan State Income tax. But I was looking on the MESP site and can't find any tax ...
sedavidw's user avatar
  • 249
-4 votes
2 answers
198 views

Unintentionally bought 10kUSD of I bonds with a few cents: how can I correct my mistake and properly purchase 10kUSD of I bonds?

I bought 10kUSD of I bonds via treasurydirect.gov. The bank account I mistakenly used to purchase the bonds only had a few cents. To my surprise, my account on treasurydirect.gov indicates that the I ...
Franck Dernoncourt's user avatar
1 vote
1 answer
97 views

DC Resident but work for company in NJ and NJ State Tax Withheld

I live in Washington DC full time but work remotely for a company in New Jersey. I have NJ State Taxes withheld from my paycheck, not DC. I'm the only one who works in DC fulltime and my employer said ...
S. A.'s user avatar
  • 11
0 votes
2 answers
176 views

W-4 Excess Exemption / Under-Withholding

I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax. When I asked ...
Fernando's user avatar
2 votes
1 answer
358 views

Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?

This is related to an earlier post. Link It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
nuggethead's user avatar
  • 2,081
2 votes
3 answers
712 views

Contributing over the 401(k) limit vs investing in an index fund?

I find myself in a lucky position. I have a stable, high-paying job that allows me to achieve nearly all my financial goals, including: Maxing out the yearly contributions to my 401(k), including ...
Tyrian's user avatar
  • 21
0 votes
2 answers
182 views

Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?

My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify. For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
Mr Monee's user avatar
  • 462
0 votes
1 answer
54 views

SEP IRA eligibility criteria?

I am trying to determine if I can establish and contribute to a SEP IRA. Here are what I think to be the relevant details and questions. I receive a W-2 from my day job employer I have side income ...
pixelearth's user avatar
-1 votes
1 answer
62 views

Which LLC is best if you are going to be hiring freelancers?

I am working to start a publishing company with a partner. I am researching the best LLC type for tax purposes to create - a regular LLC or an LLC taxed as an S-corp. From what I have researched, a ...
Drew_Thunder's user avatar
0 votes
1 answer
179 views

Backdoor Roth IRA and "total basis in traditional IRA for 2022 and earlier years"

Like many of you, I am currently preparing my taxes for 2023. I have a question about Backdoor IRA and a particular line in my 2022 Tax Return. Each year, I have contributed to a Traditional IRA and ...
thoma's user avatar
  • 101
0 votes
1 answer
265 views

Does repayment of personal loan count as income for US tax

I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
Pete W's user avatar
  • 101
0 votes
1 answer
42 views

Is book review service expenses declarable under Schedule E for royalties?

I have books that generate royalties. I am using the QBI since I do for profit and it is what I do. I have included ads as part of expenses but I am also having a book review service where aside from ...
Michael's user avatar
  • 119
0 votes
1 answer
67 views

If you have zero income after a capital loss carryover, is your estimated tax safe harbor for the next year also zero?

For example if you have (assume no other income): 2022 $600K capital loss carried forward 2023 $300K capital gains 2024 $1.5M capital gains Do you have safe harbor to pay 0 estimated tax until Jan ...
rmrmqqq's user avatar
0 votes
2 answers
139 views

What to do after receiving 1099?

I know I need to report that income, but I'll already be doing so after downloading and summarizing my transactions via my bank. Do I need to separately report income from each 1099? Do I need to ...
No Name's user avatar
  • 331
1 vote
1 answer
289 views

Why do people like Mega Backdoor Roth IRAs?

So, according to me: Traditional IRA: Money goes in tax-free Grows tax-free Taxed as ordinary income in retirement Roth IRA: Money goes in after-tax Grows tax-free Tax-free in retirement (These ...
Raj's user avatar
  • 693
9 votes
5 answers
3k views

Are there any "strategies" for Social Security besides the obvious decision as to when to take it?

I am of the age that I am constantly receiving mailings for local and web based retirement seminars, many touting "strategies" for withdrawing Social Security entitlements. This word, (in ...
Michael Hall's user avatar
3 votes
1 answer
228 views

Does PMI removal effect homeowners insurance?

Imagine a homeowner has a loan of $500k. The loan also has a PMI of about 150$. But the home value increases. The homeowner calls the bank to get the PMI removed. The appraised value comes out to 650k....
wander95's user avatar
  • 131
2 votes
1 answer
205 views

Employer has been acquired. Rollover 401(k) before plan changes?

I currently have a 401(k) plan from my employer at Institution A. I also have a rollover IRA at Institution A (with funds from prior employers' plans). My employer has been acquired, and have ...
Theodore's user avatar
  • 121
2 votes
1 answer
101 views

My Mother's Estate, a living revocable turst and Income Tax

My mother died in June 2023. At the time of her death she had a living revocable trust which had several brokerage accounts. The living revocable trust reported its income to the IRS using her Social ...
Bob's user avatar
  • 1,673
1 vote
3 answers
336 views

File as single or married separately?

I’m in the US under an f1 student visa and got married in december of 2023 with a foreign person that lives abroad. I received income in 2023 and will submit my taxes as non resident and I believe my ...
kds9847's user avatar
  • 25
0 votes
3 answers
217 views

Chose resident alien status instead of dual status?

I was hoping someone could bring some clarity on this. Here is my situation: I have been in the US since 2019 and last year I submitted my taxes for 2022 as nonresident because I was under an F1 ...
kds9847's user avatar
  • 25
1 vote
2 answers
222 views

My wife is 26 and I am 30. We want catastrophic health insurance. If she is the policyholder, can we do this?

Please do not reply with "you can't get catastrophic if you're not under 30". I know that. My question is can WE get it as a FAMILY PLAN if my 26-year-old wife is the policyholder.
Derek Fulton's user avatar
2 votes
1 answer
138 views

Filing taxes in USA as non-resident alien, which forms to fill?

I have been working as a postdoc in California since February 1, 2023. My first entry to the USA on a J1 visa was on January 27, 2023. My contract with the university is ending soon, hence, I will be ...
ZE1's user avatar
  • 23
1 vote
1 answer
156 views

Why do charitable donations of ESPP shares need to first be held long term for US tax purposes?

I often see advice like this for tax advantages of charitable donation of shares: If the donated shares were acquired from incentive stock options (ISOs) or an employee stock purchase plan (ESPP), be ...
All The Rage's user avatar
3 votes
1 answer
372 views

Can my spouse use her HSA funds to pay for insurance premiums if she lost her job?

My wife was recently laid off and will be joining my health insurance plan that I have through my employer. She's on a visa, so will not be claiming any unemployment benefits. Since my insurance will ...
mathemagician's user avatar
0 votes
2 answers
69 views

Is it possible to undo Roth 401k contributions, not ROE, but have it returned?

I contributed around 10k to my Roth 401k in 2023, but I need the money due to my personal situation quite immediately (2-4 weeks). Is there any mechanism of undoing my contribution and getting the ...
haku's user avatar
  • 133
0 votes
1 answer
46 views

I was a W2 taxpayer now a new 1099 tax payer with a newly formed LLC with EIN number

I am being paid a 10k salary for driving the business from the company whose product i will be selling, but they are in Overseas. The newly formed LLC is me only at this stage? How can i overcome this ...
Carey James's user avatar
0 votes
1 answer
166 views

Why did the Fed increase the fixed rate of I-bond to 1.3% from 0.4% for the US?

What could be the cause of this increase? Would the trend continue? Why or why not?
HelloDarkWorld's user avatar
1 vote
2 answers
225 views

Unexpected contribution to HSA after joining Medicare

In November 2023 I applied for Medicare Part A (the same month I turned 65) A few months prior to November 2023 I instructed my employer to stop the payroll deductions to my HSA account. Payroll ...
Sprph58's user avatar
  • 11
1 vote
1 answer
761 views

Does my Trust Need to File Taxes?

I am the trustee of a irrevocable trust. This trust doesn't earn any money (I think). It was created to own three houses that would have otherwise been in my mother's name. Her health is not great, ...
chad's user avatar
  • 121
-4 votes
1 answer
150 views

If one ALREADY gifted an apartment abroad to avoid foreign taxes, does one fill out a form 709, or do nothing until it's sold?

Before I attempted to do the following, I asked questions and other questions on this list and built up a fan base of those who are convinced I am out to cheat the IRS. It's already a year into this ...
Mr Monee's user avatar
  • 462
1 vote
1 answer
181 views

Amending IRS return after receiving tax refund interest

I filed my original 2022 tax return last year in February and shortly after received a refund. A month later, I realized I forgot to include my IRA tax-deductible contribution and filed an amendment. ...
Michele's user avatar
  • 35

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