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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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0
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1answer
189 views

Will IRS refund if it double taxes me?

I'm not a US citizen, but was working until recently in the US with a work authorization visa (TN1) For family reasons I had to go back to my country N (where I am a citizen) and I'm currently ...
-1
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4answers
240 views

How can I keep my business income separate from personal

My student loan payment is based on my income. If my income goes up, my payment increases. I am starting a business in addition to my regular income. I was planning on creating an LLC because of the ...
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0answers
54 views

Are campaign contributions to NON government positions tax deductible?

If someone is running for an elected position on a private university board, and you donate to them, is that a tax-deductible contribution? Or does the "no tax deductions for campaigns" refer to non ...
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2answers
88 views

Paying Taxes for One-Time Contract Work

I completed a one-time technical writing project which paid me $250. I don't plan on doing more contract work this year and was wondering how I need to report and pay taxes for this income? Do I need ...
20
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3answers
7k views

How to protect an employee's wages before the company declares bankruptcy? [duplicate]

I work for a company which is behind on my salary. The company might file for bankruptcy: how do I claim my salary before then? This question is different from other postings. We are discussing how ...
2
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1answer
278 views

Clarification on getting paid from a company which filed for Bankruptcy?

I work as an employee for a contracting firm which supplies IT labor resources for their (or) to another contracting firm's clients. As there is a 45 day holding period for the contract firm which i'...
2
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1answer
114 views

What happens to the cost basis when property declines in value between its purchase and the death of its purchaser?

My question is propted by this question on the logic behind the stepped up cost basis for inherited property, but is in no way a duplicate. Suppose that the value of, say, a stock at the time of the ...
4
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2answers
88 views

Does a pro-rata backdoor Roth IRA conversion come from each IRA proportionally or just the one being converted?

Let's say you have $5,000 in a deductible traditional IRA. You want to contribute $5,000 to a backdoor Roth IRA so you open a non-deductible traditional IRA and fund it with $5,000 to convert to a ...
2
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4answers
224 views

What's the official reasoning behind “stepped-up basis” when selling inherited property?

Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
3
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1answer
137 views

How does the IRS know which lawsuit settlements to tax?

A relative received a modest settlement. The judge who worked on the case gave a letter to him, and the letter was careful to specify that the settlement was for a physical injury. The IRS does not ...
2
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1answer
107 views

Selling apartment and about to transfer cash to US (moving there). Should I 'tell' the bank, or the IRS something? Any precautions to take?

I got a intracompany transfer and I'll be living in the US for a couple years so I'm selling my apartment in my home country and planning to move the funds to the US to maybe see if it's convenient to ...
0
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1answer
72 views

Clarification on State Income Tax

I live in the StateA and work in the StateB as a Contract Employee. Every day, I commute to my work. My Employer ( Contract Holding Company ) operates from StateC. My clarification is, Whether my ...
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0answers
55 views

Vehicle insurance alternatives recognized in other states?

When it comes to financial responsibility laws for vehicle liability, my current understanding is that the state where the vehicle is registered in is the deciding factor for legal compliance with ...
0
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2answers
100 views

Taxes on 401k withdrawal

I’m a bit confused why my dad had so much in fees withheld when he pulled some money out of his 401k. He is 67 and his 401k is through ADP. He wanted to withdraw 5k dollars. We did all the paper work ...
19
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6answers
9k views

Pay everything now or gradually?

I have around $45,800 is my bank account and have the following three loans: Loan 1: $6,114 with 6.8% interest rate Loan 2: $14,649.21 with 6.8% interest rate Loan 3: $2,927.25 with 5.750% Should I ...
1
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1answer
132 views

Am I considered to be a day trader if I only trade with settled funds?

I am trying to avoid the pattern day trader rule. I have $20,000 in a cash account, and the money is settled funds. To follow the T+3 rule, I plan to trade only $4,000 a day in order to have enough ...
0
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1answer
66 views

401k rollovers - pros & cons question [duplicate]

I have some 401k money in a former employer plan. It is doing really well, I like their funds and their Financial Engines program. I hesitate to touch it. My new employer has a good plan. The way ...
0
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1answer
60 views

Independent contractor self-insured HSA/ACA compliant plan

Without delving into the political motivations behind my intent at why I would want to pursue such a plan, I'm looking for some information regarding setting up a self-funded health insurance plan. ...
1
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1answer
145 views

Is it normal for cell phone purchases online/via phone to be very difficult?

I am hitting a wall helping my father purchase a cell phone. Together we cannot convince any company to provide service to us. Credit is tip top, and we'd be charging a credit card. Is it normal for ...
2
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1answer
69 views

Income tax on Medicare premium paid by employer

We are a church in Texas. The pastor's contract with the church includes payment for health insurance for him and his family. The pastor's wife turned 65 this year and is now eligible for Medicare. ...
1
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1answer
177 views

How can I insure a driver who doesn’t live with me but is borrowing my car long term?

My cousin is borrowing one of my cars to get to school and work. He’s 17. He lives less than an hour from me, but in another state. He is insured as a driver on his family’s policy, and the car is ...
2
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2answers
296 views

Along the path of buying the first, second, and third house. Should I rent one myself?

If I have 2 houses, and rent out both of them for $4,000 each, then the bank will take into account the rental income of $8,000. But if I live in one and rent out the other, the bank only accounts ...
2
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0answers
54 views

If I accept payment through my spouse's paypal who gets taxed?

I have a few compound questions, some of which may border legal SE. So please feel free to defer areas that you feel are in the other category. I have been spending time learning photography and ...
2
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2answers
236 views

Is there any recommendation of rent / spending / saving ratio?

In the USA, are there popular rent / spending / saving ratio recommendations? Say I earn $150k per year and split it evenly between the three. Which would be $50k for rent or mortgage, $50k for ...
4
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2answers
135 views

Social security credits. Receive 40th credit in February

I’m 70 now and have 35 credits. My son is going to pay me $5500 from his business this month which I will pay into social security and receive 4 credits for 2019, giving me 39. In January of 2020 ...
3
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0answers
63 views

Why a W9 is needed for firstinspires Kids Robotics

Some kids(including mine) are doing LEGO competition and for that they received $500 ( yet to actually receive) from a corporation for their expenses( about $3K) pooled between them. To get this $...
0
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0answers
21 views

offshore vendors expense

I recently opened my single person LLC and just got my first contract to work on. Part of the work will be outsourced to an offshore vendor (type Pvt. Limited similar to LLC in the US). The vendor ...
1
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1answer
182 views

can I get any money back from US after deportation?

I was living in US for 16 years and had a green card and Social Security number. Most of my years there I was working and paying taxes. Got deported after serving 3 year sentence for drug offence. ...
0
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0answers
122 views

What do I need to know to buy land and install a house?

I recently inherited some money and wish to buy a house (my first). I have tentatively concluded that the way to go is to buy a vacant lot (there are always some on Craigslist) and a prefab house. ...
2
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3answers
110 views

Possibly better to pay RMD penalties than to take RMDs?

Could it ever be advantageous for a wealthy retired person over the age of 70-1/2 with significant taxable investment income to intentionally fail to take a Required Minimum Distribution (RMD) from an ...
2
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2answers
185 views

Why 401K contribution as whole % rather than in quarter percent resolution [duplicate]

I asked another question, and there are reasons for employers to keep it in percentage of salary instead of fix dollar amount. But what is harm in making it a fraction of a percent, like permitting ...
2
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1answer
68 views

What taxes are owed by dual US-Portuguese citizens who reside outside of Portugal for most of the year?

Let's say someone is a dual American/Portuguese citizen. They reside in the US approximately 10 months out of the year. They work for an American company located in the US. Would they owe any ...
3
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2answers
186 views

Question about plausibility of an iffy financial transaction in a crime novel

This is a question about a financial transaction in a novel. At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...
1
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0answers
34 views

Is it okay for non-US citizen contractors living outside the US to be paid by US employers into their US bank accounts?

I'm in a unique situation with my US based employer. I'm an Indian citizen and after a year of working in the US, have had to move back to India. My employer would like me to continue working for them ...
10
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2answers
3k views

Dollar cost averaging vs buy low/sell high

It is often said that we should "Buy low, sell high". But we can't know when the market is at its low or high. Another phrase we hear is "dollar cost averaging" Consider: A long term young ...
1
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1answer
61 views

When I write an option, do I have to pay interest on it? And can I invest the proceeds?

I have two closely related questions about what happens when I write a naked option. My understanding of short-selling a stock is that as long as the short position is open, my brokerage will (or ...
15
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5answers
3k views

Why 401k contribution as % of salary vs. fixed amount per pay check?

I am wondering why some companies do not let their employee choose a fix amount per pay check as a 401K contribution. In my all jobs it has been always a % of my salary, so I will chose a percentage ...
2
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0answers
45 views

What are the tax implications of a US account for a non-resident?

I've successfully opened a US checking bank account with Chase with my H1B-visa passport, listing the address of a friend of mine who is a national as my residence address. I've been wondering if ...
2
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0answers
123 views

If you are married, your house's capital gain is tax free for the first $500k. But what if your spouse is not a citizen?

If she is not a citizen or if she doesn't not have a green card yet, does this apply? I think the rule is that she also has to live in the house for 2 years in the past 5 years, so she will need to ...
0
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1answer
63 views

What is the advantage of creating a new basis for a valuable asset during an inheritance?

I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how. ...
1
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1answer
126 views

18 year old building credit

I'm 18 and currently my credit score was 524, only because theres an overdue bill of $500 from when I was a minor in my derogatory marks. I have disputed it through credit karma for Tranunion and it ...
2
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1answer
179 views

Should my wife start working in December or in January

My wife got a job offer and we need to decide if tax-wise it's better for her to start in December 2019 or January 2020. Does her status of being employed or unemployed as of December 31st affect ...
1
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1answer
99 views

Non resident: Do I need to pay any state taxes for 2019?

I lived and worked in US in 2018 and filed both the federal tax and the state tax (CA) in 2019. I left US in 2018 Dec and settled in new country. For 2019, I got married and lived outside US for the ...
1
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2answers
75 views

Currency of asset depend on the exchange traded on?

Does the currency of an asset depends on the exchange? For example, if I have an asset traded on US-Exchange, then the asset is traded in dollar and can never be traded in euro. Or? So I cannot ...
3
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3answers
123 views

will company match on 401K if employee exceed the limit [duplicate]

Suppose an employee has a yearly salary of $100K and his/her company matches "50 percent match up to the first 6 percent", and the employee is contributing at a rate of 40%. The employee will reach ...
31
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4answers
13k views

Why should I invest so much in 401(k)?

I am 24 yrs old and am making $60,000/yr while saving ~41% of that. 28% of which is going to my Roth 401(k) and the rest is going into a TD Ameritrade and a small amount into a Robinhood account (both ...
14
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3answers
6k views

Transferring $ from LLC to Personal account

So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
6
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1answer
2k views

Does the amount owed listed in my account on irs.gov include both federal and state taxes owed?

I don't see any kind of indication of whether the amount owed listed in my account on irs.gov includes both federal and state or just federal. I've received letters in the mail about how I owe state ...
5
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3answers
465 views

Taxes on rent back

I know there are risks to this, but I'm only asking about viability. Let's say I buy a property in the United States and did a one to three year rent back to the previous owners. The sellers would ...
2
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1answer
81 views

Can I take my prequalification letter anywhere in the state?

My family and I are about to apply for a pre-qualification letter with our credit union, but we honestly have not seen any houses in the city we live in that we like. Are we constrained, once we get ...