Questions tagged [united-states]

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

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2
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2answers
94 views

Why am I not allowed to take the insurance premium deduction for a marketplace plan?

I just finished my 2019 taxes using TurboTax, and I'm pretty confused about one detail. I am self-employed, and during the portion of the process where I listed my business expenses and deductions, ...
9
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1answer
2k views

What has happened to the W4 form for 2020 - paying a lot LESS federal taxes?

I made a mistake on my 2019 W4 form by claiming way too many dependents (10). I don't know how I ended up with this number but it was seriously wrong since I only have 3 dependents. At the time, ...
0
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0answers
23 views

Re-leveraging an investment property vs 1031 reverse exchange

Is it shady / an issue or typical and accepted to refinance a property to the max just before selling it and performing a 1031 exchange? Is this considered a taxable event (have to pay taxes on the ...
0
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1answer
67 views

How are trading platform fees treated in capital gains taxes?

How should I be thinking about platform trading fees when considering my taxable gains on short-term capital gains? For example: Bought at: $75Sold at: $100Trading fee: $10 Is my taxable income $25 ...
1
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1answer
93 views

How does the “Subdividing Tax Lots” scheme work?

In an article that broke today, a Manhattan developer was charged with "subdividing tax lots" in order to get around zoning laws limiting the height of a skyscraper. What does it mean to subdivide a ...
0
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1answer
25 views

Tax deduct seller financed mortgage interest after sale of property?

I purchased a rental property several years ago from a relative and the seller financed the mortgage. Over the past several years I have claimed the interest deduction on my 1040 and the relative ...
0
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1answer
72 views

Getting Taxed for Income from Job and LLC

I would like to know how a person gets taxed for income from a job and separate income from a LLC that I operate as my own business in the US. For example, if I generate 100k from my job; and if I ...
0
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2answers
80 views

Is there a rule of thumb for percentage of liquid holdings to put on a risky investment?

If I, 24 years old living in the US, believe in a risky investment, say identifying a severely undervalued stock or going long on a put option, is there a rule of thumb for how much I should be ...
1
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2answers
127 views

By what mechanism can I short a commodity without the use of futures of that commodity?

I live in the US and I work for a company that is heavily related to a particular commodity X. As such, when I began working for them, I signed a document stating that I would not purchase stock/ETFs/...
2
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1answer
62 views

Mistake on the W-4 Tax Witholding form affected one pay period. Are there IRS reporting requirements and consequences?

I joined a new company recently and made a mistake while filling out Form W-4 electronically. I chose 'Married Filing Jointly' from the 'Marital Status' dropdown when I should have selected 'Single/...
1
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2answers
89 views

How do I document “cash” disbursements from an HSA?

Fairly simply question here - I had a (HealthEquity) Health Savings Account last year and, due to changing jobs, switched to a traditional plan just before the end of the year. Most of it was fairly ...
3
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1answer
215 views

Can you un-enroll from 401k at any time?

Can you un-enroll from 401k at any time? Or is it like health insurance where you are locked into it until open enrollment periods?
0
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0answers
13 views

DTAA applicable when an Indian owns a C Corporation in US?

I'm an Indian citizen residing in India. I'm getting ownership in a US C Corporation based on my contribution in the product development. There will be no capital investment from me. I'm negotiating ...
1
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1answer
62 views

Can't see Balance in 401k account [closed]

I put about $400 into a 401k account, but the balance still says $0. Likewise, the vested balance is also $0. Why is this?
2
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1answer
48 views

W2 Copy A different then Copy B & 2 & C?

I received my W2 form in the mail from my employer. There is a Red form that apparently is called 'Copy A'. Then there is the standard black and white form with Copy B, Copy 2, and Copy C on it. The ...
0
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0answers
49 views

Reversing an IRA contribution?

I contributed $6,000 to my IRA last year but turns out I made too much money to be able to deduct IRA contributions. I've read that I can reverse an IRA contribution if I withdraw the money before ...
2
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1answer
43 views

I'm seeing an out of network provider for physical therapy

I'm seeing an out of network provider for physical therapy. They told me I pay nothing and once I get checks from my insurance company, I sign them over to them. I received some checks and on the EOB ...
2
votes
1answer
69 views

Is interest “earned” in an HSA even without taking any distributions?

I live in California. During 2019 I contributed to a Health Savings Account; I didn’t take any distributions. I’m reading the 2018 instructions for Schedule CA—the 2019 instructions don’t seem to be ...
0
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1answer
109 views

1099-MISC for dependent

My 16-yo (dependent in my returns) won a science fair competition in May 2019 and received a check for $2000. Last week we received a 1099-MISC with that amount in Box 3. How should I handle filing ...
0
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0answers
43 views

401k benefits meaning: 10% of salary deferral subject to first 0.6% of compensation as elective contribution

From the benefits package of a prospective employer: CompanyX contribution: 10% of salary deferral subject to first 0.6% of compensation as elective contribution What does this mean?
0
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0answers
18 views

tax exemption for a partner when one is working abroad all year long but other one stays in US

I have a green card and a US employer who could pay me abroad since we have offices in the EU and Asia. I have been working from these offices in EU and Asia for the past 6 months and came back a week ...
2
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1answer
41 views

Do I enter only the latest (corrected) 1099?

MY brokerage account sent me the first 1099 about 10 days ago, I entered it into my tax software, but did not file my taxes yet. Last night I received a corrected version. Do I just have to enter the ...
1
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0answers
42 views

Can I expect a prorated reimbursement from an early termination of my auto insurance policy?

If one cancels their insurance policy early during their prepaid coverage period are insurers supposed to credit/reimburse the prorated amount actually utilized of their coverage? I'm looking to ...
2
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2answers
59 views

Is there a combined Social Security wage base limit for married/joint returns?

I know that the wage base limit for 2020 is $137,700, but that is for one person. Is there a different limit for married couples filing jointly (e.g. double the $137,700 = $265,400, or something else)...
-1
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2answers
195 views

Why not sell this set of stocks and purchase at the new price later?

I'm a 28 year old college grad who set up a Roth IRA a year or so ago and I've noticed that my long-term stock positions within it have a combined +$102.28 in potential profit. Every position is long ...
1
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1answer
110 views

Capital gains tax for US NRIs for stocks/MF in India

I am an NRI who is a tax resident of USA. I use TurboTax to file my taxes. Irrespective of the filing software, can someone help me understand my tax liability as well as reporting for MF redemption? ...
0
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1answer
92 views

Is an iOS app sale considered taxable income? [duplicate]

This year I sold an iOS app to a company in Sweden. I was wondering how taxes work 1 with a mobile app sale? 2 how does it being an international transaction affect its taxation? (I’m in the United ...
0
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1answer
198 views

How much should you put in a 401k plan?

I am making ~$145,000 per year and was wondering if it is wise to contribute 12% pre-tax to my 401k? Is this too much? Is there any disadvantage in contributing nothing? I am already well off (come ...
1
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0answers
65 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
0
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4answers
110 views

Claiming More Capital Losses

I saw a Dave R video where a woman said she was advised by an accountant to have brokerage income/gains to "utilize" (the woman's words from her accountant) $316,000 in capital losses. I was under ...
2
votes
1answer
181 views

Why did TurboTax underestimate my California state taxable income?

I just received two bills from the state of the california franchise tax board saying that my state tax for 2015 and 2016 are missing a few thousands plus interest. The reason was that turbotax way ...
34
votes
5answers
7k views

Why don't you need to pay taxes on cash back bonuses?

I have a Discover credit card that pays 1% cash back on and 5% on select categories. My question is: why isn't that cash back "bonus" taxed when stuff like canceled debt (1099-C), interest (1099-INT), ...
0
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1answer
117 views

Check with no void stamp

I have a check that has been used at Wal-Mart, but there's no void stamp. Do I have to worry about my kids trying to cash it again and going though? There's no notification on it that it is void. It ...
1
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1answer
106 views

Sweden: Tax in Sweden on Income from the US

Hej, During 2019, I've worked in Sweden for 9 months and temporarily in the US for < 3 months (during which I requested unpaid leave from my normal Swedish employment). I am aware that I need to ...
1
vote
1answer
75 views

Will I have to repay advance Premium Tax Credit?

I am $21 (400.13%) above the Federal Poverty Line pertaining to qualifying for the Premium Tax Credit (PTC). Will the IRS work with me or will I have pay back the entire advanced payment ($2,310) of ...
0
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1answer
59 views

Tax implication for caregiver when family claims the Child and Dependent Care Expenses

Over the summer, we hired a college student to watch our kids, and we had planned on claiming the Child and Dependent Care Expenses deduction. As we are preparing our taxes, the student is concerned ...
4
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2answers
216 views

Net Worth of Money in IRA vs Roth vs Cash

Consider three people: Person A has $1,000,000 in cash. Person B has $1,000,000 in an IRA or 401(k). Person C has $1,000,000 in a Roth IRA or Roth 401(k). I assume Person A has a higher net worth ...
2
votes
1answer
32 views

EIN Needed When Filing Form 5500-EZ For Solo 401K

I am a sole proprietor and opened a solo 401k with TD Ameritrade at end of 2018 and then funded it before the tax filing deadline in 2019. I understand that Form 5500 (5500-EZ) needs to be filed ...
0
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1answer
55 views

Should I be worried about anything (IRS, taxes, bank problems) if I make transfers between my own accounts in different countries?

I have US bank accounts as a non-US person, and I'm not in the US anymore. So if I transfer money to my US bank accounts, would that be a problem? I created my accounts when I was a student in the US. ...
1
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1answer
140 views

Does cancelling a credit card affect my credit score?

Recently I realized I haven't been using a credit card at all for purchases, and an annual fee would start to bite at my bank account for basically no reason - so I called up the card number to cancel ...
0
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0answers
35 views

What is the tax benefit for homesteading in Minnesota?

When closing on my new home in Minnesota, I was told to submit a homesteading form to claim a tax benefit. Does this help lower my property tax bill or is it related to state income tax? Details are ...
2
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1answer
31 views

Does electing to file a joint return abroad (US citizen with retired alien) eliminate tax due on alien's Soc Sec benefits?

My husband and I are retiring in France. Both of us have US Social Security benefits due us. I am a US citizen, spouse is a non-resident alien. If we elect to file a joint 1040 so that he is treated ...
18
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1answer
8k views

Who does the money go to if “everyone” in a family dies?

I watched this movie yesterday, and there's a scene in it where they execute an entire Mafia family (parents, siblings, cousins, relatives and whatnot). It made me think of this question. If an ...
1
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1answer
80 views

Home Office Deductions for Same Job in Different Locations

Working on my taxes for 2019 and came upon this scenario. I lived at my parents' house for 10 months and my own place for two, but was working at the same job as a contractor in both locations. ...
4
votes
1answer
157 views

Large Difference between Billed Amount and Allowed Amount

I've been researching this but have yet to come up with any resolution that makes sense. I thought I'd try here to see if anyone has any ideas. We were billed for our daughter's room and board and ...
11
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5answers
4k views

The effect of raising the standard deduction

I am preparing for next year's taxes (this year is already in the books). By next year I will have purchased a new home, and so I think I will qualify for itemized deductions. Reading up on it now, ...
4
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1answer
78 views

Where to enter earnings income when correcting excess Roth IRA contributions?

I'm correcting excess contributions to a Roth IRA for TY 2019. I understand that the earnings will be taxed in TY 2019 as well, even though they are being returned to me in 2020. Where do I capture ...
2
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1answer
74 views

Contribute to non-deductible IRA or something else?

I already have a traditional IRA (rollover from former employer's 401(k)) and my current employer doesn't offer a retirement plan, so I'd been funding a Roth IRA up to the maximum allowed each year ...
3
votes
0answers
62 views

Can I claim homeowner tax benefits if the title isn't in my name yet?

My mom died at the end of 2018. Her living trust named me as trustee and indicated her house was to go to me. I failed to transfer the title to my name last year, but I paid the mortgage all year. Can ...
7
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1answer
2k views

What is the typical compounding/amortized period on US mortgage loans

In a different question it is stated that Mortgages are compounded .. 12 times a year in the USA Is this true or just applicable to that question? I am looking at a site where it explains how to ...

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