Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
1,238
questions with no upvoted or accepted answers
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State tax withholding election
I live in Connecticut but work in New York. My employer wants to know what state I wish to be "taxed in". I understand that CT gives a credit for taxes paid in NY. Which state should I elect to have ...
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4
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0
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290
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Inheriting funds from a U.S. trust where you are not the trustee
I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
- 41
4
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0
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426
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Donating to US versus Canadian charities to maximizing tax benefits
I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size?
My ...
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4
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769
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401k strategy for non-resident Indian planning to return to india
Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
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4
votes
1
answer
289
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CP542 backup withholding notice from IRS
I've just received an utterly bizarre letter from the IRS, excerpted below:
Notice: CP542
Form: 1040 Tax Period Ending: 12-31-1985
Our records show you have reported and paid all tax due on the ...
- 161
4
votes
1
answer
179
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Can an LLC member give his ownership back to the company?
Say that an LLC was founded by four partners. Two have a 40% ownership stake in the company, two have a 10% stake.
The company manages to break even every year. No profit distributions are made.
...
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4
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1
answer
593
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got some money on topcoder, possible tax rate calculation?
I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions.
But I found out that 30% of that money will be withheld as tax.
I didn't ...
- 149
3
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0
answers
82
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Mortgage interest deduction limit: omit house?
We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
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3
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0
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49
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How to handle income tax for weird insurance claim scenario
About 5 years ago, a dependent attended a treatment facility in another state. All of the insurance checks were sent to me and I forward them on, since the facility was out of network. We thought this ...
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3
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0
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105
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Will the IRS seize My refund if my dependant has child support arrears?
My adult son is now disabled and lives with me. His child support is in arrears, but half of his SSDI is garnished for child support. Will the IRS take my refund if I claim him as a dependent?
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3
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97
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Do I have to report my T-Bills on taxes if they haven't yet been matured?
Do I have to report on taxes for 2022 year my 4 week T-bill if I buy them on Dec 6, 2022 (Maturity date Jan 3, 2023)?
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84
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Is it safe to have a Standing Letter of Authorization for your financial advisor?
I have a financial advisor who manages my portfolio. That portfolio is stored in TD Ameritrade, and my advisor currently has the ability to make deductions from my bank account into the portfolio ...
- 31
3
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364
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How to buy I bond for child and spouse?
To purchase I bond I followed the steps below:
Opened TreasuryDirect account using my SSN and other information.
Purchased a I Bond under my registration.
Created a new Primary Owner registration ...
- 171
3
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82
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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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34
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can SEP contribution be made more than one time for same year
Can a small employer make contribution to SEP similar to 401K with each pay check/1099 or at end of the year for previous year. So for example for 2021 contributions, can one give 10% in January 2022, ...
- 1,245
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236
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How does “Velocity Banking” actually work?
I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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3
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185
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Internationally issued Visa Credit Card fraudulently used in the US, possibly because merchant bypassed card security features. What are my options?
My internationally issued credit card was stolen, along with a lot of my personal items in the US. There was also a Apple credit card issued in the US that were stolen, but the fraudulent charges were ...
- 39
3
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216
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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 ...
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3
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62
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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 ...
- 131
3
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85
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How do I find the 401(k) administrator of a long gone company?
I was recently informed by the Social Security Administration that I "may" be entitled to some retirement benefits from a company I worked for in ... 1996. The company (which was publicly ...
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3
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122
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Do I need to keep the product after a successful chargeback?
I am in California. I successfully filed a chargeback after a merchant repeatedly failed to send a return label after agreeing to an RMA. I now have my money back, but also a product taking up space ...
- 132
3
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351
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UK-US stock transfers
I live in the United States and work for a local office of a UK company (traded on the London Stock Exchange). My employer has an ESPP administered by a company called "Equiniti". I wish ...
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3
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128
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Do customer orders have higher priority than market makers' orders in the US OTC stock market?
In the US OTC stock market, do customer orders have higher priority than market makers' orders? For example, a market maker is bidding on stock S at $10 for 100 shares. Assume that this is the highest ...
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136
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How can I know which underlying security an F share represents?
From my understanding, "F shares" are created by US broker-dealers to show quotes of foreign securities in USD (source: FAQ on F Shares - OTC Markets). If I know the symbol of an F share, is ...
- 16.9k
3
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74
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401K withdrawal while leaving the country
I see this question has been asked before but it seems not from this angle.
I'm leaving the country soon and I will not be able to continue contributing to 401K here.
While some may argue that it is ...
- 71
3
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139
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Why is the second lowest cost silver plan (SLCSP) premium reported as $0 when no advance premium tax credit (APTC) was taken?
In the instructions for Form 8962 (Premium Tax Credit), it says:
If no APTC was paid for your coverage, Form 1095-A, Part III, column B, may be wrong or blank or may report your applicable SLCSP ...
- 15.7k
3
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185
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Shutdown my Solo 401(K) plan and form 5310
I recently shutdown my Solo 401(K) plan at E*Trade. I plan to file form 5500EZ. I have distributed the money to a traditional IRA and a Roth IRA. None of the money went into another 401(K) plan.
Do I ...
- 1,540
3
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0
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75
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Capital gains tax in Georgia
I have a property in Atlanta, Georgia that I am about to sell. I used to live in this house for 5 years until I moved out of state last year. Because this was my principal residence for more than 2 of ...
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3
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33
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US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company
US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
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3
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1
answer
1k
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How do I determine whether or not a stock is DTC-eligible?
From my understanding, exchange-listed stocks are all DTC-eligible (DTC meaning Depository Trust Company), so my question is more about the securities that trade over-the-counter.
How can I check ...
- 16.9k
3
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120
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Withdrawing from after tax 401k rollovers to Roth IRA
I have after tax contribution. I have setup Roth in plan conversation. If I rollover that money to a Roth IRA, which I can do since it is after-tax money. Do I have to wait for 5 years to withdraw my ...
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3
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30
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Can a tax treaty be limited by other provisions in the internal revenue code even if the saving clause does not apply?
I am a US resident. In 2019, I had some income from a short employment in Finland. I know I can claim the Foreign Tax Credit, which is equal to the minimum of the taxes I paid to Finland and the taxes ...
- 261
3
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41
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Filing state taxes as a part-year resident, and full-year federal resident
This question is similar to this one, and slightly related to this one, but with some differences.
I have been living in USA for many years, and my spouse is an expat who moved to USA in the middle ...
- 156
3
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46
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How to write off taxes when returning the pre-tax amount of sign on bonus because the company refused to send corrected W2?
I received a sign on bonus which was included on the 2019 W2 from the company. But I quit on May 1st, 2020 and wrote them a check of the total pre-tax amount of the sign on bonus to return the money. ...
- 31
3
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0
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85
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Publication 523 - "residency" on "Gain Exclusions" selling primary residence
Part of the Publication 523 from the IRS guides on Capitol Gains states the following:
"If you were ever away from home, you need to determine whether that time counts towards your residence ...
- 1,541
3
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146
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Does schedule E income such as Airbnb disqualify unemployment benefits?
I am a Bay Area California resident who lost my job due to the pandemic orders, and I also haven't been able to run my airbnb listing for the same reason.
I have been receiving unemployment benefits ...
- 267
3
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0
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92
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Received the US corona virus relief fund check in error, cannot get a hold of IRS to give it back
I lived in the US for about 3 years on a work visa and obtained a SSN (which i actually got from a previous stint there). Once my visa expired I left and am now back in Australia since end of 2018. I ...
- 151
3
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0
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74
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Switching from spousal benefit to my own and then back to spousal
I started collecting SS at 66 (my full retirement age), my wife started collecting SS (spousal benefit) at 66 (her full retirement age).
If my wife switches to her own benefit at 70, and then I pass ...
3
votes
0
answers
53
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Vailidity of Digital signatures on self-prepared 1040 tax form
Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail.
I'm considering ...
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3
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92
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In general, does "the market" prefer or dislike bottom-floor apartments/flats?
I can see both many pros and many cons of living in a bottom-floor apartment, as opposed to one on any other level/floor. I'm undecided myself, actually. However, I'm asking about what the general ...
- 31
3
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190
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H1B Temporary Worker/ 1099 MISC Income
I am a H1B temporary worker in the united states at the moment. Last year, there was a pilot TV series filming in our apartment of residence which resulted in some inconvenience for me as a resident. ...
- 131
3
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63
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What is the process for filing individual income tax for income obtained without a W-2 or 1099?
Scenario
We have a legal adult called Brittany who has obtained income of $4096.00 from a babysitting job last year.
The mother of the children she has been watching has not withheld income taxes, ...
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3
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313
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Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)
So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
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3
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228
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What does the IRS do about trivial tax discrepancies?
I submitted my taxes (e-file) about a week ago via Turbotax - expecting a large refund. I then unexpectedly received a 1099-INT from my bank for $15 of interest received during the year. I did not ...
- 2,055
3
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535
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How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?
The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada.
Are they just considered as a normal account? Therefore, ...
3
votes
0
answers
70
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Using a US state for payroll while not being a resident
I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
- 131
3
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49
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Recapture of portion of Federal subsidy
My state offers a mortgage program which stipulates:
The Internal Revenue Code includes a restriction relating to such
mortgage loans. The Federal government treats homebuyers who purchase
a ...
- 131
3
votes
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answers
100
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Can one take retirement benefits from both Europe and the US?
Person A, a German citizen who currently holds a US green card and lives in the US, worked earlier in their life in three different European countries, contributing to various government-sponsored ...
- 709
3
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44
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How Should a US Expat in Vietnam Optimize Compensation Package to Maximize Net Pay?
I may have the opportunity to work on a project in Vietnam starting in early 2020, and am hoping to get some advice on how I should negotiate my compensation package with regard to taxes. I am a US ...
- 131
3
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72
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Are Fed repo operations done through the discount window?
Recently the Fed performed repo operations to keep the effective Fed funds rate down and close to its target. Is this the usual way banks get loans from the discount window, using treasuries as ...
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