Questions tagged [united-states]

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

873 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
3
votes
0answers
64 views

Can I take a Tuition and Fees Deduction when receiving third party assistance?

My wife and I took the Tuition and Fees Deduction in 2015 after receiving a 1098-T from her accredited University that had box 2 (Amounts billed for qualified tuition and related expenses) as $5603.80....
3
votes
0answers
61 views

Declaring income made in a foreign country

I was in the US from 2010 - July, 2016. In July I moved back to my home country (India) and have been working here ever since. I still count as a resident alien for 2016 in the US for tax purposes (...
3
votes
1answer
424 views

401k Excess Contribution Refund - Notification

If my employer is required to return excess 401k pretax contributions due to not meeting the discrimination test, are they required to notify me BEFORE making the refund or selling funds/stock in my ...
3
votes
0answers
181 views

Moving from Canada to the U.S.: Where will I be considered resident for tax purposes?

In 2018 in the summer, I'm planning to move from Canada to the U.S. I'm a citizen of Ukraine. I would spend more than 183 days in Canada in 2018 and have an employer, but by the end of the year I ...
3
votes
0answers
82 views

Classification of rental property closing costs?

I understand rental property closing costs fall into 3 buckets: added to cost basis of property for purposes of calculating depreciation (title costs, transfer and government fees, inspections, etc) ...
3
votes
0answers
2k views

Where on 1040 do I indicate withholding adjustments in a community property state (form 8958)?

My wife received a notice from the IRS indicating they contest the amount specified on line 64 ("Federal income tax withheld from Forms W-2 and 1099") of her 1040. I'm trying to determine if we need ...
3
votes
0answers
62 views

FHA Loan for legal alien

I'm trying to get approved for a FHA loan and I'm 95% there, was supposed to close in 2 days but we made an extension since we're experiencing some complications. My family and I applied for ...
3
votes
0answers
358 views

If I plan to retire in Puerto Rico, should I move my 401k anywhere?

I plan to retire to Puerto Rico. Should I rollover my 401k directly to an IRA in Puerto Rico or should I keep it in the US?
3
votes
0answers
100 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
3
votes
0answers
154 views

Risks of initiating Voluntary Classification Settlement Program?

I just found that it is illegal for Employer to give form 1099 to workers who could potentially be classified as Employees. Also, Employer can end up being punished with imprisonment and/or heavy ...
3
votes
0answers
103 views

Independent contractor for a Canadian company with no 1099 for 6 months then under US payroll with W-2. What to do?

I am a US permanent resident and I was working for a Canadian company as an independent contractor for the first half of 2015 without any 1099s and they wire transfer my wages directly into my US bank ...
3
votes
0answers
101 views

If my business is under FTB audit, can I close my old bank account?

We plan to switch from Bank A to Bank B and we are currently under Franchise Tax Board audit. We also recently realized that account in Bank A is with outdated EIN that we forgot to update to SSN when ...
3
votes
1answer
189 views

Excess Roth IRA contributions and taxes

My wife and I contributed the maximum for our age ($11,000 combined) to a Roth IRA for the 2015 tax year. It turns out we unexpectedly made too much money to be eligible at all. I shouldn't have ...
3
votes
0answers
139 views

ESPP compounding strategy and taxation?

Let me start off giving some of the details of the ESPP my employer offers: Stock Price Discount: 15% Employee Salary Contribution: 3-10% (in whole value increments) Holding Period: 12 months (...
3
votes
0answers
115 views

Realtor Credit or Kickback

Its our first home purchase in Maryland, USA. Our realtor agreed to give us 2% kickback (towards closing cost) and she keeps 1% from the 3% commission she gets. If base price of our home is 400K, ...
3
votes
0answers
846 views

Change in health care deductible with newborn

My wife has health coverage (different from mine) through her employer. Her deductible is $1300. In May my daughter was born. Until then my wife incurred a lot of expenses and met the deductible. ...
3
votes
0answers
407 views

How do I take the state sales tax deduction if my spouse lives in another state?

My wife and I live in two different states, and I'm currently in the process of filing our 2014 income tax return. We are Married Filing Jointly. I have income from only the state that I live in, and ...
3
votes
0answers
1k views

First job! I need some DE 4 tax form help

I just got my first paying job and they need me to fill out the DE 4 for California income tax. And to be honest it's a little confusing. http://www.edd.ca.gov/pdf_pub_ctr/de4.pdf Firstly ...
3
votes
0answers
143 views

How do I gracefully transition from a standard medical plan to an HDHP with a non-calendar plan year and multiple FSAs?

My family is on my wife's insurance and FSA which is on a non-calendar plan year (June to July), with the additional FSA through my employer which is on a standard calendar plan year (January to ...
3
votes
1answer
2k views

Get a loan, and then repay that loan with the loan itself

Due to some unfortunate circumstances, my credit score dropped 300 points in less than a year. I had a procedure done at the local hospital, which ended up costing around $800. I gave them my ...
3
votes
1answer
71 views

Qualifiying Life Event allow one to change coverage plan

Employer provides four plans, with the following three that interest me, PPO, HMO, CDHP During open-enrollment I choose PPO. I marry. This counts as a QLE. Am I allowed to change to CDHP midyear? ...
3
votes
1answer
125 views

What is the most efficient way to dispute an invalid collection on a credit report?

I had a surgery and a ton of medical issues. All but one thing went through insurance. The healthcare provider for that one thing went straight to collections. I contacted them, and my insurance ...
3
votes
1answer
120 views

Foreign Tax Credit / form 1116

I have a foreign retirement income. Income tax is withheld at source in a foreign country. As I have to file form 1116 to get the FTC (foreign tax credit) I need to know if such retirement is a “...
3
votes
1answer
122 views

How much tax will be due on my earned income and capital gains?

I turned 24 this year, and my Mom and Dad are thinking of giving me stock that they have owned for over 1 year to pay for my college expenses. The basis of the stock is under $28k ($14k from each of ...
3
votes
1answer
151 views

Tax relief on UK salary income

I am tax-resident in the USA and non-resident in the UK. I receive income from my former UK employer (in the form of stocks vesting in the UK) on which I pay UK income tax. Is this type of income ...
3
votes
1answer
48 views

Student interest loan deduction during year with residence change

Last year I moved from Texas (no state income taxes) to New York (state income taxes) in the middle of the year. I paid more in student loan interest than the $2500 maximum deduction, and when ...
3
votes
1answer
112 views

Pass-through entity question

Would this scenario work? LLC A owns LLC B, C All $ made on LLC B and C is passed to LLC A and then $ made on LLC A is split between two partners avoiding double taxation?
3
votes
1answer
143 views

Is there an accepted standard for how US tax system treat UK ISAs for expats?

For US citizens living in the UK, the US tax system treats UK pension contribution and withdrawals pretty much like the UK does. Tax-free contributions, taxes due on withdrawals. Just like a ...
3
votes
1answer
479 views

How can I invest in USA mutual funds from Australia?

HI I wish to invest in top USA mutual funds (Vanguard, T-Rowe). I was told by the fund that as a foreign national I could not do so directly. Do you know how I could without excessive fees? I am an ...
3
votes
1answer
106 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
3
votes
1answer
122 views

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. ...
3
votes
1answer
393 views

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 ...
2
votes
0answers
13 views

Contributing to 529 when living in one state but working in another

I live in NY, but I work in CT. Both states allow you to deduct up to $5000 of 529 contributions to their plan. Based on what I've read, I need to pay taxes to both states, and then I get the amount ...
2
votes
0answers
80 views

Is it sensible to assume that the investment theory developed arround the US market can be applied to the Eurozone?

Are investment strategies and policies that you find in popular investment books, such as "The Intelligent Investor", extrapolable from the US Market to the Eurozone? If the answer to the above is no,...
2
votes
0answers
89 views

Can landlord's business expenses be retroactive?

Say, I am planning on moving out of my house and keeping it as a rental. The house needs a bit of work, which I can start before I move out to save on the downtime before I look for renters. Can the ...
2
votes
0answers
77 views

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 (...
2
votes
0answers
84 views

Does a state tax credit received as a gift count as income?

I have received a state tax credit for a historic rehabilitation project, which for a fixed fee the state of Arkansas allows me to partially sell/transfer. Whoever has the credit has up to five years ...
2
votes
0answers
30 views

How do I allocate gains on Form 4797 for the sale of a rental property?

I sold a rental property last year, so I'm filing Form 4797. I owned it for several years, and had a new roof installed a couple years ago. As I understand, the land (which cannot be depreciated) goes ...
2
votes
0answers
45 views

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, ...
2
votes
1answer
158 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
2
votes
1answer
99 views

Why are some money market mutual funds not margin-able for 30 days?

My broker has a money market mutual fund where I can park the money when not invested, but that position does not give margin buying power for next 30 days. Per article part shown below. Example ...
2
votes
0answers
96 views

Is claiming $0 in withholding deductions on 2020 W-4 the same as claiming 0 allowances in the past?

The IRS form W-4 for 2020 has you compute any amount that should be deducted from your federal income tax withholdings and then report the amount in dollars. In the past I merely reported the number ...
2
votes
1answer
67 views

What is the tax liability on a Primary Residence that was turned over as Deed in Lieu?

2010: Home was purchased in New Mexico, USA. Negligible down payment. PMI included. Price $152k 2019: Attempted short sale due to hardship (moving to a new city after losing job). Short sale ...
2
votes
0answers
115 views

When shutting down a single-member LLC do you need to close your business account with the IRS?

I'm shutting down a single-member LLC and have filed the necessary paperwork with the city and state in which I live. The only thing remaining is what, if anything, do I need to file with the IRS. I ...
2
votes
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
votes
0answers
46 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
votes
0answers
124 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 ...
2
votes
0answers
106 views

How should I report cleaning expenses on airbnb

I am trying to file my U.S. joint tax return for year 2018 and I have a question. My wife was running an Airbnb rental business for which the 1099 was reported to the IRS by Airbnb in the amount of ...
2
votes
0answers
49 views

is a US brokerage account for non-resident considered to be a US situs asset?

Assume a person that's not domiciled in the US. That person has a US brokerage / trading account (say in Fidelity or Charles Schwab) that holds shares of various listed companies (both US-based and ...
2
votes
0answers
55 views

Employer wants me to get an EIN for contract work. Is this okay, and if so, what kind should I choose?

I recently got offered a job opportunity to do contract work with an IT company. But along with all the usual paperwork, it's mandatory that obtain and submit an EIN. But I'm not sure which type I ...

1 2 3 4 5 18