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
3
votes
0
answers
268
views
Are US HSAs taxable in the UK?
I'm working temporarily in the US, but I'm from the UK. I have a Health Savings Account (HSA), which works similarly to a retirement account (penalties for withdrawals before 65, free thereafter; tax-...
- 131
3
votes
0
answers
98
views
HCE Excess Refund on 401k Plan
This year, I received a letter from the company I worked for notifying me that they did not pass the 401k non discrimination test. As a highly-compensated employee, I received an excess refund check ...
- 31
3
votes
0
answers
148
views
Is it fine to use Savings account to pay salaries? what is the downside?
It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
- 151
3
votes
0
answers
225
views
Can a non-resident Canadian citizen working in USA maintain a margin account in Canada?
I am a non-resident Canadian living and working in USA. Can I maintain a margin account for stocks trading in Canada?
- 31
3
votes
0
answers
77
views
Tax return on income less than 8000 USD from royalties
I am a U.S. Nonresident Alien (graduate student in Seattle, WA). I am married, but my wife is not in US.
In 2018, I earned ~8,000 USD in royalties. That's my total US earnings for 2018. I have not ...
- 31
3
votes
0
answers
713
views
Motley Fool US v UK?
Does anyone know the relationship between the Motley Fool US and the Motley Fool UK?
A few years ago, fool.co.uk was a lively web site with very active forums.
Then it changed into something that ...
- 171
3
votes
0
answers
167
views
How to report contributions to UK pension (USS) on US taxes?
I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
- 31
3
votes
0
answers
127
views
How can you leverage the benefits of an older spouse's retirement account?
Can a marriage with a large age gap and a young high-earning spouse benefit from, for example, a Roth IRA?
Let's say Jack and Jill are married. Jill is 50 and makes $25,000/year while Jack is 25 and ...
- 131
3
votes
0
answers
100
views
Amended return (dead or alive): What address or addresses to use for various forms?
An amended return multiple forms, most of which require an address. But if the address has changed since the original return, then what address do you enter on each form?
For example, the amended ...
- 511
3
votes
0
answers
67
views
Can I deduct mileage if I'm a contractor who works at home and at an office?
I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week.
...
- 210
3
votes
0
answers
93
views
1099-Misc Box 3 Other Income
I am retired and receive a small amount from a family trust for which I am a trustee.
When I was working I had more than enough earned income to make the maximun IRA and Spousal IRA contributions ...
- 31
3
votes
0
answers
88
views
Is my contribution to corporate housing tax deductible?
My residence is in NY but my company moved me to CA for a temporary assignment (one year). They are providing corporate housing but I still have to contribute approximately $900/month. Is the $900/...
- 31
3
votes
0
answers
48
views
Are assistance benefits reported as W-2 box 1 income considered earned income?
First off, I recognize that I am not paying any of you to act as a licensed tax professional for me, so I will take your tax advice as just that, advice.
The university I attend has financial-need-...
- 1,322
3
votes
0
answers
159
views
How can I get the information why IRS doesn't want to give me an ITIN?
TL;DR: What are the venues we could take to understand why my friend’s ITIN application has been rejected and how do I finally get ITIN?
Some Backstory:
I am helping a friend from a non-visa-free ...
- 131
3
votes
0
answers
72
views
What advice do you have for a non-US resident with savings in the US?
I don't live in the US anymore and I'm not a US citizen, but have formerly worked in US and thus have savings in the US. I wanted to invest in a simple index fund, but can't find an option for non-US ...
- 31
3
votes
0
answers
74
views
Can You Receive Both a Simple IRA and SEP IRA?
I am the employee of two companies. At one company, I receive a SEP IRA. I know that SEP IRAs are not included in the standard annual elective deferral limit. At the second company, I have the ...
- 651
3
votes
0
answers
466
views
What to do when my co-signer files Chapter 7?
I have an open auto loan and have finally caught my payments back up. My mother is overwhelmed by her debt and is the co-signer on the loan. She has officially filed for chapter 7 bankruptcy and told ...
user78384
3
votes
0
answers
252
views
Donating ESPP shares to non-profit organization
In recent years, I've made donations to some non-profit organizations using stock shares. They immediately sell when they receive the shares from my brokerage firm and send me a document at the end ...
- 219
3
votes
0
answers
106
views
How can I figure what fraction of college savings should be in my name vs. my child's name?
I am saving for kids' college expenses and heard (somewhere?) that one's expected contribution for college will be calculated at 100% of the child's assets and 7% of the parents' assets. (I believe it ...
- 161
3
votes
0
answers
285
views
Would renters insurance cover this scenario?
This is US based. I have renters insurance and the coverage overview is as follows:
Personal Property
Loss of Use
Personal Liability
Medical.
I have read my policy, but I do not believe the ...
- 1,101
3
votes
0
answers
396
views
Buying goods from the US in a business based in France: the business refuses to remove the VAT. Can I get the VAT reimbursed?
I live in California, USA. I plan to purchase ~500 EUR worth of goods by phone from a French business that will send me the goods by mail.
I am aware that the business may choose not to charge me VAT,...
- 11.2k
3
votes
0
answers
118
views
Transferring proceeds from sale of inherited apartment from Russia to the US
My adult children will inherit an apartment in Saint Petersburg, Russia. After the complexities of selling, taxes, and so forth, will there be any problem with a bank transferring the proceeds — the ...
- 31
3
votes
0
answers
170
views
What happens to my U.S. Social Security and pension if I retire in Germany?
If I retire in Germany, can I receive my U.S. Social Security and pension there, and will it be taxed?
- 31
3
votes
0
answers
20
views
What tax year do I claim a fellowship if it is on both the 2017 1098-T and the 2018 1042-S?
Note: I am an international student and receive a yearly 1042-S.
I got a fellowship in November 2017 but my University did not distribute the money until January 2018. Because I am an international ...
- 31
3
votes
0
answers
123
views
Tax implications of U.S. company granting non-qualified stock options (NSO) to a non-resident?
I am a non-resident individual outside USA who has been granted a NSO stock option in a US start-up.
I have an early access option on 10000 shares that vest until 2021.
I am trying to understand if ...
- 31
3
votes
0
answers
47
views
Properly setting up a holding and operating company relationship LLC
I've been doing some research online and reading over every relevant thread on this forum regarding having a holding company and operating company system in place for asset protection.
I already have ...
- 131
3
votes
0
answers
74
views
Medical premiums vs. ACA premiums on tax return
I'm currently doing my tax return. In 2017, I paid 12 months of health insurance premiums out of pocket, on my own private plan bought through the Marketplace. In the tax return, it instructs NOT to ...
- 720
3
votes
0
answers
136
views
U.S. taxes for last year of residency
My situation: I was a student on an F-1 visa in the U.S. during the first half of 2017. I received a salary while being a student. I had been in the U.S. for >5 years, so I was a resident alien for ...
- 91
3
votes
0
answers
124
views
Capital gains treatment of selling all the assets of an S corporation?
I sold the assets—not the stock—in an S corporation that is owned by my spouse and myself. The sale was a cash sale of all income-producing assets of the S corp.
Since the sale, the S ...
- 31
3
votes
0
answers
60
views
UK taxes on US investments with UK resident wife and US resident husband
If my wife moves to the UK for 9 months in the same calendar year and becomes UK tax resident is she liable for our USA worldwide investment income by HMRC?
She does not work, I work in USA. We both ...
- 31
3
votes
0
answers
94
views
Can I file for federal tax returns for the year 2016 from India?
I was working in US in 2016 while on a project but now I am in India. How do I file for tax returns from India for 2016?
I tried e filing through an agent last year but I provided my US postal ...
- 31
3
votes
0
answers
175
views
Why do some institutions close IRA accounts when the account holder moves to another country or spends most of their time outside of the US?
I read on the Merrill Edge's traditional IRA application page:
Note: If your residence changes (e.g., you move to another country or spend most of your time outside of the United States), Merrill ...
- 11.2k
3
votes
0
answers
213
views
Health Insurance: Why use the iterative calculation method?
Context
Self-employed
Bought health insurance through a health insurance marketplace
All premiums for the entire year were "specified" (nothing "unspecified")
Need to calculate the the amount of ...
- 511
3
votes
0
answers
37
views
If I am eligible for employer sponsored insurance which doesn't offer coverage in my state, can I still get an APTC on the exchange?
Normally if an employer offers "affordable" coverage that meets minimum standards, employees eligible to participate no longer qualify for an Advance Premium Tax Credit, even if they want to turn down ...
- 611
3
votes
0
answers
125
views
Capital Gains Tax Example - Question
My wife and I are semi-retired and have 3 children under 18. The capital gains rules confuse me (and are pretty depressing). Our reasons for selling the 1 house are to pay for a boat which we plan to ...
- 1,541
3
votes
0
answers
176
views
US/Irish Citizen Working for a US company while living in UK--Worth it?
First off, i'm sorry if this has already been asked. I've made the decision to move to London with a friend and I need some guidance. I've been interviewing with a few really good companies in London ...
- 31
3
votes
0
answers
66
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....
- 193
3
votes
0
answers
29k
views
How to fill W-8BEN form as an Indian?
I'm a freelancer (individual), Indian citizen working from India and I've to fill the form W-8BEN for a client based in US. I receive the money from the US source into my savings account here in India ...
- 131
3
votes
0
answers
69
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 (...
- 113
3
votes
0
answers
190
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 ...
- 81
3
votes
0
answers
89
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)
...
- 163
3
votes
0
answers
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 ...
- 31
3
votes
0
answers
65
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 ...
- 31
3
votes
0
answers
470
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?
- 31
3
votes
0
answers
179
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 ...
- 31
3
votes
0
answers
144
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 ...
- 131
3
votes
0
answers
109
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 ...
- 637
3
votes
0
answers
111
views
Moving between countries at the middle of Tax year to reduce progressive tax impact?
Soon I will be relocating from US (H1B visa) to UK. I am not a citizen of these two countries.
Since both of these two countries have progressive tax system I have come to conclusion that it would be ...
- 637
3
votes
0
answers
178
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 (...
- 31
3
votes
0
answers
972
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.
...
user26326