Questions tagged [united-states]
For questions that relate to the laws, practices, and products of the United States.
1,260
questions with no upvoted or accepted answers
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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 (...
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3
votes
0
answers
974
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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
3
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0
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450
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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 ...
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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 ...
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3
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0
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147
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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 ...
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3
votes
1
answer
224
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How do I control how dividends are reinvested in my 401(k)?
I have a 401(k) through Ascensus. I would like to do tax loss harvesting with an index fund I hold in my taxable account and I want to make sure there is no possible wash sale in my 401(k). Therefore, ...
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3
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1
answer
126
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What expenses should I plan for when considering move to the USA from Europe?
I'm considering a move from Europe to the USA - but I somewhat struggle to compare salaries because of some big differences in living costs. So far when trying to budget life in the USA I got this:
...
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3
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1
answer
141
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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?
...
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3
votes
1
answer
266
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Wife's H4 is Pending. I am on H1B effective Oct 1 2019. Can I withhold taxes as 'Married'?
My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st.
I ...
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3
votes
1
answer
172
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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 “...
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3
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1
answer
139
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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 ...
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3
votes
1
answer
161
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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
1
answer
154
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Do I have to file a tax return in the United States?
I've moved to the United States in November 2016. I am getting widows pension from UK, do I have to file a US tax return for 2016?
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3
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1
answer
63
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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 ...
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3
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1
answer
120
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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?
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3
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1
answer
158
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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 ...
- 2,283
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1
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853
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Non-owner car insurance and registration
Given the following scenario for my wife, what should I be watching out for?
Specific to the United States - her father, along with his friend, bought a car to give to her, with traditional 72-month ...
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3
votes
1
answer
667
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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 ...
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3
votes
1
answer
1k
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Where to mail an IRS CP11 notice response?
I received a CP11 notice regarding my Year 2020 tax return and would like to submit a response expressing my disagreement with the assessment. Despite the notice stating I should call to review my ...
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3
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1
answer
166
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Can term life insurance have a surrender value?
Five years ago, I opened a 20-year term life insurance policy with Protective Insurance. In my recent annual statement for the policy, I was surprised to see a non-zero value listed next to "...
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3
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1
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161
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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,...
- 1,163
2
votes
1
answer
157
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Are there any assets you can invest your retirement accounts in that take advantage of the illiquidity premium?
I have various retirement accounts (e.g. Roth IRA, 401k) that I have no intention of withdrawing money from until I reach retirement age, which is multiple decades from now.
But it seems like the most ...
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2
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1
answer
86
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Excess (or not) HSA Contribution Problems Due to Medicare Enrollment-6 Month Rule
I'm hoping someone can guide us to solve our HSA problem.
In April 2024 my wife filed an application for Social security benefits (she will be 70 this year), which she supposed to receive in July 2024....
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2
votes
0
answers
43
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Mortgage interest rate deduction for foreign property?
I live and work in the USA.
If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
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2
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0
answers
74
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Wash sale and excess replacement shares
Let's say I had 10 shares of XYZ.
On Dec 1 I sold 10 shares for XYZ for a loss ($1 per share, total $10).
On Dec 2 I bought 20 shares of XYZ (single lot). So previous sale (On Dec 1) was a wash sale. ...
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2
votes
0
answers
177
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How do I reduce the interest I'm paying on unused student loan?
I am studying at a US university, on a student loan from a UK company - funds are paid directly to the university.
The loan provider already disbursed the loan amount to my university's finaid ...
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2
votes
1
answer
277
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Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA
I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
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2
votes
1
answer
595
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How is the Underpayment of Estimated Tax penalty determined?
My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty.
I was just sent a ...
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2
votes
1
answer
71
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Coverdell ESA income limits - whose income matters?
My children are fortunate enough to be gifted money each year by their grandparents for their birthdays. The grandparents want the money placed in each child's Coverdell ESA, but they give the money ...
- 141
2
votes
0
answers
102
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457(b) withdrawal limits?
I have a 457(b) from a state (Minnesota) employer which allows me to withdraw money from it in either regular monthly amounts or via 1-time withdrawals.
Years ago (5-7?) I was told that once I start ...
- 121
2
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0
answers
130
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In a non-community property state, which shares get stepped-up basis when held jointly by a married couple and one spouse dies?
Let's say a married couple lives in a non-community property U.S. state. They have a taxable joint brokerage account and periodically buy shares of stock. One spouse dies so the other spouse is ...
- 16.2k
2
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0
answers
37
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S Corp Stock basis
My wife is self employed as an S Corp. The stock and debt basis forms are asking about stock basis for the year. If she owned 100% of the S-Corp at the beginning and end of the year and did not ...
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2
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0
answers
257
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Does changing 529 beneficiary reset 15-year clock for IRA rollover?
I opened a 529 years ago for my child's college. At that time I listed myself as the beneficiary because it was easy and a 529 beneficiary can be readily changed.
Now, with the incoming change to ...
- 3,150
2
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0
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39
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How should I structure Series I Savings Bond accounts and registrations for a family of 3?
I have bought the max 10k allowed for each of us, for a total of 30k.
Right now, I have a separate account for myself and my wife, with the bond registration for ourself and the other person.
My Name ...
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2
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0
answers
208
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The interest rate of a (U.S. Treasury) "Floating Rate Note" (FRN)
I am having trouble to reproduce the calculation of the interest rate of a (U.S. Treasury) "Floating Rate Note" (FRN). Can you help me to find my error?
The calculation is described here: ...
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2
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0
answers
93
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Who pays for costs of organ donations?
If person X's advance directive for healthcare has them listed as an organ donor, who pays for life sustaining treatment to ensure that the organs remain viable before harvesting? Is it person X's ...
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2
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0
answers
72
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How strict are MESP 529 spending guidelines
I have consulted the IRS tax literature, MESP guidelines, and spoke with representatives for the MESP, individuals from my school's financial aid department, and have not been able to come up with a ...
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2
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0
answers
63
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What happens to a custodial brokerage account when child reaches the age of majority?
My children have custodial brokerage accounts in their names. When they reach the age of majority in our state will the account change from a custodial account to a standard brokerage account or will ...
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2
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0
answers
79
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The Social Security Special Earnings Limit Rule---How Long is the Cap on Hours Worked in One's Own Business Truly in Effect?
I am under the impression that retirees who are collecting Social Security benefits and start a business are capped in the number of hours they can work between 15 and 45 hours per month if they have ...
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2
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27
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Does asset custodian matter when determining which capital gains lot you sold? (USA)
Say you bought N shares of some company at broker X on Jan 1, 2021. You bought N more shares of the same company at broker Y on Feb 1, 2021. Then on March 1, 2021, you sell N shares with broker Y. For ...
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2
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Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?
I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
- 1,669
2
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0
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948
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Receiving money on a Wise USD account from a US bank via bill.com for a non-US resident
Some companies use bill.com to pay their contractors.
Bill.com website states this:
Note: To successfully receive a payment by a Bill.com customer will
have to meet the following criteria:
Your ...
2
votes
0
answers
199
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British citizen joining US startup as co-founder, tax considerations for stock agreements
I am joining a startup as a co-founder which is incorporated in the US. I am a British citizen (not a US citizen) and will work from the UK, whereas my co-founders will be working from the US.
As part ...
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2
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0
answers
52
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Dual citizenship. Live 1m in Florida, 1m in Buenos Aires, 1 month in Florida, and so on. I'm covered in Argentina. What should I do while in the US?
Dual citizenship: American and Argentinian. I'm covered in Argentina, but does not have health insurance in the US. I would like a catastrophic plan, but they aren't offered to 46 years old. Do I have ...
2
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0
answers
199
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How to calculate or define moving expenses for California resident tax deduction?
Situation:
I meet the distance & time test for California Moving Expenses Deduction. Move was within California, in 2021. Single person household. The distance one way is 181 miles, using own ...
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2
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0
answers
156
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Identity theft issue: Fidelity showing another person’s profile on my 401k, Fidelity closed the request
My employer provides 401k and I opened a 401k with Fidelity in September. I have been contributing to the 401k since. Recently, I logged into my account and my user profile on Fidelity is showing a ...
2
votes
1
answer
168
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German employee with stock options for a NASDAQ-listed company: eligible for Tax Treaty Benefits?
I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock ...
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2
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0
answers
184
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I'm a nonresident alien who won and claimed a $50 giveaway through the internet before I realized this could give me a headache, please help
This might be a silly question but:
I think I'm not obliged to file a tax report since my income from a U.S. source is only $50 (please correct me if I'm wrong). But what about paying the actual tax (...
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2
votes
1
answer
117
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QSBS for restricted stock options
The below applies to a US company
I have started at a company where I have received stock that has a 1 year cliff and a 4 year vesting schedule. I earlier exercised my stock and filled out a 83b form. ...
2
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0
answers
165
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Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?
If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
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