All Questions

2,948 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
14
votes
0answers
882 views

What are the appropriate forms to file when using a mega-backdoor?

For the backdoor (IRA -> Roth IRA, generally up to $5500 per year) conversion, we need to file Form 8606. Are there any equivalent forms that must be filed for mega-backdoor (After-tax 401k -> Roth ...
9
votes
3answers
2k views

Are there countries where children are forced to inherit their parents' debts?

Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs? In the UK and USA, it seems to be well understood that if the deceased's estate is ...
8
votes
3answers
2k views

Mega Backdoor Roth: Withdrawal consequences for in-plan vs out-of-plan conversion

My employer allows after-tax 401k contributions, and has an option for automatic quarterly after-tax 401k -> Roth 401k in-plan conversions. The other option for executing the mega backdoor Roth is to ...
8
votes
1answer
571 views

With the Fringe Benefits Tax, should I even salary sacrifice for a car?

In Australia, some employers offer an option to salary sacrifice a car purchase. The cost of the car is taken from your pre-tax salary, so your gross income will be less, and therefore, your income ...
7
votes
1answer
107 views

Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...
7
votes
1answer
6k views

Tax treatment of dividends paid on short positions

If a retail investor holds a short position when the stock goes ex-div, they must therefore pay a dividend to the buyer of the short. What is the tax treatment for this dividend payment the investor ...
6
votes
0answers
79 views

What do I do after requesting and receiving a debt validation letter for a medical debt I don't recognize?

I received a debt collection call a few months ago from a professional debt collector for a debt I didn't recognize, followed by a written notice. I wrote back that I dispute the debt and requested ...
6
votes
1answer
131 views

If my parents are both non-US citizens living abroad, with no tax files, am I still classified as dependent for financial aid?

I am a US citizen. My parents are both non-US citizens living abroad, with no tax files. They are not green-card holders. I am 18 and do not have any household income to report because my household is ...
6
votes
0answers
77 views

Implications of brexit for UK-EU personal purchases and sales

Until December 2020, I was happily in a customs union with a lot of other countries. If I needed to buy a hard disk for my computer, it was often cheaper (including shipping) or more likely available ...
6
votes
0answers
74 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
6
votes
0answers
79 views

In what circumstances, if any, is it advisable to file 1040-X before the original return is processed?

Some sources suggest "never": You must wait until the IRS has processed your tax return before making corrections. Or suggest "never if your original return claimed a refund": ...
6
votes
0answers
208 views

What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
6
votes
1answer
261 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
6
votes
0answers
493 views

Starting a trust fund in an EU country

I'm in a sudden and unfortunate need of starting a trust fund (money being the only asset) in an EU country (I'm afraid I need to rule out UK as an option) for a minor (not a relative of mine) that ...
6
votes
0answers
103 views

State Income tax when splitting a day between states (in the USA)

First of all, I realize that when traveling to another state for employment it is commonplace to owe taxes in that state for the work performed+sourced in that state. Example: you work/live in ...
6
votes
2answers
635 views

Is there evidence that in the long-term, leveraged ETFs perform poorly?

I came across an interesting question: "Why are daily rebalanced inverse/leveraged ETFs bad for long term investing?" Despite the topic, the answers there actually illustrated the hypothetical risk ...
6
votes
0answers
210 views

Used an incorrect SWIFT code for transfer. Will money return or still go through?

I made an international transfer from my bank in Italy to the U.S. The recipient account number and routing number were correct including the address, but I mistakenly used the SWIFT code of the U.S. ...
6
votes
1answer
96 views

Investment Accounts For People That Regularly Change Country

I would like to invest ~$20,000 a year, ideally mainly in funds. I am a British Citizen however I regularly move country, roughly once every 2 years. I have been in the UK for the past 2 years and ...
6
votes
1answer
1k views

Are foreign banks in India safe?

This question is about the safety of foreign banks operating in India. I don't know how much people who are not familiar with Indian finance will be able to tell me, but I think it is on topic for the ...
6
votes
1answer
143 views

I'm still working but my payments are deferred due to Covid19. Do I qualify for unemployment insurance benefits?

I'm self-employed in California and my biggest client (>90% of my billable hours) is not able to pay due to cash flow disruptions related to Covid19. I've agreed to continue working and billing as ...
6
votes
2answers
4k views

How can I accurately anticipate wire transfer fees from intermediary banks?

When sending an international wire transfer, the transmitting and receiving financial institutions both (usually) assess fees associated with the transfer. These fees can be accurately anticipated by ...
5
votes
0answers
80 views

Do foreign debts require special treatment in a bankruptcy petition?

I have foreign debts, and I'm aware that while they cannot be discharged in the USA where I am filing, they still need to be declared. My question is simply if they should be included with the ...
5
votes
0answers
128 views

I just mailed my 2020 federal tax return with my NRA spouse's SSN left blank. What outcome should I expect & what course of action should I take?

I am a US citizen living in the UK with my British husband. I file my taxes as married filing separately and my husband is not required to file with the US so has no SSN or TIN. I sealed up and mailed ...
5
votes
0answers
77 views

For 2021, What is the most Tax-Advantageous Way to Make a Charitable Donation that is Larger than my AGI?

I may be making a charitable donation this year (2021) to my school; it will be about 1.5 times my AGI. What is the most tax-advantageous way to make this donation? If I make the donation in stock ...
5
votes
0answers
93 views

What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
5
votes
0answers
65 views

I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?

I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
5
votes
1answer
185 views

Pension in the EU when having worked in multiple European countries

I have a few questions about (state) pension plans when having worked in multiple EU countries in your lifetime. First off, EU countries have different requirements in terms of minimum years worked/...
5
votes
0answers
68 views

Is preschool closure (due to the pandemic) a qualifying event for Dependent Care FSA?

I'm trying to figure out of closure of my daughter's preschool meets the qualifying event criteria so that I can reduce my dependent care FSA contributions. I've read a few places online that change ...
5
votes
0answers
65 views

Using an estate agent's solicitor

I know using a mortgage advisor connected with an estate agent is a bad thing to do. It reveals to them how much money you have and means you risk paying more. However, I've now reached a state where ...
5
votes
0answers
760 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
5
votes
1answer
3k views

Can closing a covered call and opening a new covered call trigger a wash sale?

In Jan 2019, I bought 200 QQQ (ETF) at about $160 and also wrote two covered calls for June 2019 at 170 (higher than the last day price) netting a small premium. Now QQQ is at about 185 so it will be ...
5
votes
0answers
141 views

Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
5
votes
0answers
73 views

County tax credits for living and working in different states

I moved mid-year to Indiana, from Illinois. My employer remains in IL. For the entire year, my employer withheld IL state taxes. For the second half of the year, my employer also withheld local (...
5
votes
0answers
123 views

Is there any reason I'd prefer having my school not report a 1098-T?

I didn't get a 1098-T from my school this year. I contacted them about it, and they said it wasn't required in my case, but they went ahead and issued it anyway since I asked. They also told me they ...
5
votes
0answers
4k views

NY State Sales Tax on Lease Transfer

I am hopeful that someone can help me understand New York State (NYS) Sales Tax with regards to a lease take over, in what seems to be paying tax twice. So here is the scenario: Person A leases a ...
5
votes
1answer
3k views

US resident with Canadian income via T4A-NR

I am a single person LLC in the US and I do a lot of contract work for a US company. In 2016 I was asked by them to do some work in Canada and spent about 30 days working in Vancouver. My LLC issued ...
5
votes
1answer
298 views

State income tax : full resident, spouse part-year resident: joint return possible?

In 2018 I was a resident of New Jersey the whole year, but my spouse was a part-year resident: he permanently moved to Germany on August 1st and established his domicile there. After that date, he ...
5
votes
1answer
346 views

Write off accrued interest from interest income

My mother purchased a US government bond maturing 2019/04/15. The purchase date was 2018/04/13, so there were 2 interest payments attributed to 2018 (2018/04/15 and 2018/10/15), but the interest ...
5
votes
2answers
385 views

Tax implications of receiving Bitcoin as a gift from abroad

What kind of taxes I would need to pay for receiving bitcoin gift (>100k USD) from foreign relative (Russia -> USA)? As I understand, I would not need to pay any tax at the receiving date, as ...
5
votes
2answers
503 views

Moving out of US. What are my options for investment accounts?

I am a non-resident alien who is moving out of USA to Canada or India. I have my investment accounts which require me to have a valid USA address. What are my investment options at this point with USA ...
4
votes
0answers
32 views

West Virginia Taxpayer aged 61 with IRA distribution from Puerto Rico

I am a permanent resident of West Virginia age 61 unemployed and receiving health and food assistance from the State...thankfully. I have very limited investment income, not enough to pay taxes of ...
4
votes
1answer
85 views

401K balance while in foreign company branch

I have transferred from a US company to a branch in home country. I'm paid through local country payroll and have no ties with US or the US branch payroll any longer. When I requested a distribution ...
4
votes
0answers
150 views

Is it even worth working a minimum wage job right now given the government's pandemic response?

The work I was doing prior to COVID got shut down. I have since started a retail job that is close to minimum wage ($14.70/hr). I normally work 30-40 hours per week. Also I have some very part time ...
4
votes
0answers
75 views

Bringing life savings from KSA to Germany

I recently moved to Germany and my partner is planning to join me in a couple of months. We used to work in KSA and have a sum of money greater than 10 000 euros saved up from our work back in KSA. I ...
4
votes
0answers
189 views

Can a company cancel vested employee stock options on acquisition?

My company stock option plan contains the following language: In the event that the company is subject to an Acquisition, outstanding awards acquired under the plan shall be subject to the agreement ...
4
votes
0answers
2k views

GME counterfeit shares?

There's an article which claims that short sellers + brokers + DTCC sometimes manufactures counterfeit shares through legal and less-than-legal means to attack vulnerable companies and profit from ...
4
votes
0answers
69 views

What eventually happens when my Medicare premium is MORE than my Social Security benefit?

Most of my working life was not subject to Social Security taxes (yes, this can happen legitimately in the US), therefore my Social Security benefit is very modest. My Medicare premium is withheld ...
4
votes
0answers
76 views

Prepaid funeral expenses 15 years ago, with 3.6% interest, should estate get some money back?

My wife and I are executors of the estate of a recently deceased neighbor with no family. She had very little. She had prepaid for her funeral, which of course was very small during the current ...
4
votes
0answers
52 views

When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
4
votes
0answers
55 views

Understanding 529 tax benefits and recapture (Illinois)

I'm a little confused as to how recapture works for 529 plans in Illinois (particularly with respect to playing for private school and possible changes in the state tax code.) Or rather, I want to ...

15 30 50 per page
1
2 3 4 5
59