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9 votes
3 answers
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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 ...
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  • 111
9 votes
1 answer
590 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 ...
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  • 4,304
8 votes
1 answer
215 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. ...
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  • 181
8 votes
2 answers
5k 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 ...
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  • 2,904
8 votes
1 answer
7k 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 ...
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  • 798
7 votes
0 answers
105 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 ...
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  • 2,556
6 votes
0 answers
41 views

How do I calculate Private Residence Relief for a house I've sold where there was a loss, not a gain?

This question is likely specific to UK rules. I've sold a flat which I lived in for part of the time I owned it. I'm trying to fill out the Inland Revenue's 'report my Capital Gains Tax' form. I've ...
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6 votes
0 answers
293 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 ...
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  • 51.4k
6 votes
0 answers
601 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 ...
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  • 61
6 votes
1 answer
177 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 ...
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  • 385
6 votes
0 answers
231 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. ...
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6 votes
1 answer
111 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 ...
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6 votes
1 answer
157 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 ...
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  • 61
6 votes
2 answers
339 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. ...
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6 votes
2 answers
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 ...
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5 votes
0 answers
106 views

How can I find out whether a UK bank closed my accounts unfairly? Are there risks to not finding out?

A UK bank has given me 60 days' notice that it will be closing my accounts. My activity on these accounts has been low (since I use another bank for everyday transactions), so that might be the reason ...
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5 votes
0 answers
90 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 ...
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5 votes
0 answers
134 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 ...
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5 votes
0 answers
84 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 ...
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  • 1,838
5 votes
0 answers
247 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 ...
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5 votes
0 answers
96 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 ...
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5 votes
0 answers
173 views

Can I set GnuCash to denominate everything in a security (Bitcoin)?

I have all my personal finances in GnuCash. EUR is now my main currency. The menus allow me to set the main "currency" to, naturally, currencies. I have bitcoin as a security. Can I set my ...
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  • 51
5 votes
0 answers
73 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 ...
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  • 51
5 votes
1 answer
119 views

529 distribution pro-rata with multiple accounts

With multiple Roth IRA accounts, distribution ordering rules treat all accounts as one. Does this rule generally also apply to 529 accounts? That is, if I am the owner on multiple 529 accounts, are ...
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  • 1,199
5 votes
0 answers
71 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 ...
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  • 233
5 votes
0 answers
67 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 ...
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5 votes
0 answers
1k 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 ...
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  • 20.1k
5 votes
1 answer
4k 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 ...
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  • 1,217
5 votes
0 answers
150 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 ...
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5 votes
0 answers
76 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 (...
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  • 177
5 votes
0 answers
131 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 ...
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5 votes
0 answers
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 ...
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5 votes
1 answer
316 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 ...
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  • 151
5 votes
1 answer
354 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 ...
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5 votes
2 answers
560 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 ...
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4 votes
0 answers
70 views

Social Security, expat, and small side business

I plan to retire soon. I am an American and I expect to get about half my retirement income from Social Security. I have not reached full retirement age. (I'll be 63.) I own a tiny side business that ...
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  • 20.8k
4 votes
0 answers
174 views

Pre-qualification screening for apartment rentals on apps like Zumper. How honest should I be?

I'm looking to move from one - expensive - rental apartment to another, similar priced. Now my circumstances are that I am semi-retired, starting a business and with more than enough money in the bank ...
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4 votes
0 answers
36 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 ...
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  • 41
4 votes
1 answer
129 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 ...
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  • 71
4 votes
1 answer
228 views

US stock market: How do odd lot orders get filled if they are not advertised to the public?

I recently asked Why didn't my buy limit order become the highest bid? when my odd lot (1 share) buy limit order did not appear in the public list of bids. If odd lot buy orders do not appear in ...
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  • 14.8k
4 votes
0 answers
157 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 ...
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  • 1,109
4 votes
0 answers
79 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 ...
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4 votes
0 answers
146 views

Live market data confusion

I have been exploring different data packages for a while and I learned that simply level 2 means top of the book (best bid/offer) for a specific exchange. In order to see other “worse” bids and ...
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  • 189
4 votes
0 answers
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 ...
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4 votes
0 answers
89 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 ...
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  • 1,838
4 votes
0 answers
79 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 ...
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  • 193
4 votes
0 answers
54 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 ...
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4 votes
0 answers
69 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 ...
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4 votes
0 answers
57 views

With 40 credits, can I still be eligible to receive social security benefits at age 67 IF I LOSE MY permanent resident status?

I know there are similar questions here, but my case is a bit special so I ask this question. I have been working in the U.S. for 10 years and accumulated 40 social security credits. Now, I and my ...
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4 votes
0 answers
186 views

Roth IRAs for Residents of Puerto Rico with No Income within the continental US

Can anyone help? I've looked for this info all over but have not been able to find any answers. Are Puerto Rican residents allowed to open a Roth IRA while living and working in Puerto Rico? If so, ...
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