All Questions

2,361 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
13
votes
0answers
642 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 ...
8
votes
0answers
224 views

Can I legally file zero tax return as non-resident to get ITIN?

I want to obtain an ITIN number to get a credit card / open bank account in the US. I know, IRS does not issue this number unless for tax reporting purposes. I visit the US from time to time on a ...
8
votes
3answers
1k 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
536 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
166 views

Can I defer starting Medicare if 65 and on COBRA after a lay-off? (HSA, COBRA, and Medicare)

I turned 65 in February, am still working full-time, and have medical insurance through my company that qualifies me to defer signing up for Medicare. I've been contributing the maximum to my HSA ...
7
votes
1answer
5k 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
198 views

Text Interview Scam - How does it work?

My significant other recently got a job interview and we've gotten some very weird vibes from it. To start, we're obviously not going to share financial details, put any kind of down payment, or ...
6
votes
0answers
67 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
1answer
133 views

What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?

I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
6
votes
1answer
176 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
89 views

Tax deduction for legal fee in defending my current job related to a threatening letter?

I paid around 750 dollars last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they asked me to sign additional ...
6
votes
0answers
276 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
93 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
1answer
548 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
6
votes
1answer
2k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
6
votes
2answers
3k 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
60 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
116 views

Nonresident received the stimulus money for COVID 19 from IRS

I am a non-resident alien who working in the US. Yesterday, I received the stimulus money ($1200) due to the COVID 19 from IRS, while I know that as a non-resident, I am not eligible to receive. This ...
5
votes
0answers
58 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
175 views

How to plan for “Final Expenses” for an elderly parent?

A number of years ago, my father purchased a pre-need funeral plan and cemetery plot for himself and my mother. As he is getting on in years, I am looking at what planning needs to be done so that ...
5
votes
2answers
222 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
5
votes
0answers
156 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. ...
5
votes
0answers
187 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
0answers
157 views

Why would a bank suddenly start using a very old address for me?

I stumbled upon an infographic that reminded me of something strange that happened to me several years ago, possibly related to banking, law, and credit reporting. Apologies if this is not the right ...
5
votes
1answer
481 views

Do I need to pay taxes on my mother in law giving us “rent” money?

This is for California, USA My MIL is living with us these days and we do not actually charge her for any rent. She has a small business that has sporadically yields some income. She insists on ...
5
votes
0answers
133 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
70 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
120 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
3k 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
2answers
355 views

Dual Citizen (US / CDN) wants to buy US equities in Canadian brokerage

I'm dual citizen (US & Canada) residing in Canada. I returned to Canada two years ago. I just started thinking about investing again in Canadian equities (either stocks, ETF's or mutual funds). ...
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
0answers
808 views

Payee lost bank draft (cashier's cheque)

Right so I'll try to keep most of my frustration out of this question ;) I purchased a bank draft to pay for a vacation rental - the agreement was cash on arrival, but as I didn't have access to EUR ...
5
votes
0answers
155 views

Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?

A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
4
votes
0answers
51 views

What does “match us in the market” mean in the context of transferring shares between brokers?

I requested my company broker to transfer shares to my private broker and got a letter saying: We are reaching out to your broker to match us in the market so we can complete your transfer I asked ...
4
votes
0answers
97 views

If my job is exactly the same across three employers, is it considered one job or three for tax credit purposes?

The state of Oklahoma has a tax credit for engineers working in aerospace, described in form 564. The definitions on page 2 specifically state under "Qualified Employee": [the employee] was not ...
4
votes
0answers
188 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
4
votes
0answers
184 views

How safe are neo-banks?

In Australia there are a swath of 'neo-banks', banks that have no physical presence - typically are a 'mobile-first' experience. Some examples are Up, Xinja, 86400. These banks are typically pretty ...
4
votes
0answers
64 views

Why a W9 is needed for firstinspires Kids Robotics

Some kids(including mine) are doing LEGO competition and for that they received $500 ( yet to actually receive) from a corporation for their expenses( about $3K) pooled between them. To get this $...
4
votes
0answers
59 views

What's wrong with transferring $12,000 from RRSP to RRIF and withdraw $2000/yr 65-71 inclusive? Why doesn't this give you $12000 out RRSP tax-free?

I live in ON. Jim Yih wrote Are You Taking Advantage of the Pension Income Tax Credit? Transfer RRSP to a RRIF. At age 65 transfer $12,000 to a RRIF and take $2000 out per year from age 65 to 71(...
4
votes
0answers
68 views

Who reports the dividend for ACTS transfer, Outgoing or Incoming brokerage?

When a taxable brokerage account is transferred from one broker to another and as the old broker receives( and in turn forward to new broker) the dividend after the transfer as Dividend pay date is ...
4
votes
0answers
85 views

Is Fidelity an IRS approved custodian?

My employer offers a Simple IRA match. The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1. I see many references to Fidelity in my ...
4
votes
1answer
255 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 ...
4
votes
1answer
158 views

Does a musician under an LLC have to file a foreign qualification for shows in other states?

Does a musical band or similar service under an LLC have to file for a foreign qualification in every state they play a show in/employ their service?
4
votes
0answers
195 views

Foreign Earned Income Exclusion when working for a US company remotely

I'm a US citizen who lives and works in California. I've been looking at a possibility of working remotely and living abroad. My understanding is that when it comes to state taxes, you pay income tax ...
4
votes
0answers
46 views

Can I list multiple wage income abbreviations on Free File Fillable Form 1040?

Background Wage income abbreviations are for taxable income not listed on a W-2. Two examples of these abbreviations are "HSH" and "SCH". Those two abbreviations are mentioned on pages 26 & 27 of ...
4
votes
0answers
162 views

Capital gains tax and HMRC. What is the definition of a lodger and is there a difference between a friend staying a few months and a lodger?

I have two friends living with me and they only pay bills (no rent) and I wondering if I would be liable for CGT on the period they live there? I don't take any rent from them at all and they are ...
4
votes
0answers
73 views

Does a French citizen living in the US owning stocks in a brokerage account in France have to pay taxes on dividends to the French tax authorities?

Does a French citizen living in the United States and owning stocks in a brokerage account located in France have to pay taxes on dividends to the French tax authorities (fisc)? Additional ...
4
votes
1answer
238 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 ...
4
votes
0answers
32 views

Can personal income information be provably shared in Estonia?

Is it possible for an Estonian citizen to produce a government-signed document stating their income as it appears on their tax return? Maybe an electronically signed tax return transcript could be ...
4
votes
0answers
82 views

When should I expect to see payroll details on ird.govt.nz?

My daughter had two jobs in the second half of last year. The first was a very dodgy outfit that extended her shifts without notice, wouldn't let her take her breaks, and, I suspect, hasn't paid any ...

15 30 50 per page
1
2 3 4 5
48