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The role of my broker in adjusting wash sale??
I understand that Vanguard automatically disallows the wash sale loss. I can see that on my 1099. But what's not clear is whether they automatically add that loss to the cost basis of the repurchased shares? So, if I lost $100 on a stock after selling it, then spent $1,000 buying the same stock... -
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For I am Costanza, Lord of the Idiots... (changing cost basis AFTER stock is sold)
Vanguard is my broker. I sold individual stocks like Apple and Google. In any case, I am relieved by your responses--I was not looking forward to that hassle, although it could have potentially saved me lots of money. -
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For I am Costanza, Lord of the Idiots... (changing cost basis AFTER stock is sold)
Sorry, let me clarify. I did not sell all of the shares. Therefore, for example, one cost basis method such as FIFO would lead to X amount of gains, whereas another method, LIFO, would lead to a different amount. So what I want to amend is which shares are considered to be sold (the higher cost... -
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For I am Costanza, Lord of the Idiots... (changing cost basis AFTER stock is sold)
Hello again my friends, stupidly in 2020 I paid a high tax bill because I used the default cost basis method, and my tax situation this year is such that it would make more sense to move those profits to this year and beyond. My question is: am I allowed to amend my 2020 taxes in order to change... -
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Is this tax-dodge really legal?
Thank you--I think this question of bona fidelity gets at the heart of my question--is it legal to make this maneuver overtly for the purpose of avoiding taxes? Or, is it only legal if it was in fact a good faith gift? If that's the case, then it seems it can't be classified as tax avoidance but... -
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Is this tax-dodge really legal?
In the wake of the recent headlines about billionaires paying almost no taxes, I have been wondering what constitutes "tax evasion," exactly. I understand it's distinct from its legal cousin, tax avoidance. But, for example, one of the biggest loopholes I can think of is the stepped-up basis... -
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Help with OID adjustment please!
yes.... the screenshot is from H&R Block where I'm filling in the numbers... -
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Help with OID adjustment please!
The 1099-OID that I received only has Box 1 filled in with the number seen in the screenshot. And my Prosper account is just set to automatically loan out money and collect the payments from borrowers. I don't do anything fancy. So just wondering if anyone knows whether I'm supposed to make any... -
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Help with OID adjustment please!
Right, when I click "Learn More," the Help section opens up on the right--but I have no idea if this applies to peer-to-peer lending. -
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Help with OID adjustment please!
Hello! I recently began investing with Prosper (peer-to-peer lending) and was given a 1099-OID, which I know nothing about. Now, H&R Block is asking me for an adjustment, as pictured below. How does this work? Any advice appreciated. -Ryan. -
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Does the Foreign Earned Income Exclusion apply to state taxes, too?
So even if I had to include some Illinois wages on my federal return (17K - the amount of my 457 deferrals, so they wouldn't be illegal), I should still exclude ALL income in my Illinois return, is this right? That means Column B of the NR schedule... -
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Does the Foreign Earned Income Exclusion apply to state taxes, too?
Sorry, I mean, if I wish to recoup those withheld taxes, I would need to report the income from my W2, then exclude it, right? -
R
Does the Foreign Earned Income Exclusion apply to state taxes, too?
Well, state taxes were withheld from my paycheck, that's why I'm filing the return. -
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Does the Foreign Earned Income Exclusion apply to state taxes, too?
Hello, I was paid the last couple of years by the University of Illinois (physically in Illinois), but I was physically in China the whole year. I did qualify for the FEIE federally, but am I allowed to exclude this income on my Illinois state return, too? I always assumed not, but now I am... -
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How much income to include if I want to contribute to 457 + IRA?
OK... so, if I were instead contributing to a traditional IRA, would I be able to (A) deduct the 6K that I include as taxable income, or (B) the rule is that I must actually pay taxes on an amount equal to or greater than what I contribute? (in which case I'd actually have to include 12K) I... -
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How much income to include if I want to contribute to 457 + IRA?
OK, thanks, but my question is not about how much I can contribute. It's about how much income I need to include (since I am eligible for the FEIE). Because if I am including only 19K of income but contributing a total of 25K to my 457 and IRA, then it's like I'm getting "double credit" for the... -
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How much income to include if I want to contribute to 457 + IRA?
Hello, this year, I can exclude all of my income with the Foreign Earned Income Exclusion. However, I also want to contribute to my Roth 457 and Roth IRA. So, I believe that in order to do this, I cannot contribute more than my taxable income, which means that I would need to include at least... -
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457: To contribute or not to contribute - that is the question
Hello gurus, I come again for advice, as your previous answers have been amazing. Because I have been working overseas and claiming the Foreign Earned Income Exclusion, I have now found myself with an interesting option: If I want to exclude all of my income (I make less than the limit), that... -
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The meaning of "nondeductible" IRA contributions?
That's correct, but the entire amount in Box 1 was excluded, so I had no taxable compensation, which would mean I need to amend to INclude 18K since that is how much went into the 457. Is this right? Thanks. -
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The meaning of "nondeductible" IRA contributions?
I am thinking it might be easiest to simply amend my taxes to include as taxable income the exact amount that I contributed to the 457. (in other words, decrease the FEIE by that amount). That way, I don't have to withdraw anything from the 457. Does this sound reasonable?
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