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Old 15-03-2019, 12:38 AM   #5386
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I am currently in the same situation. Did you close the single account first or open a joint account and link to the single one?

[QUOTE=isaacsayshi;116489630]Hey guys,

Recently i open a single account and are trying to convert to a joint account.

My questions is, should i close the single account first OR i should open a joint account now since i already have a single account?
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Old 15-03-2019, 01:11 AM   #5387
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I am currently in the same situation. Did you close the single account first or open a joint account and link to the single one?
Don't need to close the single account.

Open a new joint account. Request to transfer all the assets from the single to joint account.

Actually, you can try to do a Google search of any questions that you may have. Most of the answers can be found there.

https://ibkr.info/article/2733
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Old 15-03-2019, 03:01 AM   #5388
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Hi, hope someone can help. I'm having problem with my commission pricing. As recommended by tangent314, I changed to tiered pricing in settings because trade size is below US$6250. But I'm still getting charged US$5 minimum, which is fixed pricing.

Does anyone know why this is happening? How do I get tiered pricing to apply?

Did you make the purchase right after changing your setting?

It may take a day or two for the change to take effect.
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Old 15-03-2019, 07:13 AM   #5389
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Did you make the purchase right after changing your setting?

It may take a day or two for the change to take effect.
I see. I made purchase almost immediately after changing commission setting. Will try again after a few days see if tiered commission applies. Thanks tangent314!
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Old 16-03-2019, 02:07 AM   #5390
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Hi guys, may I clarify the following?



"Average Equity Balance is less than USD 2,000 3
or
A balance is maintained in a closed account
------------------------------------------------
If monthly commissions are less than USD 20,
Activity Fee = USD 20 – commissions."

I intend to open a IB account, investing $1500 every quarter until Jan 2020.

Since I wouldn't have $2000 worth of equity for the first 3months, does this mean I will get charged USD$20 every month for the first 3 months?

P.S. Why cant I see the image that I posted? How do I post images?

Last edited by Calpha K; 16-03-2019 at 02:25 AM..
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Old 16-03-2019, 03:03 AM   #5391
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Hi guys, may I clarify the following?



"Average Equity Balance is less than USD 2,000 3
or
A balance is maintained in a closed account
------------------------------------------------
If monthly commissions are less than USD 20,
Activity Fee = USD 20 – commissions."

I intend to open a IB account, investing $1500 every quarter until Jan 2020.

Since I wouldn't have $2000 worth of equity for the first 3months, does this mean I will get charged USD$20 every month for the first 3 months?

P.S. Why cant I see the image that I posted? How do I post images?
if your stocks value is more than 2,000 USD you will only be charged 10 USD until you hit 100,000 USD.
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Old 16-03-2019, 03:50 AM   #5392
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Hi guys, may I clarify the following?



"Average Equity Balance is less than USD 2,000 3
or
A balance is maintained in a closed account
------------------------------------------------
If monthly commissions are less than USD 20,
Activity Fee = USD 20 – commissions."

I intend to open a IB account, investing $1500 every quarter until Jan 2020.

Since I wouldn't have $2000 worth of equity for the first 3months, does this mean I will get charged USD$20 every month for the first 3 months?

P.S. Why cant I see the image that I posted? How do I post images?
First 3 months got waiver of the minimum fee
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Old 20-03-2019, 01:47 PM   #5393
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Guys

Can I short stock with cash account?
If yes, what is the condition I need to fulfill?

Please advise.
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Old 21-03-2019, 02:31 AM   #5394
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I need a clarification regarding US estate tax.

1. If I have USD$70,000 invested in US stocks & SGD$30,000 cash in my POSB account. Does that mean that only USD$70,000 would be subjected to estate tax upon death? Since the SGD$30,000 cash is not considered as a U.S. situated asset.

2. Is it ok for me to say that in the event of my demise, this estate tax can avoided by getting someone else to log into my account to sell the stocks and transfer the funds out?

I'm curious so I hope someone answers this silly question of mine. I've also summarised what I've learnt about IB from earlier posts. Feel free to correct me if I'm wrong. Thanks!
------------------------------------------------------------------------

Deposit:
Account Maintenance website --> Transfer funds --> Set up a deposit
Deposit notification; Transfer type is "deposit", currency is "SGD", method is "wire"
Advanced tab: FXCONV SGD to USD via TWS

Withdrawal:
FXCONV USD to SGD
a) ACH(similar to GIRO) SGD to avoid triggering incoming telegraphic transfer fee --> Slower, lower IB fees for 2nd & subsequent withdrawals
OR b) Transfer to banks like CIMB, Citibank, BOC and ICBC --> Faster, higher IB fees for 2nd & subsequent withdrawals

Note:
- Min. monthly activity fee: USD$10
- Best to trade when exchanges are open to avoid spread
- Choose stocks from the “native” listing
- For the lowest possible trading fees, choose:
a) Tiered pricing: Trading less than USD$6250 or more than USD$78000
OR b) Fixed pricing: Between USD$6250 and USD$78000

***

For non-US person trading US stocks in SG:
1. Dividends are subjected to 30% withholding tax
2. Estate tax on US stocks if total assets in US market is more than USD$60,000
3. No tax reporting needed w.r.t. capital gains & dividends
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Old 21-03-2019, 06:42 AM   #5395
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I need a clarification regarding US estate tax.

1. If I have USD$70,000 invested in US stocks & SGD$30,000 cash in my POSB account. Does that mean that only USD$70,000 would be subjected to estate tax upon death? Since the SGD$30,000 cash is not considered as a U.S. situated asset.

2. Is it ok for me to say that in the event of my demise, this estate tax can avoided by getting someone else to log into my account to sell the stocks and transfer the funds out?
1) No. Only USD 10,000 would be subject to estate tax, because the first $60,000 USD of US-situated assets is exempt from estate tax.

And that only matters if those are US-listed stocks—SPY or MSFT, for example. If those are non-US-listed stocks—for example, IWDA or CSPX listed in London—then they won't be subject to US estate tax, even if they're held at a US broker.

2) No. The US tax agency doesn't like smartasses.

Guys

Can I short stock with cash account?
If yes, what is the condition I need to fulfill?

Please advise.
No. You can buy puts, though.
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Old 21-03-2019, 08:50 AM   #5396
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1) No. Only USD 10,000 would be subject to estate tax, because the first $60,000 USD of US-situated assets is exempt from estate tax.

And that only matters if those are US-listed stocks—SPY or MSFT, for example. If those are non-US-listed stocks—for example, IWDA or CSPX listed in London—then they won't be subject to US estate tax, even if they're held at a US broker.
Just to elaborate a bit, the US$60,000 figure is a single/universal exemption for non-U.S. decedents. It’s not per broker or per account, lest anybody think you can split up your U.S. estate taxable assets across two or more accounts.

Also, some U.S. domiciled assets are not U.S. estate taxable (for non-U.S. decedents). Two notable examples are directly held or non-U.S. fund held (not inside a U.S. domiciled fund) U.S. Treasuries (T-bills, notes, bonds) and cash, in any currencies, held at a U.S. bank or U.S. credit union. Cash, in any currencies, held at a U.S. broker — such as Schwab or Interactive Brokers — is NOT exempt from U.S. estate tax. That cash counts, along with all other U.S. estate taxable assets, toward the single US$60K exemption.

If you’re concerned about the U.S. estate tax that your estate will owe and must pay — and you don’t have to be, since only your dead body will pay it — then simply buy some more life insurance, that’s all. Or keep your U.S. estate taxable assets at or below US$60,000.

For those of you who are not U.S. persons and who participate in employee stock purchase programs, stock option awards, etc. with U.S. listed/traded stocks (Microsoft, Apple, Oracle, IBM, whatever, whatever), you may wish to keep your total employee stock holdings, including any other U.S. estate taxable assets, at or below the US$60,000 exemption through regular stock sales of qualified/vested shares. Typically you should still participate in those programs if you’re getting a discount on the share price, but regular sales will keep your portfolio from getting overly concentrated in one stock and keep estate tax considerations in check.

Last edited by BBCWatcher; 21-03-2019 at 08:54 AM..
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Old 21-03-2019, 09:52 AM   #5397
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How do we track the dividends that are paid out on the stocks we hold? Does the dividends get credited directly to my IB cash account?
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Old 21-03-2019, 12:14 PM   #5398
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How do we track the dividends that are paid out on the stocks we hold? Does the dividends get credited directly to my IB cash account?
Yep, exactly right.
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Old 21-03-2019, 03:04 PM   #5399
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I've learnt something new today. Thank you Shiny Things & BBCWatcher for your input!
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Old 21-03-2019, 03:54 PM   #5400
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Hi guys,

Please forgive my very noob questions.

1. I have an account with SCB trading US stocks. Do I need to fill in the W Ben form again since I have done so when I open the SCB account?

2. How long does it take to open IB trading account? I have prepared USD10000 in my bank for the IB account.

Thanks

Last edited by Cylim123; 21-03-2019 at 04:01 PM..
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