This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

learn more… | top users | synonyms (2)

0
votes
0answers
27 views

Can my teenage son claim “exempt” on his W4?

Can my teenage son (soon to turn 17) claim "exempt" on his W4? When looking at the FAQ from the IRS, it seems like the answer to this question is a fairly straightforward "yes" (he didn't work last ...
0
votes
1answer
5 views

NRO account Tax related

I have NRI/NRO account in India from this NRO account I pay to some SIP funds every month. So for this SIP fund's interest how income tax will be calculated I have confusion so pl. help by giving ...
3
votes
1answer
30 views

How do I work out the tax effect of a company car in Germany?

I'm getting a bit confused by the various literature I am reading about German Taxes on driving a company car. I know its 1% of the vehicles list price per month. Is this treated as extra monthly ...
3
votes
0answers
33 views

Income tax on children's social security income

How do you declare in the tax return the social security benefits of minor children? In our case, the social security administration deposits the checks every month in a bank account that is on my ...
0
votes
1answer
24 views

large recurring transfers of to India from US and/or taking Indian mortgage

I am a US citizen and have lived in America my entire life. My wife is an Indian citizen is in the US on a Greencard (K1/fiancee visa) for the last few years. Before marriage, when she was in India, ...
3
votes
1answer
81 views

Where is a telecommuter taxed?

If I am a telecommuter, say I live in Florida but work for a Company who's offices are in Pennsylvania, am I subject to PA state and local taxes?
0
votes
0answers
11 views

Will I have to pay tax in India for the money I earned in the us?

What is the rate of income tax in the united states? For example- I am a resident alien. I earn around $50k(33 lakh)per annum. As I am a citizen of India. Which government should I pay my income tax ...
0
votes
0answers
20 views

Papers Needed For Taxes For Independent Contractors/Sole Proprietors?

I have never filed taxes solely on my own as I work for corporation, which generally handles necessary paperwork. I have become interested in being an independent contractor, but would like to know ...
0
votes
1answer
44 views

Roth-IRA penalty = effectively lowering short term capital gains rate to 10%

Although dubbed a penalty, does a Roth-IRA early withdrawal "penalty" effectively lower the short term capital gains rate to 10% instead of linked to your actual income bracket? As the early ...
2
votes
1answer
58 views

First time IT contractor, not UK resident, Umbrella or Limited Company?

Will be starting my first IT developer contract soon lasting 3 months, 260 per day, I don't intend to have another contract until at least 9 months after this first contract. Having read in depth the ...
3
votes
1answer
33 views

Does a U.S. citizen living in Mexico and getting paid from U.S. company, have to pay taxes in Mexico?

I'm a U.S. citizen living and working in Mexico to help expand operations for a U.S. corporation I work for. I currently file and qualify for the Foreign Earned Income Exclusion under IRS rules. My ...
3
votes
2answers
106 views

Where does ObamaCare factor into the US federal tax return?

It was in the press a lot that if you fail to buy an ObamaCare health insurance you will be fined. But I just filled up my tax returns, and I didn't see this question anywhere in the forms. So are ...
4
votes
3answers
177 views

Splitting Hackathon Prize Money to minimize tax debt

I won a hackathon, the prize was $2000 in the form of a check made out to me. I was part of a 6-person team and we split the prize money as follows: $300 to each team member (including me) ...
3
votes
1answer
52 views

Is there income tax on my on-time sale of my California primary residence?

Bought house in 1998 for $850k, primary residence the whole time, thinking about selling it now for $2.2M Is there Fed or Calif income tax on the profit?
0
votes
1answer
71 views

Would falsely claiming W-4 exempt status?

I have ~60K coming from my employer as supplemental wages If I get this in lump sum, the tax withheld would be around 40%. My usual tax rate is about 25%. I know I would get much of that extra tax ...
0
votes
1answer
41 views

Washington State tax filing extension?

I just filed a federal tax-filing-deadline extension for myself. Does Washington state require a separate one? Turbo Tax didn't mention anything about it (I used it to file my extension) and it ...
0
votes
1answer
37 views

Mortgage Interest and Property tax for a multi-family rental property I live in

I own a two-family house (duplex) and live on the first floor. Traditionally I've been reporting half the taxes and mortgage interest as expenses against the rental income, and the other half as my ...
0
votes
1answer
79 views

Why would an error in sales tax not affect IRS tax due?

Someone filed out their US 1040 using H&R Block Tax Software. They have under $2K tax due: less than employer withholding, so they have a refund coming. They live in a state with sales tax but no ...
3
votes
5answers
360 views

Under what circumstance will the IRS charge you a late-payment penalty for taxes?

IRS Topic 301 states You will owe interest on any past-due tax and you may be subject to a late-payment penalty if the payment of tax is not made by the original due date of your return. The ...
1
vote
0answers
31 views

What counts as 'qualified government orders'?

In 2008, we received a first time home buyer credit. In 2010, I became a government employee. In 2015, I transferred to a new position in a new city which made me part of the intelligence community. ...
1
vote
0answers
125 views

Selling Virtual Currency (World of Warcraft) how would it work with tax?

I'm currently earning about 300 euro worth of virtual currency in a game. Selling the gold is against the rule of the game, but if I'd sell gold worth ~3000 euro for example. How do I prevent this ...
4
votes
1answer
81 views

Do US retirees pay income tax in Canada if they move there?

I am a US citizen, retired, considering a move to Victoria, Canada. Assuming I can get permission from the Canadian government to establish full-time residency, my question is: Will I have to pay ...
1
vote
2answers
117 views

Why ADP does not accurately withhold state and federal income tax (even if W4 is correct)?

Back in 2014 and 2015 I had W-4 on file with my employer where I claimed only one exemption (myself). However, I always ended up owing federal tax and getting CA state refund. Last year I also ended ...
1
vote
2answers
113 views

canadian citizen who has not filed a canadian tax return in 30 years

i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
0
votes
1answer
26 views

UK summer internship - employee status

During January & February '16 I have done some work for my university for which I filled the HMRC New Starter Checklist form. Since then I have not done any work for them and I have gotten a ...
3
votes
2answers
55 views

State Tax return without SSN or ITIN

As per ITIN request form W-7, we have to attach our federal return with it, which cannot be filled until we receive Form 1042-S (which I received late in March). This implies that it is not possible ...
3
votes
3answers
182 views

IRS “convenience of the employer” test when employee lives far from the office

I'm looking for a reliable general reference to the IRS "convenience of the employer" test regarding a home office employee deduction. The IRS test is, the home office must be: a condition of ...
3
votes
1answer
49 views

How much money to put aside for taxes on earnings from side work?

I am planning to work for a fireworks distributor for 2 weeks this summer. I am going to make 15% of all sales and estimate to make $9k. How much do I need to put aside so that I don’t get KILLED in ...
1
vote
1answer
72 views

Do I have to file for tax if I don't work at all but just received 1098-T form from my college?

I don't work at all right now. So I thought I wouldn't have to pay for taxes. But then I got this 1098-T form from my college a month ago. So now I'm confused. Can I/Do I still have to file for tax ...
0
votes
0answers
15 views

Dual Status Filing instructions

I was a non-resident alien during the first part of 2015, and became resident afterwards. I'm trying to file a Dual Status return, but I can't find any details on the specifics anywhere. From what I ...
1
vote
1answer
15 views

Filing Income Tax Return in US as resident alien and non-resident wife

I came to USA on 04th April 2015 and went back to India on 06th Nov 2015. I got married on 02 Dec 2015 and again came back to US on 23 March 2016. My wife hasn't traveled to US after marriage. She ...
2
votes
1answer
50 views

What is the meaning of “2015 estimated tax payments and amount applied from 2014 return” on line 65 of Form 1040?

On Form 1040, line 65 says: 2015 estimated tax payments and amount applied from 2014 return What does this mean? The instructions are extremely unhelpful.
1
vote
0answers
24 views

US Tax Return Forms to fill for NRE Account

I am really confused about what forms I have to fill and submit for my 2015 Tax return in USA. I am an Indian lived in USA for whole 2015 tax year. I have a joint NRE account with my spouse in India ...
1
vote
0answers
24 views

Independent contractor for a Canadian company with no 1099 for 6 months then under US payroll with W-2. What to do?

I am a US permanent resident and I was working for a Canadian company as an independent contractor for the first half of 2015 without any 1099s and they wire transfer my wages directly into my US bank ...
1
vote
0answers
18 views

can an S corporation pay its owner as a consultant, so owner can use schedule C deductions?

I'm a consultant with an S corp. If my S-corp pays me as a consultant, so that the K-1 is 0 income, then can I file 1040 schedule C in order to get deductions like: - use of home office, and - health ...
0
votes
1answer
46 views

Can I claim home-improvement expenses on a rental I live in but do not own?

My father owns a house that he rents to me. I take care of all the maintenance and upkeep like lawn care, and repairs. He doesn't claim any of these on his taxes. Can I claim these expenses on my ...
2
votes
1answer
33 views

Allowed to make a post-tax HSA contribution if pre-tax contributions are available through employer?

I have a HSA, and my employer allows pre-tax HSA contributions. I'm working on my 2015 taxes and it turns out it would be beneficial to make a contribution now for 2015 (which I believe is possible?) ...
4
votes
2answers
66 views

Do I actually need a P60 to file a UK tax return?

I want to file my tax return for last tax year as quickly as possible, as I'll be owed a refund. In the employment section it asks for information from my P60, which typically won't be issued for a ...
0
votes
1answer
26 views

US Expatriate, do I have to file for an extension, or do I automatically get it, as in without doing anything?

This is my 1st time abroad for a long time, and according to the IRS website: "You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is ...
6
votes
2answers
211 views

How is federal tax withholding calculated per paycheck?

I just started at a new company and received my first paycheck. It included a signing bonus, which of course made the paycheck much higher than a normal one will be. The fed withholding amount on the ...
1
vote
1answer
37 views

US Tax : How to file interest on Indian Fixed Deposit (FD)?

I am an Indian working in US on H1B visa. I pass the substantial presence test and will be filing as a resident alien this year. I am little confused on how to report the interest on the Indian Fixed ...
4
votes
1answer
97 views

Double taxing on 401k contributions that went over the limit

in 2015, I worked half the year at CompanyA and switched jobs to CompanyB sometime in May. During the 401K sign-up, an error occurred and my full first paycheck (and sign-on bonus) ended up going ...
2
votes
1answer
136 views

I paid taxes from my first day of work. Is this a problem with HMRC, or my employer?

I'm working in a warehouse in a picker position. I've been working for a year now, and my question is this: I've been paying income tax since the first day, and I worked before that for a few days ...
3
votes
1answer
82 views

Do I need to file Federal Tax returns under dual status?

I worked in US from January 2015 to October 2015 on a non-immigrant visa. I moved to Canada in November 2015 on a temporary work permit. Do I need to file my tax return as a non-resident alien for ...
1
vote
0answers
51 views

How do I handle forfeited dependent care FSA money on my taxes?

I forfeited $1300 in dependent care FSA (missed deadline). I spent $3800 total on daycare expenses. $1300 showed up on my W2 form. I use Turbotax. Do I need to do anything different on my tax forms ...
0
votes
1answer
69 views

What are the tax implications of working as a consultant in India?

I'm an individual mechanical engineer. I have been offered a consultant position with profit sharing in a company located in India. I too am from India. My nature of work is to provide engineering ...
1
vote
1answer
35 views

Hired with W-9, will I owe estimated tax quarterly?

I heard different opinions on this matter from different articles and different tax experts, so could someone set the record straight? I'm currently contracted with this company. I had filled out a ...
0
votes
0answers
32 views

US taxes, 1040ez form health coverage

I have been working in the US as a Canadian for only a couple of months and have not been covered for the full 12 months for health insurance. On the 1040ez form, what do I put for the health ...
3
votes
0answers
55 views

income taxes in France: Is it better to share our income taxes or pay separately, me and my gf?

Not sure if this is the right place. If not , I will delete my question and put it somewhere else My lady and I are living in France and paying our taxes there, separately. However, we are ...
1
vote
2answers
33 views

Do I have to file taxes for NC if I live in SC and my HQ is in SC but I work out of office in NC?

I was wondering if I have to file my taxes for NC if I work out of an office in NC but my HQ is in SC and I live in SC? I have filed my NC tax the previous 2 years and of course I owe NC money back ...