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.

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42 views

How to be exempt from backup withholdings

I have dual citizenship -- US and other -- and I'm living abroad. What form do I fill out so the paying company will not take out backup withholdings?
4
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1answer
21 views

UK National Insurance deduction as income tax in NZ

I understand as a New Zealand tax resident I am required to declare my worldwide income and the tax I pay on this income back in NZ each year when I do my tax return. However I am wondering what the ...
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1answer
21 views

Taxation of income from working abroad within the EU

I'm a Finnish (FI) citizen working with a full-time contract in a company. I'm going to do a 3 months job abroad in Belgium (BE) in a different company. During this time my contract in FI is going to ...
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1answer
17 views

What IT form to use in India?

In Previous Year 14-15, Assessment year 15-16 I have income from salary income from two house properties income from Capital Gains Income from other sources income/profit from business What form ...
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0answers
31 views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
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1answer
428 views

Income tax withholding for single person vs. married person?

Page No: 45 of this IRS publication http://www.irs.gov/pub/irs-pdf/p15.pdf gives the Percentage Method Tables for Income Tax Withholding. I am married, but my spouse works as well. In my case, will ...
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0answers
20 views

Help required in filling up of form W8 BEN-E [closed]

We are an India based Pvt Ltd company and have been asked by our client to fill up this form for payment. Please help with the answers to the following questions. Is 9a/10 in Part I compulsory or ...
2
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1answer
18 views

Indian working in the US Tax filing as Resident in both countries

I moved to the US last October from India, I had spent more than 180 days in India during the Financial Year 2014-2015. I am also eligible to be treated as a Resident for tax purpose in the US as I ...
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1answer
26 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
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1answer
46 views

Is it ok to stop witholding if this year's witholding is greater than last year's tax owed, which was nothing?

My understanding of the underpayment penalties is that generally you are exempt from penalties as long you pay either 90% of this year's tax owed through witholding, or 100% of last year's tax owed, ...
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1answer
23 views

U.S. stock sales- tax on sale for NR Canadian

I am a Non-resident Canadian living in Thailand on a Retirement Visa and my non-residency status dates back to 2013. I have no income except for CPP,. OAS, and a company pension all of which total ...
6
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1answer
80 views

Federal Income Taxes For Year of Divorce

In March, my spouse and I happily divorced, coming to our own agreement and keeping the courts out everything (other than termination). Since we were legally married for three months of 2015, how ...
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1answer
40 views

Is there any tax in India for money from Saudi Arabia

I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees) and already transferred to my NRE account in India. My questions are: Is this amount taxable in ...
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1answer
13 views

Should an employer file a tax withholding exemption form for non-resident workers?

I'm classified as a non-resident alien because I don't pass the Green Card Test or the Substantial Presence Test. My income is, according to this, not U.S. based, even though I get money from an U.S. ...
3
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1answer
34 views

Tax implications of receiving cash bonus from bank for a non-resident alien

Suppose that a non-resident alien, who occasionally visits the US as a tourist, but who also happens to have a social security number (issued while being on an academic visa many years ago), opens a ...
5
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1answer
80 views

Is there an IRS “use or lose” it rule on taking charitable deductions up to the 50% limit of AGI?

In 2014, I made a large cash contribution to my school. (As cash, this contribution is subject to the 50% rule on deductions, not the 30% rule.) At my expected AGI, and my expected level of other ...
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0answers
38 views

How do I take the state sales tax deduction if my spouse lives in another state?

My wife and I live in two different states, and I'm currently in the process of filing our 2014 income tax return. We are Married Filing Jointly. I have income from only the state that I live in, and ...
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1answer
26 views

In which infrastructure bonds should one invest to avoid capital gains tax after selling a property in India?

This is a follow-up question to Taxes on sale of property What are the available infrastructure bonds and can one withdraw that amount at any moment or some lock-in period is there? How capital ...
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1answer
41 views

Need suggestion regarding tax relief under DTAA

Need some suggestion on the tax relief under section 90 of Income Tax. I was deputed in USA during the period of Jan-2014 till Aug-2014. During this period my salary (Indian salary converted to $) ...
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1answer
62 views

Pay Outstanding demand

I got an outstanding demand for the AY 2009-10 under section1431a, i paid that now when I open the site it is showing another outstanding demand under section 220(2). I think this amount is the ...
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0answers
85 views

Salary vs Dividend: is this example wrong?

I saw a link to a great article in old (2012) question. http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/ I've tried understanding the article well, but I think that the author ...
2
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1answer
41 views

Switching Accountants - who does the audit review for past years?

If I switch my accountants, and the later CRA audits my returns (that were done with the previous accountant), who will be responsible for helping me with the audit: the new accountant or the previous ...
3
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1answer
50 views

Estimating independent contracting taxes when I am ALSO separately a full-time employee

I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to ...
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0answers
30 views

Does the Section 1256 Rule (60/40 rule) pass through to Mutual Fund holders?

Section 1256 of the U.S. Tax Code applies, in many situations, to SPX options. If I own a mutual fund that makes use of SPX options, do the SPX gains get passed through to me on a 60/40 basis -- e.g. ...
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1answer
48 views

Late payment of estimated taxes

I live in the United States, this is my first year paying estimated income tax and I've missed the first two voucher deadlines. My question is should I mail them now (late) and send each one ...
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4answers
818 views

Tax me more: Can I pay extra to the government so I don't have to deal with all this paperwork? [closed]

Is there a way to tell the US government: Just take all the money you like and save me the effort of the yearly filing of taxes? Doing all this tax work is so annoying to me that I really would like ...
5
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1answer
49 views

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two ...
2
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1answer
51 views

Will I pay US taxes on visiting family money that is deposited into my account

My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account. My question is: Am I going to ...
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1answer
27 views

Tax implication In India

My husband arrived in USA (California) in Oct 2014 for the first time . For Year 2014 we were considered as non resident alien (for tax purpose I guess). We have filed for the income tax in USA and ...
2
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1answer
70 views

Confused regarding allowances: No taxes being withheld at source

I claim Head of Household on my taxes. I have 4 children and my total allowances on my W4 add up to 14. I am confused because no taxes are being withheld from my pay. How will this affect me when I ...
0
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1answer
30 views

H1B First Time filing W4

I have traveled on H1B in early june with family. I need to file W4 for withholding taxes. Please help me if i have to file W4 as Resident Alien or Non Resident Alien. I have never stayed in USA ...
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0answers
64 views

Refinance one rental to invest in another?

researching all the implications: Smart to refi rental property? Want to reduce my income tax paid (possibly?) on positive cash flow and use $100k as down payment on my retirement home(7 years to ...
4
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1answer
40 views

UK Tax - can I claim expenses against a different tax year?

I have a day job but also a small freelance income from after-hours work. It's big enough that I have had to file a tax return for the last couple of years and pay tax on the profits left after my ...
1
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1answer
49 views

Q2 income and TDS on TRACES form 16 includes only July salary?

My current employer has deducted TDS in July by error. I am below tax bar, so on my TRACES form-16 "amount paid" or "TDS" for Q1,Q3,Q4 TDS details are not mentioned. But it mentions only July's ...
6
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0answers
205 views

If I'm the only one on the mortgage, do I have to count my significant other's payments as rent for tax purposes?

Lets say I take out a mortgage to buy a house, and I'm the only borrower on the loan. My girlfriend's dad gifts me $125k to pay the down payment. She and her parents go on the title, along with me. ...
3
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1answer
71 views

Income tax in India for NRIs in USA

I left India on 8th October 2014 and started working in USA from 13th Oct 2014. For my income in India, my employer deducted tax at source (Rs 30,000). In US too, my employer deducted tax at source ...
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2answers
154 views

Are client meal “gifts” considered income?

I was foolish and never considered that my client would possibly report my meals as my "income". I would like to consider it a gift, but my client personally dispises me and I now expect to have my ...
2
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1answer
61 views

How can I find if my accountant filled my tax report or not?

It was second year I filled my tax, for the first year I did that online by myself and It was perfect and I got my refund without any problem. One month later I tried to fill my FAFSA (Free ...
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0answers
42 views

Can IRA contributions be recharacterized multiple times

Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times? Recharacterized an Roth IRA to a traditional IRA, ...
3
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2answers
219 views

Who gets to write off (deduct) interest part of a mortgage payment?

On a U.S. Federal tax return, you can write off interest and property tax payments on a mortgage. Who gets to do that? Just the person in whose name the mortgage is? Or anyone on the title of the ...
2
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1answer
79 views

How do I work out which part time arrangement is better financially?

Next year my boy is going into child care and my wife is returning to work. We plan to put him in child care for three days a week and two days a week stay at home. I'm currently trying to figure ...
2
votes
1answer
61 views

Do I need to pay US tax if my father puts half of his company (in the Dominican Republic) in my name?

I am a permanent resident of the USA (a green card holder) eligible to apply for citizenship, but I do not know how convenient this might be in my situation. My father has a company in the Dominican ...
7
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2answers
2k views

U.S. tax return fraud after I've already filed

I filed taxes for 2014 months back, got the return, and all was well. Then I got a series of tax return emails over the course of two days (in June 2015) from a different seemingly legit site ...
1
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1answer
32 views

Do I owe NRI tax on excess per day allowance that I have saved?

I work for a multinational IT company, based out in India. At the beginning of 2014 I came to Europe for office work for a short term duration. But then the stay got extended and I happened to stay ...
1
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1answer
41 views

NRI having NRE, NRO and domestic bank acount

I am an Indian citizen with NRI (NonResident Indian) status, and I have an NRE account, an NRO account, as well as an ordinary bank account in India. I need to know How to treat my investments done ...
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2answers
46 views

What are the rules for accounting of late IRS tax filings and tax owed/refunded?

If you filed your 2011, 2012, and 2013 IRS taxes late around March 2015 and had a refund due for 2011 and 2012 that you filed as applied to the next year's taxes, rolling it forward each year until ...
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1answer
28 views

Tax form to prove state tax payment

My state tax for 2013 turned out to be larger then was withheld. As a result, the extra state tax I paid was included (by Glacier software) into the "Itemized deduction" line of my 2014 federal ...
5
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1answer
88 views

Do Canadian citizens have to file Canadian income tax returns even when living abroad?

American citizens are required to file taxes from abroad and to declare all world income. Is something like this also a requirement of Canadians when not residing in Canada? Does anyone have any ...
2
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1answer
62 views

When is it required that a non-resident alien file tax returns in the U.S.?

I am a non-resident alien as per US IRS definition. I generate some income from the US on account of book royalties and advance from a U.S. publisher. I am otherwise employed full-time in India and ...
2
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2answers
81 views

IRA vs Roth IRA for tax free gift

I have received a tax free gift of $4000 from a relative. I would like to put the entire amount into a retirement amount but I am not sure as to whether I should put it in an IRA or a Roth IRA. If I ...