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.
1
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2answers
22 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
2
votes
2answers
42 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
3
votes
1answer
41 views
Selling my house and have been taking home office deduction. What will I owe?
I'm in the process of selling my house. I took a home office deduction a couple times, and I am concerned about what I may be responsible for at tax time.
My profit from selling the house is nowhere ...
7
votes
1answer
38 views
How much penalty will I have to pay for paying my tax installment late?
I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be.
The ...
3
votes
2answers
43 views
Tax questions - Working from India for US company
I am working from India for a US company and as per my knowledge I am not liable to pay any tax to US govt.
My first question is can I have them deposit my pay check in US account without any ...
0
votes
1answer
32 views
How can I have a 4549 from more than 3 years ago? Can I amend a return for which I've received one?
I recently (in 2013) received a From 4549-A from the IRS for tax year 2006? I had assumed that after 3 years, no review of or change to my taxes could occur, but clearly it is possible (for the IRS, ...
4
votes
2answers
57 views
Why is the 2013 Withholding Calculator giving me such incorrect recommendations?
I am trying to figure out what I should enter in my W4 and want to use the IRS Withholding Calculator as a guide.
To that end, my information is as follows:
We will file MFJ, with an income of ...
3
votes
1answer
53 views
Traveling abroad for about four years and working as a freelance writer. Who do I pay taxes to?
I've currently been traveling around the world, just recently finished studying in Thailand and am going to be employed in Norway working in the service industry. I've worked there before, filed a ...
3
votes
1answer
60 views
How do I pay my estimated income tax?
I've recently made the move from salaried employee to small business owner. Now instead of my employer sending in my taxes incrementally with each paycheck I need to pay my expected taxes quarterly.
...
4
votes
1answer
71 views
Is it a good idea to increase W4 allowance claim in order to fully fund 401k?
My company matches my 401k contributions, up to a limit, 6%. I don't currently contribute the max, but I would like to start. I know when I increase the W4 allowances, my take-home pay goes up, and ...
2
votes
1answer
54 views
Is my reimbursement taxable?
I am an hourly employee. I receive a separate reimbursement check from my regular paycheck. My company does not tax the reimbursement and does not add it to my yearly gross amount. Is it taxable? Are ...
0
votes
1answer
39 views
Tax Code of D0 and 944L
I was employed with company A from May 2011 till December 2012. I started a new job in January 2013 and the last pay that I got from Company A was on January 15 2013. The payslip stated that my Tax ...
2
votes
2answers
83 views
Is it necessary to file taxes if you've made less than $15,000 for the year?
I'm asking on behalf of a friend, who, last year, worked 5 weeks through a temporary placement agency earning ~$400/week after taxes (~$550/week before taxes), and also worked 6 months at an ...
1
vote
1answer
22 views
Does my wife need to sign IT-203 (NY state return) if I supply IT-203-C?
I was preparing NY state return for 2012 using H&R Block TaxCut and I noticed a new option (never noticed before) for a joint return where only one spouse has income from NY source. I selected ...
2
votes
0answers
47 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
2
votes
3answers
63 views
Are paying tax vouchers required?
I am 23, so I am pretty new at paying taxes, so sorry for another dumb question I have been unable to answer.
With much distress I finished my taxes, but what are estimated payments on next years ...
5
votes
4answers
1k views
How do I opt-out of the Social Security system?
How do I opt-out of the Social Security system and give up my Social Security Number? If I do this, am I then exempt from paying Social Security income tax?
4
votes
2answers
96 views
What's the difference between gross pay and net pay? What do the withholdings mean?
I work as a course assistant for a college. On it, it says that my gross pay is $864, and my net pay is $714.70. Apparently, "fed withholding" and "NH state withholding" took away $108.38 and $40.92 ...
4
votes
1answer
51 views
What forms must I fill out to pay taxes?
I go to college in New Hampshire, but I am a resident of Missouri. Last summer, I earned $9,000 while working for a company in Colorado, and I get paid for being a course assistant ($800 so far since ...
0
votes
1answer
61 views
“Taxes” charged on car rental bill — are they sales taxes?
I'm doing my taxes + going over sales tax receipts I can deduct.
I rented a car here in Arizona last year and my receipt from Avis lists a number of items:
concession fee 9.42 USD
energy ...
3
votes
2answers
87 views
Remote work. Live in one state, company in another state. tax witholding
I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question.
In this scenario, ...
0
votes
2answers
60 views
Is Indo-US scholarship received in INR exempt from tax?
I am an Asst Professor working in a central university.
I was selected for an Indo-US fellowship of $3000/month for doing a research project in the U.S.
They have paid in INR to my university. In ...
2
votes
1answer
127 views
Why doesn't the government pay interest on tax withholding returned via a refund?
When the US government pays you your tax refund, it doesn't include any sort of interest payment for what is essentially a loan to the government. Why doesn't the government pay interest?
5
votes
1answer
49 views
How do I report using an IRA distribution to purchase a first home
The tax code allows up to $10,000 to be withdrawn from an IRA (Roth or regular) and put towards the purchase of a first home without having to pay the normal 10% penalty for an early distribution.
...
2
votes
1answer
76 views
How can I calculate the number of deductions I should use?
Recently I've been trying to adjust my W-4 so that I overpay the government less (get a smaller tax return). How can I calculate the number of my deductions based on my income and family status, ...
0
votes
1answer
57 views
PAYE Coding Notice in my name, but referencing a workplace I am not employed to
I have been sent a PAYE coding notice tax reference for April 2013-14 which mentions a place of work I have never been employed. How often does this mistake occur? I am on the waiting list for calling ...
0
votes
1answer
50 views
Can the foreign tax credit be more beneficial than the foreign income exclusion?
Let's say a U.S. citizen is residing and earning income in a foreign country that has higher income tax rates than the United States. Would it be possible for them to claim the foreign tax credit on ...
0
votes
1answer
82 views
Does an out of court settlements have to be declared as income?
Last year I was contacted by a company that wanted me to take down an open-source software project I was working on. The generally tone was that they wanted to give me 10k CAD to take down the project ...
1
vote
2answers
1k views
How can I correct a Free Fillable Forms reported error?
I attempted to file my U.S. Federal taxes via Free Fillable Forms, and got a rejection for the following reasons:
Field/Xpath: ...
1
vote
1answer
32 views
Left US after 2 year secondment 4 years ago. Cashed 401K in 2012
Left US after 2 year secondment 4 years ago. Cashed 401K and paid US tax in 2012. I have no experience of the US tax system and am being told I will need to submit a form 1040NR. The terms on the form ...
4
votes
0answers
53 views
Investment Income - Who can claim?
My spouse and I now have a jointly held investment account.
I have received a T5 "Statement of Investment Income" for the account for the tax year, addressed to Mr James Foobar or Mrs Jenny Foobar.
...
2
votes
3answers
143 views
New Car Tax deduction
I am filing tax in US, I purchased a brand new car. I want to add to my tax deduction.
Tax software is suggested to include vehicle register fee? where can I can find it? should I enter the purchase ...
0
votes
1answer
53 views
Paid by an American company but working from France: where should I pay taxes?
Here's the situation: I'm French and I was legally employed by a US company but working remotely from France until Dec 30th, 2012. I arrived in the US on Dec 30.
I was on the company's payroll for ...
0
votes
1answer
30 views
Mortgage-based budget spreadsheets?
Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would.
At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
1
vote
0answers
40 views
Database(s) of U.S. State AND Local Income Tax Rates?
I'm building a web app that will allow users to enter in their salaries, budgets, and savings plans to have a nice overview of what their financial future looks like. It'll be really pretty, but ...
5
votes
2answers
127 views
Paid part of my state refund back last year; now must declare the initial amount as income?
Sorry for the terse title, here is a more fleshed out explanation:
When I filed my 2011 taxes last year, I received a refund from my state of residence (Arkansas). Later last year I had to amend my ...
1
vote
1answer
99 views
Received W2 but was never paid
I just now received W2 from a company that i worked for 3 days as a contractor. I had to leave country for 2 months due to family emergency. Since the employment duration was very short, i was not ...
0
votes
0answers
37 views
Canada: No taxes filed since 2003 while living in another country
My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
1
vote
1answer
164 views
How to determine mutual fund or ETF capital gains taxes in Canada?
I live in Canada. I invest with TD Waterhouse, but I believe my question is unrelated to my specific broker.
Over the course of 2011 and 2012, I invested in a mutual fund indexed to the S&P/TSX ...
3
votes
1answer
88 views
What is the status of the Child Tax Credit for 2013?
There have been many tax changes in the US recently, including the increase of the payroll tax. However, I haven't heard about the significant child tax credit. Will the child tax credit stay at its ...
2
votes
1answer
84 views
Can I convert a traditional IRA to ROTH pre April 2013 and have it matter for 2012
I believe there is opportunity to contribute to an IRA up to April 2013 and have it count on tax year 2012. It wasn't clear from this question, so I'd like to ask specifically if it is possible to ...
2
votes
1answer
72 views
Any savings vehicle which is sheltered from both US and Canadian income taxes?
I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries.
Every year I hear ...
0
votes
1answer
112 views
May I claim money earned but not received in 2012
I did work for a company in 2012, but will not receive money from them until 2013.
I think it would be beneficial for me to claim that income in 2012 because it is miscellaneous income (in ...
-1
votes
2answers
187 views
I'm living abroad, can I choose to not pay state taxes for that time?
I have a single US employer. I believe they are already withholding my state taxes at this point as I submitted a w-9 with my address being in the US. I would prefer that not to be the case because my ...
-2
votes
1answer
451 views
F1 student, as a non-resident, filing married separate tax return with US Citizen wife [duplicate]
Possible Duplicate:
F1 student, as a non-resident, filing a joint tax return with US Citizen wife
My income through CPT, as a F1 student for 2012 was $42k, of which I have paid $1300 in ...
2
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1answer
57 views
US taxes and refunding/returning payment
My friend is in an interesting situation. He paid in advance to a worker in December, but it doesn't look like the worker will finish the job. The worker is willing to refund the money, but in ...
2
votes
2answers
335 views
Can a F1 student file, as a non-resident, a joint tax return with US Citizen wife
My income through CPT, as a F1 student for 2012 was $50k, of which I have paid $300 in state and federal taxes as I was a part time employee of a company from Jan - March 2012 (income ~$13k).
I then ...
6
votes
1answer
134 views
Can I deduct my Goodwill donations from my taxes in Kentucky?
On our Goodwill receipt, it says that special rules apply to donations over $500. We have made two donations this calendar year, each being in excess of $400 (i.e. total >$800).
Do the special rules ...
1
vote
1answer
80 views
How to base my income tax bracket?
Is my income tax bracket based on gross income or AGI? What other factors can affect what my income tax bracket can be if I'm teetering close to two brackets?
6
votes
3answers
921 views
Could a 401k or IRA contribution switch my current taxable income to a lower tax bracket? is this the same for traditional and Roth 401k?
In the case that my annual income is right in the limit between one tax bracket and the next tax bracket. Can contributing to a 401k or IRA reduce your present income declaration in such a way that ...
