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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22 views

In Germany, Tax class changed to 3 but I am still getting as tax class 1

In Germany, Tax class changed to 3 two month back but I am still getting salary as tax class 1. How much transition time generally take for class transaction to reflect my monthly salary.
2
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1answer
23 views

Am I eligible for Home mortgage interest deduction if I live outside the US?

I am a US citizen living outside the US, and I have a mortgage. Am I eligible for Home mortgage interest deduction?
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0answers
22 views

What phased out tax benefits should I be aware of (aka how much stock should I sell)?

I am married filing jointly in CA. I own a chunk of stock (~300k on a basis of 7k) in a company I formerly worked for that has recently IPOd. I'd like to diversify my holdings in a tax-smart manner. ...
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1answer
257 views

Can expenses for attending stockholders meetings be deducted in U.S. income taxes?

I have a few different common stocks holdings from which I receive quarterly dividends. In addition I receive an annual notice of a stockholders meeting and of course the voting proxy. I have often ...
3
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0answers
26 views

Will it be financially advantageous to rent out my condo on AirBnb?

I'm considering renting out my furnished 2BR/2BA condo as a daily rental. It is close to hospitals and is in Little Rock, the capital of Arkansas. I don't expect to make enough money to pay all the ...
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1answer
16 views

USA Income tax for foreign worker

I live in South America and I'm working for a company in the USA. I'm planning on opening a US Bank Account from abroad (with the help of my local bank). In this case, I would receive my payment in my ...
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1answer
34 views

What's the penalty for filing taxes late in canada if you're owed a refund?

For a number of totally avoidable reasons, I just filed my taxes. I'm owed ~3500$ and I was wondering what I should expect to get from the CRA. I've heard there's no penalty for filing late unless you ...
1
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1answer
116 views

Stock goes bankrupt - what is CODI and should I worry about it?

I am a total newbie at investing and last year I purchased some stock of BBEP directly without any broker using the Robinhood app. Now BBEP has filed for bankruptcy and I see many people mentioning ...
4
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1answer
44 views

Do I have to pay tax on hand-money(USD) which I brought from US to india?

I am not getting answer of this very normal question on the internet. I was working in the US as salaried employee and as per day count I was NRI for rear 2013 and 2014, and I paid full tax on all ...
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3answers
116 views

Do I have to pay taxes on a Roth IRA that is opened with Wedding Gifts?

I am a 29 year old teacher that will be getting married in July. I was hoping to use some of the remaining money from the wedding to open up a Roth IRA. I am not a financial professional and have ...
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1answer
101 views

When filing jointly, does it matter whose bank account is used to pay?

If both the wife and husband filed jointly, does it matter whose account we use to pay taxes due?
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1answer
25 views

Will the H-4 EAD applicable for the taxes

what are the taxes applicable for the H-4 EAD. Will s/he are exempt from the SSN/MEDICARE or s/he will applicable to pay the taxes?
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1answer
23 views

Correcting HSA contribution due to transfer of children's HDHP

I contributed the max ($6,750 for family in 2016). Now a court has ordered that my ex-wife take over health insurance for the kids, so my HDHP will cover only me, making my contribution max $3,350 for ...
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1answer
66 views

Question about married couple filing jointly

When filing taxes jointly as a married couple, which of the following is accurate (or are none accurate)? Husband's total salary will be added to wife's salary Wife's total salary will be added to ...
3
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1answer
150 views

Still list parents' house as permanent residence while renting apartment

I just graduated from college and plan on renting an apartment in NYC to commute to work in NJ. However, I've been listing my parents' home in New Jersey as my permanent residence. Can I still show my ...
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0answers
25 views

Non-Resident Alien, Selling Stocks

I am a Non-resident Alien living in US since Oct 2015. I was living in India and in 2015, I bought some stocks which I intend to sell by July-Aug 2016. I have been paying US Tax returns for 2015 and I ...
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1answer
73 views

Investing in a offshore bank account

I am completely new on investing and I am educating myself reading some books about finance but in the process to understand better the whole process, I'm very interested on buying index funds. So, I ...
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1answer
81 views

Setting up a 401(k) like fund

I work at a non-profit, and we've had our yearly benefits survey. One employee mentioned the possibility of starting a low-cost, organization administered pension fund. What we'd "really" like is an ...
2
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1answer
81 views

How do I check if my income taxes were filed?

How can I find out if my estranged husband filed our taxes. He said he did, but I don't trust him.
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1answer
45 views

How to save on taxes due on a lump sum pension payment

Upon resigning from a company, if employer offers a lump sum pension payment of 100k, what are some ways to save on tax on this 100k? Assuming this 100k, is the only income that year, the RRSP room is ...
1
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1answer
24 views

what if I were on a J1 visa w/o working permission and didn't fill income tax?

I went to the US for a 6-month research internship (from August 2013 to February 2014), on a J1 Visa, without permission to work (I think the term is non-working J1 Visa). I lived in Atlanta, GA. I ...
1
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1answer
22 views

Repatriate NRE account money into UK GBP account tax laibility

I am resident in UK and have a NRE account where I keep depositing my earnings (for which I have already paid tax in UK) From NRE account, I can repatriate money. I.E. get it converted to pounds ...
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1answer
35 views

How do I file taxes if my foreign income can be excluded by the foreign earned income exclusion act? Or do i even need to file at all?

While I understand I don't owe any taxes based on the foreign earned income exclusion act. I think I still have the duty of doing the paper work of filling. I don't want to risk getting into any ...
3
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1answer
36 views

RSU Tax Implications of 83(b) Election

I am granted a certain amount of RSU's every year, this year being the first. They vest at 25% after one year, and then 1/16th of grant every one month period after that. My question is to tax ...
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1answer
27 views

Number of years to file US expat taxes using Streamlined Procedure

I live outside of the US and will be using Streamlined Foreign Offshore Procedures to file taxes, which requires filing for the most recent 3 years for which the deadline has passed. Since the ...
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2answers
62 views

Do I have to file a self assessment tax return even if I won't be taxed? (UK)

I am self-employed but make less than the personal allowance of £11,000. The government website says my income band is taxed at 0%. Do I still have to register as a sole trader and file a tax return? ...
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1answer
46 views

Can someone explain how to calculate the “The Tax Is” column of the U.S. Federal tax brackets?

I know that for U.S. Federal Personal Income Tax, the schedule is progressive, so for a single person filing for $60,000 (in 2011 for this example), the first $34,500 is taxed at 15% and then the rest ...
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0answers
16 views

Canadian tax treatment of preferred share income

During the recent turmoil in the oil markets I purchased a number of preferred shares in a few of the pipeline companies (Enbridge, Pembina, and Veresen). I had assumed that preferred share income ...
0
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1answer
15 views

Are there disadvantages or caveats to be aware of when applying for an ITIN for a non-resident/non-citizen spouse?

As an American residing outside the US with a spouse who is not a US citizen I have always chosen Married Filing Separately for my filing status. The intent was to shield any income and assets she has ...
0
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1answer
24 views

Maryland Part-Year Return

My DC tax return was "re-routed" to MD this year shortly after I received a notice stating that I owed over 5K in taxes. I contacted the Maryland Comptroller's Office who advised that according to ...
4
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0answers
80 views

got some money on topcoder, possible tax rate calculation?

I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions. But I found out that 30% of that money will be withheld as tax. I didn't ...
3
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1answer
107 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 ...
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1answer
13 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
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1answer
35 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
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0answers
36 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 ...
1
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1answer
35 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
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1answer
86 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?
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0answers
16 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
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0answers
22 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
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1answer
48 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
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1answer
67 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
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1answer
38 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
111 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
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3answers
201 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
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1answer
67 views

Is there income tax on my one-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
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1answer
74 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
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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
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1answer
40 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
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1answer
83 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
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5answers
374 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 ...