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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2
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3answers
67 views

Do I need to file tax form 1099 misc for my royalties?

I've self-published a book and have sold a few hundred dollars worth of books from the back of my car. (I know I need to pay sales tax on these books.) I have a simple sole proprietorship business in ...
1
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1answer
51 views

Deadline to amend a 1040 tax return filed late?

Generally, you can file 1040 up to three years after the original deadline for filing. So if a person just filed for 2010 (due April 15, 2011) on April 15, 2014 (three years later) and new see an ...
0
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2answers
104 views

Is buying co-workers lunches(reimbursed by them) taxable?

Every day, I go out and buy 10 people lunches and they pay me back. I mostly break even, but may come out a couple dollars ahead. Do I need to claim this on my taxes? Thanks
0
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1answer
28 views

UK Expat with BVI company, can my company bank in the UK

I am about to leave the UK and travel constantly. I am a UK citizen but will become non resident when I leave. My business is run online and I need a business bank account within the EU to receive ...
0
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1answer
83 views

Automatic Extension online filing request gets denied w/ code R0000-052-01 - why?

I am trying to e-file, using the FreeFileFillableForms website, an extension request (F.4868). I have no tax due, and expect a couple of thousands in returns once I file the complete F.1040. ...
0
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1answer
32 views

Tax implications of selling part of land associated with main home

My wife and I are considering splitting off a portion of the land attached to our main residence. Will this be taxed as a capital gain? Can the money be put towards the mortgage and not be taxed? ...
0
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2answers
52 views

Does making credit card tax payment through service provider constitute IRS form 4868 extension request?

If I pay the amount due on my extension for US IRS form 4868 through an IRS approved payment provider that accepts credit cards such as PayUSAtax.com who charge 1.87% for the service and I designate ...
0
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4answers
58 views

Tax on Stocks or ETF's

This is a really stupid question, but just to confirm: tax (credit) is accessed only on the realized capital gain (loss) from selling of stocks or ETF's, correct? To answer the question from the ...
1
vote
1answer
43 views

So far, expect to only make (1099) income in Q1 of 2014… What's my estimated liability?

I've earned a significant amount of 1099 income (self-employed) in the first quarter of 2014 (through 3/31/2014), but as of now, I have no idea what (if anything) I will earn for the rest of the year. ...
2
votes
1answer
63 views

Facebook application income (India)

I am currently working software engineer in India. Except for salary income. I get income from my facebook app which is very basic amount. For that I use paypal to transfer money to my bank account. ...
5
votes
2answers
138 views

Do I need an official receipt to claim a charitable tax credit?

I made a charitable donation in December of last year, and have yet to receive the official tax receipt for tax-return purposes. Contacting the charity, I was told that the receipts had already been ...
-2
votes
1answer
37 views

Roth conversion: US tax brackets for Non-resident Aliens (residing in India)

Question 1: If I move money from a traditional to roth IRA (or pretax 401k to roth) account, what are the US tax brackets? Are there any standard deductions? Will I have to pay any taxes in India for ...
7
votes
1answer
209 views

I gave an incorrect account number to pay my income taxes

I used TurboTax to prepare and e-file my federal and New York State tax returns. I owed money on both and I elected to have the amounts debited from a savings account. When the transactions never ...
4
votes
3answers
229 views

After consulting HR Block, are you actually obligated to file your taxes with them, if they've found ways to save you money?

tl;dr HR Block charged me $100 for a "review"—that is, entering in their system what I myself calculated my returns would be (via TurboTax), and seeing what they could come up with to beat that. If ...
0
votes
0answers
58 views

first time consultant, doubts on taxation

I have seen various replies but I would just like to confirm about my case as its my first time. I have been offered a consultant position and the company said there is no taxation at source. So this ...
1
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2answers
37 views

How do auto-loan payments factor into taxes for cars that are solely used by dependent(s)?

I financed a car under my name so that my sister could drive to work and my mother (who I'm claiming as a dependent, myself as head-of-household) could get groceries and run basic errands. I myself do ...
1
vote
1answer
25 views

Do I count as student loan interest the payments I make on a PLUS loan that was taken out for my tuition?

I took over paying my mother's monthly PLUS loan payments, taken out for my education. (Sallie Mae autodeducts the monthly payments from my checking account.) Can I count the 1098-E for that account ...
2
votes
2answers
54 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
4
votes
2answers
335 views

Where/Who do I have to notice the family status (after marriage) change to in Germany?

I live in Germany, and I have recently gotten married. Since this change affects my income taxes - I need to notify Finanzamt (tax office). Do I do it by some letter or by coming in and filling in ...
3
votes
1answer
223 views

Can F1 OPT +H1B claim tax treaty benefits

I have been in USA for about two and a half half years on F1 visa. In 2013 I was on at F1 and F1 OPT till 30 September 2013. After that I switch to H1B status. I am a nonresident alien for tax ...
1
vote
1answer
32 views

How do I calculate “Business Use ” of my home when I moved mid-year?

I am trying to figure out how to fill out my schedule C. My wife has a direct sales business that she started in January 2013. We moved out of state at the end of June. Both dwellings were used ...
2
votes
1answer
48 views

Are distributions from Roth 401k or Roth IRA accounts taxed in India?

I am wondering if India distinguishes between pre-tax and roth IRA/401k accounts. So, if I am contributing to a roth account (401k and/or IRA) - would I have to pay taxes in India again: On the ...
1
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0answers
18 views

Where is income sourced if I work for an agency in one state that provides my services in another?

I'm a self-employed contractor. I live in NY, "work" for a NY agency that provides my services to a company in CT. Do i have to claim that income as CT sourced, or NY sourced?
2
votes
1answer
80 views

Do the FATCA laws also relate to individuals incomes?

I'm wondering about the American FATCA laws which apply various tax rules on American citizens' foreign accounts around the world. Except for tax withholdings from investment income, does this law ...
0
votes
1answer
58 views

K-1-P (or Equivalent) from Multiple States

In 2012 and 2013, I worked for a company (LLC) that awarded me shares in the company as a form of compensation (edit: the shares were issued in early 2013). I have since left the company and they ...
2
votes
2answers
80 views

Do I have to pay state taxes on income not earned while living or working in that state?

[All values are approximate] I moved to Pennsylvania, from Maine, last June 1st. I ceased all residency and employment in Maine on the 31st of May. In doing my taxes this year (using HR Block ...
1
vote
1answer
65 views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
3
votes
1answer
45 views

Income Tax on Employer Provided Educational Assistance

My employer is helping me pay for my Master's Program in Computer Science. My employer has included the reimbursements (about $2,000) to me for my schooling within my wages on my W-2. Since I ...
1
vote
1answer
37 views

Startup Convertible note write-off debt?

I invested time in a tech start-up during 2013 that has since closed its doors. I received payment in the form of convertible notes... $30,000 in total, which of course have no value now. Is there ...
5
votes
2answers
145 views

Do I need to pay income taxes for the money I earn online from a foreign website?

I work for a website based in Europe and they pay me every month to my bank account (salary account). Every time I receive funds, I will get a call from the bank for confirmation and they ask for the ...
2
votes
2answers
39 views

How to handle unclaimed property income (wages)?

In 2013 I claimed and received unclaimed property in the State of Colorado. This property is unclaimed wages from a company I used to work for in the mid 2000's. I received no documentation with ...
1
vote
1answer
41 views

Dependent care FSA when one spouse is self-employed

This question relates to a Dependent Care Flexible Spending Account (FSA) account in the USA. I'm aware that contributions to an FSA are not available to self employed persons, and not deductible if ...
4
votes
3answers
199 views

Specifics of filing dual-status return for family

My wife, our daughter, and I are in California since September 2013. Only I had income in US. I am planning to file extension form 4868 to be able to make first year choice and be treated as ...
1
vote
1answer
171 views

Can Form 1040a, Line 10 be left blank if the broker's 1099-Div shows 0?

Form 1040A, Line 10 is Capital Gain Distribution. According to the instructions, that field should be populated with box 2a of Form 1099-DIV. When I look at Form 1099-DIV, box 2a provided by my ...
3
votes
1answer
154 views

For TurboTax online's “Enter Dividend Income”, what goes in the “Broker or Payer” field?

I am confused by this field. Should I enter the company that actually issued the dividend or my broker's name?
2
votes
1answer
49 views

Does non-taxable income apply before or after (not at all) taxable income for purposes of tax brackets?

The context of this question is looking at retirement and 401k/Roth. I am currently contributing to both. I was wondering when I start withdrawals of the traditional if these withdrawals are taxed at ...
1
vote
1answer
45 views

How do we handle taxes a lump sum payments from a SSA-1099 backdated to 2011?

In 2011, I went on short term disability provided by my employer. In December 2012, I transitioned to Long Term Disability. I remained on Long Term Disability until November of 2012. The wages I ...
2
votes
1answer
96 views

Where does my IRS Form 8582 line 16 get reported?

I am using TurboTax and I have a form 8582 Passive Activity Loss Limitations wherein I have a positive value on line 16 that represents a passive loss from real estate activities. The form itself ...
0
votes
1answer
18 views

Do we need to provide a TIN or ITIN in the W-8BEN form?

We are non-U.S. investors investing through an LLC into ventures. The ventures have operations in Brazil but some have Delaware holding companies. Do we need to provide a TIN or ITIN in the W-8BEN ...
4
votes
1answer
116 views

When does the IRS generally decide whether or not to audit your tax return?

I've never been audited by the IRS, but I was just curious if the fact that I received my tax refund in any way indicates that I am less likely to be audited this year. My presumptive theory is that ...
3
votes
1answer
363 views

How to Store Funds Generated through Gambling

I am developing an sophisticated automated betting application. Initial tests show that it is likely to operate well and at a profit. I am in full-time employment and pay full tax on my earnings. This ...
0
votes
1answer
113 views

Do I need to pay tax on my unregistered online 'business'?

Let's say I have an online store. I sell things and receive revenue. It is profitable. Its server is somewhere in USA. I am currently in Germany. My customers are mostly in, say, Thailand. I have not ...
1
vote
1answer
118 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one ...
5
votes
1answer
113 views

What happens if a company you hold short merges with another company?

I know how mergers (typically) work when you're long a company, you simply get shares in the merged company equal to your previous market value. But what happens if you hold a short position? The ...
1
vote
1answer
31 views

How should a US resident who is a joint owner of a Canadian corporation file taxes?

I am a Canadian citizen living in the US. I am a joint owner (50%) of a Canadian federal corporation that I started when I lived in Canada. The company is online, and receives income from people all ...
10
votes
2answers
234 views

How are long-term capital gains taxed if the gain pushes income into a new tax bracket?

First, my understanding is that the long-term capital gains tax rate is 0% for those whose marginal rate on ordinary income is 10% or 15%, and (ignoring the highest 39.6% bracket) the rate is 15% for ...
5
votes
1answer
52 views

Home office deduction using simplified method & expensing of non-permanent office modification?

This year (2014) I'm planning on taking a home office deduction as I have recently become an independent contractor doing computer programming. I have set up an area in the basement about roughly 300 ...
4
votes
2answers
69 views

Are HSA administrative fees considered distributions?

Upon leaving my previous employer my HSA custodian started dinging me with a monthly "administrative billing fee". I've taken no non-qualified distributions from the HSA but received a 1099-SA with a ...
1
vote
1answer
46 views

How to handle missing W2 from failed direct deposit only company?

I was working for a startup that went out of business in December 2012 and due to an accounting snafu my last deposit wasn't released until January 2013. I was able to get my 2012 W2 with a great ...
4
votes
1answer
148 views

Federal Income Tax implications of Amazon Mechanical Turk

What are the federal tax implications of any money received through Amazon Mechanical Turk? Is this money categorized as income? What are the necessary rules for payment regarding social security and ...