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)

7
votes
1answer
917 views

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
0
votes
1answer
64 views

What states base income tax on world wide income?

I've seen several questions that state CA taxes worldwide income for anytime spent living in CA. I'm curious what other states might do this (vs not taxing income which was earned wholly outside the ...
2
votes
0answers
39 views

Working from home in Vermont as W2 employee for employer in California. Need I file a CA tax return?

I work for a company registered in CA; they have no offices in my state. I'm a W2 employee and they are withholding taxes for VT, where I reside. Will I need to file a CA income tax return? This ...
0
votes
1answer
40 views

Tax consequences when foreign currency changes in value

As a US taxpayer, if I hold some foreign currency that gains or loses value, what are the tax consequences when I exchange the currency for US dollars or other goods or services? Let's take a ...
1
vote
2answers
180 views

Which 2014 TurboTax Edition Do I Need?

I'm having trouble understanding which version of TurboTax I need to do my personal taxes. I don't know if the online and CD editions are equivalent, but I'm planning on getting the CD edition since ...
1
vote
1answer
16 views

Regarding NRI Tax returns

My earnings for the below period as April 2014 till June 2014 in India, July 2014 till Jan 2015 in Singapore ( More than 200 Days ), Feb 2014 till March 2015 in India I'll be paying tax in ...
1
vote
1answer
32 views

Getting money paid to a US based bank account for Indian company based invoice

I work for an american company and I used to get paid before directly by check. But now, I am raising invoices (for the work I do) from my Indian company. Is it ok if the USA company pays the Indian ...
1
vote
1answer
63 views

Student on F1 VISA; trouble filing taxes | Unique case

I am an international student in USA on F-1 VISA. My fiance works as an independent contractor from India and received his income in my US bank account which I sent to him in India. We did this for ...
2
votes
1answer
36 views

From India, and also worked in Kuwait in 2014. Do I owe income tax in India?

I got a job in Kuwait and I joined on 03-09-2014. Earlier I was working in India and was paying my Income Tax regularly. Now I am sending Kuwaiti Dinars sometimes to my and sometimes to my wife's ...
6
votes
2answers
2k views

Arguments on the “unconstitutionality” of income tax: What acts, etc. of Congress require payment of income tax?

I've heard that while the 16th Amendment gave the U.S. Congress the authority to enact laws for the application of an income tax on US citizens, but I've also heard that there is currently no law on ...
0
votes
1answer
47 views

question about early exercise of a NQSO

Hypothetical scenario: 10k option grant size the grant price (and FMV/409a valuation at grant time) is $1.00 assume $2.00 FMV at time of exercise/purchase If these options are early exercised (and ...
-2
votes
0answers
20 views

TAX in India on Money transferred from Finland to Savings Account in India

I came to Finland on Jan 18 2014 and would be going back to India on March 20th 2015. For the Indian FY 2013 to 2014, i have already paid income taxes in India and Finland. I have recently ...
0
votes
0answers
55 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
0
votes
0answers
24 views

Can I get tax withheld on 1042-S as a resident alien (Canadian) with income code 15?

I'm trying to figure out my 2013 taxes. I came to the U.S. from Canada in August 2008 to study. After 5 years, I'm still in the U.S. as an F1 student to pursue a graduate degree and I have only gone ...
0
votes
0answers
60 views

Tax on 401k withdrawal for non US resident

What is the tax rate for 401k withdrawal? A Thai citizen inherited a 401k plan from her US husband who died at age 62 years. Which tax forms must be filed after withdrawal?
0
votes
1answer
61 views

Do I pay my quarterly estimated tax if I've only made a small amount?

I have had no income for the past year until the 4th quarter in which I made approx $2500 as a private contractor. Do I need to pay an estimated tax for that quarter? I've heard that if you're income ...
0
votes
1answer
38 views

Does Income tax deduct automatically by bank in India?

I have a savings bank account in India. I have earned some lakhs this year through some freelance work. I would like to keep that money in the bank itself. Do I need to manually do anything for ...
-1
votes
1answer
46 views

Tax residency options for Australian overseas with no fixed residence?

I am an Australian citizen and work remotely for an Australian company. My pay goes into an Australian bank account and I also have a mortgage (actually a line of credit) on an Australian property. ...
1
vote
1answer
60 views

Tax implications of 1099 income across year boundary

I did some consulting work for a former employer during CY 2014. I did it in two batches (A and B, say), one in September and one in November. They were for separate sections of the company, so they ...
0
votes
1answer
59 views

Reporting software subscriptions

I have some software subscriptions for my indie developer business (Sole Proprietorship -- file as an individual). Xamarin and MSDN. I generally pay for a year at a time. The amounts involved are ...
1
vote
1answer
42 views

EU Start investing for longterm with partner who joins saving in a few years

First off, this question is related to this one. But in general, the answers are depending on the US-Situation. I would like to ask you the same question but specified on the Situation in the ...
1
vote
2answers
67 views

Fill Up USA TAX

I checked initially my status as married but fill out the tax forms as a single (W4 by the company). Is it possible to change it to married and get tax return from IRS? ( married but fill out as ...
0
votes
0answers
22 views

Taxes on offshore funds held in UK investment account

I am an italian citizen but UK resident and have an investment account with Fidelity in UK. I would like to invest in the Fidelity Euro Cash fund to gain exposure to EUR without adding other risks ...
0
votes
0answers
29 views

Are there HSA's with zero interest and low fees?

I am searching for a HSA plan that has no earned interest and money saved as cash. I have found several that have interest rates like 0.4 percent and even one with 0.01 percent. Unfortunately, ...
1
vote
1answer
64 views

I am selling my business, are there ways to (invest or spend) profit to save on tax cost?

I have multiple interests, through my broker, for the sale of my business. Are there laws that allow me to save on taxes by doing specific things with the sale money? Thank you!
1
vote
1answer
39 views

Form 16 for 0 tax payee?

I have several questions regarding tax computation, Do we have 2 form 16 for a financial year? If his salary is below tax bar, will he get the form 16? If tax is paid for 3 quarter of a financial ...
0
votes
0answers
49 views

US resident, Canadian citizen/non-resident tax questions: interest, TFSA, and dividends

I'm a Canadian living and working in the US, so I file and pay income taxes in the US, and am a non-resident of Canada for tax purposes. I am aware of my filing obligations to the IRS, but I have some ...
0
votes
1answer
48 views

HRA + Home Loan for under construction Property

I know this question has been asked many times earlier but the answers are too technical for me to understand. Request your guidance (at dummy level). I am living in a rented house. This year (F.Y. ...
2
votes
2answers
84 views

Tax Exemption on Home loan EMI in INDIA

I have taken a loan of 9 Lakhs for a flat for which I have take possession last November.What all documents will I need to get tax exemption. I have rented out this apartment. What documents will I ...
1
vote
2answers
84 views

Freelancing and getting taxes taken out up front instead of end of year?

I'm a programmer and I've been working at my current freelance gig for a few months now. They pay me hourly and ranges from 20-40 hours a week. The checks I've been receiving have taxes deducted ...
2
votes
0answers
134 views

A second income as a couple

I work a regular 9-5 job earning a decent wage. My wife works one or 2 days during the week and gets a varying, low wage. I've started selling items in my spare time and it's gotten to the point ...
2
votes
0answers
71 views

401k Withdrawal In US, RNOR Status, and Tax in India

I have 401(K) account in USA. I am a US Citizen of Indian Origin. I plan to R2I next year. I am likely to be in RNOR status during the fiscal years 2015-2016, 2016-2017, and 2017-2018 I am aware ...
0
votes
1answer
52 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
1
vote
1answer
110 views

Would it save money to have company pay for living expenses by taking it out of salary?

If one necessarily has to live in an apartment in order to be able to perform work for a company (e.g. relocation to a big city in Europe), would it one save money (in taxes, etc.) if the company ...
3
votes
1answer
60 views

Capital gains on sale of property taken using housing loan

We bought a house for Rs 40lakhs/- by taking housing loan for Rs 35lakhs/-, however the property was registered only for Rs 15lakhs/-(this is the amount in the sale deed).Now we are planning to sell ...
2
votes
1answer
95 views

How is income from surveys taxed in the UK?

I'm considering doing online surveys from companies such as YouGov, that pay you for each survey you complete, but I would like to know more about how taxes work, so I've got a few questions. Are ...
0
votes
1answer
90 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
votes
1answer
65 views

Where should taxes go when working in USA, but for a Norwegian company

I'm hired by Norwegian company and sent overseas for around 7 months. I am not Norwegian citizen, just have work permit in Norway. I know that there is an agreement between USA and Norway that ...
3
votes
1answer
74 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
3
votes
1answer
136 views

Will I get taxed on withdrawals from Real Cash Economy games?

I'm a Dutch (from the Netherlands) player of a game called Entropia Universe. Entropia Universe is a game owned by MindArk. MindArk is a company located in Sweden. Entropia Universe is a game that ...
2
votes
0answers
39 views

How does GST on PayPal payments work for Australian Taxation?

I am an Australian sole trader and I have recently started publishing eLearning videos to view online at a .com website that pays into my PayPal account. Purchases are in USD and my share is paid ...
3
votes
3answers
177 views

How is taxation for youtube/twitch etc monetization handled in the UK?

I am pondering putting video up on youtube with monetization (i.e. putting up adverts), or stream on twitch. However, I would like to know what the tax consequences are. I assume the income is ...
1
vote
0answers
53 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
2
votes
1answer
72 views

233 days India/132 days US - entire US salary taxable in India?

I was living in India for about 7 and half months in FY2013-2014 working as an independent consultant for a US company. I moved to USA for employment on Nov 20 2013 to work as an employee for the same ...
2
votes
1answer
41 views

Can i avail rebate on Home loan interest without sale deed and registration

I have booked a flat in June 2011 and taken loan from bank. I am paying EMI since August 2013. Physical possession of flat given to me in November 2014 but sale deed not given to me by builder till ...
1
vote
1answer
73 views

Managing account other than salary account

I have a salary account in one bank and a separate saving account in other bank but i dont show my saving account details in ITR will it affect me in future.
2
votes
0answers
48 views

Student freelancer (sole proprietor) and taxes

(I have researched online for more than 12 hours now, and still have some questions. Please don't be hard on me if they are too basic.) I am starting my part-time freelance career now (too late for ...
2
votes
1answer
294 views

Will my wife's business losses offset my income on a joint tax return?

I'm filling for my taxes on a joint tax return. My wife is not working currently, but she is starting up a business. And with every business, starting is hard and will probably gonna take some time ...
0
votes
1answer
100 views

Do I need to pay income tax for money earned in the U.S. & transferred to my account in India?

I have a web site which generates around 10K every month. This amount is directly credited to my bank account from Google USA account. Do I need to pay tax in India? Please advise. I am very new to ...
0
votes
1answer
83 views

Tax on transfer of funds to USA

I m Indian citizen, living in a African country. How much tax liability will be there on transfer of funds to USA from this African country? Moving to USA is due to employment.