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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Is corporate housing provided as part of a relocation package tax-deductible?

I have a question about Publication 521 (Moving Expenses). The publication indicates that lodging during the move is a deductible expense. When we moved, my employer paid for us to stay in a hotel ...
4
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0answers
30 views

Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?

I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
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1answer
21 views

Remittance to India from US in an Indian account?

I am Indian citizen working in the US on a non-immigrant work visa. I have a regular savings account in India as well but I dont have an NRE/NRO account. So, will my remittance send to India account ...
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1answer
28 views

Can preventive health checkup be claimed as a separate expense from medical expenses?

I am aware that the salary structure for most employees of corporations in India consists of a section called medical which amounts to 15,000 rs. The implication of this is that employees can get tax ...
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1answer
43 views

Does Income Tax have to be paid in India if i am paying IT abroad also and i am not a NRI

I was working with an Indian company till mid of 2014, all my taxes were adjusted and final settlement paid to me, and then I was without a job until end of Jan. I moved to Singapore for a short term ...
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0answers
71 views

Could e-file rejection rule 1040A-030-01 be due to rounding?

I got the following message when I tried to file my income tax electronically: Issue : Business Rule F1040A-030-01 - Form 1040A, Line 40 'WithholdingTaxAmt' must be equal to the sum of the ...
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0answers
50 views

Setting up a tax deferring IRA

I work for a small company, so we have like no resources for helping us understanding benefits. My employer is willing to automatically give me 5% of my annual salary if I set up an IRA account. So ...
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1answer
60 views

Tax on irregular freelance work

February 2015. I currently have a pension of over £21K per annum but recently was asked to do freelance copy editing work for a publisher. Some three months later they have paid in full £3,267. ...
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1answer
55 views

Is a US expat with savings in multiple currencies considered to be investing in the non-USD currency?

I am a US citizen who has been residing and working in Cabo Verde, so have been primarily earning and spending escudos. I have money in checking accounts in both countries, each in the currency of ...
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0answers
83 views

Foreign currency losing value — can I report this as a loss for tax purposes?

I live in the U.S., and I have a savings bank account in Ukraine. The money on that account were in UAH (Ukrainian Hryvnia), which lost ~50% of its value during 2014. This means the amount on my ...
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1answer
285 views

Recovering over-contribution to Social Security between two employers?

My wife changed jobs mid-year 2014 and her new employer took over $6K in Social Security tax withheld. Her first employer withheld over $5K making it a total of $11,298.98 in Social Security tax ...
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1answer
28 views

Federal treatment of recaptured depreciation paid to DC?

Can I deduct from 2014 federal taxes the amount of recaptured depreciation paid to DC for 2013 on the sale of a property that was part rental/part principal residence?
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1answer
77 views

“Occupation” field on IRS Form 1040

At the bottom of IRS Form 1040 and its relatives, there is a field for "Occupation". I can think of a lot of different words I could use to describe my occupation. Are there any requirements or ...
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2answers
94 views

Non-U.S. Citizen Backpacker Working Remotely for U.S. Company

I've worked full-time in the United States for a software development company with a F-1 Visa (OPT). Now, I am going to be traveling and working remotely for that company. Facts: I am not a U.S. ...
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1answer
44 views

1040NR-EZ: Previous year's paid state tax & Itemized deductions

I am a using the online-tax software (Glacier) to generate my 1040NR-EZ or 1040NR form, and have paid a state tax in the previous year tax return. For this year's return, I am unsure whether I should ...
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0answers
19 views

Questions related to leave travel allowance

I am aware that one can claim tax reimbursement on expenses incurred on travelling within India during a personal leave. Although, I find this concept very confusing. I already understand the ...
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0answers
24 views

Income tax implications in India: sending money to ordinary OWN saving bank account

Could someone help on following: Please consider I am on work permit In EU and have not worked a single day in Inida in entire financial year Would I have to pay income tax other then TDS on ...
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1answer
36 views

Tax Exemption on Home loan on property on Father's name in INDIA

We have an independent house registered on my father's name. I took a loan for construction of first floor. The bank has granted the loan after submission of documents and verifications. My father is ...
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1answer
30 views

Income tax India change of form for defective return

I have filed a Income tax return with ITR4 and received a communication about defective return asking to fill balance sheet and profit and loss account. I think I can file ITR1 or ITR2 instead of the ...
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0answers
24 views

Could CRA consider income from frequent trading of listed stock options as regular income, not capital gains?

I trade options on U.S. stocks frequently, several times a month. The income has been taxed as capital gains. I am quite worried that the CRA could turn around and say that I am operating a business ...
2
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1answer
61 views

Pros/cons of drawing income in retirement from sole-owner corporation vs. sole-proprietorship?

What happens from a tax perspective at retirement time for the sole-owner/employee of a Corporation versus Sole-Proprietorship? In the case of a Corporation, I assume that the owner pulls money from ...
3
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1answer
143 views

How much taxes do corporations have to pay on dividends they receive from other companies?

I am trying to figure out whether it would be beneficial for me to convert my sole-proprietorship to a corporation. In doing my research, I need to figure out how corporations get taxed on dividends ...
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1answer
50 views

Questions related to medical reimbursment

I am aware that an amount of 15,000 rs can be claimed under medical reimbursement in India if you are a salaried employee. I have the following questions related to this process : Let's say that I ...
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1answer
22 views

Income Tax in India for variable Income

I have variable income through freelance developing software like for e.g say I earn Rs 15lakh in one year and Nil in the next year. Is there any way to distribute the income over two years or any ...
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1answer
32 views

Income Tax form in India for freelancing

If I have income only through freelancing (developing software for a US based Company) and am not a incorporated business do I need to file ITR4 or ITR2
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2answers
45 views

Paid My Property Taxes Late--In Which Year Do I Get the Deduction?

I paid the second installment of my property taxes late for 2014. They were due 2014, but I paid them in 2015. Can I deduct them on my 2014 taxes, or do I need to wait until I file in 2015? In ...
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0answers
27 views

Estonian e-residency & taxes

E-residency is provided by the government of the Republic of Estonia for non-residents. It's convenient way to establish and manage company remotely. My question: which taxes should be paid by ...
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1answer
69 views

Can a bank statement be submitted as a proof of investment?

Let's say that I invest 50K in a tax saving fixed deposit. According to my bank, it will take at least 48 hours to get an acknowledgment. Meanwhile, can I submit my bank statement as a proof of ...
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3answers
65 views

Tax filing for Summer Internship

I have a couple questions regarding the tax filing procedure. I am still a dependent on my parents, and my parents normally do the taxes each year. However, last summer 2014 I worked a summer intern ...
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2answers
151 views

40 year old A and J makes 1M a year. What is the best investment to save on tax?

We have been very fortunate, also hard working and frugal . Now A and J all had several promotions in the past a few years, and the rental properties are paid off. The tax bills are getting pretty ...
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1answer
28 views

Argentinian wants to work for company in Europe and receive transfers to bank in the US, how to pay tax?

I'm from Argentina, I live in Argentina, and I worked in the US for three months. I have an account in Bank of America. I'm about to start working as a freelancer for a company in Germany and I want ...
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0answers
210 views

My girlfriend is going to be a public servant. Is it worth to marry now?

My girlfriend and I, have been together for 4 years now. I'm pretty sure she is the one. I'm thinking about asking her to marry me, but don't know if I should do it now, or later. I surely will ask ...
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1answer
94 views

Renting Below Fair Rent (with maintenance agreement) - Tax Implications

I'm renting a home in the state of Missouri to my parents. We made a verbal agreement that they would pay all utilities and take care of maintenance of the house and in exchange they would get reduced ...
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1answer
43 views

can alimony exist prior to divorce for the purpose of US tax filing?

A married couple separated in the first half of 2014 and together signed an uncontested divorce decree which specified alimony payments. The divorce case has been filed with the court but not ...
3
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1answer
398 views

How to properly report income without 1099-MISC

I started a new freelancing job at the end of last year, and I've been paid thus far below the minimum for a 1099-MISC to be required (at least I believe so, it was one paycheck of $40). How do I ...
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1answer
71 views

Taxable Scholarship Qualifications

I am trying to determine whether or not a particular scholarship I received (the Palmetto Fellows Scholarship in South Carolina) may or must (or may not or must not) be considered taxable income. ...
3
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1answer
125 views

I filled the wrong income tax form, what should I do?

I am a non-resident alien in the US and I filled form 1040 by mistake, which is for US residents. I think I should fill 1040X and 1040NR by paper, but I am not sure if I should wait until the return ...
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1answer
42 views

Reporting 988 transactions on tax returns?

How do you report a 988 transaction on a tax return (on which IRS form) and how do you elect it as ordinary income/loss vs. capital gain/loss? I believe its covered in: 26 U.S. Code § 988 - Treatment ...
2
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1answer
129 views

What happened to my remaining money?

I was offered an Internship at a company with a monthly amount of 15000 rupees. I joined on 6th january 2015. I was paid an amount of 13065 rupees today to my bank account. Where did the remaining ...
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5answers
527 views

Why would one W-2 give so much more back than the other?

I'm a single male with no dependents. I had two W-2s for this year, one of which showed a gross earning of ~$30,000 while the second was for ~$20,000. When I fed the first one into TurboTax, I got a ...
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2answers
145 views

Where to report 1042-S income and federal tax withheld on form 1040?

Since I have become a resident alien of the U.S., I still received a 1042-S from my school because the school was not aware of the change of residency. The school refuses to change the forms and ...
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2answers
110 views

Not receiving a tax refund because local taxes weren't withheld on my paycheck?

For instance, if the local New York City tax wasn't taken out of my paycheck, does that directly affect my tax refund? From what I understand the calculation for a tax refund is dependent on whether ...
1
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1answer
94 views

India Freelancer - how to get money directly in bank account (without PayPal), how to pay tax for this extra income

I am a part-time Freelancer providing software consultation to clients in US and Ireland. I also work in an India Software company, which does the tax computation for my salary. (My Company doesn't ...
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0answers
70 views

Can I get home loan and claim tax benefit if I repay the loan for a property in India which is in my mother's name?

We are planning to buy a new house in India of which my mother will be the sole-owner. At present, she doesn't have any source of income. Now I have two questions in it. Is it possible for me to ...
2
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2answers
189 views

Making Money on your Tax Return

So both Turbo Tax and H&R Block offered a deal this year where if you requested your federal return in e-gift cards, they would give you a 5 to 10% bonus based on the service you requested. Let's ...
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1answer
69 views

Received SSDI income less than 15,000. Do I need to file income tax?

I live alone, and received less than $15,000 from SSDI. Do I need to file income tax?
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4answers
168 views

What can I do all year to be sure I get my best tax return or at least break even?

I don't own a house, I'm not married (but I will be by next tax season), I have no stocks or bonds. Buying a new car and paying student loan interest was the only deductions I could put down. I work a ...
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2answers
1k 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 ...
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1answer
73 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 ...
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0answers
51 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 ...