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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7 views

Tax return if worked partially in the UK and partially in Germany

I have worked from Jan to July 2015 in the UK and from Oct. to Dec. 2015 in Germany. I'm not sure if it makes sense for me to submit a tax return claim. (The tax year in the UK runs from April to ...
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1answer
64 views

Can an employer refuse to remove a spouse who recently acquired their own health insurance coverage?

My spouse recently took a new position with benefits. Where I have been providing benefits through my employer I contacted them and ask to remove my spouse. At first, they said not a qualifying ...
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1answer
42 views

Where do I pay tax - UK or Malta?

I'm a UK company director but am considering a move to Malta where I will become resident and work remotely, with occasional visits back to the UK. My wages (and dividends) will be paid into a UK bank ...
0
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1answer
39 views

Tax benefits with non working spouse while on L1 visa?

I’m moving to California on an L1 visa soon. My wife will also be traveling with me. We have the following in mind: She travels to US with me. Applies for the EAD work permit and comes back to India....
3
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1answer
111 views

Taxed by paycheck or salary?

My company is implementing a review/raise structure where everyone has their review over a 2 month period (July 1st - August 31st). Everyone then receives their raises on August 31st, backdated from ...
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1answer
32 views

W-4 allowances for H-1B resident alien with non working H-4 spouse

After more than 183 days within the US territory, I would like to change my W-4 to fit my current situation: working in the US with a H-1B visa, that is, resident alien, and my spouse has the H-4, ...
4
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1answer
77 views

My tax deductions are different from last year

I am working in a company for my summer internship in California, and today I noticed a weird point that raised a question: Last summer I was working in a big tech company in California. While the ...
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2answers
140 views

Taxes on debts forgiven in a record TV giveaway

Last night, John Oliver shattered the record for biggest TV giveaway in history, giving nearly 9000 people nearly $15M in forgiven medical debts. When Oprah gave away cars in the previous record ...
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2answers
44 views

Starting new sales job in addition to food serving, need advice on exemptions for W4(s)?

I am currently a part time food server in California claiming "2" exemptions on my w4. I am about to start a part time sales position where I'll be earning hourly plus commission. I'll be earning more ...
2
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1answer
81 views

Buying a truck to write off on taxes

I am getting ready to buy a truck for pulling and hauling loads, particularly an f350 super duty. I am also wanting to offer a service to people for hauling loads such as construction supplies. Is ...
2
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1answer
108 views

Paid my tax online, but received a non-payment notification from the IRS

I filed my Federal taxes correctly as a Non-resident using 1040NR-EZ form, and I had to pay a certain amount. I paid online using payusatax.com (on-time) but used the "pay 1040 balance due" option. I ...
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4answers
133 views

Income tax effects of 401(k) hardship withdrawal to purchase home?

I am in the process of building my first home. My good friend is a CPA and he mentioned to me taking a hardship withdrawal from my 401k when I close on my house after it is built. He tells me that ...
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0answers
41 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
33 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
32 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
286 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
55 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
21 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
46 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 ...
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1answer
181 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
51 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 ...
5
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3answers
128 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
109 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
29 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
24 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
69 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
159 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
29 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
83 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
84 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
84 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
50 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 ...
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1answer
26 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 ...
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1answer
32 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
41 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
votes
1answer
38 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
31 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
72 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? ...
1
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1answer
47 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
18 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
26 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
89 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
118 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 ...
0
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1answer
15 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
votes
1answer
37 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
37 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
43 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
87 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
18 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 ...