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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In the US as an F-1 student, filed the wrong form last year

This is my second financial year in the US (I started in Fall 2013). When filing out my taxes I realized that I screwed up 2013's return and filed a 1040 EZ instead of a 1040 NR-EZ. Am I correct in ...
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1answer
26 views

Can my federal adjusted gross income differ by $1 between my federal and state returns?

Background I calculated my federal taxes by hand. I kept the cents in all of my calculations (I did not round to the nearest dollar at any point). Then I used these values to calculate my New York ...
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2answers
22 views

Is Income coming into saving account in India from Dubai is taxable?

I am staying out of India since from 22 Jan 2014 to till now in Ethiopia and now in Rwanda. Between this period i went India for 6 days. I am getting salary (INR) from Dubai based company in my Indian ...
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1answer
84 views

Using stock options to lower income tax in the USA?

Lets say I have a small company and I pay myself a salary of 200k / year. I'm in the 33% tax bracket. I've thought about a strategy to lower my taxes to about 20%, but not sure if it's viable. Would ...
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0answers
22 views

Including 401(k) contributions on Canadian tax return

I am a Canadian resident who made US income, and contributed to a 401k. I know I must include my 401k contributions on my foreign income, but what about my employer's contributions? Also, what are ...
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1answer
31 views

As non-resident of NJ, should I mention all my earnings on NJ tax return?

I am confused. If anyone's from New Jersey and knows this please answer. On the NJ-1040NR form, the income needs to be stated at line 14 in two columns, one earned in state and one from everywhere. ...
4
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1answer
58 views

How do I compensate for an incorrect 1099-MISC?

I received a settlement from my former employer for unpaid wages. In addition to the unpaid wages, the settlement also included attorney's fees and statutory damages. (The settlement agreement clearly ...
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0answers
34 views

do i need to pay tax in US for the provident fund and gratuity money that i received after quitting Indian IT company while i was deputed in US

I was working for an Indian IT company. I worked in India for few years and then was deputed to a client location in US. In the middle of last year, i quit the Indian company and joined an American IT ...
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1answer
136 views

Never filed my taxes for many years in British Columbia. What can I do?

I suffer from depression and unfortunately never filed my income tax in British Columbia, Canada. I always paid my taxes through my employer. How can I file now and what would the penalty be?
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0answers
23 views

How to report 1099 Misc income while working for a different employer

I was in a company A, which got acquired in 2012. All the stocks I owned were vested immediately and 10% of the amount was kept by the acquiring company for 18 months. I left the company and joined ...
2
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1answer
115 views

Do tax preparers have to report findings of illegal activities to any IRS?

Do tax preparers have to report findings/suspicions of illegal activities —e.g. failure to file for multiple years— of clients or even potential clients (seeking advice) to either Federal and/or any ...
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1answer
43 views

Deducting home costs if I work from home on the side?

I have a question on how to claim deductions if I use my home as a home office. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html Let us say ...
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2answers
72 views

When filing taxes in Canada, in what cases does box 39 on the T4 get reported as half of box 38?

When filing taxes in Canada, when does box 39 get reported as half of box 38? In my case, I got ESPP amount reported in box 38, with box 39 missing in my T4 altogether. According to my accountant, the ...
2
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1answer
207 views

When is there a difference between short- and long-term capital gains?

I have always heard that short-term capital gains are subject to more tax than long-term capital gains. While preparing my 2014 federal tax return, though, it seemed as if all of my gains were being ...
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2answers
37 views

Does 1098-T need to be filed by student?

I am filing my taxes via TaxAct, and I am not sure whether my 1098-T Copy B (for students) needs to be reported. On my Copy B it states "This is important tax information and is being furnished to the ...
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1answer
104 views

Do I need to pay tax if I earned 10 pounds interest from peer-to-peer investment?

If I earned 10 pounds in tax year 2014/15, do I need to pay tax? I just started investing in Funding Circle, I earned few pounds. This just looks silly to pay tax from 10 pounds but maybe that ...
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1answer
35 views

Tax consequences of working for US company from India

I found a job at a US-based company, and I would like to do all my work for that company while residing in India. My questions are: Can said company deposit my salary check directly into my account ...
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0answers
20 views

How do I account for a forced buyback (repurchase) of shares if I buy them back within 30 days?

A company I held shares in forced a buyback of a portion of my shares in them. Within 30 days, I then bought back that same number of shares to maintain my holding and basis. However, taking the two ...
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0answers
81 views

Can I contribute to a 401k for employer matching and then immediately withdraw it?

I have some friends who work at a company which offers 50% 401k matching up to some amount, but they don't take advantage of it because they want to use the money for non-retirement purposes. Ignoring ...
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1answer
38 views

Contribute to RRSP without deducting?

I am in a lower income bracket, however, like the idea of contributing to an RRSP because any earnings within the plan are tax-exempt. Is it possible to contribute to my RRSP, but not have it deduct ...
2
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3answers
1k views

How Do I Make Sure the IRS Receives My Tax Return on Time?

Can I and my friends send together in the same envelope the tax refund declarations via DHL Express service? Who will sign receiving the envelope?
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2answers
31 views

Withdrawing from RRSP to pay income tax owed to CRA?

While filing my tax return, if I find that I owe taxes to CRA, but I don't have any cash on hand to pay the taxes, then I can withdraw from my RRSP. Now, if I withdraw money from RRSP, do I first ...
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2answers
50 views

UK - reclaim VAT on purchases for freelance work

I have a small freelance income in addition to having a day job. It's enough that I need to file a tax return for the extra money that I earn. My freelance work necessitates a reasonable outlay in ...
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1answer
49 views

can foreign income be used to pay Home loans without paying any taxes?

Can we use the foreign income(from North America), transfer it to my savings account in India and pay my home EMI? I read here in forum that foreign income is not taxable unless used to buy stocks, ...
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1answer
57 views

Indian income tax 2014-2015

I am filing my 2014-2015 Indian income taxes. I am outside India since Jan 2013 and currently in USA. I am filing taxes using prepare and submit online ITR using ITR 1. What should be my resident ...
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2answers
46 views

What's the proper way of dividing income/deductions wages between two states?

I started 2014 living in WA and working there. Starting on March 15 2014 I got a new job in CA and started working there. However for about three more month my family was still living in WA and was ...
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0answers
33 views

How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
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0answers
27 views

UK taxation for options and futures trading

I live in UK and I see that there are 2 taxes when trading: CGT to be paid on capital gain and is 18% or 28% depending if you are basic tax payer or not income tax on any interest or dividend ...
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1answer
20 views

Indian citizen. Moving to Brunei. Working as freelancer for US company. In which account do I get my salary transferred?

I am an Indian citizen living in the US for last 4 years. My husband will be transferred to Brunei starting July and I will join him too. My US employer wants me to continue working as a freelancer ...
2
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0answers
129 views

Accounting for small business inventory: different beginning inventory

I own a small cottage business selling sports equipment. It's not my primary job, and last year I only sold $500 of equipment. Here's the issue I'm facing: for the first time this year, I'm trying ...
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2answers
135 views

What will my taxes be as self employed?

I have a lot of questions about this but I'm only going to dive into these two for now: What tool can I use to calculate my taxes? As a freelancer, are there other options besides filing as ...
2
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2answers
116 views

Do I have to pay tax on my last pay check which is the first of the tax year?

I am leaving my job and permanently emigrating from UK to USA. My last pay check will be just after the new tax year in April. Due to some bonuses etc I've accumulated over the years but never cashed ...
22
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3answers
4k views

Am I obligated to file through a tax preparer after an unsatisfactory consultation?

I have been doing my taxes for 25 years with TurboTax. Like others, I was a bit upset at them for doubling the price of their software, so I decided I would make an appointment with H&R Block, ...
3
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0answers
38 views

As a US citizen studying in Canada, do I pay income taxes in either country for Scholarships?

I'm a US citizen in graduate school in Canada. I have an annual scholarship of around $20,000 CAD. I've been told (although I'm not sure) that this doesn't qualify as income in Canada (implying I ...
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1answer
41 views

Worked as a non-resident alien in the US (Canadian citizen and resident) for a few months under a TN visa, how do I file a tax refund?

For a few months in 2014 I worked as a non-resident alien under a TN Visa in the U.S. I am a Canadian citizen and resident. I only worked a few months so I shouldn't have to pay much in taxes, but ...
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0answers
62 views

Where to find information about taxes in order to compare job offers?

I've been offered a few jobs in the U.S., and being a foreigner I really don't know how to calculate my take-home pay. One is a job offer in NYC with a base salary of 100k, a yearly target bonus of ...
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1answer
18 views

Transfer a Public Provident Fund account from minor to major in India

I am aware that citizens of India can contribute money into a public provident fund (PPF) which will get locked in for 15 years. I am also aware that one can open a PPF account on behalf of a minor if ...
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1answer
36 views

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 ...
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0answers
44 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
37 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
45 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
72 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
94 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
52 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
66 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. ...
2
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1answer
65 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 ...
5
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1answer
125 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 ...
4
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1answer
291 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
30 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
227 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 ...