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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2answers
7 views

Excess Social Security Witholdings

After a generous hour meeting with a CPA gratis, we ran out of time, but I still had a few questions. I have a full time job and have been doing some contracting work nights and weekends. Full-time ...
0
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1answer
5 views

Increase W4 Exemption + Increase Retirement Contribution

I'm currently maxing my 401(k) contributions ($18k) and funding my and my wife's Roth accounts ($5500 each). She's currently only contributing $200USD/mo to her 403(b). Due to us owing an extra $...
1
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3answers
73 views

How much to withhold from paycheck (form W-4, page 1, item 6) when you have variable income?

My wife got a job as an English teacher. She will be paid on an hourly basis depending on the number of students, classes, etc. When it was time to fill in her W-4 we weren't sure about what to write ...
3
votes
1answer
61 views

US - My dependent (wife) started working. What should I do about our income tax?

My wife has been my dependent up until now since she hasn't worked this year. We are filing taxes jointly. She is an English teacher and got a few part-time jobs (on average 5 hours a week each job, ...
0
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0answers
39 views

What are the tax implications of transferring call options from my corporate account to my personal account?

Place of residence: Ontario, Canada (personal and corporate). I have call options in my corporate business trading account. (A corporate business account is a business account for a corporate entity.)...
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0answers
45 views

Tax breaks for solar/renewable energy companies? [on hold]

Do companies that make solar energy equipment get a break on taxes? Unfortunately I was not able to google this because there are a million pages on the investment tax credit for individual buyers of ...
0
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1answer
29 views

Get rebate if investment tax credits exceed taxes due?

If I get a large investment tax credit that exceeds the taxes that I owe, do I get a tax refund, or is the credit lost? If excess credits cannot be turned into a refund can I defer them to another ...
2
votes
1answer
42 views

Tax intricacies of MLP in a Roth IRA

I've avoided holding Master Limited Partnerships (MLPs) in my taxable brokerage accounts since I don't want to deal with the tax complexities. But in an IRA (in my case ROTH), my understanding is ...
0
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3answers
339 views

Can someone remain as an unknown billionaire legally? [on hold]

I'm Serious, Can someone remain like that ? I mean through undisclosed shares or any other financial ways.
2
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0answers
41 views
+50

PF transfer taxed under 194A India

I have changed my job (previously TCS) in August 2015. I Transferred my PF in May 2016. As far i know PF is not taxable. But in my Form 26AS i see 800(10% of interest accumulated from September 2015 ...
0
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0answers
45 views

Is it possible to sell private company stock options to buy below 409A (FMV) price?

Suppose that someone is an employee at a company, and their exercise price on ISOs is $5. The last round of 409A valuation caused it to spike up to $500 per share (that is what investors were paying ...
1
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1answer
46 views

SEP-IRA doing 1099 work on the side of a W2 employee job

I am trying to figure out how much I could put into a SEP-IRA and withhold for taxes. I am estimating my income from the W2 job to be 320,000 with deductions for North Carolina state income tax, ...
1
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1answer
18 views

How do I set up Quickbooks for a small property rental company that holds its properties in separate LLC's? [closed]

My company is set up so that it has a Property Management LLC (PM), Property Holdings LLC (PH) and several real estate assets, each of which is held by the PH but is also its own LLC (props). It was ...
3
votes
1answer
52 views

Does receiving a 1099-MISC require one to file a tax return even if he normally would not be required to file?

Suppose a person is self-employed and earning below the minimum income at which he is required to file. According to the Form 1040 Instructions Chart C, one of these requirements is: You must ...
1
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3answers
46 views

How is income tax calculated in relation to selling used items?

If I buy a TV for $100 and sell it for $200 I've heard some people say need to pay income tax on that $100. If I sell it for $50 can I write off the $50 loss. If I have a garage sale and sell all my ...
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0answers
16 views

Would I need to pay income tax in Australia? US citizen living in Thailand working for an Australian company

I am a US citizen living in Thailand. The company I work for is based in Australia. I do not work in Australia. Do I need to pay income tax in Australia?
1
vote
2answers
119 views

I am in a high paying summer internship in WA, but I feel I am being overtaxed [duplicate]

I am about halfway through a 3 month summer internship in Bellevue, WA. My pre-tax bi-monthly paychecks are ~$3000 (6k/mo). However, I pay ~$815 in taxes each paycheck. This comes to about 27% in ...
1
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1answer
25 views

India - Claim missed LIC premium in declaration

I had to submit LIC premium paid receipts with my employer by December. One of the premium I could pay only on February and this was not considered for the last financial years' tax deduction ...
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0answers
46 views

tax return from Germany

I'm an eu citizen who worked in Germany last summer and want to file a tax return to get back taxes I paid. I have no expenses or deductions etc just simple...help?
1
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2answers
50 views

Where to file Form 843 for penalties?

The instructions for Form 843 state that for penalties, the form should be mailed to: The service center where you would be required to file a current year tax return for the tax to which ...
4
votes
1answer
73 views

How should Form 1040 be amended if error was introduced on lines 78 and 79?

Background Previously I asked "Where is payment for failure-to-file and failure-to-pay penalties included on Form 1040?" There I found out that the failure-to-file and failure-to-pay penalties should ...
1
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1answer
46 views

Do I need to pay taxes in India?

I am working on a two months of independent In-house corporate photographer with a US company. I came here on Business Visa and I should had to open local bank account because the company is only ...
3
votes
1answer
60 views

Where is payment for failure-to-file and failure-to-pay penalties included on Form 1040?

Form 1040 line 79 is for "estimated tax penalty", but my understanding is that this is for 'penalty for not paying estimated tax', not 'the estimated amount for all tax penalties'. If this is the case,...
1
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1answer
39 views

Income tax returns to be filed after leaving India?

My last working day in India was on December 23rd, 2014. After that I moved to the Middle East on March 23rd, 2015. My questions are as below: If I transfer money from here to a non NRE/NRO account ...
1
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1answer
28 views

What is the best option I have to close out a State Tax Lien record?

I am an Indian national and was working in the USA for few years in the past. I returned back to India in 2013. I paid both federal and state taxes up till 2013. Now, I see a 'State Tax Lien' ...
2
votes
0answers
23 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 ...
2
votes
1answer
90 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 ...
1
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1answer
50 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
votes
1answer
43 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
votes
1answer
113 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 ...
0
votes
1answer
33 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
votes
1answer
80 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 ...
4
votes
2answers
145 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 ...
2
votes
2answers
51 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
votes
1answer
85 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
votes
1answer
116 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 ...
4
votes
4answers
137 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 ...
0
votes
1answer
64 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
votes
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?
0
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0answers
35 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. ...
7
votes
1answer
291 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
votes
0answers
58 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 ...
-1
votes
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 ...
1
vote
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 ...
1
vote
1answer
281 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
votes
1answer
54 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
votes
3answers
130 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 ...
-1
votes
1answer
112 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?
0
votes
1answer
41 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?
1
vote
1answer
25 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 ...