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)

0
votes
0answers
22 views

Small business owner and filing a loss @ tax time

How many times can a small business owner claim an overall yearly loss, when filing income taxes, before the CAnadian Revenue Agency (CRA) will consider it a problem? A friend who runs her own small ...
1
vote
1answer
41 views

Setting up a LLC for two partners in different states, what should we look into?

My friend and I are looking into starting our own design agency. The LLC would be based out of Texas, but the other employee would be based out of North Carolina. We would both be full time employees ...
3
votes
2answers
66 views

Is it possible to use a 529 plan solely for myself, without any educational expenses?

I was setting up an Illinois 529 plan recently. Contributions to the plan are state income tax deductible up to $10,000 per tax payer per year. It got me thinking: What is to stop someone with no ...
1
vote
2answers
29 views

Questions regarding taxation for Indians living in U.S.( citizens of U.S.)

Greetings of the season. I have some clarifications and questions regarding taxation for Indian's living in U.S. What is the maximum cash gift a person can receive from Indian parents? Beyond what ...
2
votes
0answers
22 views

Receiving $10,000 grant from U.S company as a UK citizen using W-8BEN form, how much is taxed before and after using a tax treaty?

I'm going to be travelling to America to take part in a fellowship/scholarship/training program ran by an American company. I am a UK citizen. I am receiving a $10,000 grant from the U.S company and ...
1
vote
1answer
80 views

T4A Slip received by student. What is it?

I am an 18 year old first year university student, and moving out of residence at the end of the semester recently I was informed that there was a letter that was not picked up. It turned out to be ...
3
votes
1answer
50 views

Can I use losses from sale of stock to offset capital gains from sale of property

If I make a capital gain from the sale of a house but make capital losses from the sale of stocks in my brokerage account (not tax sheltered), then can I use the losses against the gains to reduce my ...
2
votes
1answer
44 views

Taxes for a UK citizen interning in the US for 3 months

I am a student and UK citizen. This summer I will be interning in the US for 3 months on a J-1 visa. The internship is paid and my salary will be paid into a US checking account. I understand that ...
0
votes
0answers
18 views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
2
votes
1answer
77 views

How should I be taxed on my returns on investment in capital?

If I paid a business owner $10000 for the purchase of capital and in return and am being paid $150 per week for the next two years in return, how do I file these returns? Using a 1099-MISC? Edit: ...
5
votes
1answer
64 views

Treatment of web domain ownership & reselling for tax purposes: Capital asset, or not?

I run a web publishing business. I buy a large number of domains — and occasionally sell one, although not frequently. Some domains are developed into websites, which bring in advertising ...
1
vote
2answers
58 views

Which IRS address to choose for federal tax return?

Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
4
votes
1answer
48 views

Which state gets taxes on money paid for previous year's work?

I moved from PA to IL at the very end of 2013. Because of this I thought my taxes were going to be easy, but I received a final check in January 2014, which included unused vacation time, etc., and ...
6
votes
1answer
187 views

Deferring mortgage interest expense to next year when filing taxes?

I paid around $25,000 in mortgage interest payment last year, however, I had no income. I was wondering if I could defer this expense to next year and omit it this year. Since it will not benefit me ...
2
votes
1answer
30 views

Must I wait to resubmit my return on Free File Fillable Forms?

I used Free File Fillable Forms to submit my income tax return. After submitting your return you are supposed to hear back from the IRS within 24-48 hrs as to whether they accepted the return. There ...
3
votes
0answers
74 views

Indian won a contest in US. I got 1042-S claiming 30% tax. How to file?

I won a contest and the sponsor paid the money without withholding tax against my W8BEN. I am Indian citizen and I have to file taxes to US from India. I have received 1042-S claiming that I have to ...
-1
votes
1answer
46 views

Contribute Federal and State withholdings to company 401k instead?

So I am attempting to devise a way to max my company retirement account. They offer 3% of my annual pay if I put in at least 6% of my annual pay. The problem is that I don't want to take a giant ...
-1
votes
1answer
49 views

Tax exempt non-retirement investment

So I am attempting to generate ways to nickle and dime Uncle Sam. Currently a little over half of my annual income is in rental income so it's pretax until the end of the year. I would LOVE to come ...
2
votes
0answers
18 views

Where do I deduct convention registration expenses?

My wife does direct sales as a home business and I am trying to figure out the proper place to deduct the expense of a convention registration associated with that business. It seems to me that there ...
0
votes
0answers
14 views

Can anything be done about unclaimed DCAP funds from past years?

I realized that we didn't claim the full $5,000 which was withheld for DCAP a few years back. I understand we can't get those funds back, but can they be written off as a loss or something similar? In ...
2
votes
2answers
92 views

Tax payment has not appeared in bank account ~20 days after filing electronically with TurboTax. What to do?

I filed my taxes electronically with TurboTax on the TurboTax web site about 20 days ago. I owed an amount, but I can't see any tax payments appearing in my bank account now, about 20 days later. ...
3
votes
2answers
204 views

Tax brackets in the US

If I make $80k/yr and my take home pay each month is $4400, that means in a years time I make $52800 take home. That number is just 66% of $80k which means that I am paying 33% tax? How on earth is ...
4
votes
1answer
53 views

How to amend an amended return?

I made a real mess of my taxes this year. I filed an amended return with the IRS that turned out to be incorrect. The amended return included a sale of restricted stock units. Unfortunately, I got ...
3
votes
2answers
929 views

Underpaid federal tax by $5K in 2014 when claiming 0 with very “standard situation” (married filing jointly). Why?

Assumptions If I look at the tax brackets for 2014, if you're a couple filing jointly you have to have an AGI of more than 178,700 to start to see federal tax savings over if you were both not ...
1
vote
1answer
44 views

Is a previous year Roth IRA contribution possible since I have to resubmit the previous years taxes?

I've been out of the country for the past couple years. I called the IRS this year and found out my last years tax return was rejected because I electronically signed it. People have told me you can ...
3
votes
1answer
39 views

Multi-year delayed 401k payout check cash, which was originally a rollover into a new plan

Here's the chain of events, not all of which I was aware of before this week: In 2010, I started working for a company and diverting money into a 401k In 2012, the company was purchased, and I ...
1
vote
1answer
32 views

How to report nominee dividend income claimed by another?

In the U.S., if I receive a 1099-DIV for an account that is titled with me as joint tenant with another individual that lists my name first and is reporting under my social security number, how do I ...
1
vote
1answer
35 views

Moving to a state where my employer has no business set up - implications?

I am moving to Colorado, where my company (based in NY and FL) does not have an office. I will still be employed by them, but working from my home in CO. What are the tax implications for the ...
8
votes
5answers
3k views

Do I owe taxes if my deductions are higher than my income?

My total income this year was $16,604 (wages, interest, and business income). My deductions (including IRA, personal exemption, standard deduction, and self employment tax) was $17,404. TurboTax ...
1
vote
2answers
37 views

Is this the right tax statement for Roth IRA back conversion?

I moved $5500 from traditional IRA to Roth IRA in January 2014 for tax year 2013 . Then I moved another $5500 from traditional to Roth IRA for tax year 2014 in March 2014. When depositing fund in IRA, ...
-1
votes
1answer
60 views

Value of personal house turned rental

We bought a house in 2004 for about 150K. We moved for work in 2011 and converted the house to a rental in 2012. The realtor guessed its value at the time was about 70K. We sold it in 2014 for 118K. ...
1
vote
0answers
80 views

Claiming apartment rent as unreimbursed employee expense

a friend of mine visited a tax consultant in USA. The friend is an employee of a software firm and is on a non-resident alien category visa. The consultant told him to mark the apartment rent as ...
1
vote
1answer
43 views

Should I file an amended return as I wrongly filed Form 1040 instead of Form 1040 NR?

I filed my taxes through an agent for the year 2014 but the agent filed using Form 1040 and I found out from other sources that I had to file Form 1040 NR, as in 2014, I was in the U.S. for only last ...
0
votes
0answers
64 views

Income tax filing for F-1 OPT student non-resident in California

I am an international student currently working full time on F-1 OPT status. In 2014, I worked as an intern for 3 months in California. I am confused if I should be filing 540NR short form or long ...
1
vote
1answer
43 views

Changing jobs but ended up in same city after moving away for a month. Can I deduct both ways?

I'm referring to the moving expenses deductions listed here: http://www.irs.gov/publications/p521/ I lived in City A for 1.5 years, briefly moved to City B for about a month (never established ...
2
votes
1answer
75 views

Square reported my credit card transactions as personal income?

I run a TNT Fireworks tent one week every summer and use Square to process my credit card transactions. I've had no issues with that setup until this year when I received a notice from the IRS ...
1
vote
1answer
56 views

Considerations for switching accountants?

I had a bad experience with my accountant this year. Normally things have gone smoothly enough. But this year was complicated, and I didn't help myself by doing some stuff (not relevant here) to make ...
5
votes
4answers
861 views

How are bonuses taxed? Why is withheld amount not same as final amount?

I have not found any clarity looking at a lot of search engine results and articles. Most articles state that there are 2 possibilities, that taxes from bonuses can be withheld at a flat 25% rate, or ...
3
votes
2answers
117 views

Will my father still be eligible for SNAP if I claim him as my dependent?

My income is over $50K/year. I am 30 years old. My father's income from ALL sources is $0/year. My father is 55 years old. I give $1,000/month via online banking transfer to my father. He also gets ...
0
votes
1answer
91 views

Please help - Complex F1 visa OPT tax question with 5 years presence, exempt FICA

I have found much information about this online, in that if you have been in F1 visa for over 5 calendar years, you can be considered a resident alien for tax purposes. However, my situation is sort ...
0
votes
1answer
54 views

Personal loans and their tax consequences?

In the year of 2014, I had some personal loans from friends, family members, ranging from $1000 to $10,000 for each loan. As a result, my business net was negative because I used the loans to expense ...
1
vote
1answer
32 views

S-Corp Distributions Estimated Tax Payments and Tax Brackets

I'm confused as to what tax brackets I should be using to estimate my taxes due for my s-corp's distributions. For example, let's say my salary is at $37,450, which would put me in the 15% bracket ...
0
votes
1answer
28 views

Can my non-US-resident LLC partner file a 1040NR-EZ?

One of my partners is a non-US-resident. Our LLC is based in Delaware, and we are subject to pass-through taxation (where we declare our share of profits/losses as income). In principle, this ...
4
votes
2answers
237 views

Is it true that if I work 6 months per year, it is better than to work for 1 calendar year and take a break for 1 year?

For USA taxes, if I have two choices of either working from January 2015 to January 2016 and not work for a year, versus working from June 2015 to June 2016, and not work for a year, isn't the second ...
0
votes
1answer
40 views

Is there a way to make the mortgage interest or deduction apply towards next year's tax?

This is related to USA and California tax: in 2012, I can deduct $40,000 of mortgage interest for personal income tax, and the same for 2013. However, since I worked only for 2 months in 2012, and ...
4
votes
1answer
464 views

How can I file this year's tax return if I haven't got the refund from last year's return?

Here's my situation: For the year of 2013, I did not file my federal return within April 15th deadline (I did not owe any taxes, and I was waiting for my wife to get her SSN so that I could file a ...
1
vote
0answers
36 views

Part III of Form 8889 (2014)

I don't understand Part III of Form 8889. I was an "eligible individual" for the entire year of 2014. I believe this requires me to input $3300 on Line 18. Is this correct? I had $297.78 gross ...
2
votes
2answers
40 views

file ITR for fixed deposit

You can see tax deducted from my fixed deposit account Can we file an Income tax return on tax debited on interest of Fixed deposit in India?
1
vote
1answer
30 views

NRI in US, how to receive money from India to US

I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA. Is that fine, any ...
0
votes
1answer
51 views

Reporting a tax refund from a previous year as income

I'm wondering if I have to report income from my 2013 Canadian tax return on my 2014 Canadian tax return? I'll be filing as a non-resident if that's important.