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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1answer
33 views

Do international students in the US without income need to file tax return?

I am an international student holding an F-1 visa since August 2009, and I did not have any income last year (2015). I got a part-time job early December 2015 but the first paycheck came January 6 ...
4
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1answer
73 views

Can I deduct interest and fees on a loan for qualified medical expenses?

I took out a loan from a "medical lending" company in 2015 and paid it off later that year. All of the loan went to pay for necessary medical expenses (paid directly from the lending company to the ...
3
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1answer
81 views

How do you read the W2 Forms?

I did search through the question and couldn't find one like. This is my first year working so this is my first W2 form I have received. I am confused on how to read this. There are two halves to the ...
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1answer
31 views

Are free gifts with mail-order purchase part of COGS for tax purposes? [on hold]

I'm doing the books for a small US mail-order business. With every order they include a couple of little "free gifts" in the package just for fun. Think candy or stickers, that sort of thing. They ...
0
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1answer
50 views

Salary earned in GCC, transferred to India, subject to Indian income tax?

My friend and I have worked in a GCC country for the last year. We are from India. We both send our salary into a friends account in India and then transfer an amount to our own accounts. Is it ...
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1answer
64 views

Can you deduct mileage on your return trip home?

So super easy and newb question here. All the stuff I've read regarding having a dedicated home office and deducting mileage to client meetings, etc is all understandable. But what I don't understand ...
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4answers
274 views

What are the consequences of overfunding a 401k plan?

The current 401k contribution limit is $18,000. If I'm trying to contribute the maximum amount for the year and accidently go over, what happens? For example, if I end up contributing $20,000 for ...
2
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1answer
76 views

What strategies are there for minimizing AMT?

AMT can cause an effective 35% marginal tax rate for certain income ranges. Incidentally, the income ranges where this happens can be far below the usual ($411k MFJ) non-AMT income required for that ...
4
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2answers
171 views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
3
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1answer
105 views

How can somebody cash my state income tax refund check?

I am not a USA resident but I've worked the last summer in the USA so now I want to get my state income tax back. I know that the money is coming in form of a check on my name. I need somebody else to ...
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2answers
33 views

How to pay remaining tax after notice u/s 139(9) of income tax act 1961?

I got notice u/s 139(9) of income tax act 1961 due to tax payable issue. Now, I need to pay payable tax online. Here, my question is : How to pay remaining tax online even after notice u/s 139(9) ...
3
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1answer
34 views

Tax: 1099 paper form

This is more of a question of pure curiosity and convenience. Why do 1099s have to be submitted on the special paper forms and not just printed out in multiple copies or purely digitally? Everything ...
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1answer
33 views

Days present in the United States as J-1

I am considered a nonresident alien for the tax year 2015. As such I have to file Form 1040NR of which Schedule OI is a part of. One question on the Schedule OI asks this: "H. Give number of days ...
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0answers
16 views

Income tax question regarding the return of my Capital Contribution from a company

Normally my taxes are pretty straight forward, but this year I got about $2,500 back from a company I used to help run and I need to know how to file it. Here are the details: The company was a ...
2
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1answer
94 views

How big is the tax penalty for a dual income couple? [duplicate]

Multiple articles online alludes to this tax penalty, claiming that dual income couple "can, often, may" suffer from it without giving any concrete sense of the magnitude. Could we do an ...
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2answers
3k views

Does our baby need to file a tax return?

My friends had a baby last year, and he's turning 8 months by April 15, 2016. The parents are going to file a joint tax return this year. Can they claim their baby as a dependent? Should they ...
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1answer
21 views

What are the tax treaties between USA and India which I can mention in 1040 NR-EZ Item J?

I worked on-campus in 2015 for 2 months during my masters in IT on F-1 Visa as a student. My school paid me around 1500$ for working 2 months on-campus. Then I got an internship in my final semister ...
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1answer
18 views

Reporting closure of NRI/NRE/NRO bank account when filing US federal income tax

I am aware that if my foreign account holds a balance exceeding $10K I have to report it in FBAR when filing income tax. This became a hassle, so I closed it in mid-2014, and reported the account and ...
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0answers
15 views

Transferring money from Canada to US [duplicate]

I am a green card holder since August 2015. I was working in Toronto, Canada till March 2015 and I have around 30K USD in my Canadian account. All taxes for the amount have been paid in Canada. Will ...
34
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3answers
8k views

In the USA, why is the Free File software only available for people earning less than $62k?

Free File is a software by the American IRS, which allows one to easily fill out their taxes as long as they earn less than $62k per year. Is there a particular reason for such a restriction? I ...
7
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2answers
1k views

Do I need to file a tax return as a student?

If I was a student in the US, do I need to file my personal tax? What form would I file? What is the personal tax due date? What software application is recommended? Should I go see a CPA? I have ...
3
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1answer
49 views

Selling property outside the US - gains are taxable, but how do they convert?

Now permanently living in the US (but not a US citizen), I consider to sell (rental) property (a house) outside the US. I understand that I need to pay taxes on a potential gain; but how are the gains ...
0
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1answer
12 views

In India, what taxes can be offset against the taxes that you have already paid to vendors?

As per my understanding - if I have billed my client Rs 7000/- as service tax and I have paid my vendors Rs 3,000/- in service tax. I would only have to pay Rs 4,000/- as service tax. Does this hold ...
3
votes
1answer
36 views

US tax handling of UK pension contributions

The UK currently has a pension (SIPP) contribution limit of up to 40,000 GBP per year (approx 60,000 USD at current exchange rates). 100% of this amount can be self-funded, in which case your ...
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2answers
45 views

Stock grant, taxes, and the IRS

As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company. The stock grant went through payroll in December and had FICA taken out but no income tax. I ...
1
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1answer
26 views

When are partnership returns due?

If I'm starting a small partnership, when are the tax returns due if I have a calendar year end? What are the penalties for filing late? Someone told me you never want to file tax returns late - why ...
7
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1answer
505 views

I went to prison; do I file taxes for that period?

I was incarcerated from 2012 to 2014. Am I supposed to file taxes and if so how do I file or what do I file under since I paroled. I'm from Stockton CA. I await an answer.
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2answers
59 views

Can California state income taxes paid be itemized on federal income tax return?

I currently live in Washington state (no state income tax) and work a tech job. I am contacted by companies in California to work for them, but I am hesitant because of the state income tax in ...
0
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0answers
37 views

Stock grant and taxes [duplicate]

As a retention incentive, I was granted stock (about $60,000) in my employers privately owned company. The stock grant went through payroll in December and had FICA taken out but no income tax. I ...
1
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1answer
15 views

How to set California DE4 allowances based on federal W4 allowances?

I need to set my federal and Calif payroll allowances to what they were 1/1/2015. My federal was 29 allowances. But I don't have record of Calif. Can I deduce my Calif allowances based on federal ...
3
votes
2answers
105 views

Have I correctly calculated my takehome pay?

In some months, I'll start working in the United States. I come from a country where calculating the net salary is REALLY complicated, and where the various taxes are paid at multiple stages (e.g.: ...
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2answers
98 views

2016 Tax Allowance

I'm trying to find a table or description of how much each allowance claimed on Form W-4 will reduce taxable income but am coming up short. The closest that I can find is here under the Claiming ...
3
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1answer
52 views

When filing US income taxes separately, who can claim new home purchase?

Alice and Bob are unmarried and purchased a house together as joint tenants. Both of their names are on the home title and both are on the mortgage. Who can claim the following on their income tax: ...
0
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1answer
47 views

Immigrated from UK to US in 2015 ( DO I need to pay twice?)

A question regarding filing tax this year. I am a US green card holder. Until June 2015 I was working in the UK. I was on Work Visa. In June 2015 I immigrated to the US. Since then I work for a ...
1
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1answer
91 views

What does IRS Letter 96C Mean when they say, “Determined no action is necessary on your account.”

I am trying to figure out what does it mean when you receive a letter from the IRS and it says: Thank you for your correspondence received June 4, 2015. We reviewed the information you provided and ...
3
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0answers
40 views

Question about 1098-T Tax form

I graduated college in May of 2015. I just received my 1098-T form for the 2015 year, which includes my spring semester. In box 2, "Amounts billed for qualified tuition and related expenses", it is ...
3
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2answers
119 views

Confused about tax year for income

I started working for a company in December on Dec 10 and I got paid in January because I wasn't on Payroll , my employer deposited the check into my account. I am wondering since there is no W2 ...
2
votes
1answer
63 views

Tax Status: Second Home or Rental Property?

In the USA, how is the tax status determined on real estate where no rent is collected and which is occupied by friends or family? Is this considered a second home or a rental? Can something still ...
3
votes
1answer
59 views

Am I legally allowed to offset the tax I pay on freelance work? (UK)

I am currently employed full-time in the UK as a graphic designer, I have a salary of £30K, I have also registered myself as a sole trader as I occasionally take on freelance work in my spare time ...
1
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1answer
98 views

H1B Visa holder - Transferring Lottery Winnings to India Legal or Illegal?

Currently, I am working in USA on H1B visa. I came to US in JAN 2015. So for income tax purpose, I am Non-Resident Indian for financial year 2015-16. I have query regarding lottery winnings outside ...
6
votes
1answer
262 views

Can I deduct moving expenses if I planned to work for a company for an amount of time but didn't?

I moved to another state for a new job at which I expected to be full-time for an indefinite amount of time. However, a few months into the position it was clear the company was not the right fit, and ...
0
votes
1answer
44 views

Is it possible to shift taxable wages on a tax return?

To clarify my intentions first, this is strictly a question I had out of curiosity. To start, this does relate to my tax return, but here is the situation. This is the first year I started to use a ...
3
votes
1answer
39 views

In my US tax return, Is it required to use 1095 forms for my tax return covering 2015?

The obamacare website says "Remember 1095-B and C forms are not mandatory until 2016." Does this mean they are only required when I file my tax return for 2016 earnings? If I need to use information ...
3
votes
1answer
30 views

Spent part of the year as an employee, last quarter self employed, how to handle self employment tax?

Like the title says, I spend the first part of the year as a standard employee, but left that job and spent the last quarter of the year self-employed. I am trying to figure out how estimated taxes ...
7
votes
2answers
118 views

Can I file early and use refund for last year's IRA contribution?

I'm in the odd position this year of expecting a large tax refund (>$10K). I also have not maxed out my 2015 IRA. Lastly I don't have a ton of extra money on hand and don't expect to before April (A ...
0
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1answer
41 views

Municipal Bonds and Taxes

A certain investor buys a a Municipal bond for $10,000. He then collects $3000 of tax free interest from the bond and after some time sells the bond for $8000. Does he have a capital loss for tax ...
1
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1answer
34 views

Working out of India for UK company from 1 Jan 2016 on contract

I am working for UK company from India as a contractor from 1 Jan 2016. UK company will pay me in pounds. My query is what is best approach to get money in India? I was given few suggestions Work ...
0
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1answer
20 views

IRS “non-resident alien” status vs. tax treaty definition of “residence”

A J-1 scholar is considered a "non-resident alien" for the first two years (Example 4). I wonder how that interacts with the definition of "residence" in a tax treaty, for instance, the one with ...
17
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1answer
1k views

If I file as head of household, how does my estranged wife file? (USA)

My wife abandoned my kids and me mid July, 2014. For 2014 the option of "Head of Household" was not available as the IRS says that the spouse has to not have lived with you for the last 6 months of ...
5
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2answers
177 views

Death and Capital Gains Taxes (United States)

I have a question about taxes and death. If you own stock and you sell it for a profit, you have to pay tax on the profit. Is this same tax applied to someone when they die? I understand that Estate ...