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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5
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0answers
22 views

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two ...
1
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1answer
36 views

Will I pay US taxes on visiting family money that is deposited into my account

My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account. My question is: Am I going to ...
0
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0answers
13 views

Reporting US stocks on financial statements in canadian company [on hold]

I would like to ask question regarding preparing company's financial statement. I hold US stocks in company. I know to prepare financial statements for Company's Year End, I have convert value of ...
1
vote
1answer
15 views

Tax implication In India

My husband arrived in USA (California) in Oct 2014 for the first time . For Year 2014 we were considered as non resident alien (for tax purpose I guess). We have filed for the income tax in USA and ...
2
votes
1answer
62 views

Confused regarding allowances: No taxes being withheld at source

I claim Head of Household on my taxes. I have 4 children and my total allowances on my W4 add up to 14. I am confused because no taxes are being withheld from my pay. How will this affect me when I ...
0
votes
1answer
15 views

H1B First Time filing W4

I have traveled on H1B in early june with family. I need to file W4 for withholding taxes. Please help me if i have to file W4 as Resident Alien or Non Resident Alien. I have never stayed in USA ...
0
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0answers
58 views

Refinance one rental to invest in another?

researching all the implications: Smart to refi rental property? Want to reduce my income tax paid (possibly?) on positive cash flow and use $100k as down payment on my retirement home(7 years to ...
4
votes
1answer
33 views

UK Tax - can I claim expenses against a different tax year?

I have a day job but also a small freelance income from after-hours work. It's big enough that I have had to file a tax return for the last couple of years and pay tax on the profits left after my ...
1
vote
1answer
15 views

Q2 income and TDS on TRACES form 16 includes only July salary?

My current employer has deducted TDS in July by error. I am below tax bar, so on my TRACES form-16 "amount paid" or "TDS" for Q1,Q3,Q4 TDS details are not mentioned. But it mentions only July's ...
6
votes
0answers
159 views

If I'm the only one on the mortgage, do I have to count my significant other's payments as rent for tax purposes?

Lets say I take out a mortgage to buy a house, and I'm the only borrower on the loan. My girlfriend's dad gifts me $125k to pay the down payment. She and her parents go on the title, along with me. ...
3
votes
1answer
36 views

Income tax in India for NRIs in USA

I left India on 8th October 2014 and started working in USA from 13th Oct 2014. For my income in India, my employer deducted tax at source (Rs 30,000). In US too, my employer deducted tax at source ...
0
votes
2answers
150 views

Are client meal “gifts” considered income?

I was foolish and never considered that my client would possibly report my meals as my "income". I would like to consider it a gift, but my client personally dispises me and I now expect to have my ...
2
votes
1answer
51 views

How can I find if my accountant filled my tax report or not?

It was second year I filled my tax, for the first year I did that online by myself and It was perfect and I got my refund without any problem. One month later I tried to fill my FAFSA (Free ...
1
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0answers
41 views

Can IRA contributions be recharacterized multiple times

Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times? Recharacterized an Roth IRA to a traditional IRA, ...
3
votes
2answers
211 views

Who gets to write off (deduct) interest part of a mortgage payment?

On a U.S. Federal tax return, you can write off interest and property tax payments on a mortgage. Who gets to do that? Just the person in whose name the mortgage is? Or anyone on the title of the ...
2
votes
1answer
76 views

How do I work out which part time arrangement is better financially?

Next year my boy is going into child care and my wife is returning to work. We plan to put him in child care for three days a week and two days a week stay at home. I'm currently trying to figure ...
2
votes
1answer
53 views

Do I need to pay US tax if my father puts half of his company (in the Dominican Republic) in my name?

I am a permanent resident of the USA (a green card holder) eligible to apply for citizenship, but I do not know how convenient this might be in my situation. My father has a company in the Dominican ...
7
votes
2answers
2k views

U.S. tax return fraud after I've already filed

I filed taxes for 2014 months back, got the return, and all was well. Then I got a series of tax return emails over the course of two days (in June 2015) from a different seemingly legit site ...
1
vote
1answer
21 views

Do I owe NRI tax on excess per day allowance that I have saved?

I work for a multinational IT company, based out in India. At the beginning of 2014 I came to Europe for office work for a short term duration. But then the stay got extended and I happened to stay ...
1
vote
1answer
25 views

NRI having NRE, NRO and domestic bank acount

I am an Indian citizen with NRI (NonResident Indian) status, and I have an NRE account, an NRO account, as well as an ordinary bank account in India. I need to know How to treat my investments done ...
1
vote
2answers
46 views

What are the rules for accounting of late IRS tax filings and tax owed/refunded?

If you filed your 2011, 2012, and 2013 IRS taxes late around March 2015 and had a refund due for 2011 and 2012 that you filed as applied to the next year's taxes, rolling it forward each year until ...
0
votes
1answer
23 views

Tax form to prove state tax payment

My state tax for 2013 turned out to be larger then was withheld. As a result, the extra state tax I paid was included (by Glacier software) into the "Itemized deduction" line of my 2014 federal ...
5
votes
1answer
74 views

Do Canadian citizens have to file Canadian income tax returns even when living abroad?

American citizens are required to file taxes from abroad and to declare all world income. Is something like this also a requirement of Canadians when not residing in Canada? Does anyone have any ...
2
votes
1answer
57 views

When is it required that a non-resident alien file tax returns in the U.S.?

I am a non-resident alien as per US IRS definition. I generate some income from the US on account of book royalties and advance from a U.S. publisher. I am otherwise employed full-time in India and ...
2
votes
2answers
79 views

IRA vs Roth IRA for tax free gift

I have received a tax free gift of $4000 from a relative. I would like to put the entire amount into a retirement amount but I am not sure as to whether I should put it in an IRA or a Roth IRA. If I ...
4
votes
1answer
67 views

Is Insurance policy money received taxable?

I have a LIC money back policy, which pays money every 4 years. I have received the 1st payment. I wanted to know whether that amount is taxable, and how would the tax be calculated? I am in India.
4
votes
2answers
86 views

Choice between 2 false options in UK Tax rebate form

My wife stopped working in November 2014, and consequently we suspect she may have overpaid tax, and be able to reclaim from HMRC. We've found the relevant form to fill in (here, linked from this ...
3
votes
1answer
57 views

What are the tax implications of earnings from the stock market (BSE)?

I am planning to sell all my stock and have all my money transferred to my own savings bank account. What is my tax liability?
1
vote
1answer
36 views

“Notification from Department for Work and Pensions” in tax rebate claim - UK

My wife stopped working in November 2014, and consequently we suspect she may have overpaid tax, and be able to reclaim from HMRC. We've found the relevant form to fill in (here, linked from this ...
1
vote
0answers
68 views

Inherited deferred comp by minors - tax advantageous approach

If minors who are not currently earning income were listed as beneficiaries on a deferred comp plan and owner of that plan passed away at age 63, what's the right approach to minimize taxes. From ...
5
votes
1answer
131 views

How to change state residence for tax purposes as a “digital nomad”

I am currently paying taxes as a Kansas resident because this is where I last had a steady "home." But the last 2 years I've been a so-called "digital nomad", and have spent less than 10% of the year ...
5
votes
1answer
153 views

Is tuition reimbursement considered taxable, earned income?

I am a student paying tuition to attend a University. I worked in a lab, so I received a "reimbursement" on my tuition (that is how the University denoted the compensation). Does this "reimbursement" ...
1
vote
1answer
36 views

Interest on self assessment tax

Sr citizen individual assesses are exempt from advance tax requirement. Enough for them to pay self assessment tax before 31st July WITH OUT interest? Or, are they liable for interest payment? V ...
0
votes
0answers
60 views

Are HMRC (UK tax inspectors) required to give specific notice of late filing penalties?

I'm in a difficult position with respect to HMRC. My story: just before the deadline for submitting an income tax return for the tax year 2013-2014, this January (2015) I got a letter from HMRC ...
2
votes
1answer
59 views

How to deal with IRA excess contribution without withdrawal, penalties, and fees?

I made my traditional IRA contribution for the 2013 tax year in April of 2014. I made my contribution for the 2014 tax year in April of 2015 and shortly thereafter received a notice from Principal ...
2
votes
1answer
46 views

Do I need to do anything after receiving a Form 5498?

I just received a Form 5498 for the 2014 tax year. It shows that I contributed to a Roth IRA but not to an IRA, SEP, or SIMPLE account, and that I did not take any distributions from any retirement ...
1
vote
1answer
75 views

Income tax paid in India as well as in U.S. Anyways to claim double taxation?

I had been on Short Time Assignment for 92 days (1-Jan-2014 to 1-Apr-2014) in U.S. During this period income tax on my salary (for duration of my stay in U.S) has been deducted in India. I also ...
2
votes
2answers
170 views

How is monthly wage tax calculated in The Netherlands?

AFAIK, in most European countries, the wage tax is calculated based on the total annual earning but is deducted by the employer from the gross salary and paid to the tax authorities in advance, on a ...
3
votes
2answers
103 views

When paying estimated quarterly taxes, can I prorate the amount based on the irregular payment due dates?

My husband became a partner at his law firm this year and so this is the first year we are having to pay estimated quarterly taxes. I am confused about why one would be expected to pay 4 equal ...
1
vote
2answers
88 views

Roth 401(k) pre-mature withdrawal: Is company match subject to tax/penalty?

Question on 10% penalty and tax on earnings for a Roth plan: For example: My contribution is $10k, with company match of $10k as well. Total earnings of ~$2k. Will I have to pay 10% penalty and tax ...
2
votes
2answers
95 views

Transfer money from a real estate sale in India to the US

I'm an H1B visa holder (a non-immigrant work visa) in the US. I've acquired some property in India a couple of years ago for around 30k$. It has nicely doubled in value since and it's worth around 60k ...
3
votes
3answers
687 views

Does it count as a benefit in kind if I'm purchasing benefits with my salary?

I'm working in the UK and my job pays me a basic salary, plus a "value account" worth 25% of my basic salary. The value account can be used to purchase benefits, including medical insurance, life ...
1
vote
1answer
57 views

What is approximate tax deduction for this scenario?

I am working as software Er and my finance status is like this: Basic salary:18750 House rent allowance:7500 Medical allowance : 800 Conveyance Allowance : 1250 Special allowance : 9200 Total earning ...
4
votes
1answer
263 views

How much total salary to allocate to defer $17,500 to 401(k)?

From my small business, I would like to contribute to my wife's retirement (which also reduces taxable income to the company). My question is about how much total salary should be allocated to her to ...
3
votes
1answer
54 views

Income tax loss credit after depreciation on negatively geared property

In Australia, my personal taxable income for a particular financial year before calculating depreciation on an investment property is very low (close to but above $0). This is after adding all rental ...
2
votes
1answer
46 views

How does India tax foreign stipends?

I am a student in India, recently selected for the Google Summer of Code. Google provides a stipend of 5000 USD for successful completion of the project. They also state that this is not employment. I ...
0
votes
1answer
95 views

Self employed, putting away tax money

I am starting to get behind on taxes for my business and in an effort to catch up I'm putting profit towards the taxes. Where can I store it other than my bank? I'm worried I will spend the money, I ...
0
votes
0answers
61 views

Does saving for retirement pre-tax make sense to stay in a lower tax bracket if I'll earn more later?

Does it make sense to save in a Regular IRA vs the Roth IRA in order to keep me in the 25% tax bracket? In reality career wise I will probably cap out at 150k in today's dollars. I've been able to get ...
1
vote
1answer
67 views

Foreign earned income exclusion / foreign tax credit when present in US

I'm a citizen of Norway as well as of the US by birth. I've never before 2014 resided in the US. I'm a PhD student in my native Norway, but we are here considered employees and paid a wage. I've ...
1
vote
2answers
137 views

Are there any implications if I do not report an Indian bank account during U.S. tax filling?

I have an Indian savings account to which I send money from the U.S. Over the year the maximum amount I sent was less than $10,000. I would like to know whether there are any complications if I don't ...