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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0answers
11 views

When can I start contributing to my Spousal RRSP again without attribution implications?

I have a question about the Spousal RRSP that I want to validate. When can you start contributing back to a Spousal RRSP after a withdrawal has been made? Summary of actions taken so far: My last ...
1
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1answer
18 views

Evaluating an endowment policy for its fairness against other tax saving options in India such as PPF, EPF and even FDs

I am talking about specific endowment policy: Jeevan Anand. Firstly, there was old Jevaan Anand (Plan 149). And now there is new Jeevan Anand (plan 815). I had old Jeevan Anand policy. It is endowment ...
1
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1answer
72 views

Do i have to pay tax if my friends father transfer money monthly to my account to give him

My friend doesn't have a bank account so his father transfers money to my account monthly, rs 20,000/- for that do I have to pay any tax?
2
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1answer
24 views

Do I have to send in form 1040ES for estimated tax if paying online?

I'm a self employed freelancer who is paying quarterly taxes. The IRS shows that I can direct pay online, on their website. Do I have to send in form 1040ES, or do I just pay the amount I calculate? I'...
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0answers
29 views

Salary 2.5 months earned in Saudi Arabia [on hold]

My Friend earned 2.5 months Salary in Saudi Arabia. HE is Ordinary resident, At what rate his Salary earned in Saudi Arabia will be taxed. I have read DTAA but couldnt get the proper explanation. ...
1
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1answer
28 views

How to treat income earned in 2 diff countries during the same period

For the FY 2015-2016, I have earned salary income in India from my company for which TDS was deducted. I keep visiting Dubai and earn salary income there as well which gets credited to my Dubai bank ...
0
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1answer
56 views

Resign my job - can I claim tax return? how to claim pension contribution?

I am working as a postdoc in UK, resigning job and returning home. In that case can I claim any tax back? I paid pension contributions. How to claim that back? What else I need to take care of ...
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0answers
30 views

When do fractional shares trigger a wash sale?

I have been reading the tax regulations regarding wash sales in IRS publication 550 and am wondering how fractional shares might trigger a wash sale. I have been told that the rules can be different ...
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1answer
17 views

How to file Income tax return from Salary certificate of previous employer?

Consider my scenario: I worked in Company A - where my salary was below taxable limit. (< 2.5 lakhs), thus my employer issues me a "Salary Certificate" and no Form 16. I left this company in ...
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1answer
206 views

Understanding SCH TDS2 in ITR1 (Indian Income Tax Filing)

In the section titled "SCH TDS2" in "ITR1" form, there are two columns that I'm having a hard time with namely "Tax Deducted (5)" and "Amount out of (5) claimed this year (6)" where (5) and (6) ...
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1answer
25 views

How to submit missed LIC premium receipt and reimburse in Tax filing using cleartax.in

I missed to submit one of my LIC premium receipt for reimbursement. As the deadline is over and I am filing using clearTax.in site, Does anyone know how to submit the LIC premium receipt and get ...
1
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1answer
26 views

Computing federal withholding based on W4

My wife is starting a new job and I am trying to figure out how to file her W4 and if I need to adjust mine. For some reason I can't seem to get correct/accurate results from the IRS Withholding ...
2
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0answers
33 views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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0answers
27 views

please help with an exchange [closed]

No body wants 2 help me with trade in,everyone tells me that I still owe a lot of amount with the car that i am driving. Dealers and even selling it personal. Dealers tell me to trade with brand new ...
1
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2answers
32 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 ...
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2answers
31 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 $...
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3answers
84 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
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1answer
72 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, ...
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0answers
41 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? [closed]

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
30 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
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1answer
46 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
360 views

Can someone remain as an unknown billionaire legally? [closed]

I'm Serious, Can someone remain like that ? I mean through undisclosed shares or any other financial ways.
3
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1answer
78 views

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 ...
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0answers
58 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 ...
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1answer
47 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, ...
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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
53 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 ...
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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 ...
0
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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
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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 ...
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1answer
31 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 ...
0
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0answers
47 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?
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2answers
52 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
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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 ...
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1answer
48 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
61 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,...
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1answer
45 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
91 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
44 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
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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
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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
52 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
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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
119 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 ...