For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

learn more… | top users | synonyms (2)

0
votes
0answers
27 views

How do I file a 1040x amended tax return when we are already paying off an error for the same tax year?

For tax year 2014, we submitted our tax return through TurboTax in early 2015. We received our refunds (Federal/State) a few weeks later. In the summer of 2015, we received a letter from the IRS ...
0
votes
2answers
556 views

why do companies do a 1099-MISC at all?

I've done consulting for a number of companies and some of them give out 1099-MISC's and some don't. My question is... why do any of them give out a 1099-MISC? If I wanted to subcontract out some ...
4
votes
0answers
37 views

How Does The IRS Structure Payment Plans If I Owe Subjectively High Taxes?

During the 2015 tax year I became legally separated. During the separation my ex-wife did not agree to a QDRO when cashing out her equity from jointly owned property. The cash out was mandated by ...
0
votes
1answer
12 views

I own an LLC, How should I go about contributing to a 401(k)?

I am one of two LLC members - we have been operating for about 2 years. We have no employees. I would like to start a 401(k) and contribute as much as I can to it. We don't have salaries ...
0
votes
1answer
27 views

Should peer to peer lending be part of a diversified taxable portfolio

I'm wondering how p2p lending factors into taxable accounts. They do offer diversification outside of normal bond etfs. Are they appropriate in rounding out a diversified portfolio, or should a ...
4
votes
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 ...
1
vote
1answer
21 views

Is UK income which is exempted in UK taxable in India

I am a Indian citizen working in UK on a work permit. My salary in Uk is 36000 pounds.I have heard that in UK salary of 10500 pounds is exempted from tax and my company is paying tax on the remaining ...
3
votes
1answer
79 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 ...
0
votes
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
votes
2answers
27 views

Employer Tax Contributions Pre-Tax for Contractors?

I'm currently working for an employer who contributes to my health insurance plan (they pay the plan directly, rather than reimburse me). I've just received my W-2, where it looks like they've ...
1
vote
1answer
67 views

Sell house in CO?

We bought a house in South Denver in 2003 for $245,000. We ended up moving and have rented the house since. Our current rent gives us an extra $1,000 which we put towards our new mortgage. We owe ...
1
vote
2answers
114 views

Smartest Place to Put Tax Refund

Background: I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
1
vote
1answer
42 views

Can my spouse and I file jointly if I have an HSA and she has an FSA?

My spouse has an FSA account, and I have an HSA account. We are on separate health insurance (mine is eligible for an HSA account). Are we allowed to file jointly or do we have to file separately?
3
votes
1answer
54 views

Can MOOCs be treated the same as university for taxes (US)?

Without understanding a lot about taxes, I know that there are several tax credit opportunities for college students in the US (The American Opportunity tax credit, Lifetime Learning Credit, etc). ...
1
vote
1answer
30 views

irs 941 - “wages, tips and other compensation” vs. “taxable social security wages”

Back when I had an accountant, she entered very different numbers on lines 3 ("wages, tips and othe compensation") and 5a ("taxable social security wages") of the federal 941 form, with a lower number ...
3
votes
1answer
33 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 ...
5
votes
1answer
90 views

I trade labor for lot rent on my live-in r.v. Can I claim any income to apply for eic? Do I owe taxes? There is no money exchanged

I work as a farm laborer in exchange for lot rent for my own r.v., electricity, and water on a friends farm. There is no cash exchange. I am the one and only "lot renter". Will either "landlord" or ...
2
votes
1answer
47 views

Is there an accepted standard for how US tax system treat UK ISAs for expats?

For US citizens living in the UK, the US tax system treats UK pension contribution and withdrawals pretty much like the UK does. Tax-free contributions, taxes due on withdrawals. Just like a ...
3
votes
2answers
9 views

Taxation on income sending from Hong Kong to India savings account

I am working in Malaysia from last 1.5 years, my company transferred salary from Hong Kong to my Indian savings account from last 18 months. Do I need to pay tax on this? All my funds transferred ...
4
votes
3answers
92 views

Suggested ways to save for a comfortable retirment in the UK given the lifetime allowance limits on pensions?

I've heard the rumor that this March's UK Budget will lower the Lifetime Allowance (LTA) from £1M to £800k or even less. They might index this for inflation. That seems to me to be a pretty low ...
0
votes
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 ...
3
votes
1answer
49 views

Are class action settlements taxable as income in the United States?

In my case the settlement was a result of an insurance company lawsuit alleging that the insurance company overcharged its customers on a fee to its customers (including myself). I'm thinking that ...
-2
votes
0answers
38 views

Do I have to file a W-3 even if I didn't pay any of my employees? [closed]

Do I have to file/send in a W-3 even if I didn't pay any of my employees? Thanks,
0
votes
1answer
21 views

Does FTB accept amended tax returns over Fax?

So I sent Letter of Explanation over regular mail to Franchise Tax Board. I called them and they claim not to have yet received and/or scanned it. And instead suggested to Fax it. However, I could ...
3
votes
1answer
217 views

Transferring money from the Philippines to the USA?

I would like to bring in $150,000 from my bank in the Philippines to another bank here in the US. This money is from a lot I sold which was given to me (under my name) by my dad who has already passed ...
1
vote
0answers
75 views

State Income Tax

In 2012, my husband and I filed an amended state income tax. This year we received a letter stating that we never filed. I appealed their decision, sent in proof of filing and was denied because we ...
1
vote
0answers
39 views

Back in 2011 instead of form 565 filed 568 by mistake. How to fix this?

In 2010 we correctly filed form 565, because we were general partnership. However, in 2011 we filed by mistake form 568 (the LLC form). Starting from 2012 we have correctly filed as sole ...
0
votes
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
67 views

Accepting money for college tuition from US citizen

I am a student in the US on a F-1 visa. Can I accept money which will go towards my university tuition from a US citizen? I have a college checking account here and I don't know if I can accept ...
1
vote
0answers
78 views

Is there any problems using both Betterment and Wealthfront simultaneously [closed]

Is there any legal issues if I use both Betterment and Wealthfront at the same time? The only problems I manage to dig up is the possibility of wash-sale when using both service tax loss harvesting. ...
4
votes
1answer
36 views

What documents are needed for taxes to qualify my adopted child who is blind as a child with a disability?

What documents do I need when filing taxes to qualify my adopted child as a child with a disability (blindness) with regards to IRS requirements in the United States? We have medical documentation we ...
7
votes
1answer
502 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.
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.: ...
0
votes
1answer
12 views

What is the tax rate/amount that I can deduct as an F1 Spanish national (tax treaty) on OPT living in the US?

I'm a post-completion F1 OPT student working in a company. I think I'm eligible to applying the tax treaty as described in Article 22.1 of the tax treaty, but I don't know how much I can deduct. I've ...
1
vote
1answer
52 views

What happens when you cash out an HSA?

If you cash out a 401k before you're old enough you get a 1099-R. What happens if you cash out an HSA? Do you get a 1099-R or some other sort of 1099?
1
vote
2answers
29 views

UK Resident exploring freelance work for a Swiss Company

I'm not currently registered as self-employed but have been offered a work opportunity by a Swiss Company, working from my home in the UK, on an hourly rate. How can I work and pay my NI / Tax ...
0
votes
2answers
17 views

Carry-forward of individual losses, with late-filed past taxes [US]

Asking on behalf of a close family member who has had significant medical issues over the past five years... Let's call him Jim. Jim hasn't yet filed his 2012, 2013, 2014 or 2015 taxes (the 2015 ...
0
votes
0answers
18 views

Key aspect of Repurchase Agreement which differeniate it from Loans

I was reading up on Repurchase agreement when I came across a rather interesting statement Although the transaction is similar to a loan, and its economic effect is similar to a loan, the ...
1
vote
0answers
64 views

Mega-backdoor roth tax filing

For the backdoor (IRA -> Roth IRA, generally up to $5500 per year) conversion, we need to file Form 8606. Are there any equivalent forms that must be filed for mega-backdoor (After-tax 401k -> Roth ...
3
votes
0answers
38 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
votes
1answer
75 views

Can U.S. citizens make sensible retirement plans while abroad?

Accidental Americans (perhaps born in the US but never lived or worked there) are still required to file U.S. tax returns in perpetuity. One of the many problems with this is that tax deferred ...
5
votes
1answer
101 views

Roth and Traditional 401k - Is it a valid strategy to withdraw from traditional for lower brackets, and then switch?

Given I am investing heavily in Roth 401k and also some in Traditional 401k... I was wondering if it is a valid retirement strategy [after retiring] to withdraw the first couple lower tax brackets ...
3
votes
1answer
157 views

On company 401k matching. Clarification needed

I realized I don't fully understand something. It almost embarrassing to admit. In 2016 we have 18k max contribution limit for 401k. Does this mean that employee can contribute at most 18k or that ...
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 ...
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
43 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 ...
-5
votes
2answers
128 views

United States Treasury Not Endorsing Checks

This is something I recently noticed. Maybe it has been going on for a while and I never realized it before. I issue a check to pay quarterly estimated taxes, payable to the "United States Treasury". ...
4
votes
3answers
178 views

Living with my parents and girlfriend, few filing questions

I'm going to be living with my parents and my girlfriend at my parents' house soon, both of us being full-time students. We wanted to do this so she wouldn't need to pay for a dorm here (NY is ...