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.

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Tax implications of owning a Roth IRA as a Canadian resident?

I am a Canadian citizen, U.S. resident with Roth IRA, contributing for 15 years. I will be moving back to Canada in 2 years, am 47 years old, and will leave the Roth with Vanguard and not touch it ...
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2answers
36 views

What is meant by pensionable earnings

On my T4 from my employer, it says : CPP/QPP pensionable earnings. And there is an amount for this field. What does this mean? Is it the pension I am going to get when I turn 65? I dont think so. ...
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1answer
25 views

Are there special tax implications when paying for services in the next year? In another country

So I'm planning a destination wedding over a year in advanced. We've begun putting deposits down on things happening next year. I know I still have to pay VAT in the other country (Its ridiculous). ...
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1answer
54 views

How to calculate and claim AMT credit

Suppose I am in California, and I want to try to roughly calculate the AMT i would owe as well as how much i can get back each year for ISO that i plan to hold for many years. Am i doing this right? ...
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1answer
38 views

Not sure whether to File this Year

I am supposed to apply for the FAFSA each year, and on the FAFSA it asks about our taxes (in case we file). I am not receiving a W-2 this year since I was not on a payroll for the entire year 2014. I ...
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1answer
2k views

I'm being asked for installment tax payments, but I just started as a salaried employee. What should I do?

For the last decade I've been a freelancer. I had a balance owing two years ago, so last year (2014) I had to pay by installments. However, on January 1st, 2015, I started as a salaried employee at ...
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2answers
57 views

How to determine the cost basis on primary home converted to rental (for depreciation)

I would like to know how to calculate the cost basis for a primary residence converted to a rental property. I purchased the home in Oregon for 200k in 2005. I moved out and rented it in May 2013. ...
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1answer
68 views

Who can I contact for free help with certain IRS forms?

As part of my US personal tax return to the IRS this year I need to fill out some esoteric IRS forms that are not supported by most personal tax filing software so I have to fill them out manually, ...
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1answer
39 views

What home expenses can I claim back from working full time at home for a business in the UK?

Our company is considering no longer having an office and making all the staff work from home. We all work primarily online running a website, so our work is done purely on a computer. With working ...
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0answers
67 views

2 names on US tax refund, filed as 'single'

I recieved my US federal tax return earlier this month. When I first looked at the check, I noticed it had a % symbol, followed by my mother's name on the line below the one with my name. it looks ...
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0answers
17 views

Tax implications of using FSA funds during grace period

I have a dependent care FSA through work. In 2014, I did not use all of the funds, but I have until March 15, 2015 to do so. I will also have an FSA for 2015. While I do my taxes through ...
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1answer
34 views

Can I deduct remaining LLC losses against W2 wages once the LLC is dissolved?

I have been a minority owner of an Ohio LLC. The franchise closed in 2009 but the LLC just dissolved December of 2014. I haven't been able to deduct losses from my W2 wages as I haven't been actively ...
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2answers
528 views

Affordable Care Act Documentation

So I just got my taxes completed, and did some searching on the net. Turbo Tax asked me where I got my health insurance. I clicked the box entitled at work, and all was good nothing further was ...
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1answer
21 views

How does an FSA work with rebates? [duplicate]

I have an FSA and I used it to buy my contact lenses recently. The contacts come with an offer for a rebate if you buy a whole year supply, which I did. Is the money I get from the rebate tax-free, ...
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0answers
25 views

Can my UK limited company claim tax relief on donations to foreign charities?

I'm English, and run a company that's based in the UK and registered with the UK Companies House. I want to donate some money to charity, but one of the charities I have in mind isn't based in the UK. ...
2
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1answer
58 views

What is the cost basis of property converted to rental, purpose?

I purchased a primary residence in 2007 for $150,000 I converted in to rental property in 2014. At that time its fair market value of $40,000 What is my cost basis for depreciation? Is it based on ...
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1answer
58 views

Joint bank account and taxes in UK

I am working full time in UK and don't have any other jobs or money sources except this full time job. I have a bank account in HSBC UK. My wife is going to register as self employed (freelancer) here ...
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1answer
78 views

Tax implications for receiving a car as compensation for work

For a few months in 2014, I was working with an early stage start up and they weren't able to compensate me in any way except the promise of equity when we started. A month in to my tenure with them, ...
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2answers
138 views

Basic Roth IRA Tax Understanding

I understand that a Roth IRA offers the benefit of paying taxes up front so that when the investor withdrawals the money at retirement, the funds won't be taxed. My confusion is that I have yet to ...
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0answers
17 views

Filling in Form 8802

I live in the United States. I will be working in Korea this summer (2015) for a month. I am on a J1 visa currently. I arrived in June 2013. For tax returns for 2013 and 2014 I submitted forms ...
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0answers
32 views

Do I have to pay the healthcare penalty if I work online in United States but live overseas? [closed]

I work part time online. Do I have to pay healthcare penalty?
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1answer
42 views

Are bonds taxed every year or only at maturity

If I buy a bond that matures in 2 years, do i pay taxes only when i get my principal and interest back at maturity? Or do i pay some taxes on year1 and rest on year2?
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1answer
1k views

I withdrew cash from U.S. ATM (not U.S. bank card) and put it into U.S. bank. Is it taxable income?

I'm filling tax return forms 1040NR-EZ, 540NR-short for non-resident (I was exchange visitor in U.S.). When I was in U.S., I withdrew cash from an ATM using a card from an account of mine at a non-US ...
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1answer
63 views

How does shorting ETFs work? What are the costs and tax implications?

If I short an ETF stock, how does it work from the cost and tax perspective? Do I get charged ETF expense ratio? (does not make sense to me) If underlying stocks issue dividends, am I charged them? ...
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1answer
12 views

How do I claim HST compensation on my personal Ontario income taxes?

I have a couple thousand dollars of HST compensation to declare on my Ontario Income Tax for a sole proprietor business, but I am not sure specifically how to declare the amount on my taxes as income ...
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1answer
98 views

Is it mandatory for tax preparation companies to offer free basic service?

I have seen that almost all of the tax preparation companies/softwares like H&R Block, Jackson Hewitt, Liberty Tax Service, TurboTax etc offer free basic federal tax filing. Is there any law ...
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1answer
44 views

Do I need to file taxes for multi-member LLC with no activity (State of NJ)

I know there are several threads to this end on here - I have read them all and am still in need of some assistance. I am an owner of a mulit-member LLC that was established this past year in the ...
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1answer
34 views

US Tax exemption for Independent student contractor working from India

I am an undergraduate computer science student, resident and citizen of India, I'll be working as an Independent student contractor for a US based software company from my home country (India), during ...
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0answers
12 views

if I have a 414 h in NY can I also contribute to a roth ira? [duplicate]

I am a nurse in a hospital in the nys retirement system. $1900.00 was contributed by my employer to my 414h plan. I am under 50 years old- can I contribute to my roth ira and if so how much?
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1answer
52 views

Determine if my foreign taxes resulted from ordinary or qualified dividends?

My 1099-DIV lists an amount in box 6 for 'foreign tax paid'. These are a result of an emerging markets ETF I own. However, TaxAct is asking whether these are Foreign source ordinary dividends or ...
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0answers
18 views

Transferring money back to UK from India

I am an Indian citizen who has been working in the UK for the last few years. During that period I transferred money to India; some was invested in real property and some was left as cash in a ...
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0answers
32 views

I Used the Equity from my Home Sale to Pay Off my Current Home. Taxes?

We sold our home in 2013, and put the equity into a savings account. We then used the money to pay off our current home in 2014. How do we report the transaction on our taxes? It's not exactly ...
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2answers
40 views

Transfer money from foreign account to Indian bank account?

I wanted to know if it is advisable to transfer money from USA based accounts to an NRE or NRO account in India? Are any of them liable to tax in India or USA ? I am planning to use western union. ...
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0answers
24 views

Estonian e-residency & taxes

E-residency is provided by the government of the Republic of Estonia for non-residents. It's convenient way to establish and manage company remotely. My question: which taxes should be paid by ...
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2answers
65 views

do i have to file taxes in Canada if no income?

If I did not have any income for 2011 and 2012 do I still need to file a CANADIAN tax return? And if so, where do I obtain the forms.
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3answers
62 views

Tax filing for Summer Internship

I have a couple questions regarding the tax filing procedure. I am still a dependent on my parents, and my parents normally do the taxes each year. However, last summer 2014 I worked a summer intern ...
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1answer
82 views

Do I need to file Form 3520 if I receive over 100k living expenses from parents overseas?

Context: My parents overseas (Japan) sent me a little over $100,000 to cover an expensive tuition payment and moderate living expenses in 2014. They are not US residents, Green card holders or ...
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1answer
40 views

Automatic personal investment service suggestion

I recently did some research on automatic personal investment. Previously I did some stock and also consulted with personal investment company like Edwards Jones. I kind of found online automated ...
2
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2answers
465 views

taxes, ordinary income, and adjusted cost basis for RSUs

My company offers RSUs — restricted stock units — as a benefit. These vest after a certain amount of time, and in 2013, my first chunk vested with a value of about $6400. As I understand it, at that ...
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2answers
42 views

Non Resident Alien(Working full time on F1-OPT) new car sales tax deduction

I am an international student on F1(OPT) visa and working full time off-campus. I bought a car last year and was wondering if I am eligible for sales tax deduction on the sales tax I paid for the car ...
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1answer
32 views

Should business property tax return item values include shipping and sales tax?

When filing a business property tax return in Virginia (USA), should the amounts on the return and itemized list that goes along with it include the shipping and sales tax costs of the equipment and ...
0
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1answer
28 views

Argentinian wants to work for company in Europe and receive transfers to bank in the US, how to pay tax?

I'm from Argentina, I live in Argentina, and I worked in the US for three months. I have an account in Bank of America. I'm about to start working as a freelancer for a company in Germany and I want ...
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1answer
52 views

Pay off Home Buyers Plan - or not

I am single and retired and owe a balance of $4800 on my HBP with 4 years to go repaying at $1207 per year which I have to declare as income. I live on the Gov. CPP and OAS with supplements and with ...
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2answers
49 views

Claiming residential energy credits on US tax return

I just did my 2014 taxes last night through Tax Act Online and I claimed an expense of $2,000 for improved insulation and $2,500 for replaced doors and windows on my house. I think those estimated ...
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1answer
45 views

Paying Tax on Stocks Trading

I'm not American Citizen and I don't live in the USA and I want to open an account on TD Ameritrade to trade on Stocks, my question is that, do I have to pay Tax in the USA for the stock trading with ...
3
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2answers
94 views

Is PhD stipend on 1099-MISC tax-exempt?

As a PhD student, I receive a W-2 from my school for services I provide (e.g.research / teaching assistant) a 1099-MISC, box 3 (Other income) for my PhD stipend, i.e. free money they are giving me ...
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0answers
33 views

General resources for people living in Europe

It seems difficult to find books and articles about investing that are not focused on the US. The situation in Europe is a bit more complicated, with every country having its own laws - one usually ...
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2answers
61 views

Under what circumstances is a membership a deductible donation?

I'm a member of the Chicago Children's Museum, which is a 501(c)(3) cultural organization. I pay $115 a year in membership dues. That membership includes free admission and a 10% discount on food ...
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1answer
33 views

Reclaiming withheld income from past year 1042-S

I currently have a 1042-S that I received in 2012 as part of a scholarship. I did not file taxes in 2013 as I was new to the country, had no other income and was unsure of what to do - I am an ...
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0answers
78 views

Gifting Money for a downpayment

I am about to buy a house with my girlfriend and her credit is not established enough to get a good rate. I have excellent credit therefor, I would like to just hold/mortgage the note myself to get ...