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)

1
vote
0answers
26 views

Freefilefillableforms: after fixing rejection errors, will not accept 3rd submission

I e-filed my 2015 return from freefilefillableforms, as I had last year with no problem. This year my first submission was rejected, and I used the online tool to easily identify and correct the ...
0
votes
0answers
78 views

I was in USA for 4.5 months in 2015 and am married. Should I file my tax return as single or married?

I came to USA in Aug 2015 from India and am married. Should I file my tax return as single or married?
1
vote
1answer
89 views

Moving to USA. Already invested money in mf?

I will be travelling from India to USA on H1B visa, for a long term assignment (starting april-16). I have invested in Indian equity mfs from my Indian salary savings. Want to know if my going-to-be ...
0
votes
1answer
73 views

Can you deduct hobby expenses up to hobby income in Canada?

In the US you're allowed to deduct hobby expenses up to (but not exceeding) income from that hobby as part of your miscellaneous deductions. But I can't find a definitive source on the corresponding ...
4
votes
1answer
37 views

Should amended taxes be filed if refund remains unchanged?

I received a 1099-R form from a previous employer after my federal and state taxes were filed and accepted. It was for a small distribution from a pretax account that was part of a profit sharing ...
1
vote
1answer
20 views

What is a reasonable amount of time to wait for a company to correct an incorrect W-2?

My previous employer messed up my FSA in 2015 (see this question for more context if you are curious). I have noticed in filing taxes that my W-2 unfortunately is also incorrect, showing FSA ...
1
vote
1answer
54 views

Is there a deadline to respond to an IRS request for additional documentation?

When I sent in my 2014 tax return late last year, I also sent in an amendment to my 2013 tax return due to a Section 1256 contract loss carryback (I had Section 1256 gains in 2013 and losses in 2014). ...
0
votes
1answer
16 views

Questions on India income for US taxation

I am in USA for last 5 months of 2015 and was there for 4.5 months in 2014, so I am a resident alien in USA for year 2015. I have below questions for the IT return for year 2015 in USA: Do I ...
-3
votes
0answers
36 views

How do Australian CEO's minimise their tax liability? [on hold]

How do Australian CEO's minimise their tax liability? The best I could come up with is that instead of receiving wages, they receive shares, which they hold for a year before selling. The shares ...
-1
votes
1answer
70 views

Emigrating from USA to United Kingdom

How much money can I take with me when emigrating from USA to United Kingdom without having to pay tax?
2
votes
0answers
27 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
1
vote
1answer
39 views

FBAR, just found about it. What to do?

Just found out about FBAR. I have a pension investment in India (over $10K) that involves paying yearly premium (I've paid 8 of the 20 premiums) to it. It matures in 12 years and until then I do not ...
8
votes
1answer
135 views

how do capital gains work if you don't know the original purchase price?

So let's say my grandparents bought me 1,000 shares of some stock. They used the wrong address, however, and I never knew about it until after they died. The state got the stock and then, a bunch of ...
4
votes
1answer
33 views

Question About Tax Situation While Living Abroad - Need Advice

I have a somewhat unique situation, and I'm not sure how to handle. I moved to Sweden with my girlfriend late 2015 because she obtained a job in Sweden. I was able to come along and establish Swedish ...
0
votes
1answer
45 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
594 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 ...
7
votes
0answers
67 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
24 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
33 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
76 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
25 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
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 ...
0
votes
1answer
31 views

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

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
68 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
118 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
55 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
31 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
35 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
93 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
49 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
10 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
97 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
50 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 ...
0
votes
1answer
24 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
218 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
76 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
81 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
38 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
511 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
107 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
53 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
31 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
18 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 ...