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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26 views

OVDP Penalty calculation for the year of double residency

I moved to US in October 2010 as GC holder (won DV lottery, GC date is Oct 15th). I had a few active and closed accounts in the country of origin in 2010. Those accounts generated the following ...
2
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3answers
73 views

Do I need to file tax form 1099 misc for my royalties?

I've self-published a book and have sold a few hundred dollars worth of books from the back of my car. (I know I need to pay sales tax on these books.) I have a simple sole proprietorship business in ...
1
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1answer
86 views

Is the address on 1040 and MD resident 502 my previous address in 2013 or my current address?

I am filing 2013 federal tax using 1040 form, and 2013 Maryland tax using 502 form. I have moved away from Maryland in 2014. So I wonder if I should use my current address or my old and invalid ...
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1answer
17 views

Is the fund received to my indian bank from foreign bank taxable?

I am Nepali citizen and I have ordinary saving account in Indian bank. I was also working here for 2 years in the past(3 years ago) and I have PAN card and bank account. Now I am living in India for ...
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1answer
27 views

How to report “foreign tax paid” from 1099-DIV?

Is it correct to report Foreign tax paid in 1099-div to line 47 Foreign tax credit in 1040 form? But here http://voices.yahoo.com/how-report-amounts-form-1099-div-2439-11819489.html?cat=3 it says ...
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1answer
16 views

How to report specified private activity bond interest dividends?

From http://voices.yahoo.com/how-report-amounts-form-1099-div-2439-11819489.html, I learned that Specified private activity bond interest dividends reported in box 11 of 1099-DIV is the portion ...
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1answer
35 views

In 1040 form, where shall I report my “Total Capital Gain Distributions” reported by 1099-DIV?

In 1040 form, where shall I report my "Total Capital Gain Distributions" reported by 1099-DIV? It is not capital gain/loss, isn't it? Instruction of 1040 says: Instead, they are included on Form ...
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1answer
34 views

Can I use freefilefillableforms.com to report my federal tax?

In 2013, I reported my 2012 tax using www.freefilefillableforms.com, promoted by IRS. This year for 2013 tax report, I noticed that IRS says to use Free File Fillable Form when Income is above ...
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1answer
31 views

How to know if I can have NOL (U.S. tax)?

investopedia defines NOL to be for a company or business. So I think an individual doesn't have NOL. Is it correct? What is the difference between NOL and capital loss? What are their relations ...
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2answers
51 views

Which state shall I report my tax to?

I lived in Maryland state the whole 2013 year and the first 20 days of 2014, and then have moved to New York State since. I haven't had any income from Maryland since beginning of 2014, and I expect ...
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1answer
31 views

What diference are between carryover and carryforward in U.S. individual tax?

What diference are between carryover and carryforward in U.S. individual tax? Are they both to apply some current things to the taxes in the future? Carryover looks like only applied to the capital ...
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1answer
41 views

How to check about my unfiled tax return 15 yrs ago in the US or how to determine if I still have unpaid taxes to pay

I believe I may have some unfiled tax return in the US 15yrs ago. Although I filed for the 1st yr of my employment before and paid my taxes my last remaining months back then I believe I left without ...
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1answer
38 views

How early in a year can one report tax in U.S.?

Each year, I am almost always behind in reporting my tax. Besides I am often busy and may be forgetful, there are other reasons: Firstly I am not sure when W-2 forms, 1099 forms, ..., and other tax ...
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3answers
115 views

Loss from selling mutual funds and tax in U.S

In my last year's tax form (1099 form) from a brokerage company (TD Ameritrade), I don't find my loss realized when I sold some mutual funds last year. TD Ameritrade said that the 1099 doesn't ...
4
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1answer
48 views

Whats the difference between a qualified and an unqualified covered call?

I own various shares that I want to start writing covered calls on but I've heard about differences between "qualified" and "unqualified" covered calls. What's the difference? All I can find is that ...
2
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1answer
56 views

How to contact the IRS to determine if your taxes have been filed by a CPA?

As a follow-up to my other question: How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time? I have not received any contact from my CPA other than ...
4
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1answer
100 views

How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time?

I decided to use a CPA because my tax situation got complicated this year. I have attempted to contact my accountant several times and cannot get a response from him at all. It is now after the ...
0
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1answer
29 views

UK Expat with BVI company, can my company bank in the UK

I am about to leave the UK and travel constantly. I am a UK citizen but will become non resident when I leave. My business is run online and I need a business bank account within the EU to receive ...
2
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2answers
58 views

What to do if a state and federal refund is denied direct deposit?

I helped my girlfriend file both her state and federal taxes this year. We 'share' a bank account, but her name is not on the account (the bank currently does not offer joint accounts, otherwise it ...
2
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2answers
58 views

Do I have to pay tax both in NYC and England?

I work in London for an English company. I will move to NYC and keep working for the same English company for a few months doing researches to open a new business, and my boss would like to keep ...
8
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1answer
837 views

If Roth IRAs are not reported on income tax returns, how does the IRS police them?

Directly from the IRS: Contributions not reported. You do not report Roth IRA contributions on your return. If that's the case, then how does the IRS make sure people don't exploit the ...
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1answer
68 views

Is my spouse at risk for a joint filing in a year where I have settled a major debt? [closed]

I settled and wrote-off a major debt. This was recorded as 1099-E income. I incurred all of this debt under my name only, and she was not my spouse at the time I got into the debt. She was my ...
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1answer
44 views

Deducting SEP-IRA contributions as a sole proprietor with no employees

Is it possible to deduct SEP-IRA contributions from a Schedule C Form 1040? I was a sole proprietor with no employees. It seems like if I had employees, I would deduct it on line 19, for Pension and ...
3
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1answer
129 views

Avoiding Double-Reporting Income (1099-MISC plus 1099-K)

We bill all our clients through credit cards, and the card processor sends us a form 1099-K report of all the income received. But at the same time, many clients insist on also sending us a 1099-MISC ...
3
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2answers
64 views

Opening and funding an IRA in three days - is this feasible?

I'm doing my taxes. (I'm doing them really late this year because I became an independent contractor and I've been paralyzed by fear - I've procrastinated quite a bit.) Turbotax is telling me that I ...
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1answer
43 views

So far, expect to only make (1099) income in Q1 of 2014… What's my estimated liability?

I've earned a significant amount of 1099 income (self-employed) in the first quarter of 2014 (through 3/31/2014), but as of now, I have no idea what (if anything) I will earn for the rest of the year. ...
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3answers
104 views

Do I need to file a tax return on zero income in the US if I became a resident late in December?

I am writing about the filing of tax return as a new permanent resident, whose deadline is April 15th 2014. I wish to know if I am required to file, for I entered the US with a DV1 immigrant visa on ...
2
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1answer
67 views

Can I file taxes in the state where I own a home even if I don't live there?

I've owned a home in New Jersey for 20 years. I work remotely, from wherever I am. Last year, my family and I traveled around the country for 7 months, and I worked throughout this time. Then we ...
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2answers
33 views

US tax for a resident NRI

I am a recent resident and filing for my taxes. However I have investments in India (stocks and real estate). I would like to know since I am paying taxes for those investments in India, would it be ...
2
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2answers
197 views

I have $20k of imaginary gains from trading last year due to wash sale rules. Should/can I take mark to market?

I have traded for most of the year while I work at my full time job as a software developer. I am using it to augment my income. I like working in academia but it just doesn't pay that well! I started ...
3
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1answer
76 views

Amend 540 to 540NR (California State Tax)

A few of my friends and I are on F1 Visa and had to file our 1040NR and 540NR tax return forms. We used the e-file option at https://www.ftb.ca.gov/ to file our state tax and it had generated a 540 ...
2
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2answers
54 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
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0answers
58 views

For the purpose of filing taxes in Canada, is participating in ESPP considered to exercising stock options?

My tax professional and company payroll department are in a disagreement about what box on the T4 the taxable benefit of my ESPP should be included in. The payroll (Canadian office of a US based ...
5
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1answer
44 views

Tax implications of gift from UK to US

My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
2
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1answer
89 views

What is the penalty for contributing to a Roth 401k when my AGI is over the limit?

Specifically, my wife has a Roth 401k and I have a traditional 401k; we married in the middle of last year, and our combined AGI for last year is well above the limit for contributions to a Roth ...
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0answers
18 views

Where is income sourced if I work for an agency in one state that provides my services in another?

I'm a self-employed contractor. I live in NY, "work" for a NY agency that provides my services to a company in CT. Do i have to claim that income as CT sourced, or NY sourced?
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2answers
418 views

Should question 1 on the Student Information Worksheet be interpreted literally?

On the Student Information Worksheet, there is the question: Did the student complete the first 4 years of postsecondary education as of 1/1/2013? If I take this question literally, the answer ...
0
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1answer
23 views

How do self employment equipment/software deductions work?

General tax-related question, here. Let's say I do freelance work and need to buy special software or equipment to do that work. When I claim that work as income and pay taxes on it, I know that I ...
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0answers
20 views

As a UK entity, how to contract with a U.S.-based contractor? Implications for tax/VAT?

Being an organisation incorporated in the UK, if we wish to engage the services of a contractor living and working in the USA, what are the implications for e.g. tax and VAT? Do we need to pay the ...
1
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1answer
44 views

declaring payments to a credit card for a shared expense

Long story short: I was travelling abroad with work and we ended up with a large bar tab (over £1500 - don't ask). The company credit card was declined so I paid for it on my personal card. My ...
2
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1answer
254 views

Can I report tax after April 15 if I am sure I overpay my federal tax and state tax?

Can I report tax after April 15, if I am sure I have overpaid my federal tax (U.S.) and state tax (MD)? What harm will that cause?
2
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2answers
46 views

Can my local municipality charge taxes on rental income I make out of state?

EDIT Sorry for the unclear question - been staring at tax forms all night. I meant to say that I live in a municipality in Ohio that charges local income taxes. It looks like my local municipality ...
3
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0answers
23 views

US tax returns for a resident - No US income and indian shares

I just moved to the US and was working in India till some months back. I am a US resident now. I don't work here currently but I had salaries and taxes paid in India. Apart from that I have shares I ...
3
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1answer
79 views

Being tax efficient with dividend stocks

I've been considering selling off more of my (growth) stocks and placing the capital in dividend stocks. However, I realize Uncle Sam will tax me on any dividends I earn throughout the year. Is ...
0
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1answer
41 views

Whether the waterbill paid to HMWS&SB of Rs. 20,000 per year can be used for Tax benefits

I own a house under GHMC, Circle-15. The drinking water bill is Rs.1800 per month. Can I use these bills for Tax Rebate while filing IT Returns, similar to LIC Bills
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1answer
113 views

Am I allowed to change my mind about itemized deductions and IT-2104

I recently changed job, and on the IT-2104 (NY state) I had to complete there is a section 2 saying "Complete this part only if you expect to itemize deductions on your state form." Does that ...
1
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1answer
37 views

Startup Convertible note write-off debt?

I invested time in a tech start-up during 2013 that has since closed its doors. I received payment in the form of convertible notes... $30,000 in total, which of course have no value now. Is there ...
4
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2answers
188 views

Long-term capital gain taxes on ETFs?

Sorry if this is a very novice question. I couldn't find it by searching here or Bogleheads (I'm not really a 100% Boglehead either). Let's say I hold $30,000 in an ETF called BMT (Big Mike's Tech). ...
3
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1answer
57 views

Max up HSA contribution for 2013

I and my employer made less than $3250 contribution to my HSA in 2013. I heard that I could still make contribution for 2013 before 4/15/2014. If this is true, and I deposit my personal money to HSA ...
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0answers
66 views

Why isn't student loan interest deductible for married filing separately?

I understand one of the qualifiers for taking student loan interest deduction, as outlined in topic 465, among other places, is that you are not married filing separately. I always assumed this was ...