1
vote
1answer
29 views

US immigrant working for foreign company

I'm going to move to the US next year (legally) as a permanent resident and I would like to continue my current job (for an Italian company) as a software engineer. The company told me they can ...
1
vote
0answers
26 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
2
votes
2answers
131 views

Employer is making a student loan payment on my behalf. Does this need to be claimed as personal income?

As an incentive to employment my company is making a large lump sum payment towards my student loan debt, lets for this example say $5,000 (the real amount is different). They have inquired about my ...
2
votes
2answers
72 views

adjust tax allowances

I need to adjust my income tax allowances I'm classified as single and claim 0 allowances, this is the most debilitating outcome for near term cash flow and I've read I can claim 1 or 2, my dilemma ...
2
votes
2answers
73 views

How do I check if I have already filed my taxes [Unites States]

I don't know if I've filed my taxes or not! I am due a refund according to TaxACT Deluxe, but I have no idea how to check if I have already filed for my taxes? What happens if I e-file again and I ...
1
vote
2answers
61 views

For Non US resident is it better to invest in a start up as a individual or as a company?

What are the tax implications of investing as a company versus as an individual for foreigners (Non US resident)in the US? Which would be better for a foreigner (NON US Citizen) to invest as.
5
votes
1answer
50 views

Married filing separately - Can I take standard deduction if spouse has zero itemized deductions

I read on IRS website "Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or ...
1
vote
1answer
35 views

Can I claim spouse exemption for my dual status alien spouse?

For the 2014 tax year my alien spouse and I (US citizen living overseas) will file 'Married filing separately' because she is making a 1040NR expatriate return, which will include f8854. She is a ...
2
votes
1answer
34 views

Is Money earned outside India transferred in NRO a/c instead of NRE a/c taxable in India?

Money is transferred to NRO account but was to be transferred to NRE account is such income taxable in India
4
votes
1answer
334 views

Are search engine rewards taxable?

I have been using a search engine that gives you points that you can redeem for gift cards. As far as I can tell there is no way to get cash, without reselling the cards, but I can figure a monetary ...
4
votes
2answers
113 views

Does crossing tax bracket matter when choosing to repay loans early?

I am a recent college graduate with student loans and a job which puts me at the top of the 15% tax bracket. I'm not sure how my career will grow at this point, but I was thinking it's possible I'll ...
5
votes
1answer
99 views

Tax deduction for rental repairs after tenant moves out?

I purchased a home last July and began living there, while renting out a second bedroom in the property to a friend. I am now getting married in August, so the friend has moved out to his own place. ...
2
votes
1answer
37 views

Questions regarding mailing Notice CP22A

I received a notice (CP22A) similar to the image below: The only difference is that the Address in Red is written on my form. My Questions: I am confused where to I need to mail the form. PA ...
1
vote
1answer
60 views

Why does the IRS only allow for the itemized deduction of one type of state tax?

I was thinking about this after reading this excellent answer to another question. Excluding the obvious cynical answer (to bring in more tax dollars), what is the logic behind the IRS allowing a ...
-1
votes
1answer
150 views

$100k salary to the amount in pocket breakdown

Looking into the job market as an engineer with several years of experience (for example), it appears salaries are in the $70-110k range, so let's look at a "$100k/year" salary. Help me break down the ...
1
vote
3answers
64 views

How are part-year California resident income taxes calculated?

For the sake of simplicity, let's suppose that a person's total yearly income is $100,000, all as W2 wages from the same employer. That person lived in one state from January 1 - June 30, and then ...
10
votes
3answers
1k views

Is there a way to live with and contribute to someone else's mortgage payments without the money being considered taxable rent income?

If my business partner purchases a home and I move in with him, presumably the money I'd give him to help out with his mortgage would be considered rent, and so he'd have to pay taxes on rent income. ...
2
votes
1answer
36 views

Extra revenue for retiree receiving a basic public pension

I have an online blog that I don't use. It generates some money through ads but not enough for me to spend time on it. My mother wants to take the blog and maintain/update it herself and receive the ...
2
votes
1answer
40 views

Dual Citizen British/US and online business taxes

I am a dual British/US citizen living in the EU. I file taxes in the US with my husband. I want to open an account with an online gallery to sell my artwork and as we intend to retire to UK I will ...
5
votes
1answer
129 views

Is a non-cash prize form a work event in California taxable compensation?

I won a non-cash prize as part of my company's wellness competition. The nominal value is maybe $300-$400 (T-shirts, misc sports clothing). Now they told me after the fact that this is taxable ...
2
votes
1answer
56 views

Some U.S. Tax Questions (CPA Concerns)

I tried to do my personal taxes myself with TurboTax this year, but decided my situation was more complicated than I could handle, so filed an extension and decided to engage a CPA. He missed a few ...
3
votes
2answers
77 views

Can I contribute to an IRA from investment income?

Can one contribute to IRA if the income for the year is received from stock sale only (no W2)? What I have been reading is that in order to contribute $X to IRA I need to have earned $X of income, ...
0
votes
3answers
195 views

Large paychecks (RSUs) and taxes

A third of my yearly income comes in two paychecks in the second and fourth quarters of the year. The federal tax on these two paychecks more than adequately covers my total tax. Even if I don't pay ...
7
votes
4answers
346 views

Should I negotiate a lower salary to be placed in a lower tax bracket?

I'm about to start the negotiation process for a new position. I expect the offer to be in the area of $72,000 - 76,000 / year. If the offer is higher than $73,800 should I negotiate to have my ...
3
votes
3answers
186 views

What to do when my accountant still hasn't filed my year-old personal taxes

I made the mistake of hiring my cousin (a CPA) to do my personal taxes for 2012. He's done mine before, and others in the family, without a problem, but for some reason he has become extremely ...
0
votes
1answer
58 views

Does coownership of a bank account have tax implications?

I have "Power of Attorney" (POA) on a bank account in the United States owned by my father. I am also a US citizen and resident and pay income tax in this domain. If I became a co-owner on this bank ...
1
vote
2answers
56 views

US Tax: Can I modify my state tax return after submitting?

This is the situation I find myself in: I'm a student on F-1 visa, and my wife has been staying with me on a F-2 visa since the last year I wanted to file a married tax return, so as to get the tax ...
2
votes
3answers
409 views

Would there be tax implications if I used AirBnB as opposed to just renting out a unit normally?

Basically in the topic. I bought a duplex last October and the upstairs unit is going to become available soon. I live in the downstairs, which already makes the taxes a little more fun. Basically I'm ...
2
votes
3answers
93 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
vote
1answer
89 views

Deadline to amend a 1040 tax return filed late?

Generally, you can file 1040 up to three years after the original deadline for filing. So if a person just filed for 2010 (due April 15, 2011) on April 15, 2014 (three years later) and new see an ...
0
votes
2answers
124 views

Is buying co-workers lunches(reimbursed by them) taxable?

Every day, I go out and buy 10 people lunches and they pay me back. I mostly break even, but may come out a couple dollars ahead. Do I need to claim this on my taxes? Thanks
0
votes
1answer
107 views

Automatic Extension online filing request gets denied w/ code R0000-052-01 - why?

I am trying to e-file, using the FreeFileFillableForms website, an extension request (F.4868). I have no tax due, and expect a couple of thousands in returns once I file the complete F.1040. ...
0
votes
2answers
61 views

Does making credit card tax payment through service provider constitute IRS form 4868 extension request?

If I pay the amount due on my extension for US IRS form 4868 through an IRS approved payment provider that accepts credit cards such as PayUSAtax.com who charge 1.87% for the service and I designate ...
0
votes
4answers
63 views

Tax on Stocks or ETF's

This is a really stupid question, but just to confirm: tax (credit) is accessed only on the realized capital gain (loss) from selling of stocks or ETF's, correct? To answer the question from the ...
1
vote
1answer
46 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. ...
-2
votes
1answer
105 views

Roth conversion: US tax brackets for Non-resident Aliens (residing in India)

Question 1: If I move money from a traditional to roth IRA (or pretax 401k to roth) account, what are the US tax brackets? Are there any standard deductions? Will I have to pay any taxes in India for ...
7
votes
1answer
254 views

I gave an incorrect account number to pay my income taxes

I used TurboTax to prepare and e-file my federal and New York State tax returns. I owed money on both and I elected to have the amounts debited from a savings account. When the transactions never ...
1
vote
2answers
46 views

How do auto-loan payments factor into taxes for cars that are solely used by dependent(s)?

I financed a car under my name so that my sister could drive to work and my mother (who I'm claiming as a dependent, myself as head-of-household) could get groceries and run basic errands. I myself do ...
1
vote
1answer
27 views

Do I count as student loan interest the payments I make on a PLUS loan that was taken out for my tuition?

I took over paying my mother's monthly PLUS loan payments, taken out for my education. (Sallie Mae autodeducts the monthly payments from my checking account.) Can I count the 1098-E for that account ...
2
votes
2answers
76 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 ...
3
votes
1answer
347 views

Can F1 OPT +H1B claim tax treaty benefits

I have been in USA for about two and a half half years on F1 visa. In 2013 I was on at F1 and F1 OPT till 30 September 2013. After that I switch to H1B status. I am a nonresident alien for tax ...
1
vote
1answer
34 views

How do I calculate “Business Use ” of my home when I moved mid-year?

I am trying to figure out how to fill out my schedule C. My wife has a direct sales business that she started in January 2013. We moved out of state at the end of June. Both dwellings were used ...
2
votes
1answer
122 views

Are distributions from Roth 401k or Roth IRA accounts taxed in India?

I am wondering if India distinguishes between pre-tax and roth IRA/401k accounts. So, if I am contributing to a roth account (401k and/or IRA) - would I have to pay taxes in India again: On the ...
1
vote
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?
2
votes
1answer
183 views

Do the FATCA laws also relate to individuals incomes?

I'm wondering about the American FATCA laws which apply various tax rules on American citizens' foreign accounts around the world. Except for tax withholdings from investment income, does this law ...
0
votes
1answer
81 views

K-1-P (or Equivalent) from Multiple States

In 2012 and 2013, I worked for a company (LLC) that awarded me shares in the company as a form of compensation (edit: the shares were issued in early 2013). I have since left the company and they ...
5
votes
1answer
58 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 ...
2
votes
2answers
93 views

Do I have to pay state taxes on income not earned while living or working in that state?

[All values are approximate] I moved to Pennsylvania, from Maine, last June 1st. I ceased all residency and employment in Maine on the 31st of May. In doing my taxes this year (using HR Block ...
1
vote
1answer
124 views

How do I log a Canadian NR4 form to my income taxes

I have stock in a Canadian company whose US branch I used to work for. They mailed me an NR4 form for my interest last year. I'm trying to fill out my tax forms this year and the advice I keep seeing ...
3
votes
1answer
52 views

Income Tax on Employer Provided Educational Assistance

My employer is helping me pay for my Master's Program in Computer Science. My employer has included the reimbursements (about $2,000) to me for my schooling within my wages on my W-2. Since I ...