0
votes
2answers
30 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 ...
0
votes
1answer
35 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
1answer
42 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
votes
1answer
209 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 ...
2
votes
1answer
77 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 ...
1
vote
1answer
39 views

Dependent care FSA when one spouse is self-employed

This question relates to a Dependent Care Flexible Spending Account (FSA) account in the USA. I'm aware that contributions to an FSA are not available to self employed persons, and not deductible if ...
4
votes
1answer
108 views

When does the IRS generally decide whether or not to audit your tax return?

I've never been audited by the IRS, but I was just curious if the fact that I received my tax refund in any way indicates that I am less likely to be audited this year. My presumptive theory is that ...
1
vote
2answers
45 views

Gift tax on sending money abroad from US

I wired transfer about $20k to my father's account for family support (and the limit for gift tax is ~$14300 per person), in this case, can I claim that I'm actually supporting both my mother and ...
1
vote
1answer
350 views

Sending mail to IRS by which postal method or courier?

This is the first time I am sending mail and a check inside an envelope to the IRS and I am wondering should I use certified mail by USPS for sending my envelope, or would simple USPS mail be fine? ...
2
votes
3answers
167 views

Are tax deductions voluntary?

If I did something that I know is a deductible expense and did not deduct it, is that a sanctioned tax filing? The result is that I would end up paying MORE tax. This also results in me reporting a ...
1
vote
1answer
433 views

How many dollars I can transfer to my Indian bank account without letting IRS know?

Could someone please let me know how much money I would be able to transfer to India from my US bank account to my regular bank account. Do I have to let IRS know about it? What are the TAX Rules? I ...
3
votes
2answers
57 views

Can I use an FSA from multiple employers in a year?

My current employer offers an FSA. For 2014 I have opted to contribute the maximum allowed which is $2,500. If, after using that $2,500, I switched employers and they also offered an FSA would I be ...
2
votes
1answer
101 views

What to do about not having an ITIN for spouse if IRS isn't being responsive?

I live and work in the US on H1B visa with recent spouse on H4B. I filed my 2012 state and federal return along with spouse's w7 forms and document copies as per filing instructions but never got ...
6
votes
1answer
198 views

How can I self report and undo Roth IRA contributions, due to exceeding the AGI limit?

Contributions for Roth IRAs can be made through April 15 of the following year. Without getting into philosophical arguments about dollar cost averaging, my general principle has been to put the money ...
2
votes
1answer
879 views

US income taxes for an Indian citizen with US-sourced income

I am an Indian citizen who left US after completing my masters in Aug 2010. Since then I have never re-entered the US and I stayed only in India. I was in the US only on a student visa and did not ...
1
vote
1answer
82 views

What is the class of mail the IRS uses to return the original documents submitted for an ITIN application?

Did anyone get their passport back from IRS for their ITIN W7 application along with their I-1040? If yes, I'd like to know the mail class they used to return the document. The IRS site says the ...
0
votes
0answers
46 views

How do I get my passport back from the IRS? [duplicate]

The IRS has had my passport for 120 days, and I haven't gotten it back. When I call them, they ask me to wait. I have to go somewhere soon and my visa status needs to be changed too. What should I do? ...
2
votes
2answers
1k views

How do I estimate my taxes when I have only 1099 income?

Last year I had W-2 income and 1099 income. I made $10,000 in real estate commissions. I believe I paid $1800 last year in 1099 tax, but none of it to the best of my knowledge was penalized. I filed ...
0
votes
0answers
25 views

ITIN received but original passport not received after 100 days. What to do? [duplicate]

Me and my daughter are dependents who got our ITIN in April, but did not get our passports back after 100 days. We called the call center and got different answers at all times and twice they said it ...
1
vote
1answer
1k views

W-4 Allowances - IRS Calculator

I am currently utilizing the IRS Withholding Calculator to figure out what my allowances should be (note: NOT exemptions). My current situation: First half of year up to June 30, I earned 11,700. The ...
6
votes
1answer
2k views

ITIN application rejected, and IRS lost one of our passports. How to get back the lost passport?

I have filed my 2012 tax return jointly with my wife, along with my wife's ITIN application, back in late March. In April, I got a letter for IRS ITIN department saying that we should send my wife's ...
4
votes
1answer
140 views

Do I have to pay the Internal Revenue Service in West Africa in order to transfer a government check from West Africa to a US bank account?

If you have a government check from West Africa and want to transfer the money to a United States bank, do you have to pay the Internal Revenue Service in West Africa before you can transfer you money ...
5
votes
2answers
5k views

ITIN Application - IRS requesting original passport

I have filed joint tax return for 2012 tax year. My wife is not eligible for SSN (she's on H4 visa) so we included the W7 form (application for ITIN) into the package. This year the rules became more ...
2
votes
2answers
951 views

Is it necessary to file taxes if you've made less than $15,000 for the year?

I'm asking on behalf of a friend, who, last year, worked 5 weeks through a temporary placement agency earning ~$400/week after taxes (~$550/week before taxes), and also worked 6 months at an ...
2
votes
1answer
287 views

Need help with completing a backdoor Roth IRA conversion

I am in need of some advice regarding IRA's, IRS income limits, IRA conversions, etc. Here's the points pertinent to my situation: My wife and I got married this year and will be filing 2012 tax ...
4
votes
1answer
341 views

I live in Brazil, I have no US bank account and received a US Treasury check. How do I get my money?

I'm an US citizen living abroad who has no US bank account and that got a tax refund from the IRS. I have and frequently use a Paypal account, but Paypal accounts for people living outside the US ...
1
vote
2answers
227 views

Is is possible to dispute IRS underpayment penalties?

My wife and I are first-time home-buyers. We misunderstood the concept of mortgage interest deductions and didn't set aside enough taxes throughout the year. When taxes were due, we paid the original ...
1
vote
2answers
1k views

Applicability of W-8BEN form to Indian citizen working in India for subsidiary of a U.S. company?

I am an Indian citizen and employed by a legal entity incorporated in India. The parent company of this legal entity is a U.S. bank. Recently, all employees received a notification that since the ...
6
votes
1answer
347 views

Can I find out what the IRS knows about me?

Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
1
vote
3answers
372 views

Filing taxes on stocks

In 2007, my father (now deceased), unbeknownst to me, was trading stocks in a custodial account under my name. He actually ended up losing money on the trades, but he never filed taxes for them. ...
3
votes
1answer
64 views

Can this year's free extension-to-pay be filed electronically? IRS Form 1127

Does anyone know if IRS Form 1127 can be filed electronically? I didn't find mention on their site either way so I presume not. But considering they're pushing to go paperless nowadays like most.... ...
17
votes
1answer
917 views

I haven't filed a return to the IRS in 10 years

My employers have always withheld taxes and for the most part I've assumed they've done it right. I have probably owed a bit some years and been owed a refund some years. Anyhow, I want to get ...
3
votes
1answer
49 views

What special things should I do if I move from one state to another, and if I have reported income from both states to report to the IRS?

Should I just get my parents to mail the IRS forms from my old address to my new address (when the forms finally come), and then everything will be taken care of? Or are there more steps I need to ...
5
votes
2answers
527 views

Tax Loss on Forex Trading

In tax year 2011, I traded in a forex brokerage account in FXCM. I had trading losses. FXCM says that they do not report 1099 for US customers. What is the proper way to report my forex trading ...
3
votes
1answer
2k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
2
votes
1answer
61 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
0
votes
1answer
50 views

For partnership taxes, is “Part III” of the 1065 Schedule K1 form required?

On Schedule K-1 (Form 1065), I'm confused on whether I fill out the "Part III" section. In the instructions from the IRS (page 24, last paragraph on page forward), it is unclear to me on whether it ...
3
votes
1answer
586 views

Clarification of “First Year Choice” in IRS pub. 519, U.S. Tax Guide for Aliens?

In IRS Publication 519, on page 9: What is the purpose of "First Year Choice"? I mean how would it help a taxpayer? Also in the example if Juan DaSilva is considered resident from Nov 1, 2010 then ...
4
votes
2answers
164 views

Are tax preparers being regularly audited?

I was helping a friend filling the tax forms the other day, and he offered to pay for my time helping him. I know that it is illegal to be paid for tax preparation without a California license and IRS ...
1
vote
1answer
70 views

Pay back the 2008 First-Time homebuyers credit with a certain amount?

I repaid 500 on 2010 Tax return for the 2008 First-Time Homebuyers credit, but do I have to pay 500 on each return or just make sure it is paid of within 15 years. For example, can I chose to pay 0 ...
6
votes
1answer
225 views

What are the potential penalties for filing an erroneous tax return, if I amend the return immediately?

In prior years, my school partnered with a certain accounting firm to provide us with 1098-Ts. Up until November of 2011, I was receiving emails from them mentioning this service. In January, their ...
8
votes
2answers
467 views

How to treat blog income for tax purposes & report PayPal income to the IRS?

I made a small amount of money for a blog I write, and I'm wondering how to enter it into my tax form. I was paid via PayPal so I have no W-2. (And not reporting it to the IRS is not a viable option.) ...
3
votes
2answers
155 views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
5
votes
1answer
138 views

IRS overpayment interest - Is it interest on what I pay in taxes?

I have seen that the IRS pays overpayment interest rates that seem to range from 3-8%. When I see these rates are they related to what I pay in taxes? I.e. if I vastly overpay my taxes does this mean ...
5
votes
2answers
190 views

Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?

My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were ...
3
votes
1answer
107 views

Lower my tax withholding liability and increasing my net worth

My goal here is to optimize my net worth, not cash on hand. With the understanding that higher net worth makes access to capital easier. So tax deferred options are appealing to me, as long as I can ...
4
votes
1answer
686 views

What's the fastest way to get another copy of a (lost) letter from the IRS requesting additional information?

I recently received a letter from the IRS saying they needed additional information to process my taxes. They need it in 20 days and I somehow lost the letter and I don't remember what the ...
8
votes
2answers
3k views

Does the IRS track every check deposited by me?

Is there a maximum amount limit on exceeding which the tracking starts? Or does each and every check deposited by me gets tracked by IRS for reconciliatory purposes?
5
votes
6answers
541 views

What are the negative implications of the 2011 cost basis reporting law?

The United States has a new law requiring brokerages to report the cost basis of sales on IRS Form 1099-B. For stocks purchased after January 1, 2011, financial services firms will have to report the ...
7
votes
2answers
415 views

What increases your chance of being audited?

What increases your chances of being audited? Having a home office? Small business? what decreases your chances? Does hiring an accountant do your taxes makes it look more credible to IRS agents?