Tagged Questions
1
vote
2answers
22 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
2
votes
2answers
42 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
3
votes
1answer
52 views
Selling stocks - capital gains
Say I have 500 shares in company XYZ. 250 were purchased on 5/1/2012 and 250 were purchased on 9/1/2012. Is it possible to sell only the stocks that were held for 1 year (5/1/2012)? Avoiding the ...
4
votes
3answers
962 views
Can I receive “gifts” from my friend (who happens to be my employer)?
Take for example, I'm an employee and my employer is my good friend.
We are both US persons living in the US, and I'm working for my friend for a monthly wage of $5 USD which is subject to income ...
3
votes
1answer
55 views
Full Time Job and Self Employment and a 1040ES
Currently I am full time employed with a company, and am in the 25% tax bracket and claim no exemptions. I also have a website that I get ad revenue from.
Last year I had a few hundred dollars I owed ...
6
votes
1answer
110 views
What is a rule of thumb for accruing debt on a rental property?
My sister and I were fortunate enough to inherit 2 properties from my father, one a suite of apartments and cottages worth about ~$3M and also his home.
We currently have about $200K in mortgage ...
1
vote
2answers
59 views
How can I estimate business taxes / filing fees for a business that has $0 income?
I'm looking for a good resource to understand the penalties I need to pay in order to get my business 'up to date' with the IRS. I called the NY state and I was able to determine the amount needed ...
3
votes
2answers
63 views
How to get the lowest mortgage rate on a new purchase?
Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S.
What strategies can be applied to ensure the best interest rate possible?
What ...
2
votes
2answers
94 views
Filing form 8606 for non deductible IRA contributions
Background:
I recently realized that I need to file IRS form 8606 for a previous tax year(2011), to track my basis for non-deductible contributions to a traditional IRA.
I hold a bond fund in the ...
3
votes
1answer
75 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 ...
1
vote
1answer
23 views
Indian working in Canada has income in US (Sold shares) - How to file taxes/file for extension?
I am an indian citizen working in Canada on work permit. For year 2012 I was never in the US. The only income I had in US is when I sold shares + some small interest in savings account. I am neither a ...
4
votes
1answer
66 views
Does a total due tax of over $1000 automatically get placed in a quarterly payment plan?
I work as a contractor and I'm filing through TurboTax this year in the US.
I owe just over $1100 this year. I've always been in the green before this year - always received a refund.
The report ...
3
votes
1answer
43 views
What are the tax implications of a normal sale of a house?
What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
1
vote
1answer
64 views
W2 and 1099 (self employed) income in same year: social security taxable income limit?
For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate).
Suppose a person is ...
3
votes
1answer
53 views
Traveling abroad for about four years and working as a freelance writer. Who do I pay taxes to?
I've currently been traveling around the world, just recently finished studying in Thailand and am going to be employed in Norway working in the service industry. I've worked there before, filed a ...
3
votes
2answers
38 views
Is it possible to calculate/estimate W2 based last paycheck?
My wife and I just realized we are missing her W2. Her work will not be able to get it to us on time before tax day, so we'll most likely file an extension. Having said that, we still need to pay any ...
3
votes
1answer
49 views
Significance of first name on joint tax return
I was recommended an EA to help me file my taxes and he recommended me to file jointly with my wife's name as the first name on the joint tax return.
I did some reading and it seems like it's best to ...
0
votes
0answers
46 views
Is it possible to not pay self employment taxes on income reported in box 7 of 1099-MISC
I was recommended an enrolled agent (EA) to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
The EA did not go into details ...
-1
votes
1answer
28 views
Filing an extension and its effect on ability to choose between married filing status
I was recommended an EA to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
If I were to file an extension could I, later this ...
2
votes
1answer
60 views
Can I open an IRA to reduce my tax bill?
Being the procrastinator that I am, I just did a preliminary entry into Turbotax and found that for the first time ever, I owe a considerable amount (about $3000) on my taxes. I think this is because ...
3
votes
2answers
37 views
Does business income generated while physically present in NY count as New York Source income?
Question
Is some or all of any business income generated from my Wyoming business qualify as New York source income while I'm physically present in NY?
Background
I run an IT consulting firm (LLC ...
3
votes
1answer
57 views
Roth or Traditional IRA if getting a dramatic increase in income this year?
So I just learned that it's not too late to fund an IRA for 2012. With a week left and never having done this before, I now get to decide which type I want to open.
Based on my (really vague) ...
1
vote
1answer
42 views
Do I owe state taxes for a temporary (4 month) residence in California?
During 2012, I spent the first 4 months living in California while in a startup accelerator program. I had a California apartment lease with my name on it during that time. I earned income during ...
4
votes
1answer
41 views
Mileage Deduction as Independent Contractor?
I will be starting a new independent contract in a few weeks. The contract requires that I work at the client's office.
Can I deduct mileage for the drive to and from the office?
I may require ...
4
votes
1answer
47 views
Reporting sign-on bonus in case I need to return
Is there a special way to report sign-on bonus (a.k.a. joining bonus)?
Background: I joined a company in 2012 and accepted a sign-on bonus. If I leave the company within one year of joining, then I ...
2
votes
1answer
54 views
Is my reimbursement taxable?
I am an hourly employee. I receive a separate reimbursement check from my regular paycheck. My company does not tax the reimbursement and does not add it to my yearly gross amount. Is it taxable? Are ...
3
votes
1answer
252 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 ...
4
votes
3answers
65 views
Is my wash sale being calculated incorrectly?
This question is about wash sales of stocks in the United States.
First transaction: On 06/27/2012 I purchase shares of a company for $1,000 and sell all of them for $2,000 at a profit of $1,000.
...
4
votes
1answer
100 views
Do performers pay taxes on comped meals and hotels?
Here is the situation.
I am a US-based performer just beginning to build a following and I have secured some bookings.
The places that have booked me have offered free meals, travel, and lodging. ...
1
vote
2answers
51 views
Does getting a 1099 from another state count as working in another state if I was physically in my home state?
I live in California and worked on a freelance software programming gig for a company in New York.
I'm filing my tax returns. I got a 1099 from the New York client. I was physically in California ...
1
vote
1answer
60 views
Where do I owe taxes while I am contracting overseas to Germany?
I am currently a student in the US, but I am originally from Japan.
An IT company from Germany contacted me for a web application project and they told me they are going to send me the money to my ...
4
votes
1answer
51 views
What is a better way for an American resident in a foreign country to file tax?
I usually file my taxes using turbo tax. Last year I moved to a foreign country and I tried to file my tax again using turbo tax, but I feel like it's confused about some parts:
Turbo tax doesn't ...
0
votes
0answers
30 views
Question about F1 student filing California State Tax Return
I am currently holding F1 student (OPT status) visa and worked several months last year in a company, the salary on my W2 is somewhat around $30k. I am married and my wife has been in US since March ...
2
votes
1answer
30 views
As a contractor, TurboTax Business-and-Home or Basic?
At what point is it worth it to use TurboTax's Business and Home package ($99) over the Basic package($35)?
I worked as an independent contractor for a living last year, and I don't suspect there'll ...
2
votes
3answers
64 views
Are paying tax vouchers required?
I am 23, so I am pretty new at paying taxes, so sorry for another dumb question I have been unable to answer.
With much distress I finished my taxes, but what are estimated payments on next years ...
1
vote
1answer
35 views
Can a non-resident claim an out of pocket health cost tax deduction?
I am a graduate student and my health insurance is paid by the university. I had an emergency visit and few subsequent doctor's visit in last financial year which were not covered by the insurance and ...
1
vote
2answers
111 views
Do I have to pay a capital gains tax if I rebuy the same stock within 30 days?
My question is similar to this question except that I would be buying the same stock within the wash-rule period. If I sell a stock at a profit, and then use that money to re-purchase the same stock ...
0
votes
2answers
39 views
Filling State taxes with different Wages in different states
I am international student and was working in two different states (CA, NJ). I want to fill out both state taxes. In forms they asked me about "Total Wages". Should I put only the wages I got form ...
1
vote
1answer
33 views
Does Sec 132 on W-2 lower state tax base?
I live in NJ and work in NY and I recently receive a letter for NJ State auditor saying that I should've added Sec 132 (transit/parking expenses) amount reported on my W-2 to my NJ state wages and as ...
3
votes
1answer
71 views
Can I still deduct contributions to my Traditional IRA?
I worked as a consultant on W2 from January 2012 until October 2012. My company did not offer any 401k. In November 2012, I got a full time job and the new company offered a 401K and enrolled me in ...
6
votes
1answer
87 views
Received a late 1099 MISC for income I reported already, do I have to amend?
I have already filed and received returns for federal and state. Part of the income reported was cash for a side business cleaning houses (wifey). Last week, the lady my wife cleans with/for handed ...
2
votes
1answer
67 views
Capital Gains and Tax Brackets
Currently I am in a 25% Tax Bracket and I plan to sell stock and will incurr a capital gain of $200,000. Will this affect my marginal tax bracket? I know I will pay capital gains taxes on the ...
6
votes
2answers
107 views
Personal bank account in the U.S. opened while on a J-1 Visa: Can I still use it?
The last time I was on U.S. soil was in 2011 on a J-1 Visa. I opened a personal bank account with Bank of America in California. I didn't close it when I left. I still have money in the account and I ...
10
votes
1answer
133 views
Taxes: what do I do about getting a w2 from a startup that has gone belly up in the US?
Last year (2012) I worked for a startup through May before moving on. Between May and now (March 2013) I have moved twice. Neither time did I think to update the old employer so that they could send ...
0
votes
1answer
157 views
What to fill out for NY State & City on IT-2104 for single person?
My daughter is starting a new full time job in NYC. She lives in Brooklyn. She owed NY State taxes. How should she fill out the IT-2104. Should it just be single 0 exemptions? Why would it be ...
5
votes
1answer
37 views
Do I pay taxes on investment income in a traditional IRA?
I have a traditional IRA. I converted it to that during a rollover from a prior employer's 401k, because I wanted to do the investing myself. I am not making regular contributions to this IRA. Do I ...
2
votes
1answer
52 views
If I get cash compensation for my stocks (following a merger for example) does that qualify for capital gains tax?
This is the scenario.
Say I buy some shares of a company X at a certain value. Some time after this, when I am still holding the stock, the company gets acquired by some company Y and as part of ...
5
votes
2answers
52 views
Plan to receive a lump sum, how to handle taxes and red flags?
I plan to do a project for $15,000 and the check will be written out to my name. I don't have a dba, llc , etc... since this isn't common for me and I'm used to going through another company.
I ...
3
votes
2answers
87 views
Remote work. Live in one state, company in another state. tax witholding
I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question.
In this scenario, ...
3
votes
2answers
73 views
Lump sum annuity distribution — do I owe estate tax?
I recently inherited an annuity, and I am considering taking a lump sum distribution. I thought I had the income tax situation sussed out, but then I stumbled across mention of a possible estate tax. ...
