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Questions tagged [form-1040]

IRS Form 1040 is the standard tax return form in the U.S. Use this tag for questions about filling out that form, as well as the simplified 1040A and 1040EZ forms. For questions about amended tax returns, use tag "form-1040x".

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Must I file 1040-NR in my case?

I'm in the EU, in a country with a tax treaty with the US. I'm not a US citizen. I won 2000 USD from a MTG online tournament. 30% went to withholding tax. I don't have any other US income during the ...
ollen35's user avatar
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0 votes
1 answer
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Where to report income from 1042s on 1040-NR as an Indian citizen for 2023?

I have scholarship/fellowship income in my 1042s that's not reported in my W2 form. However in the 1040NR for the year 2023, there doesn't seem to be a box to report this income. Where do I report it?
Shruti's user avatar
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1 answer
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Can a person under 18 years old e-File, Direct File or Free File US Taxes?

While I could use my desktop tax software to fill my daughter's tax return for 2023.... is there an option for her to do it herself? IRS Direct File looks OK work, except it requires an ID.me account ...
Bryce's user avatar
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-1 votes
1 answer
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Non resident taxation: Received 1099-B

I am a US non-resident for tax purposes for FY 2023 (wasn't in the US for any day in the year). I had a brokerage account in the US as well from which I received 1099-B/1099-DIV/1099-INT/1042-S for my ...
ksb's user avatar
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2 votes
1 answer
425 views

How is the Underpayment of Estimated Tax penalty determined?

My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty. I was just sent a ...
asgallant's user avatar
  • 230
0 votes
1 answer
255 views

Is filing taxes necesssary for a non-resident alien working remotely from abroad

This question is for a cousin of mine, who is a citizen of the UAE. In January 2019, she went to the US (Washington State) for her master's studies. She has a US SSN which she got for some on-campus ...
adrija's user avatar
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0 answers
31 views

Can I carry forward investment interest expense even if I take the standard deduction? [duplicate]

On IRS 2022 Form 1040, if I take the standard deduction, I don’t think I’m allowed to deduct investment interest expense on Schedule A, line 9, but can I still file Form 4952 to report any disallowed ...
ma11hew28's user avatar
  • 507
1 vote
1 answer
382 views

Margin interest deduction carryover when claiming standard deduction

Margin interest is a deductible investment expense on a US 1040 Schedule A as an itemized deduction Margin interest can be carried over year over year until it is fully deducted If the standard ...
arcyqwerty's user avatar
  • 1,271
0 votes
2 answers
1k views

Where to report foreign earned income on 2022 1040 form

In 2021 and earlier (PDF), line 1 of the 1040 form said "Wages, salaries, tips, etc. Attach Form(s) W-2". So I would include foreign earned income in that line (and then deduct it further ...
Stephen Powell's user avatar
1 vote
1 answer
330 views

Declaring foreign interest in 1040 and FBAR

I am a foreign national (and a resident alien for tax year 2022) working in the United States. I am on a J1 Research Scholar visa. I have received W2 for my salary from an US University and I have a ...
RTh's user avatar
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1 vote
1 answer
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Possible incorrect tax exemption on form 1042-s? Where to show 1042-s interest income on 1040?

I have interest income on 1042-s, but was exempt from tax. My Box 3a is "02" and 4a is "15". "02" refers to - exempt under IRC (code should only be used if no other ...
imahodophile's user avatar
0 votes
1 answer
100 views

Can submitting a form 12203 Request for Appeals help me in my situation when I am a month past last date to respond?

(I have another question related to my situation but since it was getting too long, I am breaking down my questions so it will be manageable.) The IRS recently reclassified my reported income of tax ...
Mr Monee's user avatar
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2 votes
1 answer
59 views

Specific Foreign Earned Income IRS form 2555 question

I live in a western European country and qualify under the IRS Form 2555 Bona Fide Residence Test. While living overseas, I continued to work for a US small company. My work had nothing to do with ...
fanoPaul's user avatar
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0 answers
88 views

How to report interest on uncashed savings bonds?

I have a Series EE U.S. savings bond that matured in 2018, but I still haven't redeemed it. What do I put for the payer's name on 2018 Schedule B (Form 1040), line 1? More details: IRS Publication 550 ...
ma11hew28's user avatar
  • 507
1 vote
2 answers
122 views

Capital Gain on sale of shares

I have sold shares held by me in Pakistan. My holding was for more than a year. Do I need report this on my US Form 1040 for 2021 tax year? How do I report it ie where and how on Form 1040?
Mahmood Saeed's user avatar
3 votes
1 answer
96 views

How to report buyer penalty on sale of house to the IRS?

I sold my house last year. A portion of the house included a residential rental. The buyer was several weeks late closing escrow. I charged the buyer a per day penalty to cover my mortgage interest ...
yonran's user avatar
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2 votes
1 answer
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Reporting return of capital on 1040NR

How can I report return of capital on my 1040NR? This was reported on my 1042s form under income code 37 in box 1 and 0% tax rate. This income is not effectively connected to US business or trade. On ...
user116343's user avatar
2 votes
2 answers
2k views

Is IRS Form 56 needed when filing for a deceased person?

I am the Personal Representative (known as the Executor in some states) for the Estate. I am reading publication 559 and other online advice. I am seeing 3 possibilities: IRS Form 56 should be filed ...
Mattman944's user avatar
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1 vote
0 answers
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IRS lost my paper return. Does this happen a lot? [duplicate]

I received yesterday a form letter saying IRS has no record of my (paper) tax return. They did promptly cash the check that was in the same envelope, and show me as having paid them the money, but ...
Robert Frederking's user avatar
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0 answers
48 views

Capital gain tax from closing down the company in UK

I need help with filing form line 6 form 1040. we live in uk. my husband work as contractor for short term and he need to get pay through his own company. after few months it didnt work out and become ...
k l's user avatar
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2 votes
1 answer
117 views

1040-ES Line: 15. What to put here if I started self-employment in Q2?

I've recently started work as an independent contractor starting in April and I'm trying to calculate my estimated quarterly taxes for Q2. Line 15 on 1040-ES says: "If the first payment you are ...
Klam's user avatar
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0 answers
124 views

USPS May have lost my tax return. Cannot check status?

Unlike other 200 IQ folks, I just mailed my tax return in an envelope with a stamp. So I have no registered mail or tracking. I mailed it on March 22, it's May 10, 7 weeks later, and still no sign. ...
Charles Lohr's user avatar
1 vote
1 answer
72 views

How to pay taxes on single owner LLC

I have a LLC with one employee on Corp 2 Corp. The job pays 100k and the employee makes 70k. I am the only member of the LLC and I read somewhere that the IRS treats one-member LLCs as sole ...
cricket88's user avatar
0 votes
1 answer
91 views

Can I use the standard single deduction amount on form 1040 line 9 (12,200) if I am filing a 2555?

I need to amend my 2019 taxes as I filled out the deductions incorrectly (need to submit 1040x). I have filed 1040s and 2555s for the past 5 years with a tax home in Germany. Can I use the standard ...
egurich's user avatar
3 votes
4 answers
232 views

Foreign tax credit does not seem to prevent double taxation

The foreign tax credit is intended to relieve you of a double tax burden when your foreign source income is taxed by both the United States and the foreign country. The IRS limits the foreign tax ...
Joris Kinable's user avatar
3 votes
1 answer
290 views

Am I in trouble? I am a nonresident and received the stimulus money for COVID 19 from IRS in my tax return

Does anyone know how to proceed and the consequences of it? What will happen with my future and current visa status if they find out? I mean, can they actually track it? I filled 2020 tax return 2 ...
Sarah Sanders's user avatar
1 vote
1 answer
566 views

Where to report foreign income on 1040 Individual income tax return form

The 1040 Individual Income tax return form asks in field 1 to report wages/salaries/tips/etc and to attach forms W-2. If one received both income in the US, and some income abroad, and is tax liable ...
Joris Kinable's user avatar
0 votes
1 answer
99 views

Can I deduct an annual state tax (on an LLC) on Form 1040 Schedule C?

On Form 1040 Schedule C - "Profit or Loss From Business (Sole Proprietorship)" , the instructions for line 23 ("taxes and licenses" under "Expenses") have a list of what ...
ispiro's user avatar
  • 1,253
1 vote
1 answer
64 views

Got one check independent contract work that paid taxes for Medicare and SS. Should it still count as self-employment income?

I did independent contract-style work for two days last year that paid me $222.67. The check accounted deductions for Medicare and Social Security. I also made $195 from redemptions of gift cards and ...
Matthew Smith's user avatar
0 votes
1 answer
241 views

What's the meaning of the arrowhead on lines on IRS tax forms?

Certain lines on IRS tax forms are preceded by an arrowhead. For example, lines 10c and 11 on 2020 Form 1040: on every line in the Refund/Amount You Owe sections on 2020 Form 1040: and line 9 on ...
user106227's user avatar
8 votes
3 answers
4k views

If someone could claim me as a dependent, but they will not, am I required to check the "Someone can claim me..." box on my 1040?

Let's say that an adult is living with his parents. He meets all of the tests for being a dependent of his parents. Now let's say that he wants to file a tax return and claim the Recovery Rebate ...
Ben Miller's user avatar
  • 116k
1 vote
1 answer
1k views

What address to specify when mailing Form 1040 via FedEx

The IRS website suggests that when filing form 1040 I need to mail it to the following address: Department of the Treasury Internal Revenue Service Fresno, CA 93888-0002 On the same page there is a ...
SantaHopar's user avatar
10 votes
4 answers
4k views

Will the IRS penalize me if I mail my tax forms before the deadline but it arrives after it?

I just filled out my federal taxes, 1040 and 1040-V. Deadline is July 15th. I've tried filing online but I can't seem to find any websites that just have the 1040 to fill out and submit. It always ...
Doctor Reality's user avatar
1 vote
1 answer
62 views

Necessity of filling Form 1116 or Form 2555

I left the USA in February 2019, pass the substantial presence test for 2019, and am filing my US taxes as resident alien. Just on my US sourced income, I do not owe any taxes and don't need any ...
user2371765's user avatar
  • 1,084
1 vote
0 answers
38 views

Should I use another form instead of W-2 in case of foreign earned income?

I am a US/Dutch dual citizen living and working in the Netherlands permanently. I'm filing my tax return over 2019, and for the first time. Line 1 asks me to attach form(s) W-2, but of course I can't,...
Kelley van Evert's user avatar
0 votes
0 answers
170 views

Can a disregarded entity carry forward a tax loss?

I've heard that in general only businesses can carry tax loss forward (though in certain cases individuals can, too). Can someone filing taxes as an individual because they have a business which is a ...
ispiro's user avatar
  • 1,253
0 votes
2 answers
226 views

Does Schedule C require Schedule 1?

If someone has a business (single owner LLC) and therefore needs to fill out a Schedule C, do they also need to fill out Schedule 1? And where on the 1040 itself does the amount go, on line 1? Also, ...
ispiro's user avatar
  • 1,253
0 votes
1 answer
61 views

How to report an LLC net loss on a 1040?

A single owner LLC which is therefore a pass-through entity (and please correct me if I'm wrong) had less income than expenses. The expenses are real expenses and are yearly expenses, so we're not ...
ispiro's user avatar
  • 1,253
0 votes
1 answer
321 views

Question: "Qualified Dividends and Capital Gain Tax Worksheet -- line 12a" 1040 2019

2019 was not a good year and my taxable income(1040 line 11b) is $3600. I had dividend and LTCG income so Schedule D sends me to this worksheet: Qualified Dividends and Capital Gains (page 33, ...
jim rothstein's user avatar
0 votes
1 answer
716 views

Where do I report 1042 S income and tax withheld on form 1040?

I am an F1 student and I am filing joint taxes with my husband, who is a resident alien. We are to fill form 1040. As a non-resident alien when I file 1040-NR, there's space to report the fellowship ...
Praks's user avatar
  • 1
5 votes
6 answers
2k views

IRS notice of owing money for income tax and interest

I got a notice from IRS saying that I didn't report my unemployment income and some small interests from my savings account (I'm in the US). I was unemployed for 4 months in 2018 (in Texas) and I didn'...
Tina J's user avatar
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1 vote
1 answer
59 views

As a Self Employed LLC filer living in NYC. How can I estimate my taxes? Is there a Tax filing form simulator I can input numbers into?

I have the following example values of: Self Employed LLC Income: 50K (Computer Repair Business) Married filing jointly 2 children No mortgage or property. We rent. Paying for daycare - $800/month. ...
Patoshi パトシ's user avatar
1 vote
2 answers
2k views

As an H1B visa holder, can I claim my H4 children as dependents on 1040NR or 1040?

I live in the United States (Florida) since September 2019. I'm married and have four children. I'm on H1B, my wife and kids are on H4. I have an SSN, they don't. My wife does not have any US income....
H1B holder's user avatar
0 votes
1 answer
114 views

Tax deduct seller financed mortgage interest after sale of property?

I purchased a rental property several years ago from a relative and the seller financed the mortgage. Over the past several years I have claimed the interest deduction on my 1040 and the relative ...
Paul Kearney - pk's user avatar
4 votes
1 answer
944 views

Where to enter earnings income when correcting excess Roth IRA contributions?

I'm correcting excess contributions to a Roth IRA for TY 2019. I understand that the earnings will be taxed in TY 2019 as well, even though they are being returned to me in 2020. Where do I capture ...
Andy's user avatar
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0 votes
1 answer
69 views

Do non-resident developers earning through In App Purchases and having their total tax liablity withheld,required to file the form "1040-NR"?

In this link https://www.irs.gov/individuals/international-taxpayers/taxation-of-nonresident-aliens I find it is written only those whose income tax is not satisfied by withholding are required to ...
rightlifesavecompenthusiast's user avatar
3 votes
0 answers
64 views

What is the process for filing individual income tax for income obtained without a W-2 or 1099?

Scenario We have a legal adult called Brittany who has obtained income of $4096.00 from a babysitting job last year. The mother of the children she has been watching has not withheld income taxes, ...
Krúžok's user avatar
1 vote
1 answer
145 views

Is it necessary to pay quarterly earnings taxes in US?

I worked as an Independent Contractor (for the first time ever) during September and October which means that I owe quarterly taxes that are "due" on January 15th. I also worked as a full-time ...
Raj's user avatar
  • 693
3 votes
3 answers
243 views

If I purchase and simply hold on to a non-dividend yielding stock for an entire fiscal year, will I need to report it on my tax return?

Next year will be the first time I file for taxes. Though I have a pretty good understanding of how taxes work, I just want to confirm whether I need to include stocks that I have not sold and do not ...
ARJ's user avatar
  • 167
0 votes
2 answers
87 views

What's our option in filing tax return

I got married June 2019 to a US citizen, and recently filed for adjustment of status. We live together presently with her 9 year old daughter, and I can't work because I've yet to receive my EAD. ...
Kamari's user avatar
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