Questions tagged [income]

Questions related to the earning of money (or other capital) within a specified time frame. Topics such as methods to increase income, account for it, track it, analyze it, or disclose it are all appropriate, but discussions of *income tax* should use that tag instead.

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Should ex-spouse be paying tax on her portion of my private pension?

My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
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1 vote
0 answers
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How do I report profits from selling stocks on 1040NR?

I sold stocks in 2021 and made a profit. However, my brokerage did not report this to IRS as my account is identified as nontaxable. Therefore they didn't withhold any tax and they did not issue any ...
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1 vote
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 ...
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-4 votes
1 answer
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Statistically, which occupation will earn $1 million first [closed]

I feel like most people have heard some version of the story where there are two people who take different career paths-- one leaves highschool to become a doctor, goes through 10 years of intense ...
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-4 votes
1 answer
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Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you? [closed]

Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you like Merch By Amazon, or is it more tax efficient to create your own store with Shopify, do your ...
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1 vote
3 answers
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Understanding diminishing returns for write-offs

Do write-offs become "useless" at a certain point? I assume that if a person's taxable income is at $0 for the year then there's no benefit to keep searching for write offs. Is this the case?...
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1 answer
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Can you get a tax advantage for hiring a freelancer?

Can you get a tax advantage for hiring a freelancer without setting up a LLC? The issue is the following. Let's say I crowdfund 100k for a project, I have to declare this amount in my tax earnings, ...
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  • 117
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1 answer
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Best way to pay taxes (German citizen living in US to work internationally)?

I am a German citizen living in the US on a J1 visa. I got an offer to work part-time remotely for a company in the UK. This company could hire me or I could work for them as a freelancer. Germany has ...
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1 answer
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Renting a basement suite out for income, that has a lower ceiling - Data on percentage of renters to consider this a deal breaker [closed]

I'm in the market to move out, and I'm eyeing bungalows, mostly those that are built in the 1950's and 1960's in Winnipeg, Canada. I'm wanting to live on the main floor and have a tenant occupy the ...
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36 votes
9 answers
13k views

What does it mean for Bill Gates to have an income of $0 dollars? What word would have been more appropriate than "income" is?

What does it mean for Bill Gates to have an income of $0? I recently engaged in a friendly Twitter debate about limiting personal income. Someone told me that Bill Gates has an income of $0. You ...
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0 votes
2 answers
103 views

What kind of work/income is doable for one with social ineptitude but not qualifying for disability benefits?

Say someone has like autism or just social issues, but their specific case is not enough to qualify them for benefits. What is the alternative? If no one gives you money but you can't steadily make it ...
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3 votes
1 answer
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Roth IRA conversion and income limit

If I convert some amount to Roth IRA from traditional IRA, I understand that this will get added to MAGI and I will have to pay taxes on this amount. My husband and I file tax jointly. Will this ...
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40 votes
13 answers
12k views

Is there a price point beyond which it no longer makes sense to buy an apartment or house?

I am in a very frustrating situation right now. I have accumulated a decent amount of value in cash and stocks. My wife and I however are still living in a rented small flat in our town in Austria ...
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1 vote
2 answers
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Is it possible to get food stamp or financial assistance for early retirement

Say if you retire early with 500k in saving but you lose all your income, do you count as low income and can get some sort of financial assistance e.g. food stamps or having that 500k disqualifies you ...
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3 votes
0 answers
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Does the distribution of a dynasty trust count as income for purposes of chapter 7 bankruptcy?

Assume a person is one of the beneficiaries of a dynasty trust fund. The dynasty trust is irrevocable and perpetual, set in a US state that allows perpetual trusts. Annual distribution of the trust to ...
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1 vote
1 answer
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How to calculate the realized and unrealized PnL of my portfolio

I am having trouble calculating the Realized profit of my stock portfolio stock. Here are the transactions: I have 50$ to invest I buy 2 Stocks A at 10$ each I later buy 2 Stocks A at 15$ each, I ...
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21 votes
3 answers
6k views

Is money from the sale of an asset considered income?

Is money from the sale of an asset, like a pickup truck, considered income? For example, let's say I am a carpenter and I buy a new pickup truck for $40,000. I deduct $18,000 in depreciation for the ...
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3 votes
1 answer
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Rough estimate of salary as freelancer equivalent to permanent [closed]

I have always worked as a permanent employee, but with so many companies working fully remote I am considering switching jobs. The thing is that most of the companies I am looking at are based in ...
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1 answer
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When budgeting how do you take into account that some income is bi-weekly yet some expenses are on a specific day of the month?

I'm tackling a problem with budgeting in that I'm unsure if I should be making a budget from my weekly/monthly/yearly expenses and income. My income is paid bi-weekly on Friday but I have rent and ...
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11 votes
1 answer
986 views

What is CGT rate if you have no taxable income?

gov.uk lists 4 tax bands: personal allowance basic rate higher rate additional rate On its capital gains tax rate page, it explains the rates for: "higher or additional rate taxpayer"; ...
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1 answer
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Is tax liability from a trust distribution, made in payment on behalf of the beneficiary instead of to them, defered to the beneficiary?

For trusts that can distribute income to the beneficiary's tax bracket... When filling out a 1041 for a trust, instructions are a little ambiguous on income distribution deductions. No mention of if ...
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0 votes
2 answers
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Is there an upper limit to amount of money a person can contribute to a traditional IRA if he is okay making a non tax deductible contribution?

Consider a person who wants to contribute $50,000 to his traditional IRA account per year. Now I know there is a limit of $6000 for tax deductible amount you can contribute to an IRA every year. But ...
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1 vote
0 answers
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Can a 501c7 have a fundraiser by selling handmade crafts?

We are a 501c7 mutual benefit social club of knitters. We all pay dues to cover rent, etc for our leased space. Can we contribute handmade crafts to sell to the public as a fundraising activity?
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3 answers
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Strategies For Generating 25-Year Revenue Stream (Instead of Mortgage Down payment)

I'm about to buy a house. Interest rates are low and I think it might make sense to invest the money I have, instead of buying cash/making a large down payment. I expect to live in this house for 25 ...
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0 votes
1 answer
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Freelance income from different currencies (UK)

I have a UK day work and also do some freelance stuff. I will start to work as a freelance for a Swiss university and for a Canadian organisation. I will invoice them in CHF and USD respectively as ...
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2 votes
1 answer
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How to Correctly Split Federal Loss From Stock/Options (1099B) Investments Between Two States?

I have been actively investing in the stock market, and received my 1099B. Mid-year, I moved states. For the sake of simplicity, Jan-Jun in State A, and Jul-Dec in State B. I have more than enough ...
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1 vote
2 answers
162 views

Do I have to file taxes if I make under 1000 USD?

I'm 18, I have a part-time job as a student helper at my university. I get paid 10 dollars an hour, but I work like 2-3 hours a week. So overall in the semester it's gonna come to a total of 500 USD ...
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0 votes
2 answers
96 views

Buying same stock at same price and time from 2 different brokerage firms

A stock is bought simultaneously, at same price from 2 different brokerage firms. Is it legal to sell for a loss in one account and continue to hold and buy in the other? Able to sell without time ...
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3 votes
2 answers
214 views

What personal finance tips should a graduate (PhD) student know or take advantage of?

Are there any special tax provisions or incentives that PhD students should be aware of in order to grow their wealth or limit taxes during the duration of their PhD? Assume the student is a US ...
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2 votes
1 answer
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Accredited investors when W-2 Box 12 reduces Box 1 income

My understanding is that to be an "accredited investor" as defined by the SEC, an individual must have $200,000 of earned income two years in a row. If a person has pre-tax deductions from ...
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2 answers
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Is this "theoretical Bitcoin income" a meaningful number in any way?

I have made a little calculation in my computer which does this: $total_theoretical_profits_in_USD = $my_current_Bitcoin_fortune_in_USD - total_amount_in_USD_that_I_have_ever_spent_on_buying_Bitcoin; $...
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32 votes
12 answers
9k views

Excess income after fully funding all retirement accounts. Now what?

Long-time lurker, first time asker... I have a positive problem. We are a family of four with two small kids with one working parent (me). We have very little debt: our only debt is our mortgage, ...
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33 votes
11 answers
9k views

Case against home ownership? High income, no home, don't necessarily want one

All numbers are in USD and my tax situation pertains to US taxes. I am at a crossroads and am seeking help. I am a single man who has always made a good living and generally enjoy my life as I please. ...
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15 votes
4 answers
4k views

Building a source of passive income: How can I start? [closed]

For the past couple of months I have been researching, specifically on how to generate or build up a second source of passive income, I am obsessed with the fact of making another source of income at ...
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1 vote
4 answers
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28 yr old male. Dropout Self-Taught Programmer. Earning $20k a month. Should I go back to college? [closed]

I'm a 28 year old programmer currently living in a Balkan country. Back when I started college on computer sci my family did not have enough finances to support me plus I did not judge the university ...
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0 votes
1 answer
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Income Statement Question -- Confusing Operating Expense Calculation?

I'm completely new to looking at company financial statements for analysis, so please correct any misconceptions I have here. I'm having trouble with reading an Income Statement. I am looking at the ...
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0 votes
1 answer
188 views

Is it possible to create an income stream with $50,000? [closed]

Thank you in advance for your ideas and suggestions! I do not have retirement. I am 60 years old and have $50,000 + to somehow create a positive recuring income stream for myself and future. I am open ...
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1 vote
2 answers
158 views

Can I use my investment savings as a source of income to be considered for a loan?

I'm currently receiving public benefits from the Social Security Administration and my state's Supplemental Nutrition Assistance Programme (SNAP). I've been on these programmes for many years. I've ...
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0 votes
1 answer
33 views

transferring amount between saving and NRO

I want to transfer some amount from my mom saving account to my NRO account to pay my utility bills. I am managing my mother's account as she lives with me overseas. Will this amount will be taxable?
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0 votes
2 answers
97 views

Is there a way to reduce "gross total income" in ITR? (India)

I'm an Indian student trying to decide my college. There's a really good college I'd like to join (can't mention its name for privacy reasons) but its annual fees is absymally high (close to triple of ...
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0 votes
1 answer
100 views

Why technology companies don't report high net income from the use of GAAP?

The article GAAP vs. Non-GAAP: What's the Difference? says: Technology companies have been large users of non-GAAP adjustments as these companies typically don't report high net income from the use ...
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4 votes
1 answer
918 views

How is second income (full-time + freelance) taxed in Germany?

Hello ☀️ I am looking for some advice with some tax/finances questions. I am a software engineer, employed full time in Germany. I’m from the UK (EU citizen with no visa concerns, for now…). I earn &...
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0 votes
2 answers
982 views

First semi monthly paycheck not adding up to Gross salary

I received my first pay-check, and I dont think the details are adding up. Yearly salary: $85000 Semi-monthly salary expectation, before tax: $3541.67 Actual salary received before tax: $2897.73 After ...
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1 vote
2 answers
130 views

Statistically who gets higher **average** income, an employed engineer or IT startup founder? [closed]

Founding a startup is a great idea, you may become as rich as Jeff Bezos, Elon Musk, Bill Gates or Mark Zuckerberg. Wait... or may not. It of course depends on your skills and perspiration they say. ...
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3 votes
1 answer
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Does 'Taxable Income' from a Roth conversion count as income source for IRA contribution?

Let's assume Jane is retired, and has no income from employment. She still would like to contribute to her IRA [or Roth IRA], but this is not allowed from capital gains or dividend income. Now Jane ...
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1 answer
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What does it mean for income bonds to have deductibility of interest paid from the company's taxable income?

What does it mean for income bonds to have deductibility of interest paid from the company's taxable income? And why does this deductibility cut the cost of that form of capital in half?
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1 vote
1 answer
20 views

Tax treatment in India on a Resident Indian on money he earned in UAE as NRI earlier

I worked in UAE from Sept'2006 to Mar'2014 and came back to India permanently on April'2014. Before returning to India, I invested some amount in USD dominated bonds through a local bank in UAE on Mar'...
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1 vote
0 answers
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What assets/earnings are included as "income" when determining capital-gains tax rates? [duplicate]

According to Investopedia, people pay varying long-term capital gains tax based on an income-based rate schedule. It appears that a person with single tax-filing status who earns less than $39,375 (...
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3 votes
0 answers
85 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
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-6 votes
1 answer
332 views

Why do people still do traditional jobs to earn money? [closed]

If PweDiePie earns $500000 per month, why do people still in 2020 do demanding/draining/volatile corporate jobs, life-threatening military/spy/mercenary jobs, horrible teaching jobs, and so on to earn ...
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