Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

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2
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1answer
36 views

What are the tax implications of receiving part of one's salary in stock?

In the California tech scene, it's fairly common to have anywhere around 10-60% of a software engineer's income come from shares of stock in one's company. How much of the salary is in stock is also ...
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1answer
25 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
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1answer
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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 ...
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1answer
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I haven't filed taxes since 2012, unable to work so no income, married but husband deserted me early 2013, do I qualify for a stimulus payment?

I haven't filed taxes since 2012 (married, filling jointly at that time). I've been unable to work since 2007, medical issues, but can't qualify for SSD/SSI and I haven't had medical insurance since ...
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0answers
13 views

First tax declaration and foreign unearned income

I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia). Now we need to pay taxes. In 2019 we didn't ...
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3answers
2k views

When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?

Due to the covid-19 pandemic, the Federal government has decided to extend its tax filing and payment deadline to July 15th. So, if I were to file today, will I get my refund check in the mail this ...
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0answers
21 views

UK tax for partial residents

During the 2019/2020 tax year, I worked as a full-time employee in the UK for only 3 months and left the country 1 month after that, in August. I then moved back home in Romania and continued to work ...
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3answers
4k views

Can a US citizen who has never had a taxable level of income and thus never filed taxes before receive a Coronavirus stimulus check?

I've always lived with family and been a student, so apart from odd jobs here and there I've never really worked full time or reached a minimum taxable threshold of income. On top of this, I am ...
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6answers
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'...
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2answers
87 views

Can I attach documents when e-filing for free?

The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
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0answers
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Vailidity of Digital signatures on self-prepared 1040 tax form

Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail. I'm considering ...
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1answer
28 views

Recharacterizing excess Roth IRA contribution more than once

I realized that I have made excess Roth IRA contributions for 2019. I recharacterized $X as contributions to my Traditional IRA. As I was filling out my tax form, it turns out I did not sufficiently ...
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1answer
38 views

Where to find AGI (Annual Gross Income) on Online Transcript?

If I may ask for some assistance regarding the Online Transcript: As far as I'm aware of, the Online Transcript (IRS) is separated on four different files: Account Transcript, Record of Account ...
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0answers
31 views

For tax where would I include the cost of getting the physical card for a license?

I work as an independent contractor and need a license for something I do. I already know how to include the cost of the license. However this year I ordered a physical card that I can show to people ...
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1answer
32 views

Where would printer ink go in Statement of Business Activites for tax?

I'm an independent contractor. I bought printer ink for the printer I use exclusively for work. On the T2125 where would it go? I'm guessing either lines 8810 or 8811: "office expenses", or "supplies"....
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1answer
70 views

Tax breakdown for bonus income

Say the bonus is $8000 and $6800 are set for a 401k (pre-tax) deduction. Here's the tax breakdown. Does this look right? Shouldn't the taxes be calculated on the $1200? ($8000 minus $6800 due to pre-...
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0answers
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Is this corporation electing to be an S corporation beginning with this tax year?

I had a question about what to put for this answer in section G of Form 1120S. I already filed Form 2553 the prior year to be accepted as having S-corp tax status for my LLC. Do I put "No" here ...
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1answer
83 views

Do I owe federal/state tax if my deduction is greater than my income?

I'm currently filing with TurboTax for my first (official) year as a freelancer and had a question about how my tax owed is being calculated. I just do this stuff on the side (full-time student), so ...
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3answers
5k views

When filing taxes, how do I report “informal income” for which I don't have any forms?

This past summer, I worked a normal summer job and received a W2 form. However, I have also been tutoring two fellow students at the university I attend. They have been paying me "informally", eg they ...
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0answers
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How do I record roll over of IRA and CMA into the purchase of service credits on my federal income tax?

I work for the a county government with its own retirement system. I served about 10 years in the military. A couple of years ago I found out my dad had put money in an IRA and a UTMA CMA for me. I ...
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1answer
77 views

How do I handle US State Income Tax for the 2020 COVID-19 Coronavirus Filing Extension

While the IRS has a page on the Coronavirus impact is there any resource on handling the various State Income taxes. Are they extended like the Federal Income tax or do I have some relief due the ...
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1answer
58 views

Does money awarded from winning a hackathon need to be declared as income, within Canadian tax law?

The hackathon (competition where individuals/teams compete by completing some code project within a short period of time) was open to all members of the public. The competition took place just before ...
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1answer
283 views

Does the postponed tax-filing deadline affect Roth IRA contribution deadline?

Since Mnuchin has pushed back the filing deadline to July 15th this year (IRS announcement and Notice 2020-18), does that also push back the deadline to contribute to a Roth IRA? irs.gov says this ...
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0answers
20 views

Tax Residency under FATCA and CRS

I am an Indian citizen and a PR holder in Germany. I am opening a depot account in Germany and there is a question about Tax residency. I would like to know if I am a resident for tax purposes only in ...
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0answers
16 views

tax filing for F1 husband H1B wife

We migrated from India and have been in Arizona from July 2015. I have filed taxes as an individual since I am on an F1 visa. My wife started working since October 2019 and has her own H1B. She was my ...
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0answers
23 views

Income tax on property sale through LLC in another state

I was a small-time partner in an LLC that was set up to flip a house in NJ, and I live in MA. The LLC was set up in NJ, bought the old property, flipped it, and sold it. I received a K1 from the LLC. ...
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1answer
124 views

Why am I not allowed to add to what my employer deferred for my 401k?

My employer deferred 6% of my income in 2019 to my 401k. I would like to now contribute up to the maximum limit of 19,000 in order to reduce tax liability. However, turbotax is saying that my income ...
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2answers
49 views

Is Money in LLC Bank Account Taxable?

If I maintain a business bank account for my LLC in the US, and if I let the money I make from my business remain in the business account (without withdrawing to my personal bank account) and use that ...
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0answers
38 views

Tax status decision

I left the USA for India on 1/31/2019. I was present in the USA in 2018 but for 15 days, and for the whole of 2017, and in 2016 except for 15 days. Will I be classified as a resident alien, non-...
4
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1answer
168 views

I work remotely for a company in another state. Both states are witholding taxes from my paycheck. Is this right?

I live in Pennsylvania. I work full time 100% remotely for a company that is located in Connecticut. On my first paycheck I was surprised to find that I was having state income tax withheld by both ...
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0answers
24 views

Residency Questions for International Student while filing Tax

I am an international citizen. I studied in New York City in 2019. I interned in California during the summer for about 3-4 months. On December 25th, I left NYC for my home country and returned to ...
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2answers
93 views

Points paid on purchace of principal residence shows up twice

I received two 1098 tax forms this year because I got a mortgage from one lender and then after a few weeks they sold the debt to another lender. Both forms show that there are "points paid" on the ...
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3answers
203 views

Mistakenly filed as Exempt from income tax witholdings for entire year 2019

I am a basic 30 year old filing Single, W2, healthy working individual. No dependents, no additional schedules, capital gains or losses other than Student Loan interest expense. I started a new job ...
0
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1answer
103 views

Nonresident aliens do not need to pay tax on earned interest?

I am a nonresident alien living in the USA and paying federal and state taxes on my salary. I am working in a university in Colorado with a J1 visa which is valid from 06/24/2018. I have a social ...
1
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1answer
62 views

What taxes and fees to expect for income from Germany to USA

I am setting up a contract for freelance work that will be done from the USA for a client in Germany. At what rate will income from Germany to the USA be taxed? Are there other fees to think about?
3
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0answers
28 views

H1B Temporary Worker/ 1099 MISC Income

I am a H1B temporary worker in the united states at the moment. Last year, there was a pilot TV series filming in our apartment of residence which resulted in some inconvenience for me as a resident. ...
6
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1answer
60 views

Is a IRS filing status of “qualifying widower” always equivalent to “married filing jointly”?

Are all applicable filing statuses are always explicitly spelled out in every IRS tax form, or are certain shorthands/assumptions made? For example, the 2019 Form 8995 says it may be used to ...
2
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1answer
44 views

Must 529 withdrawals be made the same year as student loan payments to avoid taxes and/or penalties?

Background The tax law definition for Qualified Higher Education Expenses (QHEE) was amended (signed into law in December of 2019) to include student loan payments (to a maximum of $10,000). 529 ...
3
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2answers
222 views

How much dividend tax will I pay while also earning a salary?

I live in UK, I have a day time job where I earn around £26,500 per year, I am also running my own limited company, and I just received a dividend of £60,000 My accountant told me that I will need ...
1
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1answer
32 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. ...
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0answers
22 views

Which can I “Request to reduce tax deductions at source” for? 1. EI, 2. CPP, 3. Union deductions, 4. TTC, 5. DCPP?

I am completing T1213 Request to Reduce Tax Deductions at Source, but which of the following can be reduced too? EI? CPP deductions? Union deductions? TTC 2-month Pass? employer's defined ...
6
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1answer
1k views

How does a Child Tax Credit work to reduce my taxes?

Let's say I make 100K a year from my business and I have 3 kids under 9 years old. I read that each child can give me $2000 child tax credit. So if my 100K business income is taxed and say its 40%: ...
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2answers
91 views

In the U.S., what is the simplest way to establish a payment plan for back taxes?

I live in MD, U.S. My wife and I haven't filed taxes since 2014. We are sure we owe a large amount of money. We have money to throw at the problem, and would like it settled in the most painless way ...
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7answers
19k views

Why do American dual-high-income couples get legally married?

If each member of a couple makes a high income, they pay much more U.S. income tax if married. So it makes sense for them to avoid legal marriage. They can still do a religious ceremony or a ...
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0answers
36 views

US Citizen living permanently abroad working for US company vs State and Local taxes

I am US and EU citizen and I am going to start working remotely from EU for US company. It's going to be a full time employment (w-4/401k etc). Am I required to pay state and local taxes (NY in this ...
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0answers
27 views

2020 W4 Allowances? [duplicate]

What the heck is going on with the new 2020 w4? Allowances are gone and there's no clear relation on what to specify to get the same withholding amount you used to get when claiming an allowance ...
2
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1answer
45 views

Should I report Employer Tuition Assistance? (what if it's paid after tax year?)

I live, work and attend school in the U.S. My employer has a tuition assistance program in place that covers 100% of tuition and eligible expenses up to $5000 per calendar year. My plan was to attend ...
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1answer
24 views

How does one calculate their Gross Income using Quickbooks Online that is to be reported for Tax Filing?

Using quickbooks online, I'm able to generate my Profit and Loss statement and I see my Net Income for the year 2019. Is this the final Gross Income number that I will be reporting on my tax return or ...
0
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0answers
53 views

RRSP, TFSA — Which ought I buy Puts of US-traded ETFs?

My RRSP, TFSA, and non registered accounts at Questrade all have Contribution Room (1. is this correct term?). I now just hold just CAD, no USD. I know Norbert's Gambit. To minimize taxes, avoid ...
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0answers
96 views

If my job is exactly the same across three employers, is it considered one job or three for tax credit purposes?

The state of Oklahoma has a tax credit for engineers working in aerospace, described in form 564. The definitions on page 2 specifically state under "Qualified Employee": [the employee] was not ...

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