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
37 views

Who to pay local taxes to if I have lived in multiple locations?

Pretty straightforward. I have lived in multiple locations (within same state) throughout 2020 and as a result find it a bit complicated to determine who I owe local taxes to? Do I prorate? Do I just ...
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0answers
12 views

How is GST/HST treated when you file corporate tax?

FOR CANADA: Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST. Are my corporate income taxes on $100,000?...
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Seeking an explanation for a line from a textbook [closed]

"The repo rate of the time works as the guiding rate for the current discount rate". Please justify the statement. I am quoting it from Indian Economy by Ramesh Singh.
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1answer
47 views

Do I need to amend 2019 tax return?

Chase bank sent me 1099-MISC for $50 signup bonus when I opened a new account in 2019. I forgot to add this form while doing my taxes. This link says 1099-MISC should have at least $600. Since it is ...
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0answers
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Does IRC §871(i) (no tax on deposit interest for non-residents) apply to interest paid by the IRS on delayed refunds?

Internal Revenue Code §871(i)(3) basically says that "deposit interest" on a deposit in a US bank is not taxable for US non-resident aliens. The IRS pays interest on delayed refunds and ...
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1answer
14 views

Should I file as Resident or Non Resident for FY2020? I arrived in US in 2015 on F1 and switched to H1B in Oct 2020

I am a single individual who arrived in US in Aug 2015 on F1. I was on OPT until 30th Sept 2020 and then switched to H1B from 1st Oct 2020. After reading documents below, I gathered that since I have ...
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1answer
31 views

short-term VS. long-term capital gain tax rate for margin account

I have a margin account for my stock trading. I know capital gain from stocks held for more than one year is called long-term capital gain while capital gain from stocks held for less than one year is ...
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1answer
47 views

how to compute income on a year when you sell an asset with some capital gain while you have a rolling over capital loss from passed years

This is about US tax law. When you sell an asset in a year, how does your income computed? Here is a scenario: say you are a 100K/year salary guy. You sell a home ( an investment home, not your ...
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0answers
21 views

What happens if I don't claim all installment payments on my Canadian income tax return?

The Canadian income tax return line 47600 is for "tax paid by installments". Assuming I overpaid, if I enter less than the amount I actually paid (making the total owed or refunded be zero), ...
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1answer
121 views

Is it possible to comprehensively compare personal tax rates between countries?

I am trying to compare the "effective income" for several countries, by comparing (gross) salaries from sites such as levels.fyi, and estimating how much would be left for actual spending ...
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1answer
38 views

Adjusted Gross Income for TurboTax

In order to file my taxes using TurboTax, I need by AGI (adjusted gross income) for 2019. Since I used form 1040, the adjusted gross income in on line 8b. However, when I downloaded the form, it is ...
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1answer
4k views

Why am I being under taxed on a part time job?

This is my friend. But for ease I will be referring to me. In 2020, I began a part time job stocking shelves starting in August. At the end of the year, I received my W-2. My compensation was $1800, ...
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1answer
36 views

What is the tax status of assets recovered via bankruptcy proceedings?

Say someone held some non-cash assets (shares, cryptocurrency, etc.) with a third-party business that went bankrupt. They become a creditor in the bankruptcy proceedings, lose access to whatever ...
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1answer
18 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 ...
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3answers
64 views

Filing my Taxes and Paying later

I plan to file my US 2020 Income tax return in the next few days. However, I am not planning on paying the amount due to around May 15. I plan to do the same for the state of NJ. Is there any issue ...
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1answer
55 views

Does a foreign tax paid to “United States” on a 1099-DIV make sense?

I've received a form 1099-DIV from a US investment bank at which I hold some investments, with the following entries: 4- Federal Income Tax Withheld 0.00 5- Section 199A ...
3
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1answer
58 views

As a U.S. citizen, how does income tax work for income from non U.S. companies?

I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. ...
3
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1answer
27 views

Can unmarried Tenants in Common report investment property income/expenses on their Schedule E's or do they need a partnership entity?

Thank you in advance to whoever decides to read this and offer their insight. A friend and I own residential rental properties as Tenants in Common, 50/50 split under our TIC agreement. We have a ...
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3answers
167 views

Is a gift always a gift on both ends?

Suppose some person with a lot of cash jumps into a Twitch stream they like and gives the streamer $20000. (This would be on the high end for Twitch donations, but nowhere near record-setting.) From ...
4
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1answer
45 views

HSA amount contributed by employer missing on W-2

I received my W2 and there is nothing listed for HSA contributions. I did not contribute anything; however, my employer did contribute $3500 to it. Do I need to report anything when I file my taxes?
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2answers
158 views

How do people with LOTS of itemized trades list them on US tax forms?

Assume it is given that you need to itemize trades on, say, Form 8949 (+ any state form(s)). These forms only allow so many transactions per page (14 entries for Form 8949). How exactly do people who ...
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1answer
56 views

What is the meaning of the phrase “National Asset Monetisation Pipeline”?

Tabling the Union Budget for 2021-22, Ms. Sitharaman said: Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction. This has been ...
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0answers
34 views

Living in Germany, working remotely for a Swiss Company- taxes?

I am an EU citizen, living in Germany. I was offer the possibility to work 100% remotely for a company in Switzerland, a "classic" employment contract. I will not be an Grenzgänger. I ...
12
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2answers
4k views

Will I have to repay some of the 3rd stimulus check?

I got the full amount for the third stimulus check. ($5,600 for a family of 4) I just did my taxes for the 2020 year and an online calculator shows that I would have gotten $4,000 less if I had filed ...
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1answer
44 views

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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2answers
84 views

Can I pay equal amounts of quarterly tax if my income is uneven?

My money manager typically reallocates my portfolio early in the year. That means the majority of my capital gains occur in Q1. Am I required to adjust for this in my quarterly taxes, trying to pay ...
2
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1answer
63 views

Number of weeks in financial years (UK)

For each of the last 15 years, in the UK how many weeks were there in the tax/financial year? I want to have a clear out of old payslips and plan on shredding them all apart from the last one of each ...
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0answers
30 views

Income code 42 from 1042-S

Trying to file income taxes and the code in box 1 on my 1042-S is 42 (earnings as an artist...) do you recommend entering this amount as “other income” or will it be as if I’m “self-employed” ?? I’m a ...
2
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1answer
67 views

2019 tax return wasn't filed after my wife received an ITIN

My wife and I filed our taxes in March 2020. We sent the specified forms to the Austin Texas ITIN office. After a bit of back-and-forth over required documents (original not notarized passport), she ...
0
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1answer
34 views

What tax documents do I need to prove 529 rollover?

I rolled over 529 from one institution to another. The distributing institution issued a 1099-Q. I need a matching document showing that I contributed the funds to the new institution. Does this form ...
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2answers
74 views

TurboTax behavior for married filing jointly with different income levels

I observe behavior whenever we file our taxes that I do not understand. It's not that I think TurboTax is making a mistake, I am just wondering why it behaves this way. Let's say these are our (made ...
2
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1answer
94 views

Can a day trading taxable income be more than the actual capital gain?

I've day-traded (in USA) actively during 2020, mostly short trades. Never kept positions overnight, so carried no positions into 2021 (and, similarly, no positions were carried from 2019 into 2020. ...
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2answers
26 views

Indiana State Tax Returns | Did not receive 1099s

I have not received 1099s (INT, DIV, B) from my broker this year. I have to file Indiana State taxes by paper. Since, I do not have 1099's to attach what should I send in place of that? I have some ...
0
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1answer
22 views

Choosing Indiana Individual Income tax form for an International citizen

I am an international citizen and according to the rules specified on the IRS website at this link, I am a resident alien from 2020 (For years before this my status was non-resident alien). I lived in ...
2
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1answer
58 views

Can charitable donations offset W-2 income taxation?

This is a bit specific for my situation but I thought giving some context could clarify what I'm trying to achieve. I live in the United States. I've always dreamt of funding my own non-profit (501c3) ...
0
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1answer
52 views

Why isn't my capital loss carryover reducing my tax from short-term capital gains?

I am using Turbo Tax for these calculations. Before entering my investment info/capital gains, I had a federal refund of $272. After entering my capital gains and investment info, I owed $1900, for a ...
5
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0answers
74 views

For 2021, What is the most Tax-Advantageous Way to Make a Charitable Donation that is Larger than my AGI?

I may be making a charitable donation this year (2021) to my school; it will be about 1.5 times my AGI. What is the most tax-advantageous way to make this donation? If I make the donation in stock ...
0
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1answer
37 views

Accrued Interest on Corporate Bonds

A hypothetical investor buy a corporate bond on Dec 5, 2020 and pays $1000 dollars of accrued interest. The bond then pays him $1500 dollars of interest on March 1, 2021. I claim that $1000 dollars of ...
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0answers
19 views

How do I get tds refund when the processed ITR mentions 0 as tds refund? (India)

While filing itr the auto populated information showed that I am eligible for a refund but after the itr has been processed by the officer there is no indication of tax refund in the processed ITR. ...
2
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2answers
1k views

Stimulus 2021 double payed for dependent that's no longer dependent

I haven't filed 2020 taxes yet. On my last return (2019) my adult daughter was on my return as a dependent. When I file 2020, I will not put her on my return as a dependent, because she finished ...
29
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6answers
5k views

Is a Roth IRA good for a high schooler?

I am a high-school Senior who will not earn enough income working this summer to have to pay income taxes. I have a full ride to college, so I was thinking of using my earnings/savings for retirement. ...
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2answers
47 views

If I show a total loss for the year, will I be impacted by wash rule disallowed losses?

I tried day trading after losing my job. With a $25k initial investment, I traded heavily for a few months using margin. I was up about $5k and then took a huge hit on some options when the market ...
0
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1answer
85 views

how can capital losses carryover used be more than $3000? (in US income taxes)

This is regarding short-term capital gains (actually losses) carried over from past years. I have a capital loss carryover of about $4800 from 2019. I had a gain of about $12k in 2020. I thought the ...
3
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1answer
119 views

Tax deduction working from grandparents home

I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
2
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1answer
27 views

Any current way to account for changed child tax credit in a W-4?

The recently enacted American Rescue Plan Act (aka third stimulus) changes quite a number of things for the tax code for 2021. Notably for this post, the child tax credit for 2021 is increased to ...
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1answer
96 views

How can crypto exchanges avoid sending a 1099-B?

A friend of mine is looking to trade crptocurrencies and I subsequently warned him that he'll have to keep careful track of all of his transactions throughout the year because he would have a lot of ...
1
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1answer
39 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 ...
0
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1answer
54 views

What is Mylan stockholder tax responsibility in Viatris merger?

Can a Mylan stockholder declare a capital loss due to the merger with Viatris. I have a $40,000.00 loss on my Mylan stock. Also, if I sell the Viatris is the holding date when I purchased Mylan (3 02 ...
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2answers
90 views

IRS accepted my e-file but the IRS website can't find a record of it

I e-filed my 2020 taxes seven days ago and it was accepted by the IRS. However, when I visit the IRS's "Get Refund Status" website, it cannot find my return. I have never had this occur in ...
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0answers
89 views

Why did I get a 1099-R (and am being taxed) for a whole life policy (for me) that my parents transferred to me?

Last year my parents 'transferred to me' what I think was a whole-life policy. They had been paying small premiums on it for years (I'm 47), said it had some cash value, and were offering to transfer ...

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