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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How to pay quarterly estimated taxes when IRS doesn't let me pay online?

I moved to the US in 2023. I'm a citizen. I started earning income in 2023. I work as a software engineer as an independent contractor. This means I need to pay quarterly estimated taxes. I don't ...
Neel Kamath's user avatar
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65 views

Does an adult child living at home still gets the standard tax credit?

If someone, age 19, lives with their parents, works part time, do they still qualify for the standard tax credit? The person earned $2584 last year. The tax preparer says she owes $390 in taxes.
Shaleen's user avatar
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1 answer
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exchange rate for taxes paid and reported on form 1116

I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest ...
punkish's user avatar
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1 answer
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W4 tax form and need suggestions re: single vs. married filing jointly

So my husband just moved to the country two months ago and will start working Monday. He has a green card and SS card. He's making 17 an hour, 40 hour week. I make 28 an hour, 40 hour week. We have no ...
kris350's user avatar
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1 answer
135 views

Can I put my daughter back on my taxes after she filed years before on her own?

My daughter is 21 and filed her own taxes in the years before because she made more than the free amount. 2022 she still lived with me but has not earned anything. Does she still need to file her own ...
Rosewoodlily's user avatar
0 votes
2 answers
92 views

Did this person need to make estimated taxes?

Please consider the following hypothetical situation. A person is retired and his sole source of income is his investments in the stock market. In tax year 2022, he has a total tax liability of $100 ...
Bob's user avatar
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1 answer
22 views

NRA/RA Test and FICA exemption

I was on F-1 from 2018-08 to 2020-05 in the US, but I stayed in my home country from 2020-05 to 2022-09 and I came back to the US from 2022-09 till now. I am on F-1 all the time, and technically 2024 ...
Kiyoshi's user avatar
0 votes
1 answer
35 views

My mother, Estate Income Tax, a living revocable trust and the 645 Election

In June of 2023 my mother died. At the time of her death she owned income producing assets such as stocks. Some of the assets were held directly in her name and others were held inside her living ...
Bob's user avatar
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What double-entry bookkeeping and account structure lets me report taxable distributions from retirement savings plan (e.g. RRSP)?

I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The ...
Jim DeLaHunt's user avatar
-3 votes
1 answer
116 views

How much taxes would I have to pay if I sold my startup in cash? [closed]

If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
Bear Bile Farming is Torture's user avatar
12 votes
1 answer
4k views

Donated $500 to a charity but didn't get an official receipt

In January of 2023 I donated $500 to a charity. I got a donation receipt from PayPal at the time. The subject line says "Receipt for your donation to [...]". However, the bottom of the email ...
Buge's user avatar
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4 votes
1 answer
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I filed my taxes not knowing I was being claimed as a dependent meaning that the Head of Household will have more deducted than before

I filed my own taxes unaware that I could be and apparently was being claimed as a dependent, so it's been brought to my attention that the Head of Household could have a higher standard deduction ...
Ben Connor's user avatar
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0 answers
10 views

Are endowment plans better option than tax saving FD for last day tax saving investment?

Its last day (31st March 2024) for investment in order to save tax. And I have not done anything ! 😢 Now I am planning to do some just to save tax. I am in 20% tax slab. Some options are closed for ...
RajS's user avatar
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1 vote
1 answer
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Are medicare advantage rewards taxable?

I have my health insurance in a uhc medicare advantage program. Last year, a rewards program was introduced in which I received a debit card for use in places such as a grocery store or pharmacy. ...
David's user avatar
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1 answer
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Calculating non-exempt interest for California income tax

This question is about how California taxes interest on municipal bonds that are exempt from federal income tax. I live in California. In 2023 year I received tax-exempt interest from a variety of ...
octern's user avatar
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-2 votes
3 answers
139 views

Double self-employment tax (MA state and federal)?

I am living in Hong Kong but paying taxes as a US citizen to the US. The company I work for is in MA. Although I receive a 1099-NEC, in actual practice I am a part-time employee. I understand that I ...
Philip's user avatar
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1 answer
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Do I need to file US tax forms if I'm outside US the whole year but received an award money?

I was previously an international PhD student in the USA on F1 visa, and I graduated in August 2022 (was a resident alien in 2022), and moved to Germany late 2022. Then in May 2023 I received an award ...
Lagrenge's user avatar
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1 vote
1 answer
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1099-int concern, tax filing

My credit union issued me a 1099-int for savings bonds that were cashed in 2023. Is it correct to say that box 3 of the 1099-int be the total of the interest earned plus half the face value of the ...
user avatar
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1 answer
54 views

Wife is a NRA on H-4 visa, no income. What are the IRS obligations?

I'm on an H-1B visa since November 2023 and stayed only 40 days in the US in that year and no time prior to that. My wife as well, but she is on a H-4 dependent visa with no income. Both of us are non-...
gusrondina's user avatar
1 vote
1 answer
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Do I need to declare foreign income below the foreign earned income exclusion?

At the beginning of April 2023 I obtained my green card and became a US resident (resident alien). I resigned my position in Canada and started employment with a US entity. January - April Canadian ...
TheNextman's user avatar
-1 votes
0 answers
15 views

EV Tax credit - Modified Adjustable Income if you were not a tax resident of US for 2023 [duplicate]

I was a Canadian resident for the last 3 years (including 2023) but I would have US income (W2) through company stocks and file US taxes using 1040NR. In 2024, I moved to the US and will be a resident ...
Amit Nihalani's user avatar
0 votes
1 answer
64 views

Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?

26 years marriage. Wife stayed home for 20 of 26 years. Husband owned S-Corp that flowed to their personal taxes, always filed in October after an extension, and never paid the liability. Once the ...
TWilson's user avatar
0 votes
0 answers
21 views

EV tax rebate based on previous year (2023) income for a non resident. Moved to the US in 2024 but had US income < 150K in 2023. Filed 1040NR [duplicate]

I am planning to buy an EV in the next few days. My situation 2023 - I was a Canadian resident with US income (under the 150K limit) through company stocks. Will file the 2023 taxes (1040NR) next week ...
Amit Nihalani's user avatar
1 vote
2 answers
62 views

Tax implication – Working for California Employer for 2 months from Washington state?

Moved to Washington (from California) in November, while continued to work for CA employer until mid-March. Payroll was switched to Washington state mid-March. As I understand, California taxes will ...
Yugal Jindle's user avatar
1 vote
1 answer
72 views

Tax question about land sale

Our home is on 7 1/2 acres. We are selling 2 1/2 acres of land but keeping 5 acres with our house. What taxes do we have to pay?
Lynda's user avatar
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3 votes
2 answers
436 views

Refiguring for AMT, detailed instructions

I really wanted to understand my federal taxes, so I decided to prepare them for 2023 "by hand" using the fillable PDF forms offered by the IRS. No problems -- except for one thing. I'm now ...
JeffreyJ's user avatar
1 vote
1 answer
67 views

Rental income taxes

My parents found a home for sale in their area they wanted to buy for rental purposes, but couldn't qualify for the loan. So I took out a loan and purchased it. They are now renting it out and have ...
Josh H's user avatar
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0 votes
1 answer
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Do wash sales rule disallow losses if 100% of the stock is sold, all on the same day, within 30 days of buying lots, and no new shares are bought?

I bought multiple lots of stock A on 3 separate days, each about a week apart, so I have buys on 3 days. I sold all of it about a week later, and from the first buy to the final sale, less than 30 ...
L Hastings's user avatar
1 vote
0 answers
22 views

How do you calculate taxes on proceeds from sale of a private company held in escrow?

In 2023, a private company in which I held stock was sold in an all-cash acquisition. A portion of my proceeds were placed into an escrow account to cover post-sale price adjustments, expenses, and ...
josh3736's user avatar
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2 votes
1 answer
254 views

Should I Salary Sacrifice everything except minimum wage, if I can live off savings?

Summary: We live off savings, don't need my salary, should I 'salary sacrifice' everything to our pension except minimum wage, for the NI savings? We (me, wife and son) live entirely off my savings, ...
Martin Home's user avatar
2 votes
1 answer
354 views

How to amend 2023 federal return after refund has been issued?

I e-filed our 2023 federal taxes early last month, with a refund coming our way. Yesterday I received a letter from our mortgage company along with an adjusted form 1098; the letter explained they had ...
spuck's user avatar
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0 votes
1 answer
110 views

Interest accrued in Traditional IRA during Backdoor Roth Conversion

Similar to another question: Interest accrued before backdoor roth ira conversion, but I want to highlight a specific nuance of my situation. In 2023, I contributed the maximum $6500 to my Traditional ...
citizenkoehn's user avatar
1 vote
2 answers
76 views

HSA Excess Tax Question

I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
Mikayla B's user avatar
1 vote
1 answer
83 views

Can I apply estimated tax payments in my name and SS number for the year to spouse who will file separately this year?

Wife and I always filed a joint return. My name and SS number have been used for quarterly installment payments. This was not an issue when filing jointly. Because of her excessive medical expenses ...
Ken Kirsner's user avatar
1 vote
1 answer
97 views

Qualified business income in the US

While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused. I'm a US citizen ...
dolph's user avatar
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3 votes
3 answers
1k views

Federal income tax as nonresident alien working outside of USA remotely for US employer

As a non-US citizen, I have been working for a US employer remotely from outside the USA since July 2022 (previously in USA with H1B visa for 5.5 years, and waiting for green card processing since H1B ...
Jay's user avatar
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0 votes
0 answers
27 views

Medi-Cal eligibility for parent

If I claim my mother as a dependent will that affect her eligibility for Medi-Cal? She lives with me and I pay all of the expenses.
Liza Beth's user avatar
0 votes
0 answers
80 views

What are the US tax filing requirements for a non resident alien with a K1?

For 2023 I am a non resident alien, actually a resident of the UK. I held USO or United Staes Oil fund in my brokerage account between February 2022 and March 2023 not knowing that is not an ETF but a ...
ggy's user avatar
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0 votes
2 answers
84 views

What should someone do when a partial fax is sent to IRS due to connection problem?

My question is mainly about what should happen and how to deal with partially sent fax form? As a foreign owned US LLC should send 1120 + 5472 by fax to 855-887-7737 I did this for years no issue but ...
user3509046's user avatar
0 votes
1 answer
128 views

Moved from CA to WA, will CA refund me all the withheld payroll taxes?

Moved to WA on Mar-end, and my last paycheck from CA was received on mid-Mar. As a result, I've received 2 x W2s. One for CA income, and the other for WA income. As far as I understand, given I spent ...
Yugal Jindle's user avatar
0 votes
1 answer
139 views

Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?

I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
Ellie's user avatar
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0 votes
2 answers
154 views

How to fill out a W-4 for a job when you're also self-employed, if your self-employed income puts you in a different tax bracket?

I've been self-employed for a while, and am now starting a second job with an employer. I'm a bit confused as to how I should complete the W-4 - I just want to make sure I'm paying the correct amount ...
iamtea's user avatar
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0 votes
1 answer
81 views

Should I file taxes if I opened Amazon seller account but never used it?

Me and my husband entered the US with F1(him) and F2(me) visas. He was a fully funded PhD student and we used to send our tax papers jointly. Last year we filed for EB2-NIW visa to get a Green Card, ...
best_of_man's user avatar
3 votes
2 answers
509 views

Is there a 0% capital gains bracket?

Currently I'm on the upper end of the 0% capital gains tax bracket. In 2023 I made $3K from interest, $3K from dividends, and $37K from long-term capital gains (no other income). When I calculate my ...
Zachary Vance's user avatar
3 votes
1 answer
177 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar
0 votes
2 answers
116 views

W-4 Excess Exemption / Under-Withholding

I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax. When I asked ...
Fernando's user avatar
2 votes
1 answer
301 views

Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?

This is related to an earlier post. Link It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
nuggethead's user avatar
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0 votes
2 answers
159 views

Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?

My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify. For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
Mr Monee's user avatar
  • 462
1 vote
0 answers
64 views

Does a bankruptcy cancel out capital losses? (US)

If I filed for chapter 7 bankruptcy does the amount of the debt discharged in bankruptcy cancel the prior capital losses i had so that I am unable to use those losses to cancel capital gains? Are ...
sterid's user avatar
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0 votes
1 answer
161 views

Does repayment of personal loan count as income for US tax

I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
Pete W's user avatar
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