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.

Filter by
Sorted by
Tagged with
0
votes
0answers
36 views

Do I need to pay tax with glamour rewards [duplicate]

I received few thousands from glamour rewards, it's cash back when I buy some stuff in the internet. My question is do I need to pay tax for that money? I didn't received any 1099 form, I guest I don'...
5
votes
0answers
40 views
+250

In what circumstances, if any, is it advisable to file 1040-X before the original return is processed?

Some sources suggest "never": You must wait until the IRS has processed your tax return before making corrections. Or suggest "never if your original return claimed a refund": ...
2
votes
2answers
64 views

Best to harvest unrealized long term capital gains while income is low?

Suppose my 2020 income is $25k, and I have $15k in unrealized long-term capital gains in shares of company X. In 2021 and beyond, I expect my income to be $40k+. I consider the shares of company Y ...
0
votes
0answers
14 views

529 deduction recapture on non-qualified distributions of contributions over the deduction limit

According to MGL Chapter 62 § 3, the 529 deduction works as follows (19) An amount equal to the amount expended in the taxable year for the purchase of an interest in, or the amount contributed in ...
1
vote
2answers
65 views

Just engaged! What tax filing options do I have as sole household earner

I'm recently engaged, which is good. But this presents a quandry. I make 100% of the money for our household, and we've been living together for nearly 2 years now. Tax wise, this kind of sucks. My ...
2
votes
0answers
38 views

Overshooting my withholding rate's upper limit; invest the extra early in the year or ask for recalculation?

I'm in Finland. The way income tax works here is that my employer withholds a certain percentage of my salary up to an annual upper limit, and a significantly higher percentage of the salary exceeding ...
4
votes
1answer
66 views

Away from the UK most of the tax year - can I ask to be considered a non-resident?

I spent less than 75 days in the tax year of 2019-2020 in the UK. For about 3.5 months in that tax year I was renting a flat in London (it's that long because there was a one month notice - ...
0
votes
2answers
69 views

Will I get double-taxed? Primary address in North Carolina but work is in California

Disclaimer: I am aware that users here are not paid/licensed U.S. tax professionals and that I should only make decisions impacting my taxes with a licensed financial advisor. Hi! I have a job in ...
0
votes
0answers
20 views

Taxation question: German Citizen enrolled in Swiss University working remotely from Berlin as RA

I would be super happy to learn how I would be taxed given my circumstances. I will be starting a Research Assistant job at my university in Geneva, Switzerland. Starting in January, I will move back ...
4
votes
1answer
77 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
0
votes
2answers
90 views

How to designate max Fed withholding in paycheck, with 2020 W4 (allowances no longer exist)

I want to have the maximum-possible US Federal Income Tax withholding made from my paycheck By "maximum", I mean I want ALL of the remainder (after all other deductions) of my paycheck ...
3
votes
1answer
51 views

South Carolina state income tax

My husband and I do not share residency. I am a resident of South Carolina and he is a resident of New Hampshire. We do file our federal income taxes as married filing joint. There is no state ...
3
votes
0answers
53 views

Swiss citizen work from abroad for UK company - tax queries

I am a Swiss citizen and have been in the UK for two years. I am now working from home for my company for the forseeable future. I already spent around five months working from home during the first ...
1
vote
1answer
51 views

Canadian tax calculation for a sample income

Is the tax calculation below for a hypothetical Canadian resident living in Ontario correct? Gross income - CAD 100K Foreign capital gains - USD 20K Dividends - USD 2K Assume 18% (CAD 18000) is ...
1
vote
1answer
25 views

Can we show flat 50% profit under section 44ADA in ITR?

Can a professional with side business income claim 50% profit as part of section 44ADA while filing ITRs? What if the real profit is more than 50%, let's say, 80%? Is such a professional safe to claim ...
1
vote
0answers
84 views

Can a newly elected president / congress change tax law effective the year they were elected? [closed]

I owe a significant amount of capitol taxes in 2021 due to the liquidation of multiple assets negatively affected by Covid 19 in 2020 and am attempting to plan accordingly. If Joe Biden is elected, ...
0
votes
1answer
19 views

How to pay remaining tax? How to clear Intimation u/s 143(1) India ITR?

For FY18-19 or assessment year AY19-20, I received intimation u/s 143(1) on 12th Dec, 2019. The mail attachment PDF had "Net Amount Payable" of 10 INR. At the bottom of PDF, it says I ...
0
votes
2answers
89 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 ...
1
vote
0answers
43 views

Paying tax on rental property in UK as a Canadian resident

We left the UK in 2013 and have rented our apartment to friends and family ever since. We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
2
votes
1answer
46 views

W8-BEN for claiming treaty benefit on dividends for an Indian resident

I am an individual residing in India and will be filling form W8-BEN, in which I need help in filling the section PartII: Claim of Tax Treaty Benefits (Point 9 and 10): As of now my tax withholding ...
0
votes
1answer
47 views

Living in Costa Rica on a temporary visa whilst remote working. What tax do I pay?

I'm a UK citizen who works as a self-employed (sole trader) Software Developer remotely for a variety of UK/US clients. I'm interested in moving to Costa Rica soon, which has a territorial tax system. ...
2
votes
1answer
50 views

UK tax on foreign capital gains

Are capital gains on foreign stocks taxed in the UK for a UK tax resident? If yes, what are the specific rules and rates at which they are taxed?
3
votes
1answer
61 views

Working abroad - should I pay National Insurance contributions?

I am a 39 year old British citizen. For the next year, possibly longer, I will be living and working in Thailand. I have a working visa, will be working for a Thai company and will be paying local ...
0
votes
0answers
44 views

Carry-over of residential energy credit from year filing as MFS to year filing as MFJ

I plan to file MFS (married filing separately) this year, because wife’s income is far higher (I’m retired) and I can get some very advantageous use of the 10/12% tax brackets (substantial LTCGs that'...
0
votes
0answers
17 views

Is foreign (EU) educational expense tax deductible for income in Germany?

I am a non-EU and I obtained a Masters degree in the Netherlands. And there was tuition fees involved. Now I will start working in Germany. Will the tuition expense in Netherlands be considered tax ...
4
votes
1answer
336 views

Taxes mileage deduction for delivery worker and methods of proof

I started working for Doordash as a food delivery worker (self-employed contractor I think is the status). I read (Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a ...
0
votes
1answer
70 views

Japanese job and UK taxes

I am a Japanese national working freelance for a Japanese company and for personal reasons I will move permanently to the UK on November 13th this year. The Japanese company will let me do freelance ...
2
votes
1answer
59 views

Amend return after accepting IRS's proposed changes?

The IRS sent me a note proposing changes to my 2018 taxes, and asking me to pay them a few thousand dollars. I accepted their changes and paid them. I've now learned that their changes were wrong and ...
1
vote
1answer
73 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 ...
3
votes
0answers
39 views

When paying AMT, might it make sense to take standard deduction even if it's more expensive?

Due to an ISO exercise, I must pay AMT this year. But this was a one-time thing: I will probably not need to pay AMT next year. Since ISO exercises are considered a "deferral item", my ...
1
vote
1answer
66 views

Which NYS employee taxes are optional?

United States and NY state here. I'm looking at my paystub and under Employee Tax Witholdings I'm seeing the following line items taken out: Federal Income Tax Social Security Medicare NY State ...
1
vote
1answer
24 views

Deductibility of short-term foreign capital losses in India

Since short-term capital gains on foreign stocks are taxed at the regular income (slab) rates in India, is one allowed in India to deduct short-term losses on foreign (relative to India) stocks from ...
3
votes
0answers
31 views

Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?

Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have ...
8
votes
2answers
961 views

How is FICA calculated?

I'm thinking of taking on a contracting job next year, along with my current full time job, and I want to know how the two income streams would interact. When income reaches a certain level (~ $137k), ...
1
vote
0answers
14 views

W2 details for foreign earned income tax exemption

I'm planning on being out of the US for a 12-month period, and plan to take the foreign earned income exemption. The problem is that my employer uses a payroll service which can only issue a W2 ...
0
votes
1answer
48 views

Employer contributions to pension schemes in the UK

What are the investment options available to the employee when an employer contributes to a pension scheme for the employee? Can one invest in US ETFs, mutual funds, and stocks? Does this contribution ...
3
votes
1answer
66 views

Do gains and losses across multiple different investments get netted at tax time? Or is the income tax applied individually for each?

Lets say I have online brokerage A providing me with an individual (non-retirement) investment account. Call it X. I also have a Forex account, call it Y. If I make $500 in X, and -$300 in Y on the ...
1
vote
3answers
138 views

Could a sizeable charitable contribution bump me into a lower income tax bracket?

As an unmarried individual in the US, if already donating a significant portion of one's income to charity, is it possible to to be 'bumped' into a lower tax bracket? For example, say I make $60k and ...
1
vote
1answer
45 views

UK pension schemes contribution limit and state pension

If I make 60K pounds a year in the UK, I can apparently contribute 48.5K of it to a pension scheme and not have to pay any tax for that year because there is a personal allowance of 12.5K. Is this ...
1
vote
1answer
39 views

If one has short- and long-term capital losses and gains, can one harvest short-term losses to be deducted against short-term capital gains in the US?

In year 2020 I have: - short-term capital losses = 2000 USD - long-term capital losses = 3000 USD - short-term capital gains = 2500 USD - long-term capital gains = 5000 USD Can I harvest the ...
1
vote
1answer
46 views

When harvesting short-term loss, can the losses be deducted against my income if I don't have short-term capital gains, only long-term capital gains?

Regarding tax-loss harvesting in the United States, https://www.moneyunder30.com/profit-from-tax-loss-harvesting (mirror) mentions some priorities between short-term capital gains and long-term ...
1
vote
0answers
31 views

Tax residency for Indian student in Germany and US

I am a citizen of India and I studied in Germany for three years (Sep 2017 to Aug 2020) before moving immediately to the US in Aug 2020 to start a doctorate program. Is my country of tax residency ...
1
vote
1answer
19 views

Interest for section 234B and 234C added while filing ITR

I'm working as a software engineer in an IT company. I'm filing ITR form-1 for FY 2019-20. My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to IT department. Initially, while ...
1
vote
1answer
32 views

Income tax returns acknowledgement upon processing

In India, does the income tax department send acknowledgements after processing incomes tax returns? I know that they send acknowledgement mails after the returns are e-verified. But I specifically ...
3
votes
0answers
40 views

Working remotely for a Japanese company as a non-resident outside Japan

As the title suggests, I am currently performing remote work as an intern for a Japanese company. I am non-Japanese nationality residing outside of Japan. Am I subject to the flat non-resident tax of ...
1
vote
1answer
63 views

Do Indian YouTubers need to register for GST?

If an Indian professional earns 30 lakh per annum from his regular job and then 18 lakhs per annum from YouTube and Affiliate Marketing, do they need to register for GST? The personal also earns 4 ...
0
votes
0answers
47 views

Is federal tax on sale of home exactly 20% cap gains after 500k exclusion?

house net income: $2,144,000 (primary residence, sold Aug2020) basis: $888,xxx (bought in 1998) = net profit of $1,256,xxx less 500k IRS exclusion = $756,xxx long term cap gain rate 20% so, Fed ...
1
vote
1answer
56 views

How much do i owe the IRS on Sept 15th for income received in September?

Sold a house at end of August. Cap gains of about $240k to $375k (federal + California) income tax will be due. How much should I pay Sept 15th, 2020?
0
votes
0answers
92 views

How does Ameritrade determine the amount of a reorganization fee for a reverse stock split (BIOC) & how does the fee affect income taxes?

How does Ameritrade determine the amount of the Mandatory Reorganization Fee for a reverse stock split by BIOC? I read a previous comment where the stockholder was charged $20 by Ameritrade several ...
4
votes
1answer
290 views

Income tax code changes mid year - what exactly is your personal allowance for the tax year?

Suppose that your United Kingdom tax code changes mid way through the tax year e.g. your spouse successfully applies for the marriage allowance, which increases your personal allowance. Does this mean ...

1
2 3 4 5
57