Stack Exchange Network

Stack Exchange network consists of 174 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

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.

1
vote
2answers
92 views

Tax implication when receiving Bitcoin gift from foreign relative?

Does the recipient has to pay tax, or report receiving the Bitcoin? receiving: US, sending: China. Edit: receiving gift.
5
votes
0answers
57 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
0
votes
1answer
54 views

What would be my Indian Income Tax if my salary is 15 lacs per annum

This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept. I'm currently considering an offer and would like to ...
5
votes
1answer
121 views

Contributing to IRA with high income

If your AGI puts you in the in the "partial deduction" or "no deduction" category for IRA contributions, can you still contribute up to $5,500 (2018) without penalty? Is it still advantageous to do ...
1
vote
2answers
84 views

HSA deduction vs medical expenses

My understanding is that medical insurance premiums are not valid expenses for an HSA - but that they are deductible if you deduct your medical expenses - at least the part above 7.5% of income. ...
2
votes
0answers
30 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...
2
votes
1answer
58 views

Tax returns while working in 2 states

Situation: NYC Resident Work 1-2 days a week in NYC Work 4 days a week in CT Employer is taking taxes of my paycheck to both states which sums up to about 40% in taxes Questions: I was reading that ...
7
votes
0answers
74 views

Can I have a dual-purposed limited company

I am an IT Consultant and have a limited company which I use to invoice my clients a daily rate for my consulting work. Can I use this same limited company to buy property and then offset the gains ...
0
votes
0answers
24 views

EBAR DOCUMENTATIONS

I am a U.S. citizen. I inherited an estate in Egypt worth of $186,000. To transfer this amount to the US, I need to fill out EBAR or form 3520. I want to follow every legal procedure with no ...
7
votes
3answers
6k views

INR 10 million borrowed from friend at 7% interest per annum

If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same? If my salary ...
4
votes
1answer
1k views

Tax consequences of a gift returned to sender?

Transaction 1: On 2014-12-27, I sent a holiday gift of 0.1 BTC (which according to Coinbase was worth about 31.47 USD at the time) from my Coinbase account to an email address. Transaction 2: On 2015-...
1
vote
2answers
111 views

WIll money that a friend sent me (for his share of dinner bill that I paid) be taxed in India?

I paid for dinner with 3 of my friends. And at the end of the day, these 3 people send me Rs.500 each. They sent me the money via UPI bank transfer (say, using phonePe or BHIM). Will this amount (Rs....
3
votes
2answers
118 views

How are my 401(k) withdrawals taxed if I also withdraw from a Roth IRA?

Let’s say it’s time to retire and I have a $2,000,000 retirement fund. $1,000,000 was accumulated in a Roth IRA and the other $1,000,000 was accumulated in a traditional pre-tax 401(k). Let’s say I ...
1
vote
0answers
40 views

Receiving money in US for work performed overseas

I previously lived in the US on a work visa and so have a bank account there, but am now living overseas (with no tax residency status in the US). I am performing freelance contract work for a US ...
4
votes
1answer
276 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
-4
votes
2answers
133 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
1
vote
1answer
63 views

Was the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?

The new tax bill (Federal, United States) allows only a $10,000 deduction for 2018 for state income tax plus real estate tax. There was considerable backing and forthing on this as the tax bill ...
3
votes
2answers
96 views

Qualifying as a Professional Musician to Deduct Cost of Instruments

I've been a hobbyist musician my whole life, playing random paying gigs from time to time. The group I am with now all have day-jobs as non-musicians, but we plan to start playing shows and recording ...
1
vote
0answers
28 views

Tax and National Insurance Savings if non-resident (UK)

I'm working for an employer in London. There is an option for me to work partially from home which means also abroad (EU). I'm considering arriving in the UK on Monday in the morning and leaving on ...
2
votes
0answers
88 views

If my ISOs are converted to NSOs, do I still have 90 days to exercise my vested options as ISOs?

Let's say I have a bunch of incentive stock options (ISOs) in a company that have vested but I have not exercised yet. If I were to leave the company, I have 90 days to exercise them with ISO tax ...
5
votes
0answers
80 views

Can I choose which state to pay income tax to when I am traveling and have no permanent residence in the US?

I am leaving for a year-long trip around the world. I will have an income while traveling. Is it possible for me to choose which state will tax me as I will not have a permanent residence in any state?...
0
votes
2answers
57 views

Help calculating quarterly estimates for September

I was looking to get some help with my federal quarterly estimates this September. My W2 income is 36k/year My 1099 income (started 2 months ago) is around $1000/month How do I calculate my ...
15
votes
2answers
2k views

If I sell shares in the US, will I be liable to pay taxes in US?

I am a South African citizen living in South Africa who works for a large US company. As part of my compensation, I receive restricted stock units (RSUs) which my country considers to be part of my ...
0
votes
1answer
42 views

Can I qualify for the foreign earned income exclusion if I am employed by a US based company?

I am a US citizen considering living abroad for a full year, staying in 12 different countries for a month each (Remote year). I am planning to remain employed by the US based company I currently work ...
-2
votes
1answer
118 views

How to calculate Recurring Deposit Interest in c# [closed]

Can anyone please help to calculate recurring deposit interest using c#? I am using following method: //A = P*(1+R/N)^Nt //A = Maturity amount. //P = Principal amount (In our case, it is Rs.5000) /...
0
votes
1answer
30 views

Sole Proprietor LLC quarterly estimated tax payment

This is going to be my first quarterly estimated federal tax payment for a single member llc (treated as disregarded entity- sole proprietor). I see online that for annual taxes, I need to fill out ...
1
vote
2answers
109 views

Am I required to pay taxes on my U.S. freelancing income in France?

Similar to this question (and the question that OP linked to), I will be living abroad (in France) and working there, but I also do freelancing for U.S.-based companies. There are other questions ...
2
votes
1answer
873 views

Taxes when you lose money in investments?

I've been wondering about the following scenario. Let's say you invest $10k in stock market. At the end of year 1, your investment has grown to $11k. The government taxes a percentage of that new ...
4
votes
1answer
75 views

Single-Member LLC vs LLC having only one member

So, I registered a LLC but I am the only member in this LLC. If I do business under this LLC, when I file tax, I think I should NOT choose "Individual/sole proprietor or single-member LLC" category, ...
1
vote
0answers
65 views

How to Respond to CP2000?

I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions. A direct rollover from an existing IRA to a Solo 401K (a qualified plan; 1099-R Code G in box 7) In 2016, I ...
1
vote
1answer
40 views

Tax exemption on HRA in India

I am fresh out of college working in Bangalore, and have not much idea about the income tax system in India. Here is my salary structure: Basic - Rs. 12,50,000 pa HRA - Rs. 6,25,000 pa I looked up ...
0
votes
0answers
16 views

529 Account: Contribution, re-imbursement and state income tax deduction all in 2018?

Would the following series events be a sensible course of action? Scenario: Person pays out of pocket after tax for two Masters degree courses in June 2018 and August 2018: tuition fees of $2500 ...
0
votes
0answers
39 views

Income tax consequences of out-of-state work site?

I live and work (most of the time) in State A for a company based in State A. However, my employer has recently established a work site in State B, where I will be spending some fraction of my time (...
4
votes
1answer
154 views

If I work 100% remotely for a Florida company but I live in Virginia, do I have to pay Virginia state income tax?

I am moving to Virginia from where I am fortunate enough to be able to work remotely for a company in Florida. Florida has no state income tax. Do I have to pay Virginia state income tax?
4
votes
2answers
240 views

I am a minor in the US. Will I owe taxes from money earned from a UK based website?

My friend and I are co-running a website. He is over 18 and lives in the UK and I'm under 18 and live in the US. He gets all the money from the site into his Paypal, and is going to pay me half. The ...
3
votes
1answer
71 views

Paying tax on private tuition (in addition to working) - UK specific

During my time at university, I've tutored several students to give me a small amount of income. I have in the past notified HMRC about this, however the amounts of money involved have been ...
0
votes
1answer
30 views

Restricted Stock Units (RSUs) - Choose to defer taxes at vesting?

I have some RSUs that will vest next year. I plan to contribute to an education fund for each of my kids. From what I've read, it sounds like the amount at vesting is considered ordinary income, while ...
2
votes
1answer
52 views

How tax is deducted on my fixed deposits?

I was filing income tax online. I came across tax deducted on my fixed deposit: Tax on 2nd FD seems to be correctly deducted at 10%: 78/777 = 10% But it seems that tax on 1st FD is deducted at 14%: ...
0
votes
2answers
78 views

What if I don't update the State tax form?

I have been working in state Maryland, US for the first 8 months. But I will soon be moving to New York in September. My company had my State form as Maryland. Since I will be moving to NY next ...
2
votes
2answers
48 views

Does AMT affect cost basis of future capital gains?

Suppose I exercise 10k stock options for $1/share, and fair-market value is $2/share. Normally, taxes are deferred until when I sell them. And when I sell, the basis for capital gains is $1/share. ...
0
votes
1answer
98 views

What tax code is used for tax refunds? [closed]

For example, the W-2 Form for salary has a tax code of 460. I can't seem to find the tax code for money returned from federal or state. Does anyone know what code this is? Is it different code for ...
1
vote
0answers
18 views

US Tax non-resident aliens - ECI

I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this). Examples of situations in which I cannot figure out whether ...
48
votes
3answers
13k views

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
0
votes
0answers
53 views

Roth 401(k) Loan

I am thinking about taking out a loan from the Roth 401(k) plan. The idea behind the loan is to put more money into the Roth 401(k). I would like to charge myself a very high rate of interest, say 20%,...
1
vote
1answer
139 views

Roth 401(k) Contribution Limits

Please consider an individual, in the US, who has net earnings from self employment of $8000 who wishes to contribute to a Roth 401(k) plan. For tax purposes these earnings can be reduced by 20% due ...
3
votes
2answers
74 views

estimated IRS tax payments

We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
1
vote
1answer
96 views

how to compute holding period on real estate

For the purposes of computing long term versus short term capital gains tax treatment, when does the holding period for real estate end? I can think of several options: At execution of the purchase ...
3
votes
1answer
64 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
0
votes
1answer
173 views

Should I reduce my income as a student to save money? - Tax Returns

I'm a full time student in New York during the school year, and I live in Massachusetts as a dependent of my parents. I've earned $500 as a teacher's assistant out of state (NY) this year and I have a ...