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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.

2
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2answers
29 views

HSA payroll contributions and additional .9% medicare tax

HSA contributions through payroll deductions are generally exempt from FICA withholding. Does this apply to the additional .9% medicare tax for income > 200k? For example, after reaching 200k in W-2 ...
0
votes
1answer
54 views

Deductible automobile expenses for ridesharing business

Most people here will disagree with the premise of the question, so try to disregard that (and that I know this is likely a very bad idea). I'm considering buying a (new) car that I can't afford (...
1
vote
1answer
86 views

How do I calculate annual salary in case of salary split in a single month?

I am building a payroll system. My problem is if the employee's salary changes twice or thrice in a same month. If the: 1st period is x 2nd period is y then can I say annual income from 1st period ...
0
votes
1answer
66 views

higher tax bracket 2019

I'm retired and will be drawing a pension. I have some money in my 403b. The company wants me to come back work part time in 2019. How many hours can I work and keep from putting me in higher tax ...
3
votes
1answer
578 views

Income taxes for sign-on bonus

I just joined a new company, and I'm in the US. As my first paycheck, I got my sign-on bonus and regular bi-weekly salary both in the same paycheck, summed together. Does it make any difference in ...
3
votes
1answer
42 views

UK Tax calculation on payment for contract serverence

I was recently made redundant from a role at a UK company. They were very reasonable about the situation and offered to pay off my 3-month notice period rather than make me work it. As a result, I ...
1
vote
2answers
46 views

Pass through entity’s year start balance

I am the owner of a single-member LLC and am taxed as a pass through entity. At the beginning of the year is a pass through entity’s cash balance always considered $0 with respect to a balance sheet? ...
-1
votes
0answers
30 views

commodity ETF and tax filing (software vs in-person) [closed]

From my understanding, owning commodity ETFs has the potential to invoke headache when it comes to filing tax in the US. I wonder if anyone here has the experience of comparing tax-filing software and ...
1
vote
0answers
20 views

Late filing Returns from 2015, 2016 and now 2017. With income in 2015 and 2016, but NOL in 2017

What is the procedure for filing these late returns? Do I file the returns and then file an amended return to show the carry back from the loss from 2017? 2015 AGI $143,567 - after ID and ...
1
vote
1answer
47 views

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP?

I have a HDHP with an HSA through my employer as well as a non-HDHP through my parents. Am I still eligible for the HSA through my HDHP? I have an HDHP with an HSA through my employer that I started ...
2
votes
2answers
67 views

HSA End of Year Contributions

If someone starts work half way through the year and makes out-of-paycheck contributions to their HSA account that amount to less than $3,450 (say they amount to $1,450), would they be able to deposit ...
5
votes
1answer
88 views

Income Tax Conundrum

I am employed in Georgia and pay federal and GA state income taxes. My employer has granted me the option to work from Puerto Rico about 50% of the time. I am considering moving my family and ...
10
votes
1answer
248 views

How to take advantage of a no-income year (taxwise) when you could sell stock with capital gains?

I didn´t have much income this year, so I was thinking of selling any stock with capital gains. The purpose of this sell is to take advantage of the standard deduction and the 0% tax on capital gains ...
2
votes
0answers
46 views

Advice for finding a qualified accountant for grad student & real estate tax and financial planning

I'm a bit worried about getting bad tax advice this year for a number of reasons. I just started a PhD program this fall, which meant a number of big changes for me: I had to sell my house and move ...
7
votes
1answer
1k views

Getting a tax return as a dependent student

I am a 17 year old student that is filed as a dependent by my mother. This past summer, I had a paid internship where I had to pay FICA taxes alongside some state taxes. I believe I can get taxes paid ...
-1
votes
1answer
77 views

Can debt increase ROE?

I have the following statement which can be true or false. A company with operational rentability (EBIT/Assets) of 11% (after income tax of 30%) analyses taking debt. If the credit consists of 16% ...
0
votes
1answer
33 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...
2
votes
1answer
72 views

Are gifts taxable income in Canada if not from family?

If I receive a large sum of money (going towards helping fund athletics) from a person who is not family, does this count as personal income? I know there have been cases where people have been ...
1
vote
1answer
68 views

Suggestions on how to file taxes when running an international online business with expenses in Bitcoin

So around January of this year (2018) my buddy was approached by the admins of a website and was asked to be a reseller for their products. Currently, they only support payments in cryptocurrency and ...
2
votes
1answer
39 views

Apply for ITIN before filing taxes

I'm a resident alien in the US. I got married with another resident alien in California in 2018. She is not eligible for a social security number, so she needs to apply for an ITIN so that I can add ...
0
votes
1answer
99 views

working as an european self employed for an USA company

I was wondering why companies from USA are are searching for remote developers from USA, even if the working contract is a W2? (I've seen that many companies have a requirement that the developer ...
2
votes
1answer
88 views

How can portion of cellphone bill be estimated for work?

First off I'm very new to this so some of my questions may be silly. I worked for several companies that issued me a T4A which means I need to fill out a T2125 with business expenses. To my ...
1
vote
3answers
168 views

Estimating the amount of my 2018 tax refund

I'm 23 and 2018 is the first year that I have worked full-time. I began working full-time in May of 2017 and got back about $5,500 from that tax refund (state & federal). I'd like to get a ...
0
votes
1answer
78 views

Self-employed, Medicare, Retiree: Box 5 on 1099-R is empty; is health insurance deductible (1040, Line 29)?

If Box 5 on a 1099-R is empty, does that mean that health insurance premiums for a self-employed retiree can be deducted on line 29 of the 1040? (Assumption: All other requirements for 1040 line 29 ...
-1
votes
1answer
76 views

tax income - working less than 12 months

If I work less than a year (6 months) and I earn 26,000 per annum. However, I didn't work before, therefore in March the overall amount will be apox. 13,000. Am I entitled to the tax return as they ...
1
vote
1answer
131 views

Social Security Insolvency?

I was perusing the Analysis of the 2018 Social Security Trustees’ Report. This report claims "that the Social Security program faces a large and growing funding imbalance that must be addressed ...
0
votes
0answers
22 views

How do I meet the Tax Home requirement for the FEIE while traveling to multiple foreign destinations in a year? [duplicate]

I am planning for a trip to travel around the world for a year. I will travel to 12 countries and stay for a period of one month in each. I will live and work full time in these countries for the U.S. ...
1
vote
1answer
38 views

Maximum amount deducted for carried-over long term capital loss

Suppose I have $10K of long term capital losses in FY2018. I'm married filing jointly, so the max I can deduct is $3K, and carry over $7K to the next year. Question: do I then have to deduct $3K ...
2
votes
1answer
73 views

Can I live outside Canada and get paid into my Canadian bank account for freelance work?

I live outside Canada and have declared non-resident status to the CRA. I haven't declared income or paid taxes for the last 4 years, or even stepped foot in Canada for the same duration. I do have an ...
0
votes
2answers
52 views

How are deductions divided between ordinary income and long term capital gains?

The question applies to the US federal income tax for tax year 2018. To make things concrete, let's suppose I have $50k in ordinary income and $50k in long term capital gains. I plan to use the ...
4
votes
1answer
64 views

Deduction for HSA contributions when MFS

Assume the following scenario for married couple living in the US: Both spouses have coverage under the High Deductible Health Plan (HDHP) of spouse A Spouse B does not have coverage under any other ...
36
votes
5answers
6k views

Why is progressive taxation achieved with brackets? [closed]

The marginal utility of money decreases as income increases. Intuitively, if I take $100 from both Jeff Bezos and a minimum wage worker, they will both be worse off, but the impact on the minimum wage ...
1
vote
1answer
80 views

Do I need to pay tax if I use my own bank account for collected money for a booked hotel in the UK?

We are organizing an event in the UK and we need to book a hotel for about 200 attendees. The booking fee of about 4,000 pounds is to be shared by all the people. Since we have no company bank ...
4
votes
2answers
1k views

Taxes for freelancers

I have done some research on this topic already. There are still some things about freelancer taxes I have questions about. According to what I've read so far, freelancers have to pay taxes on any ...
2
votes
3answers
178 views

Effective Tax Rate in Retirement

Suppose that I'd like to net $5k of monthly income ($60k per year after taxes) from my 401k when I retire in 20 years. For 2017, I would need $69.5k gross distributions from my 401k because my ...
0
votes
1answer
37 views

Dual status US federal taxes

I have been working and living in the US from January 14th until October 19th on an L1 visum. Before this I lived in France and for the rest of 2018 (and later) I will be a working and living in ...
0
votes
1answer
31 views

Rollover IRA contributions

I currently have 2 retirement accounts with Vanguard: 401K Rollover IRA I contribute to both. I and my employer contribute to 401K before taxes. I have been contributing from my paycheck (After ...
0
votes
1answer
52 views

How to determine how much is paid to OASDI?

Same state. Same status. I recently switched jobs ($130k to $200k) and I noticed a huge amount goes to OASDI but before I didn't pay any. My overall tax deduction went from 24% to 36%. I am not-...
0
votes
1answer
83 views

Will the IRS return some of the taxes imposed at a higher level than normal on a severance payment?

Say a former employer pays out a lump-sum severance, and say that payment has taxes withheld at a higher than normal rate. Will the difference between that tax amount and my regular payroll tax rate ...
2
votes
1answer
105 views

Backdating employment start date

Is it possible to officially backdate my employment start date with HMRC? I have been working part time for my current employer since April 2018 and I have just found out from my employer that he hasn'...
1
vote
0answers
26 views

I own a corporation taxed as an S corp which hires me to do web development/consulting. Does the company income qualify as QBI under the TCJA?

In defining a "qualified trade or business", the Tax Cuts and Jobs Act (TCJA) excludes a "specified service trade or business" and lists "consulting" in its list of disqualified business types. But ...
2
votes
2answers
153 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.
6
votes
0answers
74 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
67 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
136 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
90 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
38 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
65 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
2answers
125 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 ...
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 ...