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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
34 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
90 views

What tax code is used for tax refunds?

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 ...
47
votes
3answers
12k 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
51 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%,...
0
votes
1answer
77 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 an Roth 401(k) plan. For tax purposes these earnings can be reduced by 20% due ...
3
votes
2answers
69 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
70 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
60 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
170 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 ...
3
votes
1answer
54 views

UK Tax Return: how to compile it if I have restricted equity granted by my employer

This year I will have to compile my first tax return. I have received the equivalent of 5,000 GBP in restricted stock of the Company I work for. I have already sold these shares and I know that I ...
1
vote
0answers
37 views

Do residents through golden visa programs pay income taxes if they don't stay in the country for more than 183 days?

For example, Latvia offers a residency by investment program, and I was wondering whether it matters if you stay in the country for more than 183 days in order to pay the taxes? Or are you already ...
2
votes
1answer
106 views

UK - check if too much tax has been paid

I currently live in the UK, after I graduated with a Bachelor's degree a few weeks ago. Both this summer and the previous summer I have been employed by the university as a Research Assistant. The ...
0
votes
1answer
56 views

Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
0
votes
0answers
41 views

Hard of hearing worker in New York and income tax deductions

I have a serious hearing impairment. I am eyeing moving to New York for work, I wanted to investigate if there are any income tax relief for someone in my situation. Can anyone point me to the ...
1
vote
0answers
26 views

Dual status tax returns (F-1 H1B)

I was on an F-1 visa from August 2013 till September 2017 and on an H1B visa from October till now. I am single. I filed extension for the 2017 year and now as I am Resident for tax purpose as I ...
1
vote
2answers
34 views

Do I have to file ITR2 if I did not sell stocks in FY17-18?

I've a question related to filing ITR - whether I've to file ITR1 or ITR2. Below is my scenario. I'm a salaried employee and I hold a Form-16 for FY1718. During FY1718, I bought few shares which I'm ...
1
vote
1answer
14 views

How to declare interested earned from unmatured NSC (5 years) in ITR

5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C. But there is no interest entry made by the Post Office department against NSC. How can I declare such ...
1
vote
1answer
18 views

Income tax exemption (in India) for interest on second home loan

I own a house in Bangalore (India) for which I had earlier taken home loan and which was fully closed nearly 7 years ago. This property has been let out as I am working & staying in Mumbai. I have ...
1
vote
2answers
51 views

Can calculation of the amount of tax I will need to pay if I take a home loan be done if I present actual figures?

This is related to the India. So an answer pursuant to the Indian IT rules would be much appreciated. Let's say my income details are: Gross Annual Income: Rs.10,50,000 HRA received from employer: ...
1
vote
1answer
37 views

Social Security/Medicare tax withheld on TN visa

For reference, I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen/resident, and don't pass the substantial presence test for 2016. Is there anywhere ...
0
votes
1answer
21 views

Tax Questions for Internship on TN Visa. Should I fill out Form 8843?

I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen and resident and have a few questions below. For background, I don't pass the substantial ...
1
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0answers
42 views

The effect of 2018 tax deductions, Part 2: head of a household

In the previous question, I asked: I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I ...
1
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3answers
91 views

The effect of 2018 standard tax deductions

I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I am not married. Suppose my income is 15K. Then ...
0
votes
1answer
72 views

How can I file California tax returns if I do not owe any tax?

For 2017, I do not owe any tax to the State of California. How should I file my taxes? Online or by sending hard copies of forms? Also, do I need an ITIN for this?
0
votes
1answer
55 views

Can I avoid state trust tax with a conditional gift?

My state taxes resident trusts. A resident trust is any of the following: a. Its settlor (or any of its settlors) was a state resident at the time the trust was created; or b. All ...
3
votes
2answers
78 views

How is a lump sum to make up salary underpayment taxed in Australia?

I have been underpaid for a period of over two years. If I am paid the back-pay that is owed to me as a lump sum, is that considered part of my income for the current tax year? If so, that means it ...
5
votes
1answer
618 views

Can I get back withholdings after losing my job?

If I was taxed at 120k starting January, but only worked for 4 months and don't plan on working for the rest of the year, is there anyway I can take the adjusted withholdings (40k instead of 120k ...
7
votes
1answer
272 views

Moved to Canada for Grad School, Getting Heavily Taxed in U.S

I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
0
votes
0answers
30 views

In Spain, is income from mortgage interest considered income or capital gains?

I'm advising someone who is a tax resident of Spain interest in providing a mortgage to someone in the U.S., and trying to get an idea of how the interest from this mortgage would be taxed there. ...
3
votes
1answer
75 views

Received K-1 from ETF whose basis wasn't reported. Can I use just Schedule D without Form 8949?

I received a K-1 from an ETF, as well as an insert with instructions on what to do with the numbers on it. This ETF was my only holding whose basis was not reported to the IRS. The "Other income (...
5
votes
6answers
363 views

Why are you required to file your taxes if you employer deducts them for you?

When you work for someone they automatically deduct tax from your pay and give it to the government. Filing your tax returns allows you to get money back if they taxed you too much. So why is not ...
0
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0answers
22 views

On California's form DE 4, should one not leave line 1 (Worksheets A and B) blank when using Worksheet C?

I'm switching to a new benefits provider, Sequoia One, so I need to fill out my W-4 and DE 4 again. At my previous provider, I filed as Single, whereas I'd actually like to file as Head of Household ...
1
vote
1answer
121 views

Can I force my company to print a new, accurate, copy of my 2016 W-2?

Back in 2016 the company I work for went through a huge transition. Lots of things changed, but the relevant part is that early in the year we switched accounting systems and HSA providers. When I ...
1
vote
1answer
112 views

Can US based client of my brother transfer me his pay and I pay my brother the equivalent in cash?

My brother works in field of Digital Marketing at Pakistan. His clients are mostly in United States. His clients normally pay him via wire transfer which works fine but some money gets deducted from ...
2
votes
1answer
60 views

Taxation on money earned working remotely for a US company while living as an expat

As a US citizen, if I work a US based tech job remotely from a foreign country as a permanent resident (Latvia if it matters), but all my money is paid into US accounts, is this money still considered ...
2
votes
1answer
45 views

What to do about ETN distributions not included on 1099?

As a US citizen, in a US taxable brokerage account, I received distributions from MORL, a UBS (Swiss)-sponsored exchange-traded note (ETN). The brokerage account statements label the distributions as ...
1
vote
1answer
252 views

Is money collected from childhood taxable?

My daughter is a business woman currently. She started consultation and business from 18 years. Also before she turned 18 she had collected around 2.5 lakhs as pocket money from her relatives, and ...
0
votes
1answer
21 views

S-Corp 1040 deduction?

If I own an s Corp and the s corps pay my health insurance do I take a deduction on form 1040? And if I take a deduction on 1040 do I get that exact same amount back in a refund?
0
votes
1answer
63 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
1
vote
0answers
35 views

How do I opt for First Year choice method?

I received my H1B on October 1, 2017 and my wife is on H4 visa. As I wanted to opt for the First Yr choice method, I filed for an extension in April, 2018 as I was unable to satisfy the Substantial ...
0
votes
0answers
33 views

Form 8606 and Potential Errors

I have been using tax software for years to do my tax returns. Recently, I did some analysis to determine if my Form 8606 was correct and could not tie back to the amount on the last 8606 I submitted. ...
-2
votes
1answer
79 views

Will I pay tax to transfer money from one of my bank account to my other bank account?

I have 3 bank accounts in 3 different banks. One I opened during college days. The other 2 were provided by companies when joined. All my 3 accounts are added with my pan number. If I transfer money ...
1
vote
0answers
33 views

S-Corp - How to Split Up Quarterly Estimated Tax Payments

I have a S Corp where I am the only shareholder and employee. I usually do payroll once per year - at the end of the year - during which I pay myself a salary for the whole year (pay period of Jan. ...
8
votes
2answers
175 views

LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?

I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
1
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1answer
81 views

The state tax I owe from my return has not been taken - how should I proceed?

I submitted my New York State resident tax return close to 6 weeks ago. I filled the form (IT-201) on my computer, printed and signed, and then put it in the mail in a random mail box in Manhattan. I ...
-2
votes
1answer
44 views

Ratio Write and Income Taxes

Imagine that an investor owns 500 shares of the XYZ stock with a current value of 50 and a cost basis of 30. He then sells 5 call contracts with a strike of 65 for 2 dollars. Latter he buys back the ...
1
vote
1answer
52 views

2018 Federal Income Tax Deduction for Owner Occupied Rental Property

I live in a 3 bedroom condo in California and decided to rent out 2 of the bedrooms and live in one. The mortgage is $1M and interest is $4000 per month HOA is $600 per month Property tax is $1000 ...
1
vote
1answer
62 views

2017 IRA Contribution Mischaracterized as Roth

In April, I mistakenly deposited my wife's 2017 IRA contribution to her Roth IRA, rather than to her Traditional IRA. This happened as follows: I called my broker and told his associate that I wanted ...
2
votes
2answers
139 views

How to prove you are a resident of a particular state

I have 2 residences one in TX and the other in North eastern state. Our primary residence is in Texas where we spend more than 6 months. The NE state has asked us why we are not filing taxes in that ...