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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.

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Tax filing in Argentina, Uruguay and Paraguay

Relative to USA and India, how easy or difficult is it to file local and federal tax returns in Argentina, Uruguay and Paraguay, as a tax resident? (Income expected just from capital gains and farming....
vishvAs vAsuki's user avatar
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1 answer
19 views

Schedule OI and dual status return

When filing as a dual status alien (with 1040NR as the return), how should one respond to the tax residency question on the Schedule OI? (« List the foreign country in which you claimed residence for ...
oa27's user avatar
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Why was charged less than I was supposed to?

A Chinese company in Hong Kong called JLCPCB says I was charged a grand total of $146.64 USD. The Bank Of Canada says on 2024-03-15 (which is the date the payment was made) $146.64 USD was worth 198....
John Doe's user avatar
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3 votes
0 answers
78 views

Calculating work from home expenses

I'm self-employed freelancer, and primarily work from home. I work more than 101 hours per month from home. I'm trying to calculate the proportion of my home expenses (energy bills, council tax, ...
Kakalokia's user avatar
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0 answers
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Self-employed on the side and student loan

I'm in the process of filling my self-assessment form, and have come across a section that's confusing me a little bit. My situation is that I'm in full-time employment, and doing some freelance on ...
Kakalokia's user avatar
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1 vote
1 answer
57 views

Filed 1040 instead of 1040NR, noticed the error and mailed a 1040-X. Still got the refund for the 1040. Now what?

I did a research internship in California in 2023 under a J-1 visa. Unaware of the fact that TurboTax is only for residents, I filed my taxes with TurboTax. I ended up getting a letter 5447C to ...
HellSaint's user avatar
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2 answers
93 views

Recovering a Taxpayer Identification Number from a Social Security number after 10 years

I lived in the US (New York) for 6 years and paid state and federal taxes. This was over 10 years ago. I now need my Social Security Number (SSN) and my Tax Identification Number (TIN) to apply for a ...
emonigma's user avatar
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How to file tax return for tax refund without German bank account

I came to Berlin to work in April 2024. But due to personal reasons I am going back to London. In this time I have collected 3 salaries and my total salary after tax is approx 5500 Euros which is like ...
28sam10's user avatar
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1 vote
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41 views

Can I get the "EV Federal Income Tax Credit" if I moved to US in 2024 and want to use my previous 2023 year's income?

I moved to the US a few months ago at the start of 2024 and I am considering buying an EV. I am looking up all the rules for the EV tax credit and my this year's projected income will likely cross the ...
Titurn's user avatar
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2 votes
1 answer
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Japanese citizen living in the UK, pays tax in Japan, do they need to pay tax in the UK too? Double tax?

My wife is working part time earning under £800 a month and paying taxes in Japan on her income. She lives in the UK though, I believe there's a tax agreement with Japan to prevent double taxation. ...
Josh19041996's user avatar
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Qualified Covered Calls and Naked put positions

Suppose an investor owns 100 shares of the XYZ stock in a qualified covered call position. He is also short puts on the XYZ stock. All of this is down outside of an retirement accounts. He has an ...
Bob's user avatar
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2 answers
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How to Treat Income After Investing in a Farm?

If I make an investment in a private farm project, let's say livestock farming, how should I record the income? Let's say most of the livestock on the farm are sold after a few months, generating a &...
Robert Chapin's user avatar
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ELSS NAV bought which were not shown as investment in ITR Can be redeemed before three year?

I invested in bandhan elss fund in 2022 and claimed in ITR, next year I again invest in same fund as it had good return but I did not claim it in ITR deduction as I opted for new tax regime and it was ...
nandubhadu's user avatar
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Value of gst and income tax

For country India Let I am registered gst tax payer under composition scheme. I am a trader selling burnt clay bricks. Rate of composition gst will be 1% for me. I get 1 crore 40 lakhs in current ...
Shivam Tripathi's user avatar
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31 views

Tax on capital gains vs franked dividends in Australia

Consider two stocks "CG" and "DIV" that perform equally well, but the difference is: "CG" pays no dividends and all its performance comes from it raising its ticker ...
小太郎's user avatar
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Confusion in filing gst and income tax return

If you start filing gst returns then is it necessary that you should file income tax returns also
Shivam Tripathi's user avatar
2 votes
1 answer
55 views

tax liabilities on creation of a discretionary trust

If a person's will bequeaths some money to a discretionary trust fund for the benefit of a list of beneficiaries, does the amount bequeathed to the trust immediately count as trust income subject to ...
RedGrittyBrick's user avatar
2 votes
1 answer
50 views

Excess (or not) HSA Contribution Problems Due to Medicare Enrollment-6 Month Rule

I'm hoping someone can guide us to solve our HSA problem. In April 2024 my wife filed an application for Social security benefits (she will be 70 this year), which she supposed to receive in July 2024....
Fisherman's user avatar
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2 answers
80 views

Dual status and substantial presence test

In 2023, I was present in the US as an international student on a visa (and was considered a resident alien, having filed my first resident return a year prior). After I graduated, I returned to my ...
oa27's user avatar
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Double tax treaty US-UK for UK resident

I want to understand if I'll pay taxes to the UK on my foreign income earned in the US and if the current tax treaty allows me to be exempt. Next is my understanding, and I'd like to know if it is ...
Manuel Carrasco's user avatar
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2 answers
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How do I amend my 2018 California Form 540 personal tax return?

I want to amend my 2018 form 540 personal tax return but can only find the online form for year 2023. To amend, should I include the 3 forms: 2018 540 2018 Schedule CA latest (2023) Form Schedule X
Doug Null's user avatar
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2 answers
157 views

Why would people invest in T-Bills over an extended period of time, when more tax-efficient options like BOXX exist?

Assuming a retail investor holds/rolls T-Bills for years, is there any reason for a retail investor to buy T-Bills directly when tax-efficient ETFs like BOXX exist (that provide the same return as T-...
A. Shultz's user avatar
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1 answer
118 views

Does the IRS check for errors and refund people who overpaid?

After paying state and federal taxes through one of the IRS' approved on-line tools, I received a letter from my state's IRS I've overpaid my taxes, basically gave me money back in the amount I ...
Village's user avatar
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1 vote
2 answers
40 views

Must I file 1040-NR in my case?

I'm in the EU, in a country with a tax treaty with the US. I'm not a US citizen. I won 2000 USD from a MTG online tournament. 30% went to withholding tax. I don't have any other US income during the ...
ollen35's user avatar
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0 votes
1 answer
24 views

J1 Internship Tax Years

I'll do an internship in the US for PhD students on a J1 visa. The internship starts in October 2024 and ends in mid-January 2025. As I understand, I must file a tax return since I earned income in ...
Manuel Carrasco's user avatar
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0 answers
97 views

A Question about what counts as a qualified covered call for tax purposes

Below is a quote from IRS Pub 550: Qualified covered call options and optioned stock. A straddle is not subject to the loss deferral rules for straddles if both of the following are true. All the ...
Bob's user avatar
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0 votes
1 answer
39 views

Receiving Freelance Payments as an NRI: NRE vs. NRO Account

As an NRI residing in Singapore, I completed freelance work for an acquaintance in India. Now, I'm seeking advice on the most suitable method to receive payment: Should I use an NRE or NRO account in ...
CuriousCase's user avatar
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1 answer
77 views

FICA refund on H1B as a non-resident while performing work outside the US

My question is similar to the one here and concerns my 2022 US tax return: Federal income tax as nonresident alien working outside of USA remotely for US employer For 2022, I filed as a non-resident (...
user467597's user avatar
1 vote
1 answer
159 views

Why is the IRS asking about digital assets?

I noticed the IRS is always asking about digital assets for income tax but doesn't appear to do anything with it in any of the forms, at least the ones I deal with. On the 1040 we see the following ...
jxramos's user avatar
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1 answer
66 views

Should I convert my rental unit into an LLC for tax purposes?

I have a rental unit (condo). I would like to know if it's better to just keep it as a rental unit or put it under an LLC and if the tax implications change? Currently, it's fully a rental unit (owner ...
Jonathan's user avatar
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1 vote
1 answer
479 views

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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0 answers
83 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
53 views

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 vote
1 answer
386 views

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 vote
1 answer
161 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
108 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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0 votes
1 answer
29 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
48 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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-1 votes
1 answer
64 views

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
137 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
1k views

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
16 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
109 views

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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0 votes
1 answer
49 views

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
247 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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0 votes
1 answer
71 views

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
60 views

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
0 votes
1 answer
89 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
55 views

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

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