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.
3,574
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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-...
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1
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39
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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 ...
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0
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14
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EV Tax credit - Modified Adjustable Income if you were not a tax resident of US for 2023 [duplicate]
I was a Canadian resident for the last 3 years (including 2023) but I would have US income (W2) through company stocks and file US taxes using 1040NR.
In 2024, I moved to the US and will be a resident ...
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1
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56
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Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?
26 years marriage. Wife stayed home for 20 of 26 years. Husband owned S-Corp that flowed to their personal taxes, always filed in October after an extension, and never paid the liability. Once the ...
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20
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EV tax rebate based on previous year (2023) income for a non resident. Moved to the US in 2024 but had US income < 150K in 2023. Filed 1040NR [duplicate]
I am planning to buy an EV in the next few days.
My situation
2023 - I was a Canadian resident with US income (under the 150K limit) through company stocks. Will file the 2023 taxes (1040NR) next week ...
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2
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51
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Tax implication – Working for California Employer for 2 months from Washington state?
Moved to Washington (from California) in November,
while continued to work for CA employer until mid-March.
Payroll was switched to Washington state mid-March.
As I understand,
California taxes will ...
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1
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70
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Tax question about land sale
Our home is on 7 1/2 acres. We are selling 2 1/2 acres of land but keeping 5 acres with our house. What taxes do we have to pay?
3
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2
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401
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Refiguring for AMT, detailed instructions
I really wanted to understand my federal taxes, so I decided to prepare them for 2023 "by hand" using the fillable PDF forms offered by the IRS. No problems -- except for one thing. I'm now ...
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1
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65
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Rental income taxes
My parents found a home for sale in their area they wanted to buy for rental purposes, but couldn't qualify for the loan. So I took out a loan and purchased it.
They are now renting it out and have ...
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1
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51
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Do wash sales rule disallow losses if 100% of the stock is sold, all on the same day, within 30 days of buying lots, and no new shares are bought?
I bought multiple lots of stock A on 3 separate days, each about a week apart, so I have buys on 3 days. I sold all of it about a week later, and from the first buy to the final sale, less than 30 ...
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How do you calculate taxes on proceeds from sale of a private company held in escrow?
In 2023, a private company in which I held stock was sold in an all-cash acquisition. A portion of my proceeds were placed into an escrow account to cover post-sale price adjustments, expenses, and ...
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1
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223
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Should I Salary Sacrifice everything except minimum wage, if I can live off savings?
Summary: We live off savings, don't need my salary, should I 'salary sacrifice' everything to our pension except minimum wage, for the NI savings?
We (me, wife and son) live entirely off my savings, ...
2
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1
answer
228
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How to amend 2023 federal return after refund has been issued?
I e-filed our 2023 federal taxes early last month, with a refund coming our way.
Yesterday I received a letter from our mortgage company along with an adjusted form 1098; the letter explained they had ...
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79
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Interest accrued in Traditional IRA during Backdoor Roth Conversion
Similar to another question: Interest accrued before backdoor roth ira conversion, but I want to highlight a specific nuance of my situation.
In 2023, I contributed the maximum $6500 to my Traditional ...
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2
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65
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HSA Excess Tax Question
I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
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1
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81
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Can I apply estimated tax payments in my name and SS number for the year to spouse who will file separately this year?
Wife and I always filed a joint return. My name and SS number have been used for quarterly installment payments. This was not an issue when filing jointly. Because of her excessive medical expenses ...
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1
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43
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Qualified business income in the US
While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused.
I'm a US citizen ...
3
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3
answers
1k
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Federal income tax as nonresident alien working outside of USA remotely for US employer
As a non-US citizen, I have been working for a US employer remotely from outside the USA since July 2022 (previously in USA with H1B visa for 5.5 years, and waiting for green card processing since H1B ...
0
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0
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24
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Medi-Cal eligibility for parent
If I claim my mother as a dependent will that affect her eligibility for Medi-Cal? She lives with me and I pay all of the expenses.
0
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0
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41
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What are the US tax filing requirements for a non resident alien with a K1?
For 2023 I am a non resident alien, actually a resident of the UK. I held USO or United Staes Oil fund in my brokerage account between February 2022 and March 2023 not knowing that is not an ETF but a ...
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2
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77
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What should someone do when a partial fax is sent to IRS due to connection problem?
My question is mainly about what should happen and how to deal with partially sent fax form? As a foreign owned US LLC should send 1120 + 5472 by fax to 855-887-7737
I did this for years no issue but ...
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1
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118
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Moved from CA to WA, will CA refund me all the withheld payroll taxes?
Moved to WA on Mar-end, and my last paycheck from CA was received on mid-Mar.
As a result, I've received 2 x W2s. One for CA income, and the other for WA income.
As far as I understand, given I spent ...
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1
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80
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Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?
I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
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2
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121
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How to fill out a W-4 for a job when you're also self-employed, if your self-employed income puts you in a different tax bracket?
I've been self-employed for a while, and am now starting a second job with an employer. I'm a bit confused as to how I should complete the W-4 - I just want to make sure I'm paying the correct amount ...
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1
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73
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Should I file taxes if I opened Amazon seller account but never used it?
Me and my husband entered the US with F1(him) and F2(me) visas. He was a fully funded PhD student and we used to send our tax papers jointly. Last year we filed for EB2-NIW visa to get a Green Card, ...
3
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2
answers
506
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Is there a 0% capital gains bracket?
Currently I'm on the upper end of the 0% capital gains tax bracket.
In 2023 I made $3K from interest, $3K from dividends, and $37K from long-term capital gains (no other income).
When I calculate my ...
3
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1
answer
175
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How private is my tax return in practice?
My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers.
The IRS Website states they will only ever share the return involuntarily ...
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2
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96
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W-4 Excess Exemption / Under-Withholding
I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax.
When I asked ...
2
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1
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214
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Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?
This is related to an earlier post. Link
It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
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2
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130
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Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?
My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify.
For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
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0
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58
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Does a bankruptcy cancel out capital losses? (US)
If I filed for chapter 7 bankruptcy does the amount of the debt discharged in bankruptcy cancel the prior capital losses i had so that I am unable to use those losses to cancel capital gains? Are ...
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1
answer
112
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Does repayment of personal loan count as income for US tax
I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
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1
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37
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Is book review service expenses declarable under Schedule E for royalties?
I have books that generate royalties. I am using the QBI since I do for profit and it is what I do. I have included ads as part of expenses but I am also having a book review service where aside from ...
3
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0
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35
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Reduce income tax payable in Canada for an individual taxpayer
For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
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14
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2 out of 3 events rule in gst
Why in India when rate of tax changes during supply 2 out of 3 events rule applies that is when 2 out of 3 things, ( provision of goods,receipt of payment,issue of invoice) occurs then that date is ...
2
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1
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84
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My Mother's Estate, a living revocable turst and Income Tax
My mother died in June 2023. At the time of her death she had a living revocable trust which had several brokerage accounts. The living revocable trust reported its income to the IRS using her Social ...
2
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1
answer
92
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Filing taxes in USA as non-resident alien, which forms to fill?
I have been working as a postdoc in California since February 1, 2023. My first entry to the USA on a J1 visa was on January 27, 2023. My contract with the university is ending soon, hence, I will be ...
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1
answer
40
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Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?
I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
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1
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246
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How do I handle tax withholding when I have multiple jobs?
I’ve been stuck in my taxes for the past 3 years because I don’t know how to adequately fix my situation. My first job pays $60k a year. My second paid me $22k this year but it was contract. I never ...
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0
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165
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How to make estimated taxes when income is unknown and/or "lumpy"
I have trouble getting my arms around estimated tax payments. Let's assume I have some small steady income but the majority of the income is "lumpy": large one time payments that are hard to ...
1
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0
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66
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Seeking Clarification on Indian Taxation After Resignation and Job Change
I recently made a career transition, resigning from an Indian IT company in February 2023 with my LWD in May. And, I was going through the last six months pay slips provided by the organization, after ...
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how do I answer step 2 of W-4 form if I am currently on payroll with a single large company and will be on 2 payrolls 3 weeks from today?
This question is very close, but not exactly mine since this person asking the question says their facility had a closure and might not be on a payroll for a period of time. My question is about being ...
2
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1
answer
167
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Do I have to file a return to be able to carry over a past capital loss?
If I have no income for a year but incurred capital losses in a past year, do I have to file a return for each year following the capital loss (even if I have no income) in order to retain the capital ...
4
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1
answer
110
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How do NI Qualifying Years work if you're self-employed *at a low rate* AND employed
In order to receive a full UK State Pension you must accrue enough "Qualifying Years".
I (think that!) I understand how qualifying years work if you're just employed.
And I (think that!) I ...
3
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1
answer
108
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Apportionment of buy-to-let mortgage interest
I live in the UK and am a higher rate taxpayer (40%). If I have a buy-to-let property, I understand I can claim mortgage interest relief at 20%. Effectively I can only use half the interest as an ...
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0
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21
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Taxation of dividends/CGs/interest arising in US for Indian citizen resident in India
I am an Indian citizen and used to live in USA. I had opened both regular bank/brokerage account and IRA (retirement brokerage) account too.
Now, I live in India and a 'Resident & Ordinary ...
1
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1
answer
187
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Who will the Social Security Administration be mailing out a 1099 to for my deceased mother?
My mother died in June of 2023. She was collecting Social Security at the time. I am the executor of her estate. However, I have not officially notified the Social Security administration of that.
...
2
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2
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294
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Does ITIN require you to file taxes?
For someone who is not a US resident, citizen or tax resident
If he has ITIN, is he required to file US taxes?
2
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1
answer
355
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Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?
Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
2
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1
answer
232
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Lack of response by FinCen?
I had all my FBAR information prepared well before the deadline to file. In order to avoid electronic signatures, I requested a paper FBAR, and received one. The paper FBAR contained instructions ...