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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Itemizing property tax deduction on California state taxes?

I'm trying to understand if in California you are limited to the same $10k federal limit on property tax deduction. The only CA government info I can find is here Line 5e The federal deduction for ...
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2 votes
1 answer
48 views

Foreign Tax Credit for US Citizens: Levied/Accrued?

I am a US citizen living long-term in Germany, paid by a German employer. My taxes were deducted normally throughout the year from my paychecks, and sum to A. It turns out I overpaid a bit, by amount ...
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5 votes
1 answer
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How does IRS know that I calculated tax using worksheet "Qualified Dividends and Capital Gain Tax Worksheet"

I am filing 2021 Federal Tax and got long-term capital gains (will also file Schedule D). I calculated tax using "Qualified Dividends and Capital Gain Tax Worksheet" How will IRS know that ...
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2 answers
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How to calculate effective rate of tax - UK

I'm trying to get a handle on my household finances for the first time in my life. Part of that is producing a nice spreadsheet which I'm going to use to track expenditure, debt burndown etc. and plan ...
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3 votes
1 answer
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Why would CP11 notice of incorrect Child Tax Credit have an amount that isn't a multiple of $500

I received a CP11 notice saying they changed the amount claimed as nonrefundable Child Tax Credit or credit for other dependents because I either didn't enter an amount or entered an incorrect amount ...
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Sikkimese index fno trader needs to file a ITR?

Exemption from taxation is this special act that exempts a Sikkimese person from not having to pay taxes. (26AAA) in case of an individual, being a Sikkimese, any income which accrues or arises to him—...
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2 votes
1 answer
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Is this Class Action lawsuit settlement taxable as a long term capital gain?

Imagine an investor owns the XYZ company which is taken over by another company in a cash transaction. The investor sells his shares in the XYZ company for a profit. He then reports the profit as a ...
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3 answers
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Entity donates to a charity in exchange for my work: do I need report this to the IRS when filing for my taxes?

I'm doing some work in the US for some entity also located in the US, and I've been told: We will donate xxx USD on your behalf to one of several non-profits that you can choose. I am a US tax ...
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1 answer
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Why didn't including a 1099-INT figure change the bottom line in my tax return?

I prepared a tax return with Turbo and saved as pdf. Later, I discovered a 1099-INT I had neglected to include, so I edited the return to include it. But it did not change the amount of the refund. ...
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2 votes
1 answer
125 views

Forgot to submit 2020 tax return, now file amendment?

I knew I would get a refund for 2020, so I didn't have to file by the normal deadline. At some point in 2021 I prepared a return (with Turbo), used it for a financial aid application, and then ...
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2 answers
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I guesstimated my taxes and overpaid a bit before April 15. But I have not filed. Where can I file and not pay?

I am filing late so I guesstimated my tax bill and overpaid it directly on irs.gov (to prevent penalties. So I have paid a bit too much, but have not filed. Where (Turbotax?) can I file but not pay? ...
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1 answer
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Am I French Tax Resident?

I moved to London from Paris in March 2021 while my wife and son are still in Paris. I was assuming that I am a UK resident for tax purposes till I came across "the definition of 'domicile fiscal'...
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1 answer
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How to file form 1099 NEC free online

BH been looking everywhere, never did taxes before, only had one job where this company gave me a 1099 NEC form [no idea what that means], and so far turbotax, h&r block, ezTaxReturn, nothing. ...
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2 votes
1 answer
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Wash Sale - Selling RSU Shares Before Another RSU Vest

I currently have RSUs that vested three months ago where the the current market price is lower than the value of the stock when I acquired it. I'd like to sell these RSUs (at a loss of about -$5,000) ...
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1 vote
2 answers
54 views

How to calculate interest on amount due with an amended return?

With my original TY2020 return I got a refund of about $5000. It turns out though that I missed some information and once I've amended it I owe about $1000 back (so the refund should have been $4000). ...
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0 votes
1 answer
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Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
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2 votes
2 answers
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Can you defer the July self assessment tax payment until January in the UK

Someone told me they don't pay any self assessment income tax in July, they just pay the full annual bill in January. Is this possible in the UK or is the July payment compulsory?
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19 votes
2 answers
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What's the point of the wash rule?

I don't understand the 30-day wash-rule. Someone please set me straight. So let's say I purchase 100 shares of Hot Stock X, for $100 apiece. So $10,000. Let's say that the stock goes down 50% on a ...
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-1 votes
1 answer
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How do I determine the division of cost basis for multiple NFTs minted in a single transaction?

I understand (I think) how to assign cost basis (for income tax) to ordinary minted NFTs: Convert the minting price (including gas, fees, etc.) in cryptocurrency to dollars using the market rate at ...
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1 vote
1 answer
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How much tax return can I expect from a mortgage compared to standard deductible

I am only looking for a rough ballpark estimate. For a single Californian with 190k/yr income: Scenario 1 - all else being equal, I go with standard deductible. Scenario 2 - all else being equal, I ...
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1 vote
0 answers
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Should I exercise my stock options (NSO's) before or after moving from Canada to U.S.?

I'm planning on changing my residency in a coming year from Canada to U.S. (Canadian citizen). I have NSO's of a private US corporation and have the option to exercise my vested options. I'm going to ...
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1 vote
1 answer
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What is the contribution limit for self-employed person to their SEP-IRA?

For a few years I've been contributing to a SEP-IRA for myself as the sole employee/employer. Until this year, I have been calculating my max contribution as 25% of my total SE income. I realize that ...
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1 vote
0 answers
29 views

Is there a citation for an apparent change in UK Tax Return calculation process, going into 2021/2

Examining my Tax Returns for the past 4 years, it seems that HMRC have changed one of their rounding policies (from previously being less accurate but in the individual's favour, to being more ...
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0 votes
2 answers
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How, *exactly*, do I calculate my UK PAYE personal Tax Allowance ... since it's not quite the published figure?

See here: UK Taxation: Should I be able to calculate my PAYE tax for the year exactly? It turns out that, contrary to common-sense, if someone is a fairly average person in England and thus has the &...
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0 votes
1 answer
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New reporting requirements in 2022 for proceeds over $600

I am serving as a conduit for a friend by receiving money from PayPal and sending it to her through CashApp (her PayPal account is currently limited). The transactions I am getting in PayPal are ...
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1 vote
1 answer
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What methods exist to verify if my tax return was received by the IRS?

I finished my taxes on February 15th. However, TurboTax had a bug that prevented e-filing. I waited until the 22nd, and when it still wasn't fixed I just mailed a paper copy of my taxes. I started ...
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3 votes
2 answers
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UK Taxation: Should I be able to calculate my PAYE tax for the year exactly?

Consider a simple employed person in the UK, with nothing particularly unusual or exciting. At the end of a given (financial) year they look at their payslips and they can see (amongst other things): ...
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  • 2,011
2 votes
1 answer
210 views

USPS taking too long to deliver tax returns [US Taxes]

I used USPS First-Class Mail with tracking to send my State and Federal Tax returns. It's been 10 days and the tracking site has a In Transit, Arriving Late status. What happens if USPS fails to ...
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1 vote
0 answers
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Can my wife use my income/credit card to buy products for her self-employed business (UK)

I am in full time employment in the UK (and have no other sources of income). My wife does not currently work (since having children). She will shortly be registering as self-employed/sole-trader and ...
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1 vote
1 answer
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Should my wife claim our child as a dependent when filing her NY state income taxes if we both live in CT and I claim the kid on our CT and US taxes?

My wife and I are Connecticut residents. I work in Connecticut, but my wife just accepted a new job in New York State. We're planning to file our tax return jointly as we have done in previous years....
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8 votes
2 answers
4k views

Can I put my rental in a trust and have the trust sell it?

I probably am not the first to think of this and the IRS most likely has this covered but if one wanted to put their rental into a trust and then have the trust sell it, would they save on taxes since ...
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3 votes
1 answer
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Do I need to fill in my tax declaration in Germany?

Almost everywhere it is stated that if I am single and an salaried employee without additional income I do not need to present my tax declaration. However, I have read in a couple of places (for ...
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1 vote
0 answers
57 views

Filed 2019 taxes in 2022. Which year to claim state income tax refund?

I am catching up with my taxes. I just filed my 2019 Federal and State taxes. I'm now working on 2020. I had a State refund due for 2019. I applied it, in full, to my 2020 estimated State taxes. If I ...
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0 votes
1 answer
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Self-Employment: is equipment deductible as part of the home office deduction, or as a separate deduction?

I have a side gig and am setting up a separate home office area for exclusive side-gig use. I intend to take the home office deduction, but am not yet decided if I'll calculate it the simplified way (...
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5 votes
2 answers
1k views

Will I be penalized for not making an estimated payment in the first quarter for a side gig that started in the second quarter?

I picked up a side-gig on March 30th, that pays me at the end of each month, so my first pay check will be towards the end of April, which is in the second quarter. It seems I have two options to ...
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1 vote
1 answer
98 views

Should I report a cryptocurrency transaction with a $0 capital gain?

I'm reporting my cryptocurrency trades on 2018 Form 8949. For some of them, after rounding to the nearest cent, the gain is $0.00. Should I still include those rows even if there's no capital gain or ...
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4 votes
2 answers
2k views

My tax return was approved, when does the IRS debit my account?

I just recently filed on TurboTax. This is the only time I've had to pay the IRS anything beyond what they normally take in withholding. I know normally when they "withhold" more than they'...
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4 votes
3 answers
1k views

Is this how you calculate how much you can deduct from itemized deduction for mortgage interest and property tax?

Say you have a following case. Married, filing jointly Home value: 1,000,000 Down payment: 250,000 Debt: 750,000 4%, 30 year loan Property tax: 8000 / year Using https://www.mortgagecalculator.org/, ...
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0 votes
1 answer
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Life span of overpaid tax applied to next year?

Assuming tomorrow is the last day to claim a refund on my 2018 US federal income tax return, instead of asking for the "amount I overpaid" to be refunded to me, may I apply it to my 2019 ...
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0 votes
1 answer
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Income Tax Return filing for 2022: Home Office and W-2 Employee expense deductions for hybrid employees

I receive a W-2, as an employee, and I now work a permanent hybrid schedule but I can come into the office if I want to. I'm classified by HR as a hybrid employee. I know the federal home office ...
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1 vote
2 answers
47 views

Distributed from wrong IRA account last year. Any way to correct?

We distributed $47k from wife's (age 52) regular IRA last year, 2021, to improve home. Realize now we should have distributed from my (age 64) regular IRA instead. Now we're paying penalty for early ...
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1 vote
1 answer
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Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?

I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
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0 votes
0 answers
27 views

How to report interest on uncashed savings bonds?

I have a Series EE U.S. savings bond that matured in 2018, but I still haven't redeemed it. What do I put for the payer's name on 2018 Schedule B (Form 1040), line 1? More details: IRS Publication 550 ...
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0 votes
2 answers
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Taxation details when changing states in the middle of the same job

I looked up the answer to this question with the specific details that it has but couldn't find one. Let's say you have a work-from-home job with a NYC-based company. You are a NY resident and you ...
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0 votes
1 answer
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How does Turbotax get your W-2 from the previous year without user input?

How does Turbotax get your W-2 from the previous year without user input? Does it use the prior year's W-2 to populate the current tax year's W-2? Also when Turbo tax says you will get a refund next ...
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1 vote
1 answer
44 views

Capital Gain on sale of shares

I have sold shares held by me in Pakistan. My holding was for more than a year. Do I need report this on my US Form 1040 for 2021 tax year? How do I report it ie where and how on Form 1040?
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2 votes
0 answers
23 views

Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?

I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
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0 votes
1 answer
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How to attach amended federal tax return to fresh California tax return?

California income tax (paper Form 540) requires attaching a copy of the taxpayer's federal return. If, when filing a given year's California Form 540 for the first time (not amended), the federal ...
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4 votes
1 answer
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Can I claim a capital loss on property I gifted?

I had some cryptocurrency with an unrealized capital loss that I gave to someone as a gift. My adjusted cost basis just before I made the gift was $4,000. The fair market value (FMV) of the ...
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  • 488
1 vote
0 answers
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Should the box 10 of W2 include dependent care contributions made by an employee?

My employer has included both the contributions made by them (employer) and by me (employee) in the box 10. As I was not eligible to get the dependent care contributions deducted, I am paying taxes on ...
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