All Questions
Tagged with income-tax-return or income-tax
3,648 questions
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Will taxes from RRIF after age 71 always be less than GIS money?
I hold enough savings to max out my RRSP, so disregard the loan on page 19 of this PDF dated October 2024. But check for latest version.
Mary will pay higher taxes after she turns 71, because she ...
- 11
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1
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165
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Can a loss be used to offset taxes on profits that are much larger? A question about a passage in "The Intelligent Investor"
From "The Intelligent Investor" Fourth Edition, 1973, chapter 12 - "Things to Consider About Per-Share Earnings" (emphasis mine):
... [Northwest Industries] was planning to write ...
- 111
2
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1
answer
282
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Deliquent town taxes
If I have delinquent in paying taxes in my town (didn't know I had it only thought I had state) and I play catch up this year, can I claim all that I payed this year or can I just claim the current ...
- 687
2
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33
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Can we take the carried-over passive losses from 2023 this year?
We've had a short-term rental property the last few years. We've been able to take the passive losses on it using the "Special Allowance for Rental Real Estate" on Form 8582. However, ...
- 209
3
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1
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297
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Does an RSU vesting event with shares that were sold at vesting always generate a 1099-B document?
I'm facing a dilemma with the IRS on account of some RSUs that vested back in 2022. Apparently my broker didn't communicate the cost basis to the IRS and with a fraction of the shares being sold to ...
- 1,781
3
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2
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121
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Interest _received_ in renting real estate
We have renters in two properties. To simplify Schedule E, we have an account separate from our other income and expenses that receives the rent and from which we pay tax, repairs, insurance, etc. ...
- 1,093
2
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0
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80
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Can I claim back US tax from the last 9 years as a result of not filling in W-8BEN forms?
I am a UK citizen. I have personally owned shares in a US company for the last 9 years.
I failed to fill in a W-8BEN form for the last 9 years.
I have lived in the UK and have done all my life.
How do ...
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2
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3k
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How to legally sell a house without owing income taxes?
My workplace situation may require that I sell my house and move into an employee-provided apartment.
I have heard that if I sell my house one year, and don't use the money earned to buy another house,...
- 3,035
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1
answer
47
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Tax on incentivized reviews with full refunds?
I purchase an item from a seller on amazon. I leave a review, and the seller sends me via paypal the full cost of the item plus paypal fees (a "refund" but I keep the item), say a total of $...
- 359
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1
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935
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Cancellation of long term care insurance, return of certificate value
My wife and I have been paying premiums for long-term care insurance for the past 20 years or so. Total premiums paid between the two of us is approximately $60,000. The monthly premiums have been ...
- 295
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4
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1k
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Is it generally wise to max out Health Care FSA enrollment when it is an option?
My employer offers 3 health care plans and the cheapest one is a basic PPO plan. It has a pretty high deductible ($1.5k in-network single, twice that for family, double both for out-of-network) and ...
- 451
1
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1
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76
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IRA options for a small amount of self-employment income
Most of my income comes from investments so I understand it is considered non-earned and is not eligible for IRA contributions. However, I have a small amount of self-employment income and would like ...
- 95
4
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1
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762
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Will I receive money back from the IRS if I buy an EV?
I am looking at buying an EV. According to the dealer, there is a $7,500 tax credit. I've read many other questions on here, such as this, and some articles, but am confused what exactly that will ...
- 3,035
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2
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97
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How do I use a W4 to tell my employer to withold $X from my paycheck?
I received a large refund last year. Something like five times the amount of tax I actually ended up owing. I don't want to give the government a loan each year. I'd like to reduce my withholding such ...
- 101
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198
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Borrowing money from friend abroad
I live in Belgium and want to buy an apartment. I don’t have enough money to get a loan from the bank. I have a friend which lives outside of Europe and he can lend me money equal to full cost of the ...
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112
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Filing my 2020 (Filed an Extension) Tax Filing to get a refund Check in 2024
If I filed an extension to file taxes in 2020 can I still get my 2020 refund check from the IRS if I file my taxes today Sept 20th, 2024.
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What supporting documentation do I need for splitting federal withholdings in a community property state?
I live in a community property state and got a letter from the IRS on my partner's 2022 federal return (similar to Where on 1040 do I indicate withholding adjustments in a community property state (...
- 101
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1
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131
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Does AMT Credit apply only to capital gains?
I'm getting very contradictory answers when it comes to when can I claim AMT credit. Is not clear whether the credit can be applied to any income/tax, or it has to be applied only to capital gains, or ...
- 101
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0
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18
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Do capital losses impact the preferred rate tax amounts you'd expect from qualified dividends? [duplicate]
(For purposes of checking tax worksheet calculations for the US Federal return, Form 1040)
Assuming you just have ordinary income and qualified dividends, your qualified dividends may be taxed at a ...
- 217
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128
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Federal withholding
My W4 is filled out correctly, Exempt is not marked. Federal taxes are not being withheld. Why is that? I file head of household, 1 dependent under 18 and no additional taken out.
- 11
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1
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529
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Tax Treatment of Emancipated Minors
If a child (16 years old) was emancipated by a court ruling and if we assume that the tests for "Qualifying Child", "Dependent", and "Child Tax Credit" are still met, ...
- 23
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1
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224
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Can i use my brother's SSN and bank account for brokerage account to do intraday trading in USA with his permission, any legal issues
My brother is an F1 student and I'm a US green card holder. He wants to engage in intraday trading in the US stock market using my personal information (SSN, name, bank account). I would transfer the ...
- 1
3
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1
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67
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Tax mitigation for payment received under an employment separation agreement
I am of retirement age and "state of mind", living and employed in Ontario, Canada. My employer is ready to offer me a lump sum for an amicable separation. I am concerned about the tax ...
- 1,062
2
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0
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113
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Can top-slicing be applied repeatedly in sequential years?
See my previous question about whether I've correctly understood top-slicing in general: Am I correct about how "top-slicing" works?
If my general understanding is wrong, then the premise of ...
- 2,435
2
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170
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Am I correct about how "top-slicing" works?
I've had cause for someone to assert that a trust payout should involve "top-slicing".
The internet appears to be entirely incapable of explaining "what is top-slicing?"; it just ...
- 2,435
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1
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41
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PUA appeals and tax filing timing
If PUA (unemployment) was held up in appeals over two years before finally dispersed, in which year do you file as income on taxes? Given if its filed when received the income for both the actual year ...
- 11
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1
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75
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Income Tax query
I am on an H4 visa with an EAD. If I work for an Indian employer who pays me in my U.S. account, how will my taxes be handled? Will my Indian employer deduct taxes for payment in India, or will I need ...
- 1
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0
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17
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US state tax as credit in India?
I paid Michigan taxes during my few months' stay in the USA in FY23-24. I am a resident of India for the FY23-24. Can I apply for state taxes paid in the US (Michigan) as a credit in Indian tax ...
- 13
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59
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Computation of Tax on KVP Interest in India Income Tax Filing
How to file KVP (Kisan Vikas Patra) accrued interest in ITR returns?
My CA had been following the practise of calculating the accrued interest on KVP every financial year and showing it under deposit ...
- 267
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2
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877
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are my ss benefits taxable income if my spouse continues working?
I can't get a straight answer on this as none of the calculators on line make a distinction between my salary and my spouses salary, my ss benefit vs spousal benefits, etc. My situation is this:
...
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413
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Which ITR to file for deduction u/s 194JB
Which ITR to file for deduction u/s 194JB
Which ITR to file for deduction u/s 194JB
I've received remuneration for writing articles in tech blogging site, in the form-16 it was mentioned 194 J(B)
I've ...
- 101
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77
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Withholding of tax on nonresident aliens - US & Mauritius?
The Context:
Me: A Sole Trader with an opened business in Mauritius, currently located in Mauritius, never been to the US, constantly working remotely from Mauritius. (non US citizen)
Company Employer:...
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1
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75
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W-2 + LLC + C Corp: Tax Strategy Question
I have a W-2 income and own an LLC (pass-through taxation) and a C Corporation (not pass-through). If my LLC pays my C Corporation for services rendered, will that lower my overall taxes by reducing ...
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32
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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....
- 235
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49
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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 ...
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70
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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....
- 101
4
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96
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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, ...
- 151
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77
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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 ...
- 151
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1
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73
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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 ...
- 111
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2
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192
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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 ...
- 103
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1
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88
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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 ...
- 11
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56
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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? [duplicate]
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 ...
- 11
2
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1
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177
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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. ...
- 21
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62
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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 ...
- 2,022
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2
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153
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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 &...
- 125
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1
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33
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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 ...
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20
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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 ...
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0
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40
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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 ...
- 111
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0
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32
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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
2
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1
answer
65
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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 ...
- 4,243