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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7 votes
1 answer
1k views

Short-term capital gains tax on crypto currency

Say that I bought $5000 USD worth of Bitcoin, and a month later its value grows to $6000 USD. Now, if I were to withdraw only my $5000 USD principal worth of bitcoin, while keeping $1000 USD worth of ...
4 votes
1 answer
562 views

Short term tax or long term tax on non retirement mutual funds

I have been contributing to a mutual funds account (non-retirement) each month. Since, it is a non-retirement account I can pull out funds anytime I want. I want to ask if I pull out part of the funds ...
0 votes
1 answer
71 views

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. ...
2 votes
1 answer
97 views

Where can I enter my contribution for Maryland College Investment Plan in TurboTax Online?

I'm a Maryland resident who contributed $2500 to each of my two daughters' Maryland College Savings Plans. That should entitle me to a $5000 Maryland state tax deduction. Now I'm trying to do my taxes ...
0 votes
1 answer
220 views

Salary packaging in Australia

How does salary packaging work in Australia (2020)? Is it effectively just a tax deduction for high ongoing vehicle costs? (For example, to determine whether salary packaging is a personally ...
1 vote
1 answer
151 views

Do Indian YouTubers need to register for GST?

If an Indian professional earns 30 lakh per annum from his regular job and then 18 lakhs per annum from YouTube and Affiliate Marketing, do they need to register for GST? The personal also earns 4 ...
1 vote
1 answer
38 views

Deductibility of short-term foreign capital losses in India

Since short-term capital gains on foreign stocks are taxed at the regular income (slab) rates in India, is one allowed in India to deduct short-term losses on foreign (relative to India) stocks from ...
2 votes
1 answer
85 views

When does a self-employed tax payer have to make quarterly tax payment? (Safe harbor rule)

My question is about when does a self-employed tax payer have to make quarterly tax payments. I understand that there is a safe harbor rule that says if you owed less than $1000 in taxes then you do ...
2 votes
2 answers
342 views

If my ISOs are converted to NSOs, do I still have 90 days to exercise my vested options as ISOs?

Let's say I have a bunch of incentive stock options (ISOs) in a company that have vested but I have not exercised yet. If I were to leave the company, I have 90 days to exercise them with ISO tax ...
1 vote
2 answers
45 views

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 ...
0 votes
2 answers
105 views

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 ...
2 votes
1 answer
52 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 ...
5 votes
1 answer
3k views

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 ...
1 vote
1 answer
271 views

Retirement benefits vs. better salary/health insurance

I'm a research scientist and postdoctoral fellow in a US government lab. Currently, my position is funded through a DOE-run organization as an educational/training position. The salary is good for my ...
3 votes
1 answer
64 views

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 ...
2 votes
1 answer
132 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 ...
0 votes
0 answers
15 views

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—...
1 vote
1 answer
35 views

Interest for section 234B and 234C added while filing ITR

I'm working as a software engineer in an IT company. I'm filing ITR form-1 for FY 2019-20. My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to IT department. Initially, while ...
1 vote
1 answer
93 views

How do I get the Social Security Administration to Issue a Corrected 1099?

When my father passed away the funeral home didn't notify the Social Security Administration. He received 2 direct deposits before we noticed. I had the bank send these back. We received a letter ...
2 votes
1 answer
108 views

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 ...
0 votes
3 answers
335 views

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 ...
2 votes
1 answer
127 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 ...
0 votes
1 answer
59 views

How do I report interest income whose non-resident tax was not withheld?

I'm a former resident of Canada who kept their Canadian bank account upon leaving Canada several years ago. It seems that my bank either did not receive or did not act upon my change of address ...
8 votes
1 answer
217 views

Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...
9 votes
2 answers
433 views

People are giving me money for no good reason - how do I tax it?

I know this is going to sound strange to a lot of people, but I have a website whose entire purpose is to allow random strangers to send money into my PayPal account. They receive absolutely nothing ...
0 votes
2 answers
121 views

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 &...
0 votes
1 answer
239 views

A resident of USA working remotely for UK company tax

If I am a double national (UK and US). I am a resident of US and work remotely from US to a company locate in UK. The company pay for my income taxes in UK. Should I pay taxes again in US or can I get ...
3 votes
1 answer
180 views

How to reconstruct a W2 for prior year when no access to payroll system

My accountant died in August last year, and his estate executor and I have no way to get into his payroll system. I know it's overdue, but is there any way to build a W2 for my one employee based on ...
0 votes
2 answers
104 views

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? ...
1 vote
1 answer
73 views

How can I claim the tax while filing ITR2 in India on the Joining Bonus Recovered by the company?

I am a salaried person in India, so Indian Income Tax laws are applicable on me. In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the ...
5 votes
2 answers
4k views

How are employer matched contributions handled in rollover from Roth 401k to Roth IRA?

I recently asked this question: Can I do a Roth 401k rollover to Roth IRA and withdraw contributions I've made this year? In there, one of the answers pointed out that employer 401k contributions ...
1 vote
1 answer
87 views

Doing contracting work in a foreign country, who are taxes owed?

I have a question about taxes in relation to the following: A British citizen has a work permit in a foreign country (Ukraine). They work full time here. They also do contracting work remotely for an ...
0 votes
1 answer
68 views

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'...
0 votes
1 answer
29 views

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. ...
0 votes
2 answers
196 views

When is the earliest I can file as a resident alien?

I came to the US in 2016 August as a F1 student and I know I am a non resident alient for the first five years. I want to know when the earliest I can file as a resident alien. Is it when I file in ...
2 votes
2 answers
461 views

1099-Misc Box 3 income that maybe should be Box 7

As my main job, I am a college math professor (W2 wages). Last summer (2018), independent of my main employer, I worked teaching math to high school students and was paid 10K for it. I received a 1099-...
0 votes
2 answers
30 views

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 ...
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?
2 votes
1 answer
129 views

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) ...
1 vote
2 answers
58 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). ...
1 vote
2 answers
193 views

What happens if I don't claim all installment payments on my Canadian income tax return?

The Canadian income tax return line 47600 is for "tax paid by installments". Assuming I overpaid, if I enter less than the amount I actually paid (making the total owed or refunded be zero), ...
0 votes
1 answer
30 views

Application deadline for change in annual accounting year

In the IRS instructions for Form 1128, under When to File, it says: To request a ruling to adopt, change, or retain a tax year, file Form 1128 by the due date (not including extensions) of the ...
1 vote
2 answers
389 views

Equivalence yearly salary (perm) and daily PAYE (contract) in UK

I have a permanent role in UK that pays £130,000 base salary plus a car allowance of about £6,900. I also receive a bonus (£20,000 per year). Finally my company contributes 10% to my pension plan,I ...
0 votes
1 answer
95 views

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 ...
-2 votes
1 answer
208 views

Stimulus not received to date

I receive SSI via direct deposit also received 2018 SSA-1099 benefit statement. To date I have not receive stimulus. I filled out pertinent info for "My Payment" on the IRS website it stated I did not ...
2 votes
2 answers
60 views

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?
0 votes
1 answer
47 views

How do I report stock dividends for US nonresident taxes on my income tax return?

Foreigner filing U.S. taxes with form 1040-NR. I own stock of a U.S. company in a foreign brokerage account and had U.S. tax withheld from dividends based on form W-8 BEN. How do I report this income ...
19 votes
2 answers
4k views

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 ...
2 votes
1 answer
90 views

Choosing Indiana Individual Income tax form for an International citizen

I am an international citizen and according to the rules specified on the IRS website at this link, I am a resident alien from 2020 (For years before this my status was non-resident alien). I lived in ...
0 votes
2 answers
305 views

rejected maybe from 8812, cannot find error based on irs search tool

Issue : Business Rule IND-454 - If RefundableCTCOrACTCAmt in the return has a value greater than zero, and [ Schedule 8812 (Form 1040), MainHomeInUSOverHalfYrInd or BonaFidePRResidentInd is checked ], ...

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