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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109 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 ...
0 votes
1 answer
135 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 ...
0 votes
0 answers
66 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.
0 votes
1 answer
28 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 ...
1 vote
1 answer
54 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 ...
0 votes
2 answers
92 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 ...
1 vote
1 answer
426 views

Claim of Tax Treaty Benefits of W-8BEN for New Zealand resident

I'm starting full-time remote employment with a US company soon, and they asked me to fill up the W-8BEN form. So what should I fill up on the part of Claim of Tax Treaty Benefits? I found that NZ has ...
0 votes
1 answer
22 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 ...
0 votes
1 answer
35 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 ...
0 votes
0 answers
27 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 ...
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 ...
-3 votes
1 answer
116 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?
1 vote
2 answers
176 views

How to declare interest earned from unmatured NSC (5 years) in ITR

5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C. But there is no interest entry made by the Post Office department against NSC. How can I declare such earned ...
0 votes
1 answer
207 views

Invest in both PPF and VPF

Is one allowed to invest in both VPF (Voluntary Provident Fund) and PPF (Public Provident Fund) in the same financial year and is there a limit on the same?
2 votes
1 answer
501 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
2 votes
1 answer
254 views

Self assessment Tax not reflecting 26AS

I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be ...
-2 votes
3 answers
139 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 ...
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 ...
4 votes
1 answer
111 views

Tax implications of the interest earned in India

I have some questions regarding tax implications of the income in India from the following sources. NRE Account (FD and Savings) NRO Account (FD and Savings) Mutual Funds Interest in NRE account is ...
1 vote
1 answer
64 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. ...
0 votes
0 answers
10 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 ...
0 votes
1 answer
30 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 ...
1 vote
1 answer
97 views

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 ...
0 votes
1 answer
57 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 ...
1 vote
1 answer
55 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 ...
0 votes
1 answer
139 views

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?
0 votes
1 answer
54 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-...
2 votes
1 answer
144 views

German employee with stock options for a NASDAQ-listed company: eligible for Tax Treaty Benefits?

I am a German employee (German citizenship, living and working in Germany, no connections to the US) of a NASDAQ-listed company and have received stock options (more exactly RSUs, Restricted Stock ...
1 vote
1 answer
47 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 ...
5 votes
0 answers
137 views

What counts as different sources of income?

I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
-1 votes
0 answers
15 views

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 ...
0 votes
1 answer
64 views

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 ...
0 votes
0 answers
21 views

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 ...
1 vote
2 answers
62 views

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 ...
1 vote
1 answer
72 views

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 votes
2 answers
436 views

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 ...
0 votes
1 answer
54 views

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 ...
1 vote
1 answer
67 views

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 ...
1 vote
0 answers
22 views

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 ...
2 votes
1 answer
254 views

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 votes
1 answer
354 views

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 ...
0 votes
1 answer
110 views

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 ...
1 vote
2 answers
76 views

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 ...
3 votes
3 answers
1k views

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 votes
1 answer
128 views

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 ...
1 vote
1 answer
83 views

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 ...
0 votes
0 answers
80 views

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 ...
0 votes
0 answers
27 views

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 votes
2 answers
84 views

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 ...
19 votes
2 answers
2k views

If I file as head of household, how does my estranged wife file? (USA)

My wife abandoned my kids and me mid July, 2014. For 2014 the option of "Head of Household" was not available as the IRS says that the spouse has to not have lived with you for the last 6 months of ...

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