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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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form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit

I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below. https://www.irs.gov/forms-pubs/about-form-8936 Is there an ...
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0answers
42 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
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0answers
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Should I indicate on Form 1 for 2015 for Massachusetts my current address or my address in 2015?

I am filling out a 2015 Form 1 (mirror) for the state of Massachusetts in the United States. My address has changed since 2015: I now live in a different state in the United States. Am I supposed to ...
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1answer
50 views

Can Traditional and Roth 401k be withdrawn in a ratio to minimizes taxes in retirement?

I've seen posts claiming that if you have a mix of pre-tax and after-tax savings in a 401k, the pre-tax money can be withdrawn up to the threshold of the top of the current 12% tax bracket and after-...
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0answers
39 views

Goverment shutdown and the effect it would have on my current audit from where I filed my 2017 taxes in 2018

My husband and I were audited last tax season. We had been working with the IRS all year providing them everything they needed to prove our return was legitimate. About December 15th the take action ...
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1answer
30 views

What happens if IRS does not receive 1120-S for an S-Corp?

In a phone conversation, the IRS informed someone that their 1120-S is missing for three of the past 6 years. The person had assumed the 1120-S was filed for all those years, especially since the same ...
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1answer
60 views

Two jobs in two cities - tax deductible travel expenses?

I'm considering the following scenario for employment and wondering how it will affect my taxes. I am a resident of a large city, say Las Vegas, and am considering commuting to another distant city, ...
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1answer
25 views

Contribution limits and deadlines for HSA clarification

Taken from here. Partial Year Contributions If you establish an HSA by at least December of any year, your maximum contribution is the maximum amount (described above) for that calendar year. ...
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1answer
74 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
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1answer
117 views

IRS letter received after response due date

Today (January 12, 2019), I received a letter from the IRS dated December 10, 2018 (I live in Germany). The letter has a "response due date" of January 9, 2019. Obviously, I wasn't able to reply to ...
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1answer
2k views

Do I need an ITIN to submit form W8BEN when required by the payer?

I'm an Indian citizen residing in India. I made some money doing online tutoring in a site called Student of Fortune. But if I have to withdraw the funds, I need to submit a W8BEN form. The form asks ...
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2answers
59 views

Tax exemption on HRA in India

I am fresh out of college working in Bangalore, and have not much idea about the income tax system in India. Here is my salary structure: Basic - Rs. 12,50,000 pa HRA - Rs. 6,25,000 pa I looked up ...
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1answer
28 views

How Much tax we can save by investing in ELSS Mutual Funds

If Mr.ABC's Taxable income is 3Lakh , than his Auditor telling he need to pay 22,000Rs tax in FY 2018-19, so if he invest 50k or 1 Lakh in ELSS Mutual funds, than how much tax he will save ?
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1answer
53 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
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0answers
64 views

When should I expect to see payroll details on ird.govt.nz?

My daughter had two jobs in the second half of last year. The first was a very dodgy outfit that extended her shifts without notice, wouldn't let her take her breaks, and, I suspect, hasn't paid any ...
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8answers
9k views

Why did the federal government ever allow taxpayers to deduct their state taxes from their federal taxes? [closed]

At the end of 2017, President Trump signed into law the Tax Cuts and Jobs Act with among other things eliminated the federal tax deduction for state taxes paid. Essentially, the federal government ...
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1answer
483 views

Transferring Money from UK to India

I am an Indian citizen and working here in UK from last eight months (June'2015). I get salary after tax deductions as per UK law. I want to send some money to Indian in my saving account but I ...
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1answer
256 views

UK Self Assessment benefit in Kind

I'm trying to complete my Self Assessment and it's fairly straightforward - I don't have any complicated tax affairs or multiple incomes. What's confusing me is the benefits section. I have private ...
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1answer
47 views

Tax and National Insurance Savings if non-resident (UK)

I'm working for an employer in London. There is an option for me to work partially from home which means also abroad (EU). I'm considering arriving in the UK on Monday in the morning and leaving on ...
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1answer
84 views

I worked in two states for the same company

I worked for the same California-based company in 2018, working remotely from home. I am a 1099 employee, so my employer does not withhold any taxes. I lived in California for six months, then moved ...
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0answers
53 views

Withholding Tax for Citizen of No Tax Treaty with US

I am a citizen and resident of Saudi Arabia, a country with no tax treaty with the US. I receive monthly royalties from Amazon as a designer in their print on demand platform (they sell t shirts of my ...
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1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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0answers
56 views

Bonus which will have to be paid back [duplicate]

I received a retention bonus during the tax year 18, with the clause that if I leave within the year I have to pay back the full amount. I will hand in my resignation and will have to pay back bonus ...
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1answer
43 views

Where are additional dependent children listed on the 2018 1040 tax form?

I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
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1answer
41 views

Can buying covered calls to close trigger a wash sale

I did some tax loss harvesting last week and am hoping I didn't incur a wash sale this week. Any thoughts would be greatly appreciated. I sold a portion of CELG held long term for a significant ...
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2answers
84 views

Income Tax Deduction / Reimbursement of Rs.15000/- per year

Can the purchase of medical equipment like Blood Monitor Machine, Blood Sugar Machine etc. be claimed under the medical reimbursement or income tax deduction of up to Rs.15000 per financial year for ...
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1answer
54 views

Does a gain in one brokerage account and a loss in another brokerage balance each other out for tax purposes?

I have different investments in two different brokerage accounts A and B. Investments in A are up 500 and in B are down 500. If I were to sell both of these in the same year (without any other losses ...
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0answers
29 views

Taxes due on trust inheritance

What is the IRS form which will divide the tax liability of inheritance from a trust between the heirs?
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2answers
255 views

Pending divorce for all of 2017 while self employed. Will I force my ex to itemize?

We separated in Sep 2016, I served her divorce papers in Feb 2017, and the divorce is still not finalized. So for all of 2017 we did not live together, and we only communicated about divorce related ...
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2answers
115 views

What would be my Indian Income Tax if my salary is 15 lacs per annum

This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept. I'm currently considering an offer and would like to ...
3
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2answers
63 views

Filing a tax return due to US bank interest for non-US persons

Does the mere ownership of a US bank account that earns some interest require a non US person (say, based in Europe, EU in particular) to file a US tax return? Are there any other reporting ...
3
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1answer
91 views

Options for non-US person outside US with 401(k)

This question is somewhat related to this one. I'm a non-US person (mid 30s) currently living and working in Europe. Previously, I lived and worked in the US (Massachusetts) for >3 years. In order to ...
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1answer
179 views

What types of nonprofit entities can be formed to raise money for someone's benefit?

Our family, along with some friends, have become acquainted with a family in our neighborhood whose young girl has a life-threatening illness. The required treatment is lengthy and expensive, so we ...
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1answer
404 views

How do I handle forfeited dependent care FSA money on my taxes?

I forfeited $1300 in dependent care FSA (missed deadline). I spent $3800 total on daycare expenses. $1300 showed up on my W2 form. I use Turbotax. Do I need to do anything different on my tax forms ...
3
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1answer
5k views

Student on F1 visa with paid internship: How to estimate & file a tax return for refund?

I'm on an F1 visa, and I did a paid internship for 7 months. My gross earnings was around $27K, and ~$4K was withheld for taxes. On my pay stub, I see records for: Federal Income tax, California ...
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1answer
142 views

If my withholding will pay my and my spouse's tax bill, does she still need to pay estimated taxes as an independent contractor?

I am a full-time employee. My spouse is effectively employed long-term with one company, but has always been paid as an independent contractor. If I plan on filing my 2018 taxes jointly with my ...
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1answer
25 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
2
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1answer
37 views

Reduce LLC profits by putting towards spouse's IRA?

I have a full time job. I also own a LLC (sole proprietor). I have some profits from my LLC this year. My spouse and I file jointly. My spouse is not currently employed. Can I move the profits from ...
2
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0answers
27 views

Must I file a tax return for my S-corp LLC?

I created an LLC with S-corp election in 2018 in anticipation of doing some freelance work. In the end, I did not do the work and my LLC had no income. Am I still required to file a tax return for my ...
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1answer
235 views

Income code 37 from 1042-S in 1040NR

I have received 1042-S which contain income code 37, which is the return of capital. This amount is not taxable to me and the amount withheld was already repaid to me. Is there a need to report it ...
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1answer
313 views

Form W-8BEN income taxable in India/US

I have been living and working in US until middle of last year. I have since been in India but still working for my US employer from India. My employer decided to pay my salary in India after I submit ...
2
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1answer
86 views

india : income tax liability on leaves encashment

I have changed my job from a govt company to a private company. At the time of final settlement in the govt company, I have got some money as leaves encashment. Am I liable to pay income tax on that.
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1answer
162 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 ...
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1answer
1k views

How do I declare my profits in binary options while paying income tax?

I'm from India and have been trading in binary options for a while now, and have made some profit which I will be withdrawing through an e-wallet (Skrill/Neteller). Under what section do I declare my ...
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1answer
42 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...
4
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1answer
273 views

What should I do if “Retirement Plan” is not checked on my W-2 but should be?

I received my W-2 from my employer recently and I noticed that the box "Retirement Plan" is not checked. This was checked for the previous years and I have made no changes to the retirement plan. I ...
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1answer
31 views

Do I-94 form holders who are living abroad have to file income taxes?

I-94 is the Arrival-Departure Record Card. By taxes, I mean income taxes. Scenario 1 is the question above "Do I-94 form holders who are living abroad have to file income taxes?" Scenario 2 what if ...
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2answers
80 views

Withdrawing money from a micro entity

I own a Micro Entity company which makes around £2,000 - £3,000 profit per year. I'm the only employee in the company. I wish to start taking what you could call a salary each month of £100 - £200, ...
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1answer
768 views

Benefits/disadvantages of filing as married?

I was hoping to get some help as to what I should file on my taxes (single, married or head of household). I recently got married in August. I honestly and not sure the benefits of filing single/...
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1answer
52 views

Downside to W2 with base salary and allowance?

This is simply an example, so please bear with me. ExxonMobil (headquartered in TX) offers me a software development position as a W2 employee, with my total compensation being $5,000/month. They ...