Stack Exchange Network

Stack Exchange network consists of 174 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

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.

6
votes
1answer
7k views

Received W-2 but was never paid

I just now received a W-2 from a company that I worked for 3 days as a contractor. I had to leave country for 2 months due to a family emergency. Since the employment duration was very short, I was ...
31
votes
2answers
45k views

How are long-term capital gains taxed if the gain pushes income into a new tax bracket?

First, my understanding is that the long-term capital gains tax rate is 0% for those whose marginal rate on ordinary income is 10% or 15%, and (ignoring the highest 39.6% bracket) the rate is 15% for ...
7
votes
2answers
7k views

Are tax federal or state tax refunds taxable in the next tax year?

If I get a refund from IRS and or from a state tax agency, will that refund be considered taxable income for the next year's federal or state income taxes?
-3
votes
1answer
2k views

F1 student, as a non-resident, filing married separate tax return with US Citizen wife [duplicate]

Possible Duplicate: F1 student, as a non-resident, filing a joint tax return with US Citizen wife My income through CPT, as a F1 student for 2012 was $42k, of which I have paid $1300 in state and ...
8
votes
1answer
11k views

ITIN application rejected, and IRS lost one of our passports. How to get back the lost passport?

I have filed my 2012 tax return jointly with my wife, along with my wife's ITIN application, back in late March. In April, I got a letter for IRS ITIN department saying that we should send my wife's ...
21
votes
1answer
3k views

I haven't filed a return to the IRS in 10 years

My employers have always withheld taxes and for the most part I've assumed they've done it right. I have probably owed a bit some years and been owed a refund some years. Anyhow, I want to get ...
7
votes
1answer
194 views

How can I fix a mistake I made on my income tax filing? [US]

How can I fix a mistake I made on my income tax filing?
2
votes
1answer
217 views

US Salary Transfered to Indian Acc and Tax Relation

I am on an H1b visa working and receiving a salary in the US. I have transferred approximately $15-20k to my account in India Account (not an NRE account). How would this transfer affect my taxes in ...
6
votes
1answer
3k views

Do I have to pay taxes in the US if my online store sells to US customers even though I don't live in the US?

I own a website and I sell digital content. I'm a nonresident alien with the US. Most of my customers are US based so I was wondering will I have to pay any taxes to the US? I have read that For ...
5
votes
2answers
26k views

Difference between Fortnightly and Monthly pay

I used to get paid monthly at base salary of 48k. I have recently changed my job and getting paid fortnightly with a base salary of 50k I did some calculation and found out that if I get paid monthly ...
3
votes
1answer
2k views

Indian citizen wants to work as a freelancer for Europe. How to pay tax in India?

I got an offer to work as a freelancer for a European company. In Europe, it's like you need to set up a small legal entity on your name but is this the same in India? How can I do freelancing in ...
6
votes
1answer
61k views

Tax implications in India for sending money to India from US

I am planning to transfer around $8K-10K in my parent's bank account(Joint bank a/c) in India . I have read a lot of posts(like Will I have to pay taxes in India when I transfer money from a US bank ...
12
votes
5answers
9k views

Can making a donation reduce your tax bill?

If my adjusted gross income is $1000, and I make a donation of $100, then it seems that I'm still going to have to pay a tax on the $1000. The donation is deductible, so I don't pay any tax on that, ...
9
votes
3answers
2k views

Should I wait a few days to sell ESPP Stock?

I have read three other threads about employee stock purchase plans (I get to buy company stock at a 15% discount) and come to the conclusion that I should sell most of my shares immediately after ...
4
votes
1answer
10k views

401k withdrawal abroad and state taxation?

From what I know about 401k's, when it's time to retire, we take our 401k money and pay federal and state tax. Some states don't have taxes on 401k's — Florida is a good example. So many people move ...
5
votes
2answers
5k views

How does the US federal income tax system work?

General question here about US personal income federal tax rates. Is it a cumulative effect where your income is first taxed at the lower tranches and move up, or is it one specific percent for your ...
2
votes
1answer
130 views

Make punctual contributions to IRS based on earnings

A few weeks ago I asked a question about paycheck withholdings because my wife started several part-time jobs with variable demand and therefore variable income. Considering we filled in 0 exemptions ...
37
votes
6answers
5k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
11
votes
2answers
98k views

Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?

I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast. If I'm going ...
14
votes
2answers
6k views

Get a human when calling the IRS hotline 800-829-1040 with a question about your taxes?

How do I get to a human when calling the IRS? I keep hitting stupid automated robots.
19
votes
4answers
43k views

How do I opt-out of the Social Security system?

How do I opt-out of the Social Security system and give up my Social Security Number? If I do this, am I then exempt from paying Social Security income tax?
25
votes
3answers
7k views

Am I obligated to file through a tax preparer after an unsatisfactory consultation?

I have been doing my taxes for 25 years with TurboTax. Like others, I was a bit upset at them for doubling the price of their software, so I decided I would make an appointment with H&R Block, ...
17
votes
5answers
47k views

Is it normal to have 28.5% of various income taxes deducted from my paycheck?

I just got out of college, still live with the parents (saving up money) been employed for a year in the industry, and got a not bad starting salary. First check I received was shocking, to see 28.5% ...
9
votes
2answers
801 views

When should I switch from after-tax to pre-tax retirement savings?

I am contributing to my employer's Roth 401(k). The consensus in this question is that when you're young you should make your retirement contributions after-tax so that they grow tax free, and that ...
8
votes
3answers
554 views

How safe will Roth IRAs/401(k)s be going forward re: US's deteriorating fiscal position?

I've on and off wondered how "safe" Roth accounts are and things like this anti-Roth screed in the LATimes and this blog post at the Atlantic talking about the sad fiscal shape of the US has me ...
9
votes
2answers
594 views

What increases your chance of being audited?

What increases your chances of being audited? Having a home office? Small business? what decreases your chances? Does hiring an accountant do your taxes makes it look more credible to IRS agents?
8
votes
1answer
576 views

What is a good strategy for an over-funded 529 account?

Given a situation where there is an abundance of funds in a 529 account for the current educational situation, what is a clean strategy for getting the money out with minimal taxation? This over-...
8
votes
2answers
2k views

Can I contribute to a 401k for employer matching and then immediately withdraw it?

I have some friends who work at a company which offers 50% 401k matching up to some amount, but they don't take advantage of it because they want to use the money for non-retirement purposes. Ignoring ...
6
votes
2answers
69k views

How do I check if I have already filed my taxes [Unites States]

I don't know if I've filed my taxes or not! I am due a refund according to TaxACT Deluxe, but I have no idea how to check if I have already filed for my taxes? What happens if I e-file again and I ...
5
votes
1answer
363 views

Living and Working in different states than resident states

My husband and I are in a quandary. We were TX residents with drivers licenses and vehicles registered in that state (but no real property). We purchased a 5th Wheel that we live in full time. We ...
5
votes
3answers
3k views

Is it legal to receive/send “gifts” of Non-Trivial Amounts to a “friend”?

This can be illustrated in many ways. But for the sake of a concrete example, let's assume a sample scenario: We have an employer (Mr-A) and his employee (Mr-B) also happens to be his "good friend". ...
4
votes
1answer
837 views

Does payment in goods count as “income” for tax purposes?

Can someone help me elucidate the definition of "income" from a tax perspective? More specifically, if Joe is paid for his work in avocados instead of dollars, then would Joe be exempt from paying any ...
2
votes
3answers
4k views

Tax questions - Working from India for US company

I am working from India for a US company and as per my knowledge I am not liable to pay any tax to US govt. My first question is can I have them deposit my pay check in US account without any ...
27
votes
5answers
2k views

Are credit card rewards taxable?

There have been several questions about reward point/loyalty programs offered by credit cards Best Travel Point Credit Cards Best Reward Benefit Credit Cards Easy Comparison of Reward Benefit Cards ...
14
votes
2answers
2k views

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
9
votes
1answer
1k views

Calculate Income Tax amount of UK Salary

I've recently been trying to calculate different take home amounts from different salaries, and have ended up getting confused over how the different tax brackets work. If I try to calculate the ...
7
votes
3answers
10k views

U.S. citizen, working for U.S. company, living in Mexico: Where do I pay taxes?

Similar to this question, but I'm a U.S. citizen who is moving to Mexico, but retaining my U.S. citizenship and employment. I will be in Mexico on a Temporary Residency visa (good for one year, ...
7
votes
2answers
3k views

Remote work. Live in one state, company in another state. tax witholding

I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question. In this scenario, ...
6
votes
1answer
2k views

How can I make a one-time income tax-prepayment to the US Treasury?

I am a bit confused over the rules and requirements for individuals (and not businesses) making income tax-prepayments to the US Treasury. For instance, I've read that you can make quarterly payments,...
4
votes
2answers
871 views

What does the IRS standard deduction amount mean?

http://www.moneycrashers.com/reselling-vs-donating-tax-deduction/ Apart from the personal satisfaction you get from helping a nonprofit, donating your extra stuff can land you a valuable tax ...
4
votes
3answers
184 views

Federal taxes for nonresident alien whose only income in 2016 was a 2015 state tax return

I am from Europe, and I did an internship in the US (California) in 2015. When filing my 2015 taxes, I ended up having to pay some small difference for the federal taxes, but got a refund on my state ...
3
votes
2answers
261 views

Have I correctly calculated my takehome pay?

In some months, I'll start working in the United States. I come from a country where calculating the net salary is REALLY complicated, and where the various taxes are paid at multiple stages (e.g.: ...
3
votes
1answer
991 views

Income tax in India for NRIs in USA

I left India on 8th October 2014 and started working in USA from 13th Oct 2014. For my income in India, my employer deducted tax at source (Rs 30,000). In US too, my employer deducted tax at source ...
3
votes
1answer
134 views

What's the tax on a hobby orchard?

Say I harvest crop as a hobby on my land, and it's less than an acre. What's the tax on the crop income? In California.
2
votes
3answers
182 views

Effective Tax Rate in Retirement

Suppose that I'd like to net $5k of monthly income ($60k per year after taxes) from my 401k when I retire in 20 years. For 2017, I would need $69.5k gross distributions from my 401k because my ...
2
votes
3answers
2k views

How much to withhold from paycheck (form W-4, page 1, item 6) when you have variable income?

My wife got a job as an English teacher. She will be paid on an hourly basis depending on the number of students, classes, etc. When it was time to fill in her W-4 we weren't sure about what to write ...
2
votes
1answer
1k views

233 days India/132 days US - entire US salary taxable in India?

I was living in India for about 7 and half months in FY2013-2014 working as an independent consultant for a US company. I moved to USA for employment on Nov 20 2013 to work as an employee for the same ...
1
vote
1answer
403 views

Is reimbursement of a brokerage transfer fee taxable income?

I switched the brokerage for a taxable investment account last year. The new brokerage reimbursed the transfer out fee of $50 from my old brokerage. I don't have my 1099s yet but I noticed in the ...
1
vote
1answer
1k views

Money from my parents from abroad to my bank account in UK

I am from Japan. I have moved to UK recently on a spouse visa. I still have my Japanese bank account which I have been using even before I came to UK. I have saving in that account and also my ...
78
votes
22answers
21k views

Why would you ever turn down a raise in salary?

Related to a comment on this question: Is it true that Income Tax was created to finance troops for World War I? Does it ever make financial sense to turn down a raise at your job? It was mentioned ...