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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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1answer
86 views

Premium tax credit repayment

I had to repay entire subsidy in the amount of $15,000.00 when I filed my taxes in February 2018. Did to having withdrawn money from IRA to purchase a home. Can I deduct the entire $15,000 when I ...
1
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1answer
78 views

Do I report gross income or the total after taxes when reporting earnings?

When reporting to the Social Security Administration do I report gross income or the total after tax deductions? I will be holding the amount for taxes until "tax season". I report monthly to the SSA ...
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2answers
128 views

1099-INT shows '0' even though I received some interest

Throughout the year I see little additions to my checking account for interest. These are pretty small. When I received my 1099-INT, all values were $0.00. Is this a mistake, or did I just receive ...
1
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1answer
34 views

Canadian scholarships of a spouse

This a hugely helpful site, and I did my best to research my question before asking it, but my situation seems to be a bit too specific. My wife is a full-time PhD student at a Canadian university ...
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2answers
72 views

Are there any limits for sending money from UK to Egypt

How much money can I send abroad each year to Egypt without being taxed? (Note: the money to be sent has already been taxed by income tax.) For example, when searching online I found for NRI -> ...
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0answers
37 views

Are assistance benefits reported as W-2 box 1 income considered earned income?

First off, I recognize that I am not paying any of you to act as a licensed tax professional for me, so I will take your tax advice as just that, advice. The university I attend has financial-need-...
3
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3answers
264 views

$10,000 was accidentally transferred to me instead of my company

As a result of a business competition we won for school, $10,000USD was transferred from my University's Accounts Payable department, to me. It should have been transferred to my business, a C-...
2
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2answers
80 views

Better if parents claim me as a dependent or I get the education credits?

Which route would offer more tax credits for the family? I claim $10k+ of education expenses and receive credit by filing as parents can claim me but won't. My parents claim me as a dependent and ...
1
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1answer
60 views

Are relocation expenses that are expensed by employers taxed at the same rate as normal income?

Since the beginning of 2018, employer paid relocation expenses are now taxed as income for the employee (me). How is this taxed, though? Is it at my normal income rate, or is it considered a bonus ...
3
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2answers
76 views

minimum suggested qualifications for tax preparer

Are there some minimum formal certifications / qualifications that one should be looking for when hiring a tax preparer (to handle federal and state tax return for an individual)? As a salaried ...
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5answers
177 views

Is it worth to pay for TurboTax when filing one W2?

Is it worth to pay for TurboTax when filing one W2? Or just use its FREE version?
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0answers
86 views

After checking a tax audit, Massachusetts is owing me some money: what interest should I claim?

I got audited by the state of Massachusetts, USA, due to a mistake I did when filing my 2015 Form 1 (mirror). The audit's conclusion was that I have to pay some amount to Massachusetts, which includes ...
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6answers
10k views

Is it worth filing taxes if I only worked an internship?

This past summer I interned at a company and just got my W-2 Form. I am a 17 year old high school student which qualified for 2 Federal exemptions, 0 State exemptions, and 0 Local exemptions. I made $...
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0answers
33 views

Tax Changes Not Updated in W-2 after Change of Status from F-1 to H1B

I was on the F1 OPT Extension student visa from May 2017 to May 2019. My H1B started on October 10th, 2018 but my HR records/paystubs didn't update and so is my W-2 for the last 3 months of 2018. ...
3
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2answers
194 views

Deutschland Einkommenssteuererklärung / Germany income tax return

I recently moved to Germany with my spouse and I started to work in November 2018. We got married before moving to Germany. We have both been assigned tax class IV. In my pay slips of November 2018 ...
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0answers
282 views

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 ...
0
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1answer
112 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 ...
2
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0answers
26 views

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 ...
2
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1answer
63 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
69 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 ...
2
votes
1answer
41 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. ...
0
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1answer
66 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, ...
0
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1answer
39 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
78 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 ...
2
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1answer
131 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
34 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
118 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. ...
23
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8answers
10k 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 ...
4
votes
0answers
72 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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0answers
58 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 ...
0
votes
1answer
95 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
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 ...
0
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1answer
60 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 ...
2
votes
1answer
79 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 ...
1
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1answer
55 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
57 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?
4
votes
1answer
104 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 ...
3
votes
1answer
147 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 ...
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 ...
2
votes
1answer
39 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 ...
0
votes
1answer
36 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 ...
3
votes
2answers
128 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 ...
1
vote
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 ...
4
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1answer
785 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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2answers
92 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, ...
0
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1answer
55 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 ...
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2answers
92 views

Can 1099 get allowance to reduce taxable income?

I posted this question anonymously, but I can't add edit or delete, so I decided to repost. I'm a software developer for a fortune 500 company (in Texas) and I get paid $5,000/mo as a 1099 contractor....
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1answer
95 views

Dropshipping and sales tax in sole proprietorship LLC

I own a new LLC as a sole proprietor and plan to file profits through my personal tax return. However, my business is entirely online and dependent either on affiliate or dropshipping channels. For ...
3
votes
1answer
65 views

Property Tax entry for 2018 Federal Income tax

In preparation for 2018 Federal Income Tax (based on the 2017 Tax Act), I was suprised when using 2018 Turbo Tax to see the following: Which seems to state that the IRS is still working on how to ...
2
votes
1answer
64 views

NYC - Does New York City tax scale similar to Federal taxes?

As far as I understand it: If I make 5k yearly versus making 50k yearly I fall into a different federal tax bracket and the amount I'm taxed becomes modified (this is the simple explanation). ...