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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
124 views

Can I force my company to print a new, accurate, copy of my 2016 W-2?

Back in 2016 the company I work for went through a huge transition. Lots of things changed, but the relevant part is that early in the year we switched accounting systems and HSA providers. When I ...
1
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1answer
147 views

Can US based client of my brother transfer me his pay and I pay my brother the equivalent in cash?

My brother works in field of Digital Marketing at Pakistan. His clients are mostly in United States. His clients normally pay him via wire transfer which works fine but some money gets deducted from ...
2
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1answer
75 views

Taxation on money earned working remotely for a US company while living as an expat

As a US citizen, if I work a US based tech job remotely from a foreign country as a permanent resident (Latvia if it matters), but all my money is paid into US accounts, is this money still considered ...
2
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1answer
126 views

What to do about ETN distributions not included on 1099?

As a US citizen, in a US taxable brokerage account, I received distributions from MORL, a UBS (Swiss)-sponsored exchange-traded note (ETN). The brokerage account statements label the distributions as ...
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1answer
321 views

Is money collected from childhood taxable?

My daughter is a business woman currently. She started consultation and business from 18 years. Also before she turned 18 she had collected around 2.5 lakhs as pocket money from her relatives, and ...
0
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1answer
24 views

S-Corp 1040 deduction?

If I own an s Corp and the s corps pay my health insurance do I take a deduction on form 1040? And if I take a deduction on 1040 do I get that exact same amount back in a refund?
1
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1answer
163 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 ...
1
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0answers
49 views

How do I opt for First Year choice method?

I received my H1B on October 1, 2017 and my wife is on H4 visa. As I wanted to opt for the First Yr choice method, I filed for an extension in April, 2018 as I was unable to satisfy the Substantial ...
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0answers
35 views

Form 8606 and Potential Errors

I have been using tax software for years to do my tax returns. Recently, I did some analysis to determine if my Form 8606 was correct and could not tie back to the amount on the last 8606 I submitted. ...
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1answer
102 views

Will I pay tax to transfer money from one of my bank account to my other bank account?

I have 3 bank accounts in 3 different banks. One I opened during college days. The other 2 were provided by companies when joined. All my 3 accounts are added with my pan number. If I transfer money ...
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0answers
78 views

S-Corp - How to Split Up Quarterly Estimated Tax Payments

I have a S Corp where I am the only shareholder and employee. I usually do payroll once per year - at the end of the year - during which I pay myself a salary for the whole year (pay period of Jan. ...
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2answers
196 views

LLC with $100K Profit - How to Reduce Taxable Income via Spending and Investments?

I'm a US citizen with a US-based single-member LLC operating in the internet space that will have $100K of profit / taxable income this year. I'm looking for ways to creatively (and legally) spend/...
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1answer
82 views

The state tax I owe from my return has not been taken - how should I proceed?

I submitted my New York State resident tax return close to 6 weeks ago. I filled the form (IT-201) on my computer, printed and signed, and then put it in the mail in a random mail box in Manhattan. I ...
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1answer
65 views

Ratio Write and Income Taxes

Imagine that an investor owns 500 shares of the XYZ stock with a current value of 50 and a cost basis of 30. He then sells 5 call contracts with a strike of 65 for 2 dollars. Latter he buys back the ...
1
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1answer
71 views

2018 Federal Income Tax Deduction for Owner Occupied Rental Property

I live in a 3 bedroom condo in California and decided to rent out 2 of the bedrooms and live in one. The mortgage is $1M and interest is $4000 per month HOA is $600 per month Property tax is $1000 ...
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1answer
72 views

2017 IRA Contribution Mischaracterized as Roth

In April, I mistakenly deposited my wife's 2017 IRA contribution to her Roth IRA, rather than to her Traditional IRA. This happened as follows: I called my broker and told his associate that I wanted ...
2
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2answers
147 views

How to prove you are a resident of a particular state

I have 2 residences one in TX and the other in North eastern state. Our primary residence is in Texas where we spend more than 6 months. The NE state has asked us why we are not filing taxes in that ...
4
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1answer
181 views

Creating a limited company in the UK with which to invest in real estate/stock market

I have a full-time job, and as a second job I work as a contractor for another company. Since the income I get from my first job is enough to pay for my living expenses, I am currently saving and ...
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0answers
39 views

Should scholarship be included in TD1 form?

I have a scholarship for my master's studies. AFAIK, scholarships are tax free. I'm also working part time. So, while filling out the TD1NS form of my employer, I filled ...
0
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1answer
41 views

Received Excess Distribution from IRA how to reflect in Taxes

How to reflect excess distribution I received from regular IRA account (brokerage). I rolled over 30K from one IRA to brokerage IRA (within same bank) I contributed $5500 to brokerage IRA (late March ...
1
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1answer
23 views

How do I fill out a W-2 when applying for an ITIN?

When applying for an ITIN I’m sending a passport w-7 form and a 1040 form but in the 1040 form in the income section 7 they tell me to attach a w-2 form but I’m not a us citizen so I don’t have either ...
2
votes
1answer
211 views

Is self-employed work performed out of state for a California organization “California source income?”

I recently received a request from the California Franchise Tax Board saying that they believe I need to file a tax return. I am a sole proprietor programmer, with a client in California who paid me ...
0
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1answer
117 views

How do I handle federal income taxes for one salaried spouse and one freelancer spouse?

I've been doing my yearly taxes with no problems for the last several years. I have a salaried job and receive a W-2 every year. Combined with fairly unexciting investments, that makes filling out the ...
2
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1answer
78 views

Taxation of gift from a foreign corporation owned by my parents?

I am a U.S citizen. My parents who are not U.S. citizens have an offshore foreign company. If they send me a cash gift through their corporation: Do I pay tax? What is the max amount I can receive ...
36
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4answers
4k views

Deducting charitable donations under new U.S. tax law

I usually donate about $20k to charities every year, and I don't have many other deductions to claim. Given that the new tax law doubles the standard deduction to $24k, I effectively don't get tax ...
3
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1answer
227 views

Do I need to pay taxes on my mother in law giving us “rent” money?

This is for California, USA My MIL is living with us these days and we do not actually charge her for any rent. She has a small business that has sporadically yields some income. She insists on ...
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0answers
29 views

Need clarification on error message Fillable Forms

Received the following error message. The only thing I can see on my return is that the "foreign country name" on 1040, page 1, is not grayed-out but has no country name listed. (I haven't been able ...
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0answers
11 views

IRS §250 - Foreign-Derived Intangible Income - “property”?

My question is on what constitutes as "property" for the purposes of §250 (Foreign-Derived Intangible Income). From an overall reading of the provision, it seems that movable property (goods) are also ...
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2answers
70 views

Calculating PAYE tax and NIC contributions on two different bands of income in the UK

My data (United Kingdom specific) : March - NI Rate A and Tax Code 1150L IN: Gross Salary 2250 OUT: PAYE Tax 0.00 NIC 183.0 April - NI Rate A and Tax Code 1185L IN: Gross Salary 2250 Gross ...
4
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1answer
85 views

How US government bonds with different face interest rates would be taxed?

The 5 year interest rates in the last 2 years have gone up from 1% to 2.8%. So, in secondary market there are US government bonds with 1.5% and 2.75% face coupons. What I am trying to understand is - ...
0
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2answers
169 views

USA - Why can't I write off my IRA contribution for 2017?

Backstory Last year I made 60k from earned income and 25k from moving an investment - I was forced to realize the gain even though I reinvested into a managed portfolio. All in all I'm taxed at 85k. ...
5
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1answer
212 views

Employer paid rent as part of income?

In 2017, my wife's employer paid for our rent as per her contract. The employer added this to her monthly salary. She received a 1099 at the end of the year. I considered this money income when ...
0
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2answers
100 views

Tax Avoidance: Mixing gains and losses in the same tax year?

I am currently looking at liquidating some of my investments and trying to decide which ones to sell, to cover some cash expenditures I will have. For the matter of this question, let's say I need $10,...
0
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0answers
17 views

Can I report scholarship only for calendar year on a 1098-T?

A 1098-T form is what U.S. schools send you (with the government cc'd) with your tuition payments and scholarship/fellowship info, mostly to determine your eligibility for education tax credits. ...
2
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1answer
105 views

Alimony deduction related to Tax Cuts and Jobs Act of 2017 (TCJA)

According to a summary by H&R Block, Alimony deduction for payments made under orders executed after December 31, 2018. For new orders, the TCJA no longer allows payors to deduct alimony ...
2
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0answers
76 views

Capital gains and income

When capital gains are not considered as an income (as per New Zealand Income Tax Law to be precise) then why capital gains/losses end up in an income statement to calculate net income? Does that look ...
3
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1answer
67 views

Excess estimated taxes

Context: US Federal Personal (non-business) income taxes Other than giving the government an interest free loan for some number of months, are there any penalties or downsides for "playing it safe" ...
2
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1answer
187 views

Do you pay less US income tax if you withhold more?

I always assumed that the amount you withhold from a salary for federal income taxes does not change the amount you actually pay in taxes, but simply how much you get back or pay when you file your ...
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0answers
45 views

Germany tax class residence permit valid anmeldung

I was in Germany last year for more than six months and I have a valid RP as well. Now, I am planning to move back to Germany for just 2 months for a work assignment under Short-term WP. Now my ...
2
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0answers
268 views

Paying FICA taxes that employer forgot to withhold

My visa status changed from F1 to H1B in 2017, but my employer forgot to withold FICA taxes for me since the visa status change. (I'm a full-time employee who received a W2, and am not an independent ...
0
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1answer
107 views

Is it possible to defer paying federal Income tax on a two member LLC

Last year, I formed a LLC Partnership with a friend. My friend and I both work full-time jobs while we are trying to get our business launched in our spare time. The nature of our business is such ...
2
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1answer
31 views

What is the current cap for the US IRS FEIE?

According to https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion, dated 2 October 2017, the 2015 cap for Foreign Earned Income Exclusion was $100,800. ...
2
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1answer
265 views

Does an extended stay hotel qualify as “living quarters” for New York tax form IT-203?

I was in New York City for about 3 months last summer for an internship. During that time, I lived in an extended stay hotel (in NYC). Item H of the New York tax form IT-203 asks whether I "had ...
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1answer
40 views

Add money to amount paid with tax filing extension

I already filed a Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. At the time I sent the extension, before the tax filing deadline, I was not able to ...
4
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1answer
153 views

Payslip: taxable amount and gross amount difference

I just relocated to UK, and I received my very first payslip. I run some simulations on salary calculators, to understand how much I would have received in my bank account. The payslip states the ...
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3answers
3k views

What is my cost basis for an old computer given to me by a client when they upgrade?

I do I.T. and sometimes a client will want to upgrade or buy a new computer even when their old one is decent. Suppose they give me a computer that they paid $1000 for, and the FMV is around $400 at ...
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0answers
193 views

What is “high taxed” defined as by the IRS?

On form 1116 Foreign Tax Credit form there are references to HTKO yet the acronym is never defined. Googling leads me to believe that it stands for "High Tax Kick-Out". But I haven't been able to find ...
4
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1answer
336 views

Is there a way to undo 401k contributions?

I made a mistake... To give some context: for the first 3 months of 2018 I was working in Texas at a company that matched the first 4% 401k contribution. I had been looking for a different job and ...
1
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1answer
52 views

Reporting tax treaty-exempt income on a state tax return

I received an income (university student fellowship) and I want to use a tax treaty exemption for this type of income. I received form 1042-S for this income from my university. I think the federal ...
2
votes
1answer
65 views

Is state tax refund for nonresidents taxable

If I received a state tax refund as a nonresident (non-resident alien), is that considered a taxable income? From an answer on turbotax support, it seems that such income is considered not taxable. ...