Stack Exchange Network

Stack Exchange network consists of 175 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.

1
vote
2answers
135 views

WIll money that a friend sent me (for his share of dinner bill that I paid) be taxed in India?

I paid for dinner with 3 of my friends. And at the end of the day, these 3 people send me Rs.500 each. They sent me the money via UPI bank transfer (say, using phonePe or BHIM). Will this amount (Rs....
3
votes
2answers
151 views

How are my 401(k) withdrawals taxed if I also withdraw from a Roth IRA?

Let’s say it’s time to retire and I have a $2,000,000 retirement fund. $1,000,000 was accumulated in a Roth IRA and the other $1,000,000 was accumulated in a traditional pre-tax 401(k). Let’s say I ...
2
votes
0answers
48 views

Receiving money in US for work performed overseas

I previously lived in the US on a work visa and so have a bank account there, but am now living overseas (with no tax residency status in the US). I am performing freelance contract work for a US ...
4
votes
1answer
308 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
-4
votes
2answers
171 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
1
vote
1answer
95 views

Was the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?

The new tax bill (Federal, United States) allows only a $10,000 deduction for 2018 for state income tax plus real estate tax. There was considerable backing and forthing on this as the tax bill ...
3
votes
2answers
98 views

Qualifying as a Professional Musician to Deduct Cost of Instruments

I've been a hobbyist musician my whole life, playing random paying gigs from time to time. The group I am with now all have day-jobs as non-musicians, but we plan to start playing shows and recording ...
2
votes
1answer
48 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 ...
2
votes
0answers
111 views

If my ISOs are converted to NSOs, do I still have 90 days to exercise my vested options as ISOs?

Let's say I have a bunch of incentive stock options (ISOs) in a company that have vested but I have not exercised yet. If I were to leave the company, I have 90 days to exercise them with ISO tax ...
7
votes
1answer
171 views

Can I choose which state to pay income tax to when I am traveling and have no permanent residence in the US?

I am leaving for a year-long trip around the world. I will have an income while traveling. Is it possible for me to choose which state will tax me as I will not have a permanent residence in any state?...
0
votes
2answers
62 views

Help calculating quarterly estimates for September

I was looking to get some help with my federal quarterly estimates this September. My W2 income is 36k/year My 1099 income (started 2 months ago) is around $1000/month How do I calculate my ...
15
votes
2answers
2k views

If I sell shares in the US, will I be liable to pay taxes in US?

I am a South African citizen living in South Africa who works for a large US company. As part of my compensation, I receive restricted stock units (RSUs) which my country considers to be part of my ...
0
votes
1answer
53 views

Can I qualify for the foreign earned income exclusion if I am employed by a US based company?

I am a US citizen considering living abroad for a full year, staying in 12 different countries for a month each (Remote year). I am planning to remain employed by the US based company I currently work ...
-2
votes
1answer
218 views

How to calculate Recurring Deposit Interest in c# [closed]

Can anyone please help to calculate recurring deposit interest using c#? I am using following method: //A = P*(1+R/N)^Nt //A = Maturity amount. //P = Principal amount (In our case, it is Rs.5000) /...
0
votes
1answer
43 views

Sole Proprietor LLC quarterly estimated tax payment

This is going to be my first quarterly estimated federal tax payment for a single member llc (treated as disregarded entity- sole proprietor). I see online that for annual taxes, I need to fill out ...
1
vote
2answers
157 views

Am I required to pay taxes on my U.S. freelancing income in France?

Similar to this question (and the question that OP linked to), I will be living abroad (in France) and working there, but I also do freelancing for U.S.-based companies. There are other questions ...
2
votes
1answer
882 views

Taxes when you lose money in investments?

I've been wondering about the following scenario. Let's say you invest $10k in stock market. At the end of year 1, your investment has grown to $11k. The government taxes a percentage of that new ...
4
votes
1answer
89 views

Single-Member LLC vs LLC having only one member

So, I registered a LLC but I am the only member in this LLC. If I do business under this LLC, when I file tax, I think I should NOT choose "Individual/sole proprietor or single-member LLC" category, ...
1
vote
0answers
73 views

How to Respond to CP2000?

I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions. A direct rollover from an existing IRA to a Solo 401K (a qualified plan; 1099-R Code G in box 7) In 2016, I ...
1
vote
2answers
68 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 ...
4
votes
1answer
194 views

If I work 100% remotely for a Florida company but I live in Virginia, do I have to pay Virginia state income tax?

I am moving to Virginia from where I am fortunate enough to be able to work remotely for a company in Florida. Florida has no state income tax. Do I have to pay Virginia state income tax?
4
votes
2answers
253 views

I am a minor in the US. Will I owe taxes from money earned from a UK based website?

My friend and I are co-running a website. He is over 18 and lives in the UK and I'm under 18 and live in the US. He gets all the money from the site into his Paypal, and is going to pay me half. The ...
3
votes
1answer
84 views

Paying tax on private tuition (in addition to working) - UK specific

During my time at university, I've tutored several students to give me a small amount of income. I have in the past notified HMRC about this, however the amounts of money involved have been ...
0
votes
1answer
36 views

Restricted Stock Units (RSUs) - Choose to defer taxes at vesting?

I have some RSUs that will vest next year. I plan to contribute to an education fund for each of my kids. From what I've read, it sounds like the amount at vesting is considered ordinary income, while ...
2
votes
1answer
56 views

How tax is deducted on my fixed deposits?

I was filing income tax online. I came across tax deducted on my fixed deposit: Tax on 2nd FD seems to be correctly deducted at 10%: 78/777 = 10% But it seems that tax on 1st FD is deducted at 14%: ...
0
votes
2answers
83 views

What if I don't update the State tax form?

I have been working in state Maryland, US for the first 8 months. But I will soon be moving to New York in September. My company had my State form as Maryland. Since I will be moving to NY next ...
2
votes
2answers
123 views

Does AMT affect cost basis of future capital gains?

Suppose I exercise 10k stock options for $1/share, and fair-market value is $2/share. Normally, taxes are deferred until when I sell them. And when I sell, the basis for capital gains is $1/share. ...
0
votes
1answer
103 views

What tax code is used for tax refunds? [closed]

For example, the W-2 Form for salary has a tax code of 460. I can't seem to find the tax code for money returned from federal or state. Does anyone know what code this is? Is it different code for ...
1
vote
0answers
23 views

US Tax non-resident aliens - ECI

I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this). Examples of situations in which I cannot figure out whether ...
48
votes
3answers
13k views

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
0
votes
0answers
56 views

Roth 401(k) Loan

I am thinking about taking out a loan from the Roth 401(k) plan. The idea behind the loan is to put more money into the Roth 401(k). I would like to charge myself a very high rate of interest, say 20%,...
1
vote
1answer
143 views

Roth 401(k) Contribution Limits

Please consider an individual, in the US, who has net earnings from self employment of $8000 who wishes to contribute to a Roth 401(k) plan. For tax purposes these earnings can be reduced by 20% due ...
4
votes
2answers
93 views

estimated IRS tax payments

We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
2
votes
1answer
111 views

how to compute holding period on real estate

For the purposes of computing long term versus short term capital gains tax treatment, when does the holding period for real estate end? I can think of several options: At execution of the purchase ...
3
votes
1answer
87 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
0
votes
1answer
175 views

Should I reduce my income as a student to save money? - Tax Returns

I'm a full time student in New York during the school year, and I live in Massachusetts as a dependent of my parents. I've earned $500 as a teacher's assistant out of state (NY) this year and I have a ...
3
votes
1answer
76 views

UK Tax Return: how to compile it if I have restricted equity granted by my employer

This year I will have to compile my first tax return. I have received the equivalent of 5,000 GBP in restricted stock of the Company I work for. I have already sold these shares and I know that I ...
1
vote
0answers
41 views

Do residents through golden visa programs pay income taxes if they don't stay in the country for more than 183 days?

For example, Latvia offers a residency by investment program, and I was wondering whether it matters if you stay in the country for more than 183 days in order to pay the taxes? Or are you already ...
2
votes
1answer
114 views

UK - check if too much tax has been paid

I currently live in the UK, after I graduated with a Bachelor's degree a few weeks ago. Both this summer and the previous summer I have been employed by the university as a Research Assistant. The ...
0
votes
1answer
60 views

Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
1
vote
0answers
194 views

Dual status tax returns (F-1 H1B)

I was on an F-1 visa from August 2013 till September 2017 and on an H1B visa from October till now. I am single. I filed extension for the 2017 year and now as I am Resident for tax purpose as I ...
1
vote
2answers
39 views

Do I have to file ITR2 if I did not sell stocks in FY17-18?

I've a question related to filing ITR - whether I've to file ITR1 or ITR2. Below is my scenario. I'm a salaried employee and I hold a Form-16 for FY1718. During FY1718, I bought few shares which I'm ...
1
vote
1answer
28 views

How to declare interested 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 ...
1
vote
1answer
40 views

Income tax exemption (in India) for interest on second home loan

I own a house in Bangalore (India) for which I had earlier taken home loan and which was fully closed nearly 7 years ago. This property has been let out as I am working & staying in Mumbai. I have ...
1
vote
2answers
57 views

Can calculation of the amount of tax I will need to pay if I take a home loan be done if I present actual figures?

This is related to the India. So an answer pursuant to the Indian IT rules would be much appreciated. Let's say my income details are: Gross Annual Income: Rs.10,50,000 HRA received from employer: ...
1
vote
1answer
307 views

Social Security/Medicare tax withheld on TN visa

For reference, I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen/resident, and don't pass the substantial presence test for 2016. Is there anywhere ...
0
votes
1answer
64 views

Tax Questions for Internship on TN Visa. Should I fill out Form 8843?

I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen and resident and have a few questions below. For background, I don't pass the substantial ...
1
vote
0answers
49 views

The effect of 2018 tax deductions, Part 2: head of a household

In the previous question, I asked: I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I ...
1
vote
3answers
113 views

The effect of 2018 standard tax deductions

I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I am not married. Suppose my income is 15K. Then ...
0
votes
1answer
79 views

How can I file California tax returns if I do not owe any tax?

For 2017, I do not owe any tax to the State of California. How should I file my taxes? Online or by sending hard copies of forms? Also, do I need an ITIN for this?