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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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Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...
Bill's user avatar
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6 votes
0 answers
813 views

What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
JohnFx's user avatar
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5 votes
0 answers
137 views

What counts as different sources of income?

I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
No Name's user avatar
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5 votes
0 answers
91 views

For 2021, What is the most Tax-Advantageous Way to Make a Charitable Donation that is Larger than my AGI?

I may be making a charitable donation this year (2021) to my school; it will be about 1.5 times my AGI. What is the most tax-advantageous way to make this donation? If I make the donation in stock ...
ab2's user avatar
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5 votes
0 answers
3k views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
CQM's user avatar
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5 votes
0 answers
171 views

Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
baillieman2's user avatar
5 votes
0 answers
78 views

County tax credits for living and working in different states

I moved mid-year to Indiana, from Illinois. My employer remains in IL. For the entire year, my employer withheld IL state taxes. For the second half of the year, my employer also withheld local (...
FenTheta's user avatar
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5 votes
0 answers
140 views

Is there any reason I'd prefer having my school not report a 1098-T?

I didn't get a 1098-T from my school this year. I contacted them about it, and they said it wasn't required in my case, but they went ahead and issued it anyway since I asked. They also told me they ...
argentum2f's user avatar
5 votes
1 answer
374 views

State income tax : full resident, spouse part-year resident: joint return possible?

In 2018 I was a resident of New Jersey the whole year, but my spouse was a part-year resident: he permanently moved to Germany on August 1st and established his domicile there. After that date, he ...
Seub's user avatar
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4 votes
0 answers
101 views

Does someone going to college in another state need to file Virginia Taxes?

Our son (19) goes to college in MA while we live in VA. This year for the first time we did not include him as a dependent in our 1040. During 2022 he had an internship & research ...
ironv's user avatar
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4 votes
1 answer
159 views

When does a self-employed tax payer have to make quarterly tax payment? (Safe harbor rule)

My question is about when does a self-employed tax payer have to make quarterly tax payments. I understand that there is a safe harbor rule that says if you owed less than $1000 in taxes then you do ...
Bob's user avatar
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4 votes
0 answers
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West Virginia Taxpayer aged 61 with IRA distribution from Puerto Rico

I am a permanent resident of West Virginia age 61 unemployed and receiving health and food assistance from the State...thankfully. I have very limited investment income, not enough to pay taxes of ...
Jay's user avatar
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4 votes
0 answers
57 views

When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
Bear Bile Farming is Torture's user avatar
4 votes
0 answers
108 views

Working remotely for a Japanese company as a non-resident outside Japan

As the title suggests, I am currently performing remote work as an intern for a Japanese company. I am non-Japanese nationality residing outside of Japan. Am I subject to the flat non-resident tax of ...
iamlorkkurdleak's user avatar
4 votes
0 answers
63 views

Income tax rules when spouses are tax residents for different countries (specifically France and UK)

I know tax laws are country specific and in case of spouses living in two separate countries they may depend on the specific countries due to tax treaties so my question cannot be asked in all ...
FunkyPhyzz's user avatar
4 votes
1 answer
111 views

Tax implications of the interest earned in India

I have some questions regarding tax implications of the income in India from the following sources. NRE Account (FD and Savings) NRO Account (FD and Savings) Mutual Funds Interest in NRE account is ...
Arpit Bajpai's user avatar
4 votes
0 answers
161 views

Tax status decision

I left the USA for India on 1/31/2019. I was present in the USA in 2018 but for 15 days, and for the whole of 2017, and in 2016 except for 15 days. Will I be classified as a resident alien, non-...
user2371765's user avatar
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4 votes
0 answers
110 views

If my job is exactly the same across three employers, is it considered one job or three for tax credit purposes?

The state of Oklahoma has a tax credit for engineers working in aerospace, described in form 564. The definitions on page 2 specifically state under "Qualified Employee": [the employee] was not ...
Nosjack's user avatar
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4 votes
0 answers
78 views

Can I claim homeowner tax benefits if the title isn't in my name yet?

My mom died at the end of 2018. Her living trust named me as trustee and indicated her house was to go to me. I failed to transfer the title to my name last year, but I paid the mortgage all year. Can ...
Sarah M.'s user avatar
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4 votes
0 answers
483 views

Do you have to pay taxes on a Unison "investment"?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
user avatar
4 votes
0 answers
270 views

Foreign Earned Income Exclusion when working for a US company remotely

I'm a US citizen who lives and works in California. I've been looking at a possibility of working remotely and living abroad. My understanding is that when it comes to state taxes, you pay income tax ...
dsp_099's user avatar
  • 41
4 votes
0 answers
97 views

Can I list multiple wage income abbreviations on Free File Fillable Form 1040?

Background Wage income abbreviations are for taxable income not listed on a W-2. Two examples of these abbreviations are "HSH" and "SCH". Those two abbreviations are mentioned on pages 26 & 27 of ...
AST's user avatar
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4 votes
0 answers
37 views

Can personal income information be provably shared in Estonia?

Is it possible for an Estonian citizen to produce a government-signed document stating their income as it appears on their tax return? Maybe an electronically signed tax return transcript could be ...
Jonah's user avatar
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4 votes
0 answers
88 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 ...
Rupert Morrish's user avatar
4 votes
0 answers
580 views

How does one calculate their AMT MAGI to determine their passive activity loss limitation?

The instructions for line 19 (passive activities) of Form 6251 (Alternative Minimum Tax) mention that you may need to do an AMT version of Form 8582 (Passive Activity Loss Limitations): Refigure ...
Craig W's user avatar
  • 15.9k
4 votes
0 answers
89 views

Should I create a simultaneous Part-time Sole Proprietorship and Part-time single-member S-Corporation?

I am self-employed and my business has two distinct parts: Engineering and Design - which makes $50k income / year Manufacturing and Sales - which makes $150k income / year I am currently running ...
Adam B's user avatar
  • 151
4 votes
0 answers
70 views

Declaring income made in a foreign country

I was in the US from 2010 - July, 2016. In July I moved back to my home country (India) and have been working here ever since. I still count as a resident alien for 2016 in the US for tax purposes (...
ganduG's user avatar
  • 123
4 votes
1 answer
599 views

got some money on topcoder, possible tax rate calculation?

I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions. But I found out that 30% of that money will be withheld as tax. I didn't ...
thkang's user avatar
  • 149
3 votes
0 answers
38 views

Reduce income tax payable in Canada for an individual taxpayer

For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
user122866's user avatar
3 votes
0 answers
159 views

How does HMRC collect underpaid tax

In 2022/23 tax year, I was working for a UK employer and had a base salary around 100k GBP. My tax code was 1071T, which apparently means that I had a tax free allowance of 10710 per year (according ...
Andre Borges's user avatar
3 votes
0 answers
43 views

Tax deductible expenses in Canada when moving for work

My husband and I moved for work in Nov. 2022 from Ontario to BC. We own a home in Ontario which has been vacant since (could not be rented due to slow demand in winter time although we had been trying)...
systemdebt's user avatar
3 votes
0 answers
102 views

Mortgage interest deduction limit: omit house?

We have an unusual situation with the mortgage interest deduction limit. We moved late in the year; as a result, we had two mortgages, #1 and #2. #1 was most of the year and had a typical amount of ...
sideband's user avatar
3 votes
0 answers
50 views

How to handle income tax for weird insurance claim scenario

About 5 years ago, a dependent attended a treatment facility in another state. All of the insurance checks were sent to me and I forward them on, since the facility was out of network. We thought this ...
John Fisher's user avatar
3 votes
0 answers
53 views

Tax calculation question from Forbes article

From this article, When To Use Pre-Tax Vs Roth 401(k) Contributions, I'm confused on how the 31% difference was calculated from the given example: For example, if your household taxable income is $500,...
selfLearning96's user avatar
3 votes
0 answers
76 views

Germany - Nebenbeschäftigung under 450 EUR classified as Steuerklasse 6 instead of Minijob all the time. Retroactively fixable?

I started a second employment in November 2019, with a monthly pay below 450 Euros, and I don't have any other second employments. I'm now doing my tax declarations, and I have just realized that all ...
user98941's user avatar
3 votes
0 answers
62 views

How will Washington State Long Term Care tax affect workforce joining in the future

Washington state is planning to bring in a new Long Term Care tax that is going to be 0.58% of the total income. To opt out, tax payers need to buy a private policy before 2021/11/01 and then apply to ...
Anurag Peshne's user avatar
3 votes
0 answers
67 views

Can I deduct expenses from rental income on my principal residence without making it not a principal residence?

TLDR: can I still claim 40% of all of these expenses (screenshot from simpletax) on my taxes when renting a portion of my Principal Residence and it still be considered principal residence? and ...
tsdexter's user avatar
  • 183
3 votes
0 answers
400 views

Living in Germany, working remotely for a Swiss Company- taxes?

I am an EU citizen, living in Germany. I was offer the possibility to work 100% remotely for a company in Switzerland, a "classic" employment contract. I will not be an Grenzgänger. I ...
RaIo's user avatar
  • 31
3 votes
0 answers
84 views

Bringing life savings from KSA to Germany

I recently moved to Germany and my partner is planning to join me in a couple of months. We used to work in KSA and have a sum of money greater than 10 000 euros saved up from our work back in KSA. I ...
Charbel Wakim's user avatar
3 votes
0 answers
199 views

Why is the second lowest cost silver plan (SLCSP) premium reported as $0 when no advance premium tax credit (APTC) was taken?

In the instructions for Form 8962 (Premium Tax Credit), it says: If no APTC was paid for your coverage, Form 1095-A, Part III, column B, may be wrong or blank or may report your applicable SLCSP ...
Craig W's user avatar
  • 15.9k
3 votes
0 answers
64 views

Swiss citizen work from abroad for UK company - tax queries

I am a Swiss citizen and have been in the UK for two years. I am now working from home for my company for the forseeable future. I already spent around five months working from home during the first ...
user1936752's user avatar
3 votes
0 answers
30 views

Can a tax treaty be limited by other provisions in the internal revenue code even if the saving clause does not apply?

I am a US resident. In 2019, I had some income from a short employment in Finland. I know I can claim the Foreign Tax Credit, which is equal to the minimum of the taxes I paid to Finland and the taxes ...
user121664's user avatar
3 votes
0 answers
60 views

Filing state taxes as a part-year resident, and full-year federal resident

This question is similar to this one, and slightly related to this one, but with some differences. I have been living in USA for many years, and my spouse is an expat who moved to USA in the middle ...
RvPr's user avatar
  • 156
3 votes
0 answers
88 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
topsqueaksquad's user avatar
3 votes
0 answers
54 views

Tax on crypto earned as income but sold later

Suppose I do some work as a freelancer in exchange for Ether tokens, but I do not sell them right away. I hold them for a while, but eventually dispose of them within the same UK tax year. Do I have ...
Paul Razvan Berg's user avatar
3 votes
0 answers
53 views

Vailidity of Digital signatures on self-prepared 1040 tax form

Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail. I'm considering ...
user687416's user avatar
3 votes
0 answers
208 views

H1B Temporary Worker/ 1099 MISC Income

I am a H1B temporary worker in the united states at the moment. Last year, there was a pilot TV series filming in our apartment of residence which resulted in some inconvenience for me as a resident. ...
b1tchacked's user avatar
3 votes
0 answers
334 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
Kevin Li's user avatar
  • 155
3 votes
0 answers
45 views

How Should a US Expat in Vietnam Optimize Compensation Package to Maximize Net Pay?

I may have the opportunity to work on a project in Vietnam starting in early 2020, and am hoping to get some advice on how I should negotiate my compensation package with regard to taxes. I am a US ...
dikuw's user avatar
  • 131
3 votes
0 answers
88 views

What's wrong with transferring $12,000 from RRSP to RRIF and withdraw $2000/yr 65-71 inclusive? Why doesn't this give you $12000 out RRSP tax-free?

I live in ON. Jim Yih wrote Are You Taking Advantage of the Pension Income Tax Credit? Transfer RRSP to a RRIF. At age 65 transfer $12,000 to a RRIF and take $2000 out per year from age 65 to 71(...
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