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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.

6
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0answers
91 views

If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?

My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017. I am wondering if and when I do decide to file our taxes; ...
5
votes
0answers
43 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 (...
5
votes
0answers
102 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 ...
4
votes
0answers
30 views

What, exactly, makes an “unrelated business” unrelated in the case of junior partnerships held inside IRAs?

My question is concerning the unrelated business income tax on partnership interests inside a Roth IRA. Specifically, I own common stock in a company that's technically classified as a Limited ...
4
votes
0answers
28 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 ...
4
votes
0answers
28 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 ...
4
votes
0answers
73 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 ...
4
votes
0answers
81 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 ...
4
votes
0answers
268 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 ...
4
votes
0answers
69 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 ...
3
votes
0answers
24 views

How to report contributions to UK pension (USS) on US taxes?

I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
3
votes
0answers
95 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
3
votes
0answers
52 views

Amended return (dead or alive): What address or addresses to use for various forms?

An amended return multiple forms, most of which require an address. But if the address has changed since the original return, then what address do you enter on each form? For example, the amended ...
3
votes
0answers
43 views

Can I deduct mileage if I'm a contractor who works at home and at an office?

I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week. ...
3
votes
0answers
51 views

Are Netherlands“second pillar” pensions USA Section 402 compliant?

I am a US citizen and work in the Netherlands as an employee for a Dutch company. In the Netherlands, the retirement pension system is based on three pillars: the public pension scheme, akin to the ...
3
votes
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
votes
0answers
18 views

What tax year do I claim a fellowship if it is on both the 2017 1098-T and the 2018 1042-S?

Note: I am an international student and receive a yearly 1042-S. I got a fellowship in November 2017 but my University did not distribute the money until January 2018. Because I am an international ...
3
votes
0answers
22 views

USA tax treatment of additional gain from an escrowed sale

In 2016, a privately-held company in which I owned shares was partially (irrelevant, I think) bought out by a private equity firm. We paid capital gains tax on the amount received in 2016 (minus that ...
3
votes
0answers
66 views

How do I pay my ineligible IRA contribution taxes?

This is a follow-up question to I may have made an ineligible contribution to a Roth IRA. What should I do? In 2017, prior to Tax Day, I made a TY 2016 contribution to my IRA that exceeded my 2016 ...
3
votes
0answers
51 views

Can construction Soft Costs be carried forward on Canadian rental income?

I built a home and am renting it out for profit. While building, I incurred soft costs (mainly interest costs on money borrowed during construction, and insurance costs). In the years that I had these ...
3
votes
0answers
85 views

Can I file for federal tax returns for the year 2016 from India?

I was working in US in 2016 while on a project but now I am in India. How do I file for tax returns from India for 2016? I tried e filing through an agent last year but I provided my US postal ...
3
votes
0answers
142 views

How will the new tax bill benefit an S-corp individual?

While driving, I heard on some news program that flow-through people can deduct more from direct income from their business than indirectly through payroll (such as ADP). Will the new tax bill let me ...
3
votes
0answers
125 views

Received late K1, but do not owe any tax. Must I amend my return?

I received a late K-1 form. I already filed my taxes. Do I need to file an amended return even if I do not owe any additional tax?
3
votes
0answers
105 views

US/Irish Citizen Working for a US company while living in UK--Worth it?

First off, i'm sorry if this has already been asked. I've made the decision to move to London with a friend and I need some guidance. I've been interviewing with a few really good companies in London ...
3
votes
0answers
58 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 (...
3
votes
0answers
133 views

Deducting travel costs for summer internship on J-1 visa

I am a full-time PhD student at a university in Germany. To get funding for my PhD studies, I am employed as a research assistant by the university (I have been continuously employed in this position ...
3
votes
0answers
67 views

What tax forms should I file for my new, 2016 LLC?

I'm the only member (owner). 2016 is the first year (year of incorporation). There were expenses (~$16k) but no income. My plan is to file the 568 by March 15th but not file any federal corporate ...
3
votes
0answers
76 views

What conditions should we fullfill to pay taxes as a family?

I'm thinking about taking a job in Germany, and for the purpose of salary negotiation I'm trying to estimate my net income using this calculator. What complicates matters is that my family won't be ...
3
votes
0answers
178 views

Moving from Canada to the U.S.: Where will I be considered resident for tax purposes?

In 2018 in the summer, I'm planning to move from Canada to the U.S. I'm a citizen of Ukraine. I would spend more than 183 days in Canada in 2018 and have an employer, but by the end of the year I ...
3
votes
0answers
104 views

LLC capital equipment against day job income

My wife and I have started an LLC. the LLC is run our of our house, it is a machine shop. We file our taxes joint-married. She is 51% owner I am 49% owner. I work a day job (for now). We have ...
3
votes
0answers
2k views

Where on 1040 do I indicate withholding adjustments in a community property state (form 8958)?

My wife received a notice from the IRS indicating they contest the amount specified on line 64 ("Federal income tax withheld from Forms W-2 and 1099") of her 1040. I'm trying to determine if we need ...
3
votes
0answers
81 views

Independent contractor for a Canadian company with no 1099 for 6 months then under US payroll with W-2. What to do?

I am a US permanent resident and I was working for a Canadian company as an independent contractor for the first half of 2015 without any 1099s and they wire transfer my wages directly into my US bank ...
3
votes
0answers
104 views

Moving between countries at the middle of Tax year to reduce progressive tax impact?

Soon I will be relocating from US (H1B visa) to UK. I am not a citizen of these two countries. Since both of these two countries have progressive tax system I have come to conclusion that it would be ...
3
votes
0answers
147 views

Question about 1098-T Tax form

I graduated college in May of 2015. I just received my 1098-T form for the 2015 year, which includes my spring semester. In box 2, "Amounts billed for qualified tuition and related expenses", it is ...
3
votes
0answers
114 views

Realtor Credit or Kickback

Its our first home purchase in Maryland, USA. Our realtor agreed to give us 2% kickback (towards closing cost) and she keeps 1% from the 3% commission she gets. If base price of our home is 400K, ...
3
votes
0answers
1k views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
3
votes
0answers
390 views

How do I take the state sales tax deduction if my spouse lives in another state?

My wife and I live in two different states, and I'm currently in the process of filing our 2014 income tax return. We are Married Filing Jointly. I have income from only the state that I live in, and ...
3
votes
0answers
386 views

My girlfriend is going to be a public servant. Is it worth to marry now?

My girlfriend and I, have been together for 4 years now. I'm pretty sure she is the one. I'm thinking about asking her to marry me, but don't know if I should do it now, or later. I surely will ask ...
3
votes
0answers
4k views

Is it true that as long as you are on a TN visa you have to file taxes in Canada as residents?

My husband has been working in the USA on a TN visa since August 2012. Me and my son moved to USA in August 2014. My husband has been filing taxes in the US as a non-resident and in Canada as a ...
2
votes
0answers
68 views

Am I required to amend my tax return if I overpaid my taxes?

Long story short: I got a corrected 1099-DIV after filing my taxes. After going through the calculation, it appears that correcting the return would net me an extra $13 refund, i.e. I overpaid my ...
2
votes
0answers
34 views

U.S. Amending Tax - Should a 1040x be made if I forgot to include 1099-r but there is no difference in taxable income?

I was notified last year when I went to the tax office that I didn't include a 1099-r early distribution. This is the distribution in question: I am confused because the TurboTax UI shows my ...
2
votes
0answers
31 views

Claiming standard deduction on 1040 NR while not being a student

I am now physically located outside the USA (in India) and am not a student, but have financial assets in the USA generating income. I purchased these assets while I was in the USA and continued to ...
2
votes
0answers
35 views

Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
2
votes
0answers
33 views

USA IRS - CANADA CRA Dual Status Return

A little background first: We (myself and my spouse) were resident aliens (for tax purposes) until June 2018 on a F1 visa. We left USA and moved to Canada in June 2018 (less than 183 days in 2018), ...
2
votes
0answers
33 views

PA state tax for CA income as an F-1 student (nonresident alien)

I'm currently studying in PA on F-1 visa and have earned my only income last year from CA (internship while on CPT). I understand I should file state tax with CA as a nonresident. But I'm confused ...
2
votes
0answers
72 views

Tax on apartment purchased abroad

I live in the US and purchased an apartment abroad. I transferred 200,000 dollars directly to the seller, so I never opened a bank account abroad. My understanding is that, if no income is generated (...
2
votes
0answers
28 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
votes
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
0answers
51 views

Advice for finding a qualified accountant for grad student & real estate tax and financial planning

I'm a bit worried about getting bad tax advice this year for a number of reasons. I just started a PhD program this fall, which meant a number of big changes for me: I had to sell my house and move ...
2
votes
0answers
46 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...