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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2
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2answers
418 views

Degiro Stocks & Shares Account for Minor

I am in the process of setting up an account with the stock broker 'Degiro'. In order to set up an account for a minor (currently 17 years old) they require it to be opened as a joint account, with ...
4
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1answer
208 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
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1answer
60 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 ...
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1answer
92 views

Tax Return Married NRA: Is Glacier Tax Prep fill the 1040NR out correctly?

I am an F1 student (NRA) and Married. Based on the new 1040NR(-EZ) instruction a married NRA cannot claim more than $5,000 deduction (1040NR Instruction). Glacier Tax Prep is a software provided to ...
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1answer
24 views

Nature of exempt allowance under section 10

I'm filing income tax return for assessment year 2019-20. I'm facing problem in putting the details for section 10. The Nature of Exempt Allowance column is showing 14 different choices as shown in ...
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3answers
59 views

Do under-withholding penalties apply to supplemental income?

I understand that while supplemental income is ultimately taxed the same as other kinds of income, it's withheld at a flat rate of 22%. If this causes a significant under-withholding, is the employee ...
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1answer
60 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 ...
2
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1answer
64 views

How to exactly find out income earned from Fixed Deposits?

I have an SBI savings accounts with autosweep facility such that it creates FD if the amount goes above a certain limit. Now any interest earned from FDs is taxable. However this year, I don't see ...
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1answer
59 views

Optional vs Mandatory State and Federal Paycheck Taxes for NYS

I live in New York state (upstate; not NY City) and am wondering which of the following taxes I must pay out of my weekly paycheck: Income Tax Federal State Local FICA & State Taxes ...
2
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2answers
50 views

Is the Qualified Business Income (QBI) deduction computed with or without the Standard Deduction removed from business income?

I received a notice from the IRS this month: We changed the amount claimed as your Qualified Business Income Deduction because there was an error in the computation. The difference is in the ...
2
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1answer
507 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
77 views

Non UK company hiring local staffing

Do I need to issue any tax form to the local staffing we hired in UK for a small event? We are an Event company based in US.
2
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1answer
58 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 ...
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1answer
50 views

How do I find out what are the min and max withholdings from each paycheque?

Gill, Madura. Personal Finance, 4th Canadian Edition 2019. p 86. Emboldenings are mine. Taxes Paid on Earned Income Your income is subject to personal income taxes, which are taxes imposed on ...
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1answer
12 views

How can I claim the tax while filing ITR2 in India on the Joining Bonus Recovered by the company?

I am a salaried person in India, so Indian Income Tax laws are applicable on me. In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the ...
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0answers
55 views

Where can I see break-down of total federal and Ontario non-refundable tax credits?

Please see my 63 y.o. Ontarian dad's cash flow.. I screen-shot, but rounded the values from his 2018 Notice of Assessment. Where can I see tax credits broken down? I want see them so that I can ...
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1answer
69 views

US Citizen working in Japan for a Japanese company, and also remotely for a US company. What's my tax situation?

I've searched a few queries, but didn't find many people in a situation quite matching mine. Starting in October, I will work full-time for a company in Japan, and I will also put in some part-time ...
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1answer
65 views

What should be my state tax withholding if I do internship in another state?

I am doing internship in New York but I live in California. I am also an international student (F1). Our country has tax exempt agreement, so I am eligible for federal tax refunds. During the ...
2
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1answer
43 views

Is Pension income a part of my Personal Tax Income

My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario. Do these count towards their income tax brackets? Are there other taxes they should ...
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1answer
47 views

Wrong Calculation on Income tax & P60

Please assist me with this Income tax question. For the financial year 18-19, a company paid a starting salary of £ 41,671.80 and gave a pay rise of 9.2 percent from 1st Oct 2018 which makes it 45,452....
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1answer
557 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
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0answers
123 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
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1answer
96 views

Funds transferred to India after three years of leaving US

I was in the US for a few years and didn't close my savings and checking accounts in the US at the time of return. After three years of my return from US, I transferred some funds to my savings ...
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1answer
93 views

Can I transfer, in 2019, my tuition tax credits from 2009-2015 to my parents who paid all tuition?

From 2009-2015, I was studying in Ontario universities, and made no income. My parents paid all my tuition. I filed my taxes, but didn't know that I could claim tuition tax credits. u/pfc-toss ...
2
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2answers
32 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
2
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1answer
148 views

Over-collection of FICA (social security and medicare) taxes

I have been non-resident alien in the last year 2018, and I have switched to a new employer in the last few months of last year. Last month, I discovered that my new employer was collecting FICA (...
3
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2answers
93 views

Married Mid-Year, Tax Liability Now Paid

I've paid my taxes as single all year, but now I'm married! With this new filing status, my tax liability has decreased, as my wife has both a lower income and a daughter. By my calculations, our tax ...
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1answer
31 views

House property loss adjustment with carry forward loss from previous year

I have a query regarding situation below for tax implication : Carry forward loss from previous year under head house property loss : 60000 Current year house property loss : 120000 With above, ...
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1answer
53 views

What is the Income Tax treatment, if person A transfers more than fifty thousand Indian rupees electronically to Person B's saving account?

I wanted to know the income tax implications if A transfers more than fifty thousand Indian rupees to B's saving account electronically. The B is not a relative to A. Would B be taxed as he/she is a ...
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0answers
87 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...
2
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1answer
28 views

W9 & Stipend Payment for Hosting International Exchange Student

my question has to do with tax compliance in the way of W9 & Direct Deposit in the way of a stipend that is paid monthly to host an international student. My husband is in the military and has ...
12
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3answers
3k views

If my pay period is split between 2 calendar years, which tax year do I file them in?

The pay period is from Monday 12/23/19 till Friday 01/03/20 and this pay period gets cashed into me on 01/10/20 (Not sure if this piece of info is relevant). Do I have to include this on the 2019 tax ...
2
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1answer
510 views

Will I be taxed for accepting money to help needy?

One of my friend, who is very poor, is hospitalized. His total medical expenses are around 1.8 lakhs. He is not in a position to pay even a small amount on this. So, I am requesting people send ...
2
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1answer
3k views

TDS2 column 3 “Amount which is subject to tax deduction”

Please help? I don’t get to see it—what to fill for the TDS2 column 3 “Amount which is subject to tax deduction”. Is it to fill there the FD Interest amount (= 54000, on which the TDS is made)
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1answer
20 views

How does NPS Tier - 1 80CCD work?

Conditions: NPS Tier-1 contribution from salary per year > 60000 NPS Tier-1 contribution from company per year > 60000 Question 1: How much amount is counted for 80CCD? Is it just salary or also the ...
2
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1answer
69 views

Self assessment Tax not reflecting 26AS

I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be ...
2
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1answer
76 views

Can I be taxed if a colleague from abroad sends money to my NRI account in India?

I'm residing in USA and have some property in India. An acquaintance of mine who is residing in Dubai has rented that property. Can he send the rent to the NRE bank account I had taken for while I ...
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1answer
47 views

Tax deduction for penalty paid

Can I get tax deduction for my 2 Lakhs penalty paid to the company to break H1B bond. Is there any section I can mention about this 2 lakhs?
3
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2answers
98 views

Do I still file taxes when I make less than the standard deduction? What about withholdings?

I will be filing as single this year with no dependents. I might aim to make $10,000. I searched that the standard deduction for this year is $12,200. Do I still file my taxes? Do I get the full ...
24
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5answers
8k views

kids pooling money for Lego League and taxes

Based on Will I be taxed for accepting money to help needy?, I am wondering how the law goes. Suppose a kid is taking part in a school activity (e.g. http://www.firstlegoleague.org) along with a team ...
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2answers
81 views

Tax relaxation for Indians in Germany

I have recently employed in Germany for one year. I am from India. Is there any tax relaxation for Indians in Germany? I am married.
6
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1answer
106 views

Is selling in IRA and then buying similar stock in regular account a wash sale?

Suppose I buy 10 shares of XXXX at $300 in my IRA account on Jan 2nd for total $3,007. XXXX drops to $250 on Jan 10th and I then buy 10 shares in my taxable account for a cost of $2,507. On Jan ...
8
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1answer
180 views

How do taxes work if one's spouse dies?

My question is not for estate planning, but to understand taxes (similar to question for Canada) but when taxes have been filed regularly (and pertaining to the U.S., not Canada). Suppose a couple ...
2
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2answers
91 views

How are app sales/acquisitions taxed in the US?

Hypothetical scenario: I identify a gap in a company's product offering. I, as an independent developer, write a desktop, web, or mobile application that bridges this gap, and I contact the company in ...
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1answer
103 views

How to get FMV ( Fair Market Value ) of a stock on 31 Jan 2018

I want to know how to get FMV of a stock ( Ex. SBIN ) which is purchased from NSE. I want to know this for filling ITR ( India ). I tried over nse website as well as moneycontrol website but could ...
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0answers
32 views

Independent Contractor

I am an employee and fall within the first tax income bracket in Nova Scotia. I have recently taken up a contract job as an independent contractor that pays about $150 to $200 per month. I want to ...
2
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2answers
96 views

How do employers determine how much tax to withhold?

I work two jobs, both are casual, and I am claiming the tax free threshold from one job. Each time I am paid from the other job (the one I am not claiming the tax free threshold from), my employer ...
6
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1answer
173 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; ...
4
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2answers
268 views

Deferring claim of significant purchase of RRSPs

If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns. ...
3
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0answers
88 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 ...