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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2answers
178 views

strategies to reduce the impact of large, long-term capital gains?

I once had a boss who, even though he was not working in Florida, would frequently fly to Florida for just the weekend or stay for extended periods at his residence there in order to be able to claim ...
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1answer
2k views

What has happened to the W4 form for 2020 - paying a lot LESS federal taxes?

I made a mistake on my 2019 W4 form by claiming way too many dependents (10). I don't know how I ended up with this number but it was seriously wrong since I only have 3 dependents. At the time, ...
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1answer
61 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 ...
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5answers
2k views

History of marginal-rate taxation in the US

I recently came across an article that made me think about marginal tax rates in the US. Specifically, in the fourth paragraph there is the statement: He once asked me to explain to her that if she ...
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1answer
107 views

Where should I send my federal tax return if there is no payment attached but I'm not owed money?

I wound up owing a small amount of money on my federal tax return this year. Rather than attaching a payment, I decided to pay online immediately. But now I'm a bit confused about where to send my ...
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1answer
665 views

In accordance with IRS regulations filing of an FBAR is required in my case

I have approximately $26,600.00 in a foreign bank account...this account is used for daily living expenses. I am wondering when reporting this on IRS Form 8938 if I will have to pay US Taxes on this ...
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0answers
33 views

Social Security Spousal Benefit while Spouse is Working

For US Social Security, a person of Full Retirement Age (FRA) can claim spousal benefits to receive 50% of the FRA benefits of their spouse. Suppose person A is of FRA and has no income. Person B (...
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1answer
116 views

How to avoid paying tax on starting bonus that was used to reimburse a bonus from a prior employer?

My prior employer paid me a retention bonus in 2018. I left that company a year later, causing me to have to repay half of the bonus. My new company added an equivalent amount to my starting bonus. I ...
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1answer
37 views

If my HSA contributions are already deducted on W2, should I still deduct it from Schedule 1, Line 12?

All of my HSA contributions were made through salary reductions last year, so they already show up on my W2 as such. Thus, if I claim HSA contributions on Line 12 of Schedule 1, it seems like I am ...
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1answer
19 views

How to declare Cash Liquidation Distribution considering the Cost Basis?

I've been accumulating RSU and Compensation via stock (against my better judgment, but that's another topic) Now the company liquidated. e-trade documentation for 1099-div shows that i received money ...
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0answers
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Reporting adjusted cost basis for ESPP shares

I have a 1099-B from selling some lots of shares purchased through an ESPP. The sales are qualifying dispositions as the shares were held longer than 2 years from the grant date and 1 year from the ...
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1answer
76 views

What percentage of CA state income tax may I assume is local?

I am a NRA in Columbus, Ohio. I am trying to file my Columbus income tax. Having had an internship in Palo Alto, CA for 3 months in summer my CA W2 from internship shows no local taxes paid. Therefore ...
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1answer
90 views

Income-Tax and Side-Hustle Providing Internet Related Services

I'm looking at starting a side hustle that provides solely software related services. Like web-hosting, app development, etc. In the near future, I'm not looking for any sizable profit (or any for ...
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0answers
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Does the IRS require you to first use K1 losses to offset income before taking a standard deduction?

Suppose the following example: +$10,000 wages -$15,000 nonpassive K1 losses from an S-corp -$12,000 standard deduction If the IRS forces me to use the K1 losses to offset wages first, before the ...
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1answer
85 views

Rental home office expense

Employee at one of our locations wants to move to a different state for 2 years and has rented a home which includes a home office, which he will work remotely from. Employer has agreed to pay the ...
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2answers
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Will my father still be eligible for SNAP if I claim him as my dependent?

My income is over $50K/year. I am 30 years old. My father's income from ALL sources is $0/year. My father is 55 years old. I give $1,000/month via online banking transfer to my father. He also gets $...
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0answers
92 views

Does a small Bonus for an unpaid internship need to be reported or taxed?

I did an unpaid internship in fall 2019, at the end I was given an amount below $500 as a small bonus for my work their. It came from a personal account of my boss, so my question if that money needs ...
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1answer
55 views

Where to enter earnings income when correcting excess Roth IRA contributions?

I'm correcting excess contributions to a Roth IRA for TY 2019. I understand that the earnings will be taxed in TY 2019 as well, even though they are being returned to me in 2020. Where do I capture ...
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5answers
2k views

Are credit card rewards taxable?

There have been several questions about reward point/loyalty programs offered by credit cards Best Travel Point Credit Cards Best Reward Benefit Credit Cards Easy Comparison of Reward Benefit Cards ...
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1answer
21 views

Tax deduct seller financed mortgage interest after sale of property?

I purchased a rental property several years ago from a relative and the seller financed the mortgage. Over the past several years I have claimed the interest deduction on my 1040 and the relative ...
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1answer
70 views

Getting Taxed for Income from Job and LLC

I would like to know how a person gets taxed for income from a job and separate income from a LLC that I operate as my own business in the US. For example, if I generate 100k from my job; and if I ...
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1answer
78 views

Do I need to register as a sole trader with HMRC to open an Etsy shop? (UK)

I'm very confused about this Hobby Business Tax thing. I want to open an Etsy shop to start selling my photo prints online. I wouldn't be doing the printing, Whitewall would, but I would be selling my ...
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5answers
7k views

Why don't you need to pay taxes on cash back bonuses?

I have a Discover credit card that pays 1% cash back on and 5% on select categories. My question is: why isn't that cash back "bonus" taxed when stuff like canceled debt (1099-C), interest (1099-INT), ...
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1answer
36 views

W2 Copy A different then Copy B & 2 & C?

I received my W2 form in the mail from my employer. There is a Red form that apparently is called 'Copy A'. Then there is the standard black and white form with Copy B, Copy 2, and Copy C on it. The ...
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1answer
40 views

1099-MISC for dependent

My 16-yo (dependent in my returns) won a science fair competition in May 2019 and received a check for $2000. Last week we received a 1099-MISC with that amount in Box 3. How should I handle filing ...
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0answers
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tax exemption for a partner when one is working abroad all year long but other one stays in US

I have a green card and a US employer who could pay me abroad since we have offices in the EU and Asia. I have been working from these offices in EU and Asia for the past 6 months and came back a week ...
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2answers
91 views

Can't sign into Turbo Tax account, can I just create a new account?

I can't sign into my Turbo Tax account that I've used to file my taxes the past 2 years, and no matter what I've tried I can't reset the password. I have given up. Is it problematic to just create a ...
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1answer
40 views

Do I enter only the latest (corrected) 1099?

MY brokerage account sent me the first 1099 about 10 days ago, I entered it into my tax software, but did not file my taxes yet. Last night I received a corrected version. Do I just have to enter the ...
6
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1answer
150 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
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1answer
190 views

How much should you put in a 401k plan?

I am making ~$145,000 per year and was wondering if it is wise to contribute 12% pre-tax to my 401k? Is this too much? Is there any disadvantage in contributing nothing? I am already well off (come ...
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1answer
39 views

Salary packaging in Australia

How does salary packaging work in Australia (2020)? Is it effectively just a tax deduction for high ongoing vehicle costs? (For example, to determine whether salary packaging is a personally ...
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1answer
57 views

Tax implication for caregiver when family claims the Child and Dependent Care Expenses

Over the summer, we hired a college student to watch our kids, and we had planned on claiming the Child and Dependent Care Expenses deduction. As we are preparing our taxes, the student is concerned ...
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5answers
4k views

The effect of raising the standard deduction

I am preparing for next year's taxes (this year is already in the books). By next year I will have purchased a new home, and so I think I will qualify for itemized deductions. Reading up on it now, ...
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1answer
73 views

Home Office Deductions for Same Job in Different Locations

Working on my taxes for 2019 and came upon this scenario. I lived at my parents' house for 10 months and my own place for two, but was working at the same job as a contractor in both locations. ...
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0answers
61 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 ...
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1answer
164 views

Isn't my W-2 federal income tax withheld too low?

My wife and I file our income taxes as "Married Filing Jointly". There seems to be a drastic difference on our W-2 forms. She has been at her job for 15 years and her W-2 has changed very gradually ...
3
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1answer
29 views

Foreign Earned Income Exclusion for new Green Card holder

This is something I am a little surprised doesn't come up more, but here goes: I am a current resident alien (living in NY). Previously I lived and worked in Dubai for 5 years. My Green Card (by ...
2
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1answer
54 views

Can I claim a tax refund if I payed too much through PAYE?

I worked as a full-time employee in the United Kingdom between January 2019 and June 2019. I noticed that the income tax and national insurance fees I paid for January-March were much, much lower than ...
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1answer
77 views

Job salary doubt

What will be my in hand salary for the following structure? Basic pay: 15600, GP:6000, DA:9720, Pension: 1139, EPF: 1800, Gratuity: 1506,HRA: 3000, Conveyance allowance: 3741.? Please answer its ...
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0answers
43 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
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1answer
41 views

Is the UK Personal Allowance different from the Capital Gains Allowance?

As per these two resources from the gov.uk website: https://www.gov.uk/income-tax-rates https://www.gov.uk/capital-gains-tax/losses The standard Personal Allowance for 2019/2020 is £12,500, while ...
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5answers
231 views

What do we know about elementary financial education at highly ranked schools at the pre-college and early college levels in the US?

Several answers and comments have postulated ignorance of the most basic financial features, for example, a total misapprehension of "marginal tax rate". See, for example, the comments under the ...
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0answers
42 views

NY & Federal Quarterly tax payments for someone with Fulltime job and a side gig?

In 2020 I want to start paying estimated quarterly taxes but I am not sure exactly how to calculate the amounts. If I make X$ yearly income from my full time job have maximum withholding. I also ...
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2answers
103 views

Confusion about Federal Tax Return

I have been using HR Block, and the software calculated my tax return, which is kind of surprising to me. I used a free tax estimator and the results are similar: Taxable income $80,600 Effective ...
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0answers
28 views

Overview of tax for Non Residential Alien

I am completely new to this firstly. Can anyone please give an overview of the forms needed to be filed by a person who is getting income through IN APP PURCHASES on android play store.I am not ...
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0answers
9 views

Tax Implications of RSU in a Foreign Country

If a company were to grant me RSU's in an entity not based in the US, are their differences in how this would affect my taxes compared to if those RSU's were for a US-based company? Do I owe taxes to ...
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1answer
65 views

Need to file Income Tax Return

If my total tax is remitted as withholding tax should I still file income tax return?
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0answers
46 views

Using Withholding tax to pay Income Tax for NONRESIDENT ALIENS

If I sell games on a popular platform like STE-AM ,and it widthholds my tax and remits it to IRS on my US scourced income do I have to still file Income Tax Return as a nonresident alien.
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1answer
918 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
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6answers
8k views

selling appreciated stock vs gifting it to charity

Assume I have a stock that I purchased for $1000 and it now has a value of $5000, a potential long term capital gain of $4000. Assume also that I owe $20750 in total tax on an income of $80000 based ...

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