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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3answers
706 views

Employer forgot to file 1099 for me, when do I file my taxes?

I've provided some services to USA company during 2020 as independent contractor and was waiting for a company to send the 1099-NEC form so I can file my taxes. Now the company just told me they ...
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USPS May have lost my tax return. Cannot check status?

Unlike other 200 IQ folks, I just mailed my tax return in an envelope with a stamp. So I have no registered mail or tracking. I mailed it on March 22, it's May 10, 7 weeks later, and still no sign. ...
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Do I need to pay income taxes on money added to my Steam balance through sales on the Steam marketplace?

I've lately been using a 3rd party tool to automatically farm Steam Trading Cards. I then sell these cards on the Steam Marketplace for tiny numbers, to the tune of receiving 1-5 cents for most of the ...
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How to calculate Net Investment Income Tax: Expenses Allocation (IRS Form 8960)

In an answer to this question, @dave_thompson_085 quotes the section from the Form 8960 instructions dealing with line 9b - allocation of state tax investment expense. Reading the answer and the ...
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1answer
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What is the cost basis for my RSU? My 1099-B says $0

Block 14 of my W2 says $40,000 RSU. My paystub itemized the $15,000 tax deductions (fed, state, SSA, etc..). Out of the remaining $25,000, twenty thousand dollars were deposited to my E-Trade ...
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As a new resident alien, can I harvest capital gain losses from previous years when I was a non-resident alien?

In the year 2020, I switched from being a non-resident alien (NRA) to a resident alien (RA) for tax purposes. I'd come to the US in 2015 as an international student (F-1 visa). For NRAs, using the ...
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1answer
50 views

Itemizing charitable deductions on California taxes while taking standard deduction + 2020 charitable deduction on federal taxes

This question is pretty specific, but it's worth a try. Apologies in advance for the length; I'm aiming to be as clear as possible. In 2020, as a provision of the CARES Act, it is possible to take the ...
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1answer
114 views

Is Nike paying income taxes as news media reports? [closed]

There have been articles written, Nike paid no Federal Income tax in 2020. However, looking at its Annual Report below, I see income taxes. So how are these news articles saying this? No Federal ...
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3answers
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Do I have to pay income tax if I don't get paid in USD?

If I were a freelance worker getting paid in cryptocurrency, would I have to claim my earnings as income? What if I never convert it to dollars?
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1answer
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UK tax when selling service through my website (via monthly subscriptions)

I live in UK and only pay taxes here. Every year I need to submit my self assessment but until now I only had my regular job, so all taxes were paid at source and I simply had to report this in the ...
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2answers
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Schedule 1, Other Income: How to override in TurboTax

I have other income that is listed on Schedule 1. Schedule 1 Form line 8 state list type and amount. Turbo Tax enters "other income 1099-misc". I want to override the text and put my text in ...
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2answers
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How late could I receive a corrected 1099?

(Background: in March 2020, I received a corrected 1099 for tax year 2019 from Robinhood.) How late could a corporation like Robinhood file a corrected 1099 if they made an error? The 1099 I received ...
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1answer
58 views

What tax is owed on rental income in the city of Philadelphia? Do all applicable taxes only apply to net rental income?

I am filing out taxes for my rental property in Philadelphia, PA which I own as an individual. As far as I can tell, all applicable taxes specifically for Philadelphia are the following: School ...
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0answers
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Is Foreign Income taxable In India

I was abroad from 2 years(so NRI currently), Now returned to India in April and working for Portuguese company individually and they need me to send invoices monthly for the payment. Now this company ...
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1answer
45 views

Married Filing Separately - NRA

I've one question regarding MFS tax return considering below case: If spouse has not completed 183 days stay in USA, tax status is Non Residential Alien. and if primary income holder in USA is ...
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1answer
73 views

How do USA Estimated Tax Payments Work?

I repositioned my investments and sold a large quantity of stock in the first quarter of this year. As such, for the first time in a long time, I will need to pay estimated taxes. However, I am not ...
2
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1answer
114 views

How to find how much my dad may have earned from stock dividends

I have been helping my dad with his tax return before the upcoming deadline. He has early signs of Alzheimer's disease which ramped up within the last 2 years. Unfortunately I haven't been ...
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2answers
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Does it take the same wait time to get a refund when filing taxes myself by mail and by using a tax preparation service (USA)?

In USA, does it take longer to get a refund when filing taxes myself by mail compared with using a tax preparation service, or is it the same? Clearly excluding shipping time.
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1answer
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Canada/ON: Can one of the co-owner (Joint Tenancy) of a rental property claim all the income/expenses/taxes, without it affecting ownership basis

All I can find is the following, but it is for USA. https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/no-is-the-brief-answer-generally-each-of-you-would-rep/01/159513/...
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1answer
141 views

Is New York's formula for taxing non-residents constitutional? How? [closed]

When a New York State non-resident has NYS income, NY's tax rates are based NOT on the absolute amount of the NYS income, but on the non-resident's federal income, pro-rated to the percentage earned ...
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3answers
189 views

capital gains tax on house sale

Looking for some answers regarding capital gains. Imagine that a married couple buys a house on January 1st 2001 for 500K and lives in it for 5 years. On January 1st 2006 they rent out the house. The ...
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2answers
227 views

How do you show that “you did not live with your spouse at any time during the year”?

My wife and I will be filing separate tax returns this year. Since I made more than $10,000 modified AGI during 2020, this would normally mean I am ineligible to contribute to a Roth IRA. However, due ...
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3answers
160 views

Should I exercise my options to buy stock in a company not yet trading publicly?

I used to work for a start up that offered stock options which I haven't been able to afford to exercise until now. I'm very new to stocks so I'm not 100% sure how it works. Currently, I'm able to ...
2
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1answer
160 views

Roth IRA Conversion and taking money out

A person who is over 59.5 years of age has an traditional IRA worth 1 million dollars and no Roth IRAs. On Monday, he converts the traditional IRA to a Roth IRA. On Tuesday, due to an unexpected ...
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0answers
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Buying on US OTC versus Canadian TSX

As a US citizen, is it better to buy an equity that is cross-listed both on the US OTC Exchange as an ADR, or to purchase it from an online broker that has access to the Toronto Exchange TSX or even ...
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2answers
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Is income tax a revenue-based tax?

Recently I was discussing taxes and politics with a family member and they highlighted the difference between how corporations and citizens are taxed. Corporations pay tax on profits --not revenue. ...
2
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1answer
59 views

Who to pay local taxes to if I have lived in multiple locations?

Pretty straightforward. I have lived in multiple locations (within same state) throughout 2020 and as a result find it a bit complicated to determine who I owe local taxes to? Do I prorate? Do I just ...
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2answers
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How is GST/HST treated when you file corporate tax?

FOR CANADA: Let's assume I make $100,000 in sales with a 13% HST tax = $113,000 in a year. Also let's assume zero expenses for the year. I pay $13,000 in HST. Are my corporate income taxes on $100,000?...
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1answer
50 views

Do I need to amend 2019 tax return?

Chase bank sent me 1099-MISC for $50 signup bonus when I opened a new account in 2019. I forgot to add this form while doing my taxes. This link says 1099-MISC should have at least $600. Since it is ...
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0answers
41 views

Does IRC §871(i) (no tax on deposit interest for non-residents) apply to interest paid by the IRS on delayed refunds?

Internal Revenue Code §871(i)(3) basically says that "deposit interest" on a deposit in a US bank is not taxable for US non-resident aliens. The IRS pays interest on delayed refunds and ...
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1answer
15 views

Should I file as Resident or Non Resident for FY2020? I arrived in US in 2015 on F1 and switched to H1B in Oct 2020

I am a single individual who arrived in US in Aug 2015 on F1. I was on OPT until 30th Sept 2020 and then switched to H1B from 1st Oct 2020. After reading documents below, I gathered that since I have ...
0
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1answer
32 views

short-term VS. long-term capital gain tax rate for margin account

I have a margin account for my stock trading. I know capital gain from stocks held for more than one year is called long-term capital gain while capital gain from stocks held for less than one year is ...
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1answer
49 views

how to compute income on a year when you sell an asset with some capital gain while you have a rolling over capital loss from passed years

This is about US tax law. When you sell an asset in a year, how does your income computed? Here is a scenario: say you are a 100K/year salary guy. You sell a home ( an investment home, not your ...
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0answers
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What happens if I don't claim all installment payments on my Canadian income tax return?

The Canadian income tax return line 47600 is for "tax paid by installments". Assuming I overpaid, if I enter less than the amount I actually paid (making the total owed or refunded be zero), ...
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1answer
132 views

Is it possible to comprehensively compare personal tax rates between countries?

I am trying to compare the "effective income" for several countries, by comparing (gross) salaries from sites such as levels.fyi, and estimating how much would be left for actual spending ...
2
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1answer
42 views

Adjusted Gross Income for TurboTax

In order to file my taxes using TurboTax, I need by AGI (adjusted gross income) for 2019. Since I used form 1040, the adjusted gross income in on line 8b. However, when I downloaded the form, it is ...
12
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1answer
4k views

Why am I being under taxed on a part time job?

This is my friend. But for ease I will be referring to me. In 2020, I began a part time job stocking shelves starting in August. At the end of the year, I received my W-2. My compensation was $1800, ...
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1answer
58 views

What is the tax status of assets recovered via bankruptcy proceedings?

Say someone held some non-cash assets (shares, cryptocurrency, etc.) with a third-party business that went bankrupt. They become a creditor in the bankruptcy proceedings, lose access to whatever ...
0
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1answer
22 views

Can I use the standard single deduction amount on form 1040 line 9 (12,200) if I am filing a 2555?

I need to amend my 2019 taxes as I filled out the deductions incorrectly (need to submit 1040x). I have filed 1040s and 2555s for the past 5 years with a tax home in Germany. Can I use the standard ...
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3answers
64 views

Filing my Taxes and Paying later

I plan to file my US 2020 Income tax return in the next few days. However, I am not planning on paying the amount due to around May 15. I plan to do the same for the state of NJ. Is there any issue ...
1
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1answer
74 views

Does a foreign tax paid to “United States” on a 1099-DIV make sense?

I've received a form 1099-DIV from a US investment bank at which I hold some investments, with the following entries: 4- Federal Income Tax Withheld 0.00 5- Section 199A ...
3
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1answer
60 views

As a U.S. citizen, how does income tax work for income from non U.S. companies?

I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. ...
3
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1answer
29 views

Can unmarried Tenants in Common report investment property income/expenses on their Schedule E's or do they need a partnership entity?

Thank you in advance to whoever decides to read this and offer their insight. A friend and I own residential rental properties as Tenants in Common, 50/50 split under our TIC agreement. We have a ...
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3answers
169 views

Is a gift always a gift on both ends?

Suppose some person with a lot of cash jumps into a Twitch stream they like and gives the streamer $20000. (This would be on the high end for Twitch donations, but nowhere near record-setting.) From ...
4
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1answer
47 views

HSA amount contributed by employer missing on W-2

I received my W2 and there is nothing listed for HSA contributions. I did not contribute anything; however, my employer did contribute $3500 to it. Do I need to report anything when I file my taxes?
2
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2answers
159 views

How do people with LOTS of itemized trades list them on US tax forms?

Assume it is given that you need to itemize trades on, say, Form 8949 (+ any state form(s)). These forms only allow so many transactions per page (14 entries for Form 8949). How exactly do people who ...
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1answer
60 views

What is the meaning of the phrase “National Asset Monetisation Pipeline”?

Tabling the Union Budget for 2021-22, Ms. Sitharaman said: Monetising operating public infrastructure assets is a very important financing option for new infrastructure construction. This has been ...
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0answers
41 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 ...
12
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2answers
4k views

Will I have to repay some of the 3rd stimulus check?

I got the full amount for the third stimulus check. ($5,600 for a family of 4) I just did my taxes for the 2020 year and an online calculator shows that I would have gotten $4,000 less if I had filed ...
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1answer
59 views

Freelance income from different currencies (UK)

I have a UK day work and also do some freelance stuff. I will start to work as a freelance for a Swiss university and for a Canadian organisation. I will invoice them in CHF and USD respectively as ...

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