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.

Filter by
Sorted by
Tagged with
0
votes
1answer
23 views

Government knowledge of tax filing from industry as a self-employed individual

Say I am self-employed and work through 'X' platform. The platform claims to only report and/or provide tax documentation if you meet a certain threshold. Given I do not reach this threshold and the ...
3
votes
0answers
23 views

How much do I need to pay as taxes for this investment? How to calculate it?

I am relatively new to both investing and doing your taxes in Germany. I have read many articles, none of which were official documents because I couldn't find them (also I don't know German). But I ...
23
votes
9answers
5k views

Why is income tax generally not in a continuous “spectrum”? [duplicate]

With respect to the countries about which I am familiar, income tax is partitioned into tax "brackets", meaning that the rate of taxation varies discretely. Different tax rates are therefore applied ...
1
vote
2answers
68 views

Can items bought second hand be a tax write off? How does buying from an individual instead of a business work?

I am planning on buying a second hand computer monitor off Craigslist. I would use it for my work as a contractor. What steps should I take to be able to write it off as a business expense? I can take ...
0
votes
2answers
45 views

German taxes while working in two different countries in 1 year

So in 2019 I spent 6 months working in Germany, moved out, and then spent 6 months working in Thailand (completely different companies). My family lives in Germany long-term, I have most of my stuff ...
2
votes
1answer
67 views

Is selling the contribution in Roth IRA to be avoided if at all possible?

I just heard of the rule stating that the contribution into Roth IRA can be sold at any time, any age, without a 10% penalty or any tax liability? It sounds like an advantage, but it sounds like ...
0
votes
1answer
83 views

Can I specify non-resident alien children as dependents?

I am a US citizen living outside of the US. Neither my wife nor my children is a US citizen, nor do they have SSNs. Am I allowed to list them as dependents? May I file as head-of-household, ...
0
votes
1answer
24 views

What are some online e-TAX filing platform in India? [closed]

e-TAX payment procedure in India.
14
votes
3answers
2k views

What should I prepare for tax-wise when moving from one state to another?

In about 2 months, my wife and I will be moving to another state and I will be starting a new job - this move will be from the Capital Region of New York State to the St. Mary's County region of ...
5
votes
1answer
132 views

Do I have to pay taxes if someone pays me for a service, even if no rate was negotiated?

I'm a student and I like to build custom PCs for the people around me. Recently, a friend of mine asked me if I could build a PC for him. I created a build according to his budget, asked if it was ...
-1
votes
2answers
237 views

Can my wife use “my” money to invest and report the gains as her income?

I've looked into this quite a bit and haven't found any red flags as to why this would be a legal/tax issue, but I wanted to post the question here to see if the community might help me recognize ...
0
votes
1answer
25 views

State tax refunds for non-resident aliens and excess

According to the instructions for Form 1040-NR-EZ, tax payers must refer to Publication 525 to decide if any of the state tax refunds need to be listed as additional income in Line 4. Here, for Non-...
-1
votes
0answers
74 views

What is the amount we earn that we don't have to pay tax in US and California?

I hope to find out if after retirement, if I live in Oregon, or even Thailand, or Taiwan, is it true that if I sell stocks in my 401(k) plan for $15,000, and make a profit of $10,000 and I can live on ...
0
votes
1answer
69 views

Optimum Location for Working [closed]

In general, which state and/or city in the United States has the best combination of income tax rate, living expenses, and working wage? When people talk about optimal conditions, a state without ...
1
vote
0answers
20 views

How are RSU's vesting on the weekend priced for tax purposes?

My current understanding of how RSU's work is that they are taxed as regular income based on the price of the stock on the day of vesting. However, if RSU's vest on a Saturday, are there SEC or IRS ...
1
vote
1answer
23 views

Historical telegraphic transfer buying rate for a currency to INR

The rate of exchange for conversion into rupees of income expressed earned in foreign currency should be the "telegraphic transfer buying rate of such currency as on the specified date" as per the IT ...
1
vote
1answer
29 views

Can long term capital loss be claimed in India when shares are moved to escrow account for dissolution

I am an Indian resident taxpayer. I had shares of Yahoo which were traded as Altaba Inc. (AABA), held for more than 4yrs in a US demat account. The company has filed for dissolution last year and ...
0
votes
0answers
30 views

Depreciation of software with expiry in india ITR3

I need to know this answer to prepare for filing my ITR3 in India. While softwares in general are depreciated at 25%, as an intangible asset, how should a software with expiry of 3 yrs be depreciated?...
2
votes
1answer
435 views

Understanding the tax calculation based on brackets

Have been in the US for some time, but never had time to understand how taxes are calculated. Now that I am locked at home, I think it is a good time to learn it. Can anyone please take a look at my ...
3
votes
1answer
37 views

Can ACA subsidy repayment be deducted as medical expenses?

I used ACA in 2018 and received a subsidy based on incorrect information received via phone call with the Health Marketplace regarding what qualified as income. This resulted in me having to payback ...
15
votes
3answers
3k views

How does IRS know if my dependent is an actual relative for Head of Household?

Long story short. Found out I had a half brother and he's been staying with me for the past year while going to a nearby community College. Was doing my taxes and discovered he technically qualifies ...
-1
votes
0answers
87 views

I want to resolve IRS free fillable form issue

Issue : Business Rule X0000-005 - The XML data has failed schema validation. cvc-complex-type.2.4.a. Invalid content was found starting with element 'OtherTaxAmt'. One of '{"http://www.irs.gov/...
1
vote
0answers
26 views

Do you need to pay any income tax on a director's loan in the UK?

If there is large director's loan, say £40,000, but that amount is paid back before the deadline of 9 months past the company year end, and the interest is paid to the company at HMRC's recommended ...
2
votes
1answer
65 views

Converted $1 more than the IRS limit when doing backdoor Roth conversion

For doing backdoor Roth conversion I deposited $6000 into my traditional IRA and then converted it a few days later to a Roth IRA account. The money unfortunately earned a little bit of growth when it ...
2
votes
0answers
16 views

How to file US federal income taxes on government bonds where interest has been paid every year

My wife has some series EE and series I bonds. These bonds have an option to either pay the tax on interest every year or to defer all the tax until they are sold. She picked the first option and has ...
1
vote
1answer
55 views

Do I need to file taxes if my capital gains are less than 4000?

I am 55 years old. I'm a dependent of my daughter who's fully supporting me. Just for fun.......I also did some part time job and and played with stock and crypto in 2019: 1) Part time job: $2,000 ...
0
votes
0answers
24 views

Interpreting bank's calculation of interest: gross, net, and what the bank pays

I cannot understand how my bank calculates the interest. Here is what the system shows when I invest 175,000 pesos (it's small money in dollars): Investment instrument: PAYMENT AT MATURITY Investment ...
1
vote
1answer
58 views

How do spouses living in different states file taxes?

My fiancee and I are thinking about getting married this year. Currently, we live together in California. My fiancee is going to attend law school in August of this year, in Washington DC. I will ...
2
votes
1answer
91 views

Pay Swedish Burial Fee (Begravningsavgift) when just moved to Sweden?

I moved to Sweden during 2019 and I am now doing my Swedish tax declaration for the 1st time (related to the '19 income). I read here (Skatteverket Begravningsavgift) that this fee is paid by those ...
4
votes
2answers
505 views

In the USA, do OASDI, Medicare, and Federal income taxes stack?

Or are they applied in sequence? (and if they are, what order are they applied in?) As an example, if an American individual makes $100,000.00 in wages in 2020, and that is their only income, are ...
1
vote
1answer
57 views

Are IRS audits triggered and conducted for a specific year or a range of tax years?

Let's assume that I have filed my taxes for 2017, 2018, and 2019. If my 2018 tax return triggers an audit, will I be required to provide information regarding my 2017 or 2019 taxes / finances (...
2
votes
1answer
30 views

Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for “refundable tax credit”

My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
0
votes
0answers
82 views

Will employees paid in Bitcoin, etc be subject to capital gains upon transferring to fiat in the US?

A company is able to pay its employees either partially or at 100% in Bitcoin. The company reports and withholds the appropriate USD equivalent on the employee's tax return. If the employee holds the ...
0
votes
1answer
56 views

How to MAXIMIZE Income Taxes Paid by a US Corporation (Controlled foreign corporation)?

Yes, you have read this right: I would like to maximize the taxes paid by a US corporation to make sure that its income tax rate is > 25%. This is a prerequisite to avoid the profits of the US ...
0
votes
1answer
119 views

Can an ill-advised 401k withdrawal be undone?

A friend of mine purchased a home last year after renting for a while. She is approximately 60 years of age. When considering how to finance the purchase, she considered two options: Taking out a ...
6
votes
1answer
413 views

W-4 Second Job Question

With the whole COVID-19 thing happening a lot of my financing and paper work on stuff is a little complicated right now. I'm also pretty inexperienced with this stuff because I've only ever held a ...
2
votes
0answers
3k views

What does IRS TREAS 310 TAX REF 0918 mean?

I filed my 2019 tax return. In a checking account I haven't used in years on my returns I received a deposit that says IRS TREAS 310 TAX REF 0918. In the checking account I used for my 2019 return I ...
0
votes
1answer
76 views

Stimulus not received to date

I receive SSI via direct deposit also received 2018 SSA-1099 benefit statement. To date I have not receive stimulus. I filled out pertinent info for "My Payment" on the IRS website it stated I did not ...
0
votes
0answers
34 views

Can a disregarded entity carry forward a tax loss?

I've heard that in general only businesses can carry tax loss forward (though in certain cases individuals can, too). Can someone filing taxes as an individual because they have a business which is a ...
0
votes
1answer
26 views

For 2019 returns, how are long term gains discounted, if schedule D line 16 amount is entered directly onto line 6 of 1040?

for 2019 returns, if schedule D line 16 amount is required to be entered onto line 6 of 1040 -- taxed as ordinary income -- how is long term capital gain distribution able to receive favorable tax ...
1
vote
0answers
17 views

Tax implication for a Temporary Resident in Australia while in another country?

I am a student in Australia (making me a Temporary Resident for Tax Purposes), and an Indian citizen. I work as a sole trader / self-employed individual (web development freelancing), and according to ...
0
votes
0answers
22 views

One tax resident, one broker, one company, three countries

Suppose Alice is tax resident of Country A and she signed up with broker Bob, whose company is established and operated solely in country B. Alice then buys some shares in company Carol Srl, which is ...
1
vote
1answer
39 views

Direct Trustee IRA transfer

In March 2019, I did a Direct Trustee Transfer from Fidelity IRA (cash account) to a Ally Bank IRA CD. Neither institution has sent any tax paperwork for this. Does this need to be reported on my ...
1
vote
0answers
27 views

House and family in PA, job and apartment in MA

I moved to MA for work, but my house and family remains in PA, as is most of my "stuff". I earn my income In MA and spend the week in a rented apartment in MA and come back to PA on weekends and ...
1
vote
1answer
44 views

When to declare a yearly bonus in Germany

I have been working for most of the past year in Germany as an EU national in a medium sized IT company, last January I was paid a yearly bonus in brutto corresponding to the previous fiscal year. I ...
0
votes
2answers
37 views

Does Schedule C require Schedule 1?

If someone has a business (single owner LLC) and therefore needs to fill out a Schedule C, do they also need to fill out Schedule 1? And where on the 1040 itself does the amount go, on line 1? Also, ...
0
votes
0answers
9 views

Ambiguity on Form 1045 Schedule A between Lines 2 and 3

On Form 1045 Schedule A, lines 2 & 3 read: Line 2 Nonbusiness capital losses before limitation. Enter as a positive number Line 3 Nonbusiness capital gains (without regard to any ...
0
votes
1answer
40 views

How to report an LLC net loss on a 1040?

A single owner LLC which is therefore a pass-through entity (and please correct me if I'm wrong) had less income than expenses. The expenses are real expenses and are yearly expenses, so we're not ...
1
vote
0answers
18 views

UK domicile with unremitting foreign income from a country with double taxation treaty

I am in a full time employment in UK but work most of the time remotely (from abroad). The fact that I spend time abroad is unrelated to my employment - my profession allows it and it's cheaper to ...
4
votes
3answers
343 views

What is the logic behind the IRS direct deposit of the stimulus check?

According to the general press and the relevant IRS pages, if you e-filed your taxes for 2018 (or even 2019), and you used direct deposit, the stimulus checks will be deposited automatically into the ...

1
2 3 4 5
55