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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Can you declare home office use for New York State return but not Federal?

Due to the 2018 IRS Tax Law, W-2 employees lose out on most work expense deductions including home office deduction, as I understand it. And for this year, you cannot use the home office deduction due ...
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Is there a solar tax credit or deduction in California for year 2020?

I can't find info on this anywhere. Bought a new solar power system for my primary residence for $65k in July. I'm using Turbo Tax
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Income Tax on RSU - Stock crashed 80% during lock period after IPO

My company went IPO last year, and I had about $1 Million worth of RSUs at time of RSU vesting. 22% of the RSU (220K) were sold to cover the federal supplemental income tax. In total, about 43% of the ...
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What are the tax rules for non US residents transferring money into the US?

Assume a person has no US affiliated ties, like a residency or citizenship, and they live in another country, and they want to move their life savings into a US based bank. What would be their ...
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Health Insurance Premium deduction for Husband/Wife LLC

Assume the following situation: My wife and I own a LLC in a community property state. (50/50) We are self-employed and have no employees. Under this arrangrement, business income flows through to ...
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107 views

Why don't students get the savers' credit?

I graduated last May. I then got a job. Although I contributed a qualifying amount to a retirement account, according to form 8880 I am not eligible for the saver's credit because I was a student. I'...
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2answers
42 views

What would qualify as capital gains to be taxed on in this scenario?

So I have recently gone into investing crypto and have made good money on it. However I recently started thinking about the taxes on my investments. I'm not a day trader but I do sell and buy the same ...
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3answers
738 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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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
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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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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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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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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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53 views

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
72 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
30 views

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
74 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 ...
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1answer
116 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
38 views

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
142 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
193 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
229 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
161 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 ...
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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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22 views

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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83 views

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. ...
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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
28 views

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
51 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
17 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 ...
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1answer
33 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
50 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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21 views

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 ...
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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 ...
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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 ...
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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 ...
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1answer
75 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 ...
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1answer
61 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. ...
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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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