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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28 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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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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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
20 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
68 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
66 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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1answer
28 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
28 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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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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1answer
37 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 ...
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1answer
178 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
37 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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2answers
82 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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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
56 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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1answer
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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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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
48 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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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
161 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 ...
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1answer
52 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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0answers
42 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
39 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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1answer
75 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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27 views

can company CMD save tax if a company giving away 250crores as multiple subcontractor payment, they return this to company CMD/founder as black money [closed]

I worked in an Indian company that has very high number of subcontractors. When his daughter got married, our Chief Managing Director's (CMD) daughter wedding gave 250 Crores INR ($35 million USD) ...
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41 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
102 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
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
64 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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27 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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45 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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2answers
145 views

For-profit carpool mileage calculation?

Last year I provided transportation for two people employed at a business beside the place I work, at $5 per trip, one way. Total last year was about $1750. As the trip fees are paid by the the ...
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1answer
38 views

What are the changes made in Income tax slabs in the Union budget of FY 20-21?

The union budget came out on 1st Feb 2020. Income tax slab rates have been changed can someone tell me its implications?
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110 views

Spouse earns $50 K yearly, you $0. How much tax on joint HISA?

We both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. We don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. We open a joint HISA — 2 below — and only ...
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2answers
4k views

Tax and social security for low income

My friend works part time and made about $7000 in 2019. Some people have been telling them that she should file separately so she had record of taxes reported for herself and she would be able to ...
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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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0answers
76 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
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1answer
27 views

Where can I report my Social Security retirement benefit from form SSA-1042S in the form 1040NR?

I started receiving my retirement benefits from SSA last October 2019 after 2 years of processing time. They paid me a large sum corresponding to all months (25) of back pay and I received also my ...
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1answer
104 views

How to get a uniform amount of money for each paycheck given the social security threshold?

Near the end of last year, my paycheck stopped including Social Security Tax, causing my net pay to increase. I just learned that there is an annual threshold for contributions to FICA/SS This caused ...
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1answer
70 views

Employer didn’t treat J-1 intern as employee

I visited the US on a J-1 Visa as an intern for 7 weeks. My employer wasn’t withholding any income for taxes, so I paid estimated tax once I received my final paycheck with a plan for my employer to ...
2
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1answer
207 views

Why does increasing my W2 HSA contribution in TurboTax INCREASE my tax due?

TurboTax becomes more inscrutable every year. I was looking for where to report my HSA contribution, then realized it already came in on my W2. I have a $6000 line 12, code W (Employer contributions ...
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2answers
3k views

New Salary: UK Income Tax Discrepancy

I was promoted a few months ago and as a result my salary has increased to £59,400. However, prior to accepting the offer I calculated my expected salary via https://www.thesalarycalculator.co.uk/...
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2answers
547 views

Deducting gifts to parents?

I give my mother (a senior citizen) USD$200 amount per month. Can that be deducted from my Federal income tax return? We're both US citizens and my mother receives Social Security.
3
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1answer
42 views

Form W-9 for payments between property management companies

I collect rent on behalf of a client, deduct a management fee, then send the remaining rent to the client. One client's residential property is leased by a company who is a "master tenant." This ...
2
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0answers
30 views

How do I allocate gains on Form 4797 for the sale of a rental property?

I sold a rental property last year, so I'm filing Form 4797. I owned it for several years, and had a new roof installed a couple years ago. As I understand, the land (which cannot be depreciated) goes ...
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1answer
204 views

Can I file taxes if I am unemployed but have a child under 3 yrs?

Can I file taxes if I don't have a job but have a child under 3...and if so would I receive any money
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0answers
106 views

How do I deal with taxes on a U.S. Savings Bond that matured a few years before it was redeemed?

My parents recently found a 30-year Savings Bond of mine that matured in 2016. I redeemed it at the bank in late 2019. My understanding is the correct way to handle this is to file an amended 2016 ...
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1answer
78 views

Can this person use the tax status of qualifying widow on her 2020 income tax return

Please consider a case where I couple, living in the US, has two grown kids (a son and a daughter) (over 40) and the father dies in 2019. The mother inherits the husband’s assets. The couple normally ...
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1answer
142 views

Can I use a 529 plan to pay student loans and claim both the state 529 deduction and the federal student loan interest deduction?

At first blush, this sounds like it might be double-dipping. But let's take a look at the new IRS rules. As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (...
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1answer
106 views

Are long-term capital gains considered for ACA subsidy calculation, even if they are taxed with 0%?

If your total income is below a certain limit, long-term capital gains are taxed with 0% (again, up to a certain limit). If you stay below both limits, you are paying zero tax for the year; but - ...

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