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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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0answers
33 views

Independent Contractor

I am an employee and fall within the first tax income bracket in Nova Scotia. I have recently taken up a contract job as an independent contractor that pays about $150 to $200 per month. I want to ...
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2answers
268 views

Deferring claim of significant purchase of RRSPs

If I purchase $50,000 of RRSPs this year, I believe that I can defer some of this purchase over the next several years. I could, for example, claim $16,667 on each of my next three tax returns. ...
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0answers
88 views

Amended return (dead or alive): What address or addresses to use for various forms?

An amended return multiple forms, most of which require an address. But if the address has changed since the original return, then what address do you enter on each form? For example, the amended ...
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0answers
129 views

Expenses deducted on tax return with no proof. What should I do if I get audited?

I just filed my tax return for the 2018 tax year (NETFILE, with StudioTax). I work 100% at home, and I rent the place from a landlord. According to an agent of the Canada Revenue Agency, I am allowed ...
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0answers
138 views

Donating winning lottery ticket to 501(c)3 Private Foundation: cost-basis deduction + full tax free redemption for foundation?

US 501(c)3 Private Foundations are typically controlled by the primary donator, so that is a nice perk, but in exchange for that perk I realize the tax deductions for donating are significantly ...
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1answer
112 views

Do I have to pay tax on Capital Gained on primary property?

I am a Canadian citizen. I have been worked for a company in Mississauga, Ontario since 2016. Around this time my dad was diagnosed with illness so in March 2016, he added my name to his property in ...
4
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2answers
232 views

Options for non-US person outside US with 401(k)

This question is somewhat related to this one. I'm a non-US person (mid 30s) currently living and working in Europe. Previously, I lived and worked in the US (Massachusetts) for >3 years. In order to ...
4
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2answers
125 views

What, specifically, causes the necessity to revise a brokerage 1099, and why are revisions so common?

We've had two questions about revised 1099s causing the OPs' tax liabilities to change after they had filed. One of them is here; the other was a duplicate. We've had this happen to us regularly. We ...
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1answer
41 views

How are Canada Pension Plan payroll deductions paid by both employee and the company?

I am thinking on moving to Canada but I want to calculate what my salary would be after taxes. I am using the tax calculator at https://simpletax.ca/calculator but there's still one thing I can't wrap ...
4
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2answers
138 views

Maximizing the Cost Basis Reset on Death

Consider the case of a married couple, living in the USA, with appreciated stocks and bonds in a living revocable trust worth between 1 and 5 million dollars. The husband then dies leaving everything ...
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1answer
8k views

Income Tax Returns using ITR1 and no TDS2 details available

In ITR1, (Income from Other Sources (Ensure to Fill "Sch TDS2") (AY 2017-18.) My FD interest, and Savings bank interest, (Income from Other Sources) total below Rs:- 1,90,000/- in (AY 2017-18.) Since ...
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0answers
129 views

Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
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0answers
16 views

DTAA in case of India and UK

For current FY (2018-2019) , I have some foreign income from UK. I am a resident of India. I was in UK from April 2018 to Aug 2018 and also during April 2017 to Mar 2018. I have paid and filed tax ...
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2answers
210 views

Realize losses and gains at convenient time

Suppose I am long-term invested in some stocks or etfs. Consider the following two situations: 1) stock market is high, my personal income from work is low. Is it a good idea to sell (part of) my ...
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1answer
53 views

Is salary for march included in income tax if it gets paid in April?

My mother is a pensioner in India. Her Pension for March 2019 was actually paid on 2nd April 2019. My question is whether this amount would be considered as income for Assessment Year 2019-20 or ...
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1answer
265 views

How many days it take to reflect income tax paid on form 26as?

Today, I have paid my payable amount of income tax through Government Website as Self Assessment Tax using Chalan 280. Now, I want to file my ITR but same tax paid amount is not available in FORM ...
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1answer
91 views

How to transfer money directly from US to home loan account?

Can we transfer money from US directly to the home loan account? Do we have any tax implications in US or in India? I don't have an NRE/NRO account and want to transfer directly to Home loan account. ...
2
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1answer
66 views

Is it required to mention money returned by friend in ITR filing in India?

I live in India. For a long time I was giving money to my friend as he lost his job; there was no other option for income. But later he got job so he returned all my money recently into my bank ...
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1answer
84k views

Understanding SCH TDS2 in ITR1 (Indian Income Tax Filing)

In the section titled "SCH TDS2" in "ITR1" form, there are two columns that I'm having a hard time with namely "Tax Deducted (5)" and "Amount out of (5) claimed this year (6)" where (5) and (6) ...
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3answers
197 views

Overseas corp acting like a 401k

I run a one man consulting company as an S Corp here in the USA. I was wondering if an alternative arrangement would put me in a better situation for taxes (my goal is legally reducing my taxes, not ...
2
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2answers
76 views

Tax implications of operating an LLC in Wyoming with an Idaho bank account?

I operate an LLC in Wyoming, but my local business banking options have high fees. An Idaho bank offers free business checking and is within a reasonable driving distance for the rare occasions I'd ...
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1answer
52 views

Elementary question about AGI and SS income

I know that 15% of my social security income is not taxed at the Federal level. But is that 15% a deduction or an adjustment? That is, is the 15% counted in AGI or not? I get gobbledegook when I ...
3
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2answers
246 views

How much of my $5K/yr tuition tax credit ought I transfer to my mom who earned $40K/yr?

From 2009-2015, I was studying in universities, and earned no income. My parents paid all my tuition. We all live in ON. I filed my taxes, but didn't know about claiming tuition tax credits. I would'...
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0answers
55 views

Canada Income Tax benefits if family is living outside of Canada

I am working in Toronto, Canada under Work permit. My family is living outside Canada. I am fully taking care of their expenses. Can I get any income tax benefits for the money I am sending to them? ...
2
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1answer
148 views

Filing taxes as a former inmate

My son has been in and out of prison since 2006. He will be out in October of this year again. He has worked in some of the prisons he been to. Can he file taxes for the times he has been in prison, ...
3
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2answers
313 views

About opening an LLC with little to report in the beginning

I am a full time employee in Texas and my wife is a stay at home mom. We are buying our third house and it should be ready in about 11 months. We rent out our current 2nd home (of which we own about ...
4
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2answers
970 views

Do I pay more tax when 2 extra payments are in this paypacket

I recently worked about 17 hours of overtime in a weekend, submitted it and expected to be paid that month but I missed the cut off date apparently. This is fine, but I will also be paid part of my ...
2
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1answer
71 views

Do you need to pay taxes on income paid outside the US?

Non american here. I currently work in a country outside the US in Country A. I have a company training for 10 weeks coming up that is in the US office. During the time, I will be getting paid the ...
2
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1answer
108 views

How is the average salary calculated for time spend outside Germany

I spent the last few years working and paying taxes in the US with salary X. I then moved to Germany where I get salary Y. This is also the first time I pay taxes in Germany. Within one year of the ...
4
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1answer
89 views

Does Internal Revenue Code section 1031 enable perpetual depreciation to offset income?

I've recently come across Internal Revenue Code section 1031, which as I understand it allows me to postpone paying taxes on income from the sale of an investment property, so long as I purchase a ...
2
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0answers
46 views

I filed a FICA return and sent it to the IRS, but my company sent me a W2C and also refunded the money. What should I do?

I am an F1 student <5 years in the USA and am eligible for FICA refunds. I contacted my company and told them that I will be requesting the IRS for the FICA refund as I was very close to the last ...
2
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1answer
101 views

Expenses prior to selling a rental property

I have a rental property that needs a new HVAC system. If I have this done just prior to selling, my understanding is I would add the cost of that improvement to the basis. But what about ongoing ...
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1answer
106 views

Placing Tax withholding into a savings account instead of haivng it deducted from my paycheck [duplicate]

Typically one has a percentage (based on a W-4) of their pay withheld to cover one's taxes at the end of the year, it occurs to me that this is effectively like storing that money in an account with ...
46
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9answers
10k views

What do I need to do, tax-wise, for a sudden windfall?

I had stock options in a company which was recently sold to a private investment firm. As a result, my options were converted into a single large sum ( > $100,000) and delivered via wire transfer into ...
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2answers
149 views

NRI, German tax resident having foreign income

I am working in Germany in an it company last 3 years and paying tax as normal. Now I am getting some earnings as website advertisement and it is coming from US/UK through paypal account and credited ...
3
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1answer
129 views

Does IRS require 30% tax from foreigners with w8-ben?

A company I collaborate with as an independent contractor, asks me to fill w8-Ben and they do not want to withhold taxes, they say what I do with the taxes is my problem. I am not US Citizen and my ...
0
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1answer
152 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
9
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1answer
2k views

Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
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0answers
19 views

Can the repayment of the Advance Premium Tax Credit be deducted in the year paid?

IRA withdrawals kicked me out out of ACA. I had to repay over $14,000 Advance Premium Tax Credits with my 2018 tax return. The answers I am seeing seem to say I can take it as a 2018 medical expense ...
1
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1answer
161 views

How to get money back from tax filing in US?

I'm on a student visa in the MA, US. This year(2019) it was my first time filing for tax as I got the part-time job on-campus in my university. I submitted the tax form to a person who came to my ...
2
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1answer
171 views

How does Massachusetts tax selling US Treasury Bills before maturity?

If I buy a 4-week US Treasury Bill at auction and hold it to maturity, the interest I earn is state-tax-free. Just to put a number on it (even though I know rates aren't actually that high right now), ...
4
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1answer
97 views

Do I have to pay my tax balance while my amended return is being processed?

I forgot to included a sizable deduction when I filed my original return, but I discovered it and filed an amended return before April 15. The original return showed me owing tax but with the amended ...
2
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1answer
221 views

Should one file 1040X to get extra $5 tax refund [duplicate]

After I finished my taxed in last week of March, I received a Updated 1099 with only one modification where 199a is modified from zero to $50 or so. Refund is about to come in a week. Initial values ...
1
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1answer
75 views

Declaring income when self-employed

As described here, I earn extra money (around $7000 per year) from a second job, in which I am running a business as a sole trader. Due to the nature of the work, I am mostly paid in cash, and deposit ...
3
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1answer
78 views

Student loan tax deductions when married filing jointly in United States

My spouse and I received a chunk of cash that we would like to use to pay off student loan debt. The cash is not enough to pay off both of our loans. If we simply put the cash towards the highest ...
6
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1answer
275 views

Is supporting a charity through specialty license plates tax-deductible?

In Massachusetts, one can get a license plate which supports particular charitable organizations. At renewal (every two years), these cost an additional $40 in registration fees, all of which gets ...
5
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1answer
3k views

TurboTax Made an Error - Should They Pay?

I used TurboTax to file my college-age daughter's 2012 tax return. TT said she was eligible for a $1,000 American Opportunity Credit. We claimed it and got no argument from the IRS. I used TT again ...
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2answers
144 views

Is this a way around the Wash Sale Rule?

This question is prompted by my answer to the question about wash sales. I'm not going to repeat everything in the question or my answer. The question had a simple answer: technically Maybe but as a ...
0
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1answer
65 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
4
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2answers
597 views

Why doesn't the UK allow paying income tax as a couple, like the USA?

This is possibly an unanswerable question, but I'm curious as to why the UK doesn't have the concept of paying income tax as a couple, the way the USA does? It occurred to me a few days ago that, ...