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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33 views

Will a traditional IRA account's capital gains incur annual taxes, if a person's income is above the limit for tax deductible IRA contributions?

Say a person's income is above the limit of making a tax deductible contribution to a traditional IRA account. If he/she still decides to make a contribution of say $6000 per year to a traditional IRA ...
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1answer
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Taxes on Payment in lieu of notice (PILON) and salary overlap

Assuming that someone leaves a company for a new role on the day of the payment (both companies pay on the same date monthly), there are two scenarios: The Payment in lieu of notice (PILON) is paid ...
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Double taxation between Germany and US for dual citizen

Suppose I am a dual citizen of the US and Germany. Suppose further, that I currently live and work (employed by a german company) in Germany, and this will stay like this for the foreseeable future. A)...
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West Virginia Taxpayer aged 61 with IRA distribution from Puerto Rico

I am a permanent resident of West Virginia age 61 unemployed and receiving health and food assistance from the State...thankfully. I have very limited investment income, not enough to pay taxes of ...
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3answers
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What income threshold exempts one from filing for income tax

I am 61 years old single with no income (no W2 nor 1099). I would like to roll over some of my 401k into a ROTH IRA. I was wondering if there is an income threshold that exempts one from filing an ...
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1answer
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1040-ES Line: 15. What to put here if I started self-employment in Q2?

I've recently started work as an independent contractor starting in April and I'm trying to calculate my estimated quarterly taxes for Q2. Line 15 on 1040-ES says: "If the first payment you are ...
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2answers
102 views

Tax implications of a UK company (owner of my US employer) paying for my rent in the US?

Let me get right to the chase. Situation: My employer offered to pay for my rent, giving me a few options to consider, and I'm not sure of the tax implications for each. Details: I live in Florida and ...
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My HRA limit is 20000 per month. Can I use it for a total of only six months instead of 12 months (40000 per month x 6)?

I am from India and a Monthly salaried IT employee. My question is "My HRA limit is 20000 per month. Can I use it for a total of only six months instead of 12 months (40000 per month x 6)?". ...
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Our friends and we often barter babysitting time with each other. Do we owe taxes?

Our friends and we have an informal agreement that we will babysit eachother's kids when necessary. We don't pay any cash to each other for the service, but we agree to "repay" by providing ...
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1answer
37 views

Does Leave Travel Allowance claimed for one calendar year includes the return fare?

Suppose between Sept 20, 2021 and Sept 23, 2021, I travel from Mumbai to Chennai having ticket cost as Rs.6000 and back to Mumbai having ticket cost as Rs.5000. So, while filing LTA for the FY 2021-22 ...
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Filing jointly, can I pay estimated taxes on behalf of my wife's side work?

Quick background: I have an EFTPS account where I've paid estimated taxes in the past for some side work in programming. I haven't used it in years. My wife recently started a free lance writing gig ...
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Boyfriend buying a property and girlfriend renting, what are the possible tax write-offs?

Let's assume: Boyfriend (bf) will be purchasing a 1MM condo in San Francisco, CA. Borrowing 750K from the bank. Girlfriend (gf) lives on the property with boyfriend. GF will be paying rent. ...
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Is telecommuting due to covid valid for taking the home office deduction for W-2 employee for New York State Tax Return?

For W-2 employees, as far as I know, you cannot take the home office deduction for your federal return, if the reason is telecommuting due to covid. It must pass the "convenience of the employer&...
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Are state disability benefits taxable in tax year when you were eligible for them, or approved for them, or when benefits were actually paid?

Imagine that someone gave birth on November 5th, 2020. California allows moms to take off up to 8 weeks of disability insurance benefits. Are such state disability insurance benefits taxable in 1) tax ...
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1answer
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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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1answer
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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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1answer
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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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1answer
69 views

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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1answer
134 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
71 views

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

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
766 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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0answers
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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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1answer
134 views

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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0answers
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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
115 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
126 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
8k views

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
85 views

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
71 views

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
64 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
208 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
45 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
52 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
92 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
121 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
48 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
48 views

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
152 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
203 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
244 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
195 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
168 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
35 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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2answers
91 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
68 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
35 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
67 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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