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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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2 votes
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Should I Salary Sacrifice everything except minimum wage, if I can live off savings?

Summary: We live off savings, don't need my salary, should I 'salary sacrifice' everything to our pension except minimum wage, for the NI savings? We (me, wife and son) live entirely off my savings, ...
Martin Home's user avatar
2 votes
1 answer
871 views

How to amend 2023 federal return after refund has been issued?

I e-filed our 2023 federal taxes early last month, with a refund coming our way. Yesterday I received a letter from our mortgage company along with an adjusted form 1098; the letter explained they had ...
spuck's user avatar
  • 853
0 votes
1 answer
133 views

Interest accrued in Traditional IRA during Backdoor Roth Conversion

Similar to another question: Interest accrued before backdoor roth ira conversion, but I want to highlight a specific nuance of my situation. In 2023, I contributed the maximum $6500 to my Traditional ...
citizenkoehn's user avatar
1 vote
2 answers
94 views

HSA Excess Tax Question

I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
Mikayla B's user avatar
1 vote
1 answer
87 views

Can I apply estimated tax payments in my name and SS number for the year to spouse who will file separately this year?

Wife and I always filed a joint return. My name and SS number have been used for quarterly installment payments. This was not an issue when filing jointly. Because of her excessive medical expenses ...
Ken Kirsner's user avatar
1 vote
1 answer
119 views

Qualified business income in the US

While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused. I'm a US citizen ...
dolph's user avatar
  • 11
3 votes
3 answers
1k views

Federal income tax as nonresident alien working outside of USA remotely for US employer

As a non-US citizen, I have been working for a US employer remotely from outside the USA since July 2022 (previously in USA with H1B visa for 5.5 years, and waiting for green card processing since H1B ...
Jay's user avatar
  • 31
0 votes
0 answers
50 views

Medi-Cal eligibility for parent

If I claim my mother as a dependent will that affect her eligibility for Medi-Cal? She lives with me and I pay all of the expenses.
Liza Beth's user avatar
0 votes
0 answers
133 views

What are the US tax filing requirements for a non resident alien with a K1?

For 2023 I am a non resident alien, actually a resident of the UK. I held USO or United Staes Oil fund in my brokerage account between February 2022 and March 2023 not knowing that is not an ETF but a ...
ggy's user avatar
  • 11
0 votes
2 answers
108 views

What should someone do when a partial fax is sent to IRS due to connection problem?

My question is mainly about what should happen and how to deal with partially sent fax form? As a foreign owned US LLC should send 1120 + 5472 by fax to 855-887-7737 I did this for years no issue but ...
user3509046's user avatar
0 votes
1 answer
144 views

Moved from CA to WA, will CA refund me all the withheld payroll taxes?

Moved to WA on Mar-end, and my last paycheck from CA was received on mid-Mar. As a result, I've received 2 x W2s. One for CA income, and the other for WA income. As far as I understand, given I spent ...
Yugal Jindle's user avatar
0 votes
1 answer
165 views

Can I get Lifetime Learning Credit as a nonresident alien if I am a resident alien for tax purposes?

I have been in the US for 8 years as an F1 student and I am a nonresident alien, but I am a resident alien for tax purposes. Can I claim LLC?
Ellie's user avatar
  • 1
0 votes
2 answers
314 views

How to fill out a W-4 for a job when you're also self-employed, if your self-employed income puts you in a different tax bracket?

I've been self-employed for a while, and am now starting a second job with an employer. I'm a bit confused as to how I should complete the W-4 - I just want to make sure I'm paying the correct amount ...
iamtea's user avatar
  • 3
0 votes
1 answer
100 views

Should I file taxes if I opened Amazon seller account but never used it?

Me and my husband entered the US with F1(him) and F2(me) visas. He was a fully funded PhD student and we used to send our tax papers jointly. Last year we filed for EB2-NIW visa to get a Green Card, ...
best_of_man's user avatar
3 votes
2 answers
524 views

Is there a 0% capital gains bracket?

Currently I'm on the upper end of the 0% capital gains tax bracket. In 2023 I made $3K from interest, $3K from dividends, and $37K from long-term capital gains (no other income). When I calculate my ...
Zachary Vance's user avatar
3 votes
1 answer
181 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar
0 votes
2 answers
184 views

W-4 Excess Exemption / Under-Withholding

I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax. When I asked ...
Fernando's user avatar
2 votes
1 answer
363 views

Can i claim I received a payment in 2023 but it didnt actually arrive until 2024?

This is related to an earlier post. Link It is January 2024. I received in the mail a 1099 for a company with whom I work as an independent contractor. The 1099 amount is wrong because it includes ...
nuggethead's user avatar
  • 2,081
0 votes
2 answers
185 views

Is there anything wrong if I request the Earned Income Tax Credit (EITC) if I live abroad with my family?

My tax software seems to allow me to fill out Earned Income Tax Credit (EITC) but I wanted to make sure that I really qualify. For 2023, I have earned income $52,000 and $5500 in a stock sale and $2-...
Mr Monee's user avatar
  • 462
1 vote
0 answers
68 views

Does a bankruptcy cancel out capital losses? (US)

If I filed for chapter 7 bankruptcy does the amount of the debt discharged in bankruptcy cancel the prior capital losses i had so that I am unable to use those losses to cancel capital gains? Are ...
sterid's user avatar
  • 181
0 votes
1 answer
277 views

Does repayment of personal loan count as income for US tax

I am planning to lend a personal loan, to be documented with a promissory note. I was wondering if there should be any concern that the repayment of principal would appear to be taxable income when I ...
Pete W's user avatar
  • 101
0 votes
1 answer
42 views

Is book review service expenses declarable under Schedule E for royalties?

I have books that generate royalties. I am using the QBI since I do for profit and it is what I do. I have included ads as part of expenses but I am also having a book review service where aside from ...
Michael's user avatar
  • 119
3 votes
0 answers
39 views

Reduce income tax payable in Canada for an individual taxpayer

For the 2023 tax year, in Canada, how can I reduce my personal taxable income/taxes payable on my T1 tax return? I know I can use my RRSP and a spousal RRSP as a deduction against taxable income up to ...
user122866's user avatar
0 votes
0 answers
16 views

2 out of 3 events rule in gst

Why in India when rate of tax changes during supply 2 out of 3 events rule applies that is when 2 out of 3 things, ( provision of goods,receipt of payment,issue of invoice) occurs then that date is ...
Neev Garg's user avatar
2 votes
1 answer
101 views

My Mother's Estate, a living revocable turst and Income Tax

My mother died in June 2023. At the time of her death she had a living revocable trust which had several brokerage accounts. The living revocable trust reported its income to the IRS using her Social ...
Bob's user avatar
  • 1,711
2 votes
1 answer
138 views

Filing taxes in USA as non-resident alien, which forms to fill?

I have been working as a postdoc in California since February 1, 2023. My first entry to the USA on a J1 visa was on January 27, 2023. My contract with the university is ending soon, hence, I will be ...
ZE1's user avatar
  • 23
0 votes
1 answer
42 views

Does Ontario cap the eligible amount of tax deductible donation to 75% of the net income for 2024?

I googled this for quite a while but I couldn't find anything from official Canadian government sources other than 5.05% on the 1st 200$ and 11.16% on the next ones... where am I supposed to look? I'm ...
qwerty_99's user avatar
  • 159
0 votes
1 answer
1k views

How do I handle tax withholding when I have multiple jobs?

I’ve been stuck in my taxes for the past 3 years because I don’t know how to adequately fix my situation. My first job pays $60k a year. My second paid me $22k this year but it was contract. I never ...
Kyra Burnett's user avatar
1 vote
0 answers
258 views

How to make estimated taxes when income is unknown and/or "lumpy"

I have trouble getting my arms around estimated tax payments. Let's assume I have some small steady income but the majority of the income is "lumpy": large one time payments that are hard to ...
Hilmar's user avatar
  • 7,914
1 vote
0 answers
174 views

Seeking Clarification on Indian Taxation After Resignation and Job Change

I recently made a career transition, resigning from an Indian IT company in February 2023 with my LWD in May. And, I was going through the last six months pay slips provided by the organization, after ...
InvestInYourFuture's user avatar
1 vote
1 answer
58 views

how do I answer step 2 of W-4 form if I am currently on payroll with a single large company and will be on 2 payrolls 3 weeks from today?

This question is very close, but not exactly mine since this person asking the question says their facility had a closure and might not be on a payroll for a period of time. My question is about being ...
user1068636's user avatar
2 votes
1 answer
262 views

Do I have to file a return to be able to carry over a past capital loss?

If I have no income for a year but incurred capital losses in a past year, do I have to file a return for each year following the capital loss (even if I have no income) in order to retain the capital ...
sterid's user avatar
  • 181
4 votes
1 answer
116 views

How do NI Qualifying Years work if you're self-employed *at a low rate* AND employed

In order to receive a full UK State Pension you must accrue enough "Qualifying Years". I (think that!) I understand how qualifying years work if you're just employed. And I (think that!) I ...
Brondahl's user avatar
  • 2,395
3 votes
1 answer
112 views

Apportionment of buy-to-let mortgage interest

I live in the UK and am a higher rate taxpayer (40%). If I have a buy-to-let property, I understand I can claim mortgage interest relief at 20%. Effectively I can only use half the interest as an ...
James James's user avatar
0 votes
0 answers
22 views

Taxation of dividends/CGs/interest arising in US for Indian citizen resident in India

I am an Indian citizen and used to live in USA. I had opened both regular bank/brokerage account and IRA (retirement brokerage) account too. Now, I live in India and a 'Resident & Ordinary ...
user674669's user avatar
1 vote
1 answer
200 views

Who will the Social Security Administration be mailing out a 1099 to for my deceased mother?

My mother died in June of 2023. She was collecting Social Security at the time. I am the executor of her estate. However, I have not officially notified the Social Security administration of that. ...
Bob's user avatar
  • 1,711
2 votes
2 answers
640 views

Does ITIN require you to file taxes?

For someone who is not a US resident, citizen or tax resident If he has ITIN, is he required to file US taxes?
xqwxeqwex's user avatar
  • 128
2 votes
1 answer
878 views

Can I get the "Electric Vehicles Federal Income Tax Credit" for previous year as a non-resident but this year I am a resident of California?

Last year I filed the tax as a non-resident (lived in US/California less than 180 days, but I have a non-immigrant dual intend L1 visa). This year I am filing tax as a resident in California. If I buy ...
Big Tuna's user avatar
2 votes
1 answer
237 views

Lack of response by FinCen?

I had all my FBAR information prepared well before the deadline to file. In order to avoid electronic signatures, I requested a paper FBAR, and received one. The paper FBAR contained instructions ...
Alex's user avatar
  • 150
1 vote
0 answers
38 views

Non US Citizen, non-resident, remote worker tax liability? [duplicate]

So a friend of mind is not a US citizen, and Non-resident, he's working as a contractor remotely for a company in the US from his own country. And he has an international bank account in one of the ...
Rafael Adel's user avatar
0 votes
0 answers
18 views

HRA exemption ITR India

I want to explore the HRA exemption option to optimise my tax. Currently I stay in Pune ( Non Metro city ) in India in a rented flat with my non working senior citizen mother. Rent a flat at 45K per ...
Ankit Srivastava's user avatar
0 votes
2 answers
532 views

How to fill out w4 for multiple jobs?

I just started a 2nd job and want to make sure I have the proper amount of taxes withheld. The first jobs pays $30 an hour ($62,500 annually, although with the amount of overtime I work I'm actually ...
Tony Forner's user avatar
4 votes
4 answers
394 views

Do I receive any economic benefit when a Mutual Fund makes a distribution?

Do I receive any economic benefit when a Mutual Fund makes a distribution? I am asking this question from the point of view of someone evaluating my income. Let’s say to evaluate how much I should pay ...
Chuck2289's user avatar
0 votes
1 answer
185 views

How can I deduct Rental Real Estate Partnership loss?

I am a limited partner in a Real Estate Partnership. When I received my Tax Year 2022 form K-1 from the Partnership, it listed a loss in Box 2 - Rental Income or Loss. Can I apply this loss to ...
Mark Lavin's user avatar
3 votes
1 answer
193 views

Switzerland taxation over income derived from foreign businesses

I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
Paulo Coghi's user avatar
0 votes
1 answer
97 views

The Roth IRA clock and taxes

Please consider the following hypothetical situation: A 30 year old investor puts $500 into a Roth IRA. When he turns 36, he takes all the money out and pays taxes on his profits and maybe a penalty ...
Bob's user avatar
  • 1,711
0 votes
1 answer
75 views

How do I report Interest on tax refund from India?

I live in the US. In 2022 I claimed foreign tax credit for the taxes I paid in India. In 2023 I received a tax refund from India with interest added and TDS on the interest deducted. How do I report ...
user65985's user avatar
  • 171
2 votes
1 answer
113 views

Difference in the Capital gain due to exchange rates

I am a US citizen. I inherited a property in India in 2018 and sold it in 2023 with no gain/loss in Indian currency. But when I convert the cost and the sale price to US dollars, I get a loss because ...
user65985's user avatar
  • 171
0 votes
1 answer
375 views

Can I claim the tax back from my lawyer's fee?

I received a settlement from a car accident of 285000. I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high? I haven't worked since this accident in 2012. I ...
Dave Weaver's user avatar
3 votes
1 answer
154 views

Can I re-file a missing Schedule 1 in this situation?

A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
Bob's user avatar
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