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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23 views

How do I get tds refund when the processed ITR mentions 0 as tds refund? (India)

While filing itr the auto populated information showed that I am eligible for a refund but after the itr has been processed by the officer there is no indication of tax refund in the processed ITR. ...
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2answers
3k views

Stimulus 2021 double payed for dependent that's no longer dependent

I haven't filed 2020 taxes yet. On my last return (2019) my adult daughter was on my return as a dependent. When I file 2020, I will not put her on my return as a dependent, because she finished ...
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6answers
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Is a Roth IRA good for a high schooler?

I am a high-school Senior who will not earn enough income working this summer to have to pay income taxes. I have a full ride to college, so I was thinking of using my earnings/savings for retirement. ...
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2answers
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If I show a total loss for the year, will I be impacted by wash rule disallowed losses?

I tried day trading after losing my job. With a $25k initial investment, I traded heavily for a few months using margin. I was up about $5k and then took a huge hit on some options when the market ...
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1answer
170 views

how can capital losses carryover used be more than $3000? (in US income taxes)

This is regarding short-term capital gains (actually losses) carried over from past years. I have a capital loss carryover of about $4800 from 2019. I had a gain of about $12k in 2020. I thought the ...
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1answer
128 views

Tax deduction working from grandparents home

I am a self employed freelancer, and received several 1099-NEC from my clients. I live and work from my grandparents home (for free), and also care for them (for free), and was wondering if this would ...
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1answer
50 views

Any current way to account for changed child tax credit in a W-4?

The recently enacted American Rescue Plan Act (aka third stimulus) changes quite a number of things for the tax code for 2021. Notably for this post, the child tax credit for 2021 is increased to ...
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1answer
129 views

How can crypto exchanges avoid sending a 1099-B?

A friend of mine is looking to trade crptocurrencies and I subsequently warned him that he'll have to keep careful track of all of his transactions throughout the year because he would have a lot of ...
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1answer
63 views

Where to report foreign income on 1040 Individual income tax return form

The 1040 Individual Income tax return form asks in field 1 to report wages/salaries/tips/etc and to attach forms W-2. If one received both income in the US, and some income abroad, and is tax liable ...
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1answer
133 views

What is Mylan stockholder tax responsibility in Viatris merger?

Can a Mylan stockholder declare a capital loss due to the merger with Viatris. I have a $40,000.00 loss on my Mylan stock. Also, if I sell the Viatris is the holding date when I purchased Mylan (3 02 ...
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2answers
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IRS accepted my e-file but the IRS website can't find a record of it

I e-filed my 2020 taxes seven days ago and it was accepted by the IRS. However, when I visit the IRS's "Get Refund Status" website, it cannot find my return. I have never had this occur in ...
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Why did I get a 1099-R (and am being taxed) for a whole life policy (for me) that my parents transferred to me?

Last year my parents 'transferred to me' what I think was a whole-life policy. They had been paying small premiums on it for years (I'm 47), said it had some cash value, and were offering to transfer ...
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1answer
108 views

Taxes on out-of-state income due to working remotely during pandemic

An employer located in VT (USA) has employees who live in VT and NH. All of these employees were accustomed to commuting, as it is not a job which lends itself easily to remote work. Due ot the ...
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1answer
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How does a long trip abroad change US taxes for a citizen or permanent resident?

I'm a green card holder in the US and a citizen of Brazil. I work from home in the US for an American company, with an American contract. I don't report any income in Brazil and don't receive my ...
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Bringing life savings from KSA to Germany

I recently moved to Germany and my partner is planning to join me in a couple of months. We used to work in KSA and have a sum of money greater than 10 000 euros saved up from our work back in KSA. I ...
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1answer
70 views

Stimulus check for resident alien on 2020 tax return

As a F1 student, I was nonresident alien from 2015-2019, then my status changed to resident alien at 2020. But, as you know, this status change happens at August 2020, I didn’t get the stimulus check, ...
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1answer
4k views

What is the likelihood I get in trouble for forgetting to file cryptocurrency taxes? What should I do?

PayPal had a promotion without fees a long time ago, they also did it December 2020 and I just sold crypto again through paypal. This time they mentioned some sort of tax form, which somehow I was ...
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1answer
118 views

Schedule C: where to report revenue split and professional supervision fees for a therapist?

My wife is building a business as a therapist. She has signed an agreement with an established private practice whereby they provide certain services/benefits to her -- things like office space, ...
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23 views

Dependent status [duplicate]

So, if I don't claim my 17 year old as a dependent, then she is eligible for the first 2 stimulus pymts totaling $1800 (versus only a $500 savings on my taxes if I claim her as a dependent) Except ...
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1answer
50 views

Computing state taxes on back dated salary

I began 2020 working abroad, but then began working (very) remotely from the US due to the pandemic. It was not until several months later that it became clear that I would not return abroad for the ...
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1answer
111 views

Deciding if you need to make estimated tax payments

I am helping a friend with her taxes. The following is a quote from the instructions for form 1040ES: In most cases, you must pay estimated tax for 2021 if both of the following apply. You expect to ...
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1answer
1k views

How to fill out W4 for second job

I just got a second job however I don’t know how to fill the W4 form. My first job pays $18hr and my second pays $14. I was t thinking about having two jobs so I filled out my W4 form for my first job ...
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1answer
563 views

Can I enter a single W2 entry if I have two W2 forms from the same employer?

I have received 2 W2 forms from the same employer. First one has all the entries for federal and my current state. Second one does not have entries for the federal information, and only information ...
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1answer
62 views

my work permit expired, I have a Florida profit corporation (Inc), can I perceive income via 1099-SEC? and declare taxes?

I was working in the US as a resident and had a valid work permit. I had to travel in December 2019, then the pandemic hit, I was stuck abroad and my work permit expired. I have a Sole Proprietor ...
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1answer
115 views

Income Tax Question on participating in a funeral service

I participated in a funeral service and was given a $100 check for doing so. Is that considered income (i.e. Other Income) on federal income taxes or is it treated as a gift? The check was written ...
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1answer
52 views

Selling RSU below Settlement Price

I have 10,000 RSUs vested and released recently. 42% of Shares were sold at $15 per share when RSUs were released but trading window was closed. When trading window finally opened, I sold all my RSUs ...
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40 views

How to find capital gain from 1099 B form automatically [closed]

Are there any program that can import 1099 B pdf file and then calculate capital gain for me automatically ? Turbotax sorta able to do this. However, Turbotax won't let me upload the form, but they ...
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2answers
154 views

Do I have to file taxes if I make under 1000 USD?

I'm 18, I have a part-time job as a student helper at my university. I get paid 10 dollars an hour, but I work like 2-3 hours a week. So overall in the semester it's gonna come to a total of 500 USD ...
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0answers
31 views

how do I report my wife's 1042-s when filing jointly after she's made the election to be treated as resident alien 6013(g)?

My wife is a G4 visa holder and an employee of an international organization. She has a bank account (UNFCU) in the US where she receives interests. The bank issues 1042-s and not 1099-int. Last year ...
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1answer
49 views

How to determine if my capital gains were long or short term if I only sold a fraction of my shares?

The following is my scenario: I purchased 100 shares of stock A in November 2019, and 50 more shares of the same stock in November 2020. I sold 70 shares of stock A in December 2020 from which I made ...
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37 views

Married filing jointly, whose name & SSN/TIN should go on 8938 for spouse's foreign account?

I am required to file 8938 as I am filing jointly with my wife. She has 2 foreign account in her home country. On 8938, the first items are: Name(s) shown on return. should this be both our names ...
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1answer
44 views

Does the owner of a corporation need a W2 for personal taxes if the Corporation revenue was 0 and didn't make any money?

I the owner of a C-Corporation that didn't have any revenue in 2020. I am filing my personal tax returns and was wondering if I need a W2 issued by the Corporation with 0 income or can I just report ...
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1answer
45 views

F1- OPT - Resident Alien - Social Security and Medicare taxes in the USA

Please don't confuse it with answer here. Mine is not a duplicate question. If I am on F1 (non-immigrant student) visa and doing my OPT (1st year not the STEM extension) or I am a full time student (...
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0answers
22 views

NY State Tax Return - Maternity Leave Income (Insurance) From NY State Work Place While living out of state?

When filing for NY State taxes, filing as a non-resident, whom worked 130 days in NY state, but half way through the year, went on maternity leave, not being paid from the NY Workplace, but getting ...
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0answers
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Tax for sold mutual funds and stocks in non-retirement accounts for resident aliens on OPT [duplicate]

Tax-residency --> Resident Alien Immigration status --> F1 - OPT There is a similar question here but not the same. My question is: Assume that I sold some mutual funds and stocks, however never ...
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1answer
82 views

Can I file state taxes for two states (MA,NY), claiming to be a non-resident at both?

MA requirement for a full year resident is living in the state for more than 183 days, while in NY the rule is that a full year resident is someone who lived there for more than 184 days. If a person ...
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1answer
101 views

Computing Your Tax Free Income for Federal Income Tax Purposes

On line 2A, a tax payer must report his/her tax free income without any detail. I believe this number is computed by summing up all the values for tax free income on the 1099s. This number appears on ...
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4answers
334 views

Should 1040-X be filed on changes that have no impact?

I received a corrected 1099 after taxes had already been filed. I'm aware that I can't do anything until the IRS either accepts or rejects our return on file. If they reject, the fix is easy, we can ...
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1answer
53 views

Can I deduct an annual state tax (on an LLC) on Form 1040 Schedule C?

On Form 1040 Schedule C - "Profit or Loss From Business (Sole Proprietorship)" , the instructions for line 23 ("taxes and licenses" under "Expenses") have a list of what ...
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0answers
54 views

Are you taxed on money withdrawn from a Roth IRA to pay for alimony?

A QDRO allows a non-penalized distribution from a Roth IRA due to a divorce but what if money is taken out and used for alimony that is not specified in the QDRO? Form 8606 Part III, Line 19 is where ...
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2answers
130 views

How are dividends taxed if there is no wage income?

Based in USA. How are dividends taxed if an individual does not have wages from labor?
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0answers
211 views

PA SCHEDULE B - Part Year Resident - Line 10 Capital Gains Distributions

I was a part year resident in PA for tax year 2020. On line 10 of the PA Schedule B form the instructions are telling me to enter the capital gains from my federal Schedule D. But, unlike in the ...
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1answer
22 views

Does it make sense for my Federal Wages and SS wages to be the same if I have nonzero DD values for insurance?

On my W2, I had $xx,xxx listed in both my Federal Wages as well as my SS and Medicare wages. My tax software running it's data checks said it was unusual since I had values in Box 12 (of which, I had ...
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1answer
34 views

Taxation on income deposited to US bank account

I am a student in Florida USA and an Indian citizen. My income earned while I am outside US is not taxable in US. However, will such income be taxable if it is deposited to my US bank account? The ...
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3answers
1k views

Is it legal to estimate my income in a way that causes me to overpay tax but file timely?

In my previous question, I explained that the IRS still has yet to process my 2019 return, my first filing, which means I won't receive any 2021 stimulus (EIP 3) if its calculation is based upon my ...
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1answer
54 views

State Tax Deductions for Working from Home with the Pennsylvania Schedule UE

I live in the United States and due to the COVID-19 pandemic my employer closed our offices and required everyone to work from home since March of 2020. My employer has provided a small stipend to ...
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2answers
162 views

Any advantage to proactively refiling previous-year paper tax return that the IRS misplaced, and that I have a paid balance on?

I filed for the first time on paper in June 2020 for tax year 2019, and I have the certified mail receipt. I owed a balance, and the IRS deposited the check that I enclosed, but I didn't receive ...
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1answer
40 views

Filling out form 2555 (Foreign Earned Income exclusion)

Browsing these forums for questions regarding Form 2555, for issues not mentioned in instructions it seems that there is no official answer. For example, during this year I got sick with the ...
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1answer
122 views

Can I legally play this shell-game with the IRS by using “Recharacterization” or “Conversion”, depending on markets?

Let's assume you contribute a certain deductible amount to your IRA on Jan/2, and invest it there. You really want the money in your IRA Roth at the end of the year, but you try to pick the best ...
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1answer
265 views

IRS Form 8960 line 9b

This is the Net Investment Income Tax to finance Obamacare. Line 9b provides that I can deduct a large part of my state income tax (the part attributable to investment income, which is most of my 2020 ...

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