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.

274 questions with no upvoted or accepted answers
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109 views

Self assessment Tax not reflecting 26AS

I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be ...
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0answers
45 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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0answers
74 views

Married filing jointly, withholding number does not match actual tax savings

I am getting married this year (2019). My wife will not be working or bringing in any wage. Beginning in 2020, I plan to submit a new w-4 to specify a withholding amount, with the goal of having a ...
2
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0answers
53 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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0answers
120 views

Does passing an IRS audit with flying colors affect in any way the probability of an audit in a later year?

I am asking this out of curiosity; we will not change our good behavior on tax reporting based on this answer! Several years ago, we had a thorough audit on our federal income tax return (US). The ...
2
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0answers
37 views

U.S. Amending Tax - Should a 1040x be made if I forgot to include 1099-r but there is no difference in taxable income?

I was notified last year when I went to the tax office that I didn't include a 1099-r early distribution. This is the distribution in question: I am confused because the TurboTax UI shows my ...
2
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0answers
39 views

Claiming standard deduction on 1040 NR while not being a student

I am now physically located outside the USA (in India) and am not a student, but have financial assets in the USA generating income. I purchased these assets while I was in the USA and continued to ...
2
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0answers
39 views

Interpreting double-taxation agreements

I'm preparing to do my taxes for the first full year after migrating from New Zealand to Canada, and am now a tax resident of Canada. The countries do have a double taxation agreement in place (https:...
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0answers
48 views

USA IRS - CANADA CRA Dual Status Return

A little background first: We (myself and my spouse) were resident aliens (for tax purposes) until June 2018 on a F1 visa. We left USA and moved to Canada in June 2018 (less than 183 days in 2018), ...
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0answers
34 views

Taxes: Form 1116 income is both Passive and Treaty

Mostly valid for Americans living abroad. I have income that qualifies as both Passive and Treaty (triple taxation) and would appreciate any advice as to whether I can claim both credits. The ...
2
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1answer
97 views

Tax Return Married NRA: Is Glacier Tax Prep fill the 1040NR out correctly?

I am an F1 student (NRA) and Married. Based on the new 1040NR(-EZ) instruction a married NRA cannot claim more than $5,000 deduction (1040NR Instruction). Glacier Tax Prep is a software provided to ...
2
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0answers
43 views

PA state tax for CA income as an F-1 student (nonresident alien)

I'm currently studying in PA on F-1 visa and have earned my only income last year from CA (internship while on CPT). I understand I should file state tax with CA as a nonresident. But I'm confused ...
2
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0answers
73 views

Tax on apartment purchased abroad

I live in the US and purchased an apartment abroad. I transferred 200,000 dollars directly to the seller, so I never opened a bank account abroad. My understanding is that, if no income is generated (...
2
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1answer
59 views

Should I indicate on Form 1 for 2015 for Massachusetts my current address or my address in 2015?

I am filling out a 2015 Form 1 (mirror) for the state of Massachusetts in the United States. My address has changed since 2015: I now live in a different state in the United States. Am I supposed to ...
2
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0answers
28 views

Must I file a tax return for my S-corp LLC?

I created an LLC with S-corp election in 2018 in anticipation of doing some freelance work. In the end, I did not do the work and my LLC had no income. Am I still required to file a tax return for my ...
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0answers
51 views

Advice for finding a qualified accountant for grad student & real estate tax and financial planning

I'm a bit worried about getting bad tax advice this year for a number of reasons. I just started a PhD program this fall, which meant a number of big changes for me: I had to sell my house and move ...
2
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0answers
50 views

Should I use 403b while filing 2555

I am a US citizen and have started a new job working at a US university. However, I live outside of the US and am considered domiciled permanently abroad (I have a "Bona Fide" residence outside of ...
2
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0answers
60 views

Receiving money in US for work performed overseas

I previously lived in the US on a work visa and so have a bank account there, but am now living overseas (with no tax residency status in the US). I am performing freelance contract work for a US ...
2
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0answers
145 views

If my ISOs are converted to NSOs, do I still have 90 days to exercise my vested options as ISOs?

Let's say I have a bunch of incentive stock options (ISOs) in a company that have vested but I have not exercised yet. If I were to leave the company, I have 90 days to exercise them with ISO tax ...
2
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0answers
80 views

Capital gains and income

When capital gains are not considered as an income (as per New Zealand Income Tax Law to be precise) then why capital gains/losses end up in an income statement to calculate net income? Does that look ...
2
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0answers
631 views

Paying FICA taxes that employer forgot to withhold

My visa status changed from F1 to H1B in 2017, but my employer forgot to withold FICA taxes for me since the visa status change. (I'm a full-time employee who received a W2, and am not an independent ...
2
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1answer
517 views

Does an extended stay hotel qualify as “living quarters” for New York tax form IT-203?

I was in New York City for about 3 months last summer for an internship. During that time, I lived in an extended stay hotel (in NYC). Item H of the New York tax form IT-203 asks whether I "had ...
2
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0answers
400 views

I overlooked to file Form 8889 (HSA contribution) on my tax return. Should I file an amended return?

I filed a 1040NR-EZ tax return. Only after I mailed it, I realized that I had an HSA which requires Form 8889 and the non-simplified 1040NR to be filed. My W-2 does show a W contribution in Box 12. ...
2
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0answers
120 views

Can I write off any of my car purchase if I get an allowance?

I was offered an option to get a car allowance when I was hired on a year and a half ago. Last year, I bough a new truck to use for this purpose. I get an allowance plus a mileage rate that is about ...
2
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0answers
111 views

Reporting of form 1042-S

I am a US citizen living in Australia, 61 and made a small withdrawal from my 401K which they deducted 30% for tax. I received a 1042-S form from my 401k company for a withdrawal I made. DO I file ...
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0answers
54 views

Resident alien leaving US and healthcare tax

For tax purpose, I'm considered resident alien for tax year 2017 by substantial presence test. I was on company healthcare plan and COBRA until I left US at the end of September 2017. After that, I ...
2
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0answers
50 views

Tax Document/Notification for Arbitration Award

In late 2017, I went through arbitration with a business and was awarded approximately $950 (USD) in the form of a check. My experience has always been that anything over $600 from a business, in ...
2
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0answers
26 views

CA taxes on invesment income for part time-resident

I lived outside of the US from July 2016 - November 22d of 2017. All my income from this period is investment income. My understanding is that because it is investment income it does not qualify for ...
2
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0answers
27 views

Type of return to file when moving out of the US? (GC holder)

Context is basically as follows. Last year I worked for Google Research as an AI researcher as a GC holder in the US. We wanted to move back to our home country X for an extended period of time, so ...
2
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0answers
68 views

How do I pay my ineligible IRA contribution taxes?

This is a follow-up question to I may have made an ineligible contribution to a Roth IRA. What should I do? In 2017, prior to Tax Day, I made a TY 2016 contribution to my IRA that exceeded my 2016 ...
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0answers
1k views

How to calculate 1040ES tax payments for 2018?

My first quarterly 2018 1040ES payment is due in April. As I have no regular withholding payments being made (being retired),I have to make quarterly payments to cover Federal income tax. I thought ...
2
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0answers
187 views

Is income from bank account bonuses taxable on my state tax return?

I'm a student in the US on an F-1 visa. Last year (2017), I opened ten new bank accounts, all of which had promotional offers. As a result, I received around $3000, and this has been reported on Form ...
2
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0answers
92 views

Under new federal tax bill, can I save taxes by not doing payroll anymore for my single employee (me) S-CORP?

Will paying myself only shareholder distributions instead of payroll, and using the new 20% QBI deduction on my QBI of $300k save me more taxes under the new federal tax plan, and allow me to ...
2
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0answers
271 views

Tax rate of bitcoin trading for non-resident alien

I'm an international student holding F1 visa in the states. I find information on the IRS page which says non-resident aliens are subject to 30 percent flat rate for capital gains. Does this rate ...
2
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0answers
55 views

Can I claim a credit / deduction on my “personal income tax” for the “city corporate income tax” that my LLC company located in NYC had to pay?

I live in Chicago, which does not have city income tax. My company is a LLC incorporated in NYC, which has city income tax. So my understanding is that my company needs to pay "city income tax" over ...
2
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0answers
142 views

How will the new tax bill benefit an S-corp individual?

While driving, I heard on some news program that flow-through people can deduct more from direct income from their business than indirectly through payroll (such as ADP). Will the new tax bill let me ...
2
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0answers
27 views

Schedule E (rents) — which line for cost of permits?

I have recently bought rental property. I am required to (and did) register the property with the city. It's not an ad valorem tax; it's a flat fee per unit. Is there any more appropriate line on ...
2
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0answers
131 views

Received late K1, but do not owe any tax. Must I amend my return?

I received a late K-1 form. I already filed my taxes. Do I need to file an amended return even if I do not owe any additional tax?
2
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0answers
86 views

What should I consider when claiming relocation expenses in a particular year?

I recently changed jobs with my employer offering relocation assistance as part of the compensation package. I have up to a year to claim the relocation expenses, which consist of the usual items: ...
2
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0answers
62 views

Early Exercised NSO Shares when company is acquired and the tender offer is lower than the strike price

I early exercised my company shares a few years ao at about $6/share and filed a 43(b) tax form. I'm no longer at the company, but all my shares are vested. This company was recently purchased by a ...
2
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0answers
475 views

What taxes do I pay working remotely for a UK based company while living in the US?

I am UK citizen and will be moving to the US in January next year to marry my fiancé, but I'm going to continue working for my UK based company remotely from the States. Will I need to pay income tax ...
2
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0answers
82 views

What might be the reasons that federal tax refund has been being processed for more than two months?

I overpaid my tax for 2016, and filed federal tax return on April 20 this year, but haven't received my refund yet. The online status is still being processed. Is it normal to take that long? What ...
2
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0answers
14k views

How to fill W-8BEN form as an Indian?

I'm a freelancer (individual), Indian citizen working from India and I've to fill the form W-8BEN for a client based in US. I receive the money from the US source into my savings account here in India ...
2
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0answers
52 views

1099-MISC and state file taxes

I received 1099-misc for a work from home part-time job for $6,500. No state taxes were withheld. I'm located in Maryland and the employer is in Connecticut. Am I supposed to file state taxes for ...
2
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0answers
136 views

Deducting travel costs for summer internship on J-1 visa

I am a full-time PhD student at a university in Germany. To get funding for my PhD studies, I am employed as a research assistant by the university (I have been continuously employed in this position ...
2
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0answers
67 views

What tax forms should I file for my new, 2016 LLC?

I'm the only member (owner). 2016 is the first year (year of incorporation). There were expenses (~$16k) but no income. My plan is to file the 568 by March 15th but not file any federal corporate ...
2
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0answers
290 views

Should I add (prorated) $5000 tax treaty exempt in state tax report?

I am a F1 visa Chinese student. I did 4 months intern in California in 2016, and spent the rest of the year as TA back in school in Idaho. So I have W-2 forms from both CA and ID. Now I am confused ...
2
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0answers
52 views

I have a charitable carryforward from 2011: Can I file in October 2017 (extension) and still take it?

In 2011, I made a large charitable contribution to my school. Some is still left over, despite my having taken the maximum allowable charitable deduction each year. I know that I cannot carryforward ...
2
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0answers
123 views

Report KDP royalties on Schedule C or Schedule E?

I have some royalty income from selling an eBook on Amazon through Kindle Direct Publishing. I received a 1099-MISC for this income, which is listed in Box 2 "Royalties". It is my understanding that ...
2
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0answers
107 views

LLC capital equipment against day job income

My wife and I have started an LLC. the LLC is run our of our house, it is a machine shop. We file our taxes joint-married. She is 51% owner I am 49% owner. I work a day job (for now). We have ...