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.

307 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
3
votes
1answer
394 views

got some money on topcoder, possible tax rate calculation?

I competed in topcoder and got some money around ~500 $ and may get more If I'm really lucky in not yet reviewed submissions. But I found out that 30% of that money will be withheld as tax. I didn't ...
2
votes
0answers
32 views

Social Security Spousal Benefit while Spouse is Working

For US Social Security, a person of Full Retirement Age (FRA) can claim spousal benefits to receive 50% of the FRA benefits of their spouse. Suppose person A is of FRA and has no income. Person B (...
2
votes
0answers
43 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
2
votes
0answers
77 views

Bootstrapping Process for Creating a Single-member Limited Liability Corporation (LLC)

So I’ve read in a number of forums—mostly StackExchange and Reddit—that it’s a good idea to separate personal and business funds/transactions so that when it’s time to organize information for taxes (...
2
votes
0answers
31 views

How do I allocate gains on Form 4797 for the sale of a rental property?

I sold a rental property last year, so I'm filing Form 4797. I owned it for several years, and had a new roof installed a couple years ago. As I understand, the land (which cannot be depreciated) goes ...
2
votes
0answers
54 views

If I accept payment through my spouse's paypal who gets taxed?

I have a few compound questions, some of which may border legal SE. So please feel free to defer areas that you feel are in the other category. I have been spending time learning photography and ...
2
votes
0answers
38 views

Should CRA be paid as soon as tax return is submitted or should I wait for their response?

I just filled my tax return with the CRA. I know that I will owe some money as I worked as a contractor without tax taken off. Should I wait for the CRA to assess my return and tell me if I made any ...
2
votes
0answers
106 views

How should I report cleaning expenses on airbnb

I am trying to file my U.S. joint tax return for year 2018 and I have a question. My wife was running an Airbnb rental business for which the 1099 was reported to the IRS by Airbnb in the amount of ...
2
votes
0answers
66 views

Forced to file W-9 even not passing Substantial Presence Test

I just moved to the US in September. Because I receive salary in the US, have a US address and US driver's license and everything, Fidelity, where I have a company stock plan account, my bank, and my ...
2
votes
2answers
51 views

Liability for US taxes on foreign company held by non-US citizen spouse?

I am a U.S. citizen, but my wife is not. If I own a foreign company, I am subject to Section 965 Transition Tax, Form 5471 and Self Employment Tax regardless of where I live. If we are living outside ...
2
votes
1answer
101 views

How to exactly find out income earned from Fixed Deposits?

I have an SBI savings accounts with autosweep facility such that it creates FD if the amount goes above a certain limit. Now any interest earned from FDs is taxable. However this year, I don't see ...
2
votes
1answer
91 views

Can I be taxed if a colleague from abroad sends money to my NRI account in India?

I'm residing in USA and have some property in India. An acquaintance of mine who is residing in Dubai has rented that property. Can he send the rent to the NRE bank account I had taken for while I ...
2
votes
1answer
124 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 ...
2
votes
0answers
49 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
votes
0answers
87 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
votes
0answers
56 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
votes
0answers
127 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
votes
0answers
45 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
votes
0answers
45 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
votes
0answers
41 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:...
2
votes
0answers
32 views

Claim Public Service Health and Dental Care Plan premiums?

I've never had enough medical expenses to actually claim them before, but this year, I did. Working through my software, I was referred to line 330: Eligible medical expenses...premiums paid to ...
2
votes
0answers
55 views

CRA showing installments payable for 2019 even if I am getting a refund

When I filed my 2018 tax returns in Ontario, it shows that I am getting a refund; but then it hows Total instalment payable in 2019: XXX $. If I don't owe any taxes in 2018, why does it show ...
2
votes
0answers
55 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), ...
2
votes
0answers
40 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
votes
1answer
130 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
votes
0answers
45 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
votes
0answers
75 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
votes
1answer
64 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
votes
0answers
30 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 ...
2
votes
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
votes
0answers
53 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
votes
0answers
65 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
votes
0answers
177 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
votes
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
votes
0answers
841 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
votes
1answer
634 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
votes
0answers
480 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
votes
0answers
121 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
votes
0answers
113 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 ...
2
votes
0answers
56 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
votes
0answers
60 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
votes
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
votes
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
votes
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 ...
2
votes
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
votes
0answers
192 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
votes
0answers
94 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
votes
0answers
277 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
votes
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
votes
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 ...

1 2 3 4 5 7