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.

275 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
2
votes
0answers
223 views

Paying taxes as foreigner for working as freelancer for US company

I am a german citizen and live in Germany, and want to work as a freelance-translator for a company called "gengo" , that seems to be registered in the US (quoting from the website: "a Delaware ...
2
votes
0answers
53 views

Tax return if worked partially in the UK and partially in Germany

I have worked from Jan to July 2015 in the UK and from Oct. to Dec. 2015 in Germany. I'm not sure if it makes sense for me to submit a tax return claim. (The tax year in the UK runs from April to ...
2
votes
0answers
47 views

can an S corporation pay its owner as a consultant, so owner can use schedule C deductions?

I'm a consultant with an S corp. If my S-corp pays me as a consultant, so that the K-1 is 0 income, then can I file 1040 schedule C in order to get deductions like: - use of home office, and - health ...
2
votes
0answers
106 views

Moving between countries at the middle of Tax year to reduce progressive tax impact?

Soon I will be relocating from US (H1B visa) to UK. I am not a citizen of these two countries. Since both of these two countries have progressive tax system I have come to conclusion that it would be ...
2
votes
0answers
27 views

Reporting of 1256 Based Options

I live in the United States. In 2015 I have traded several 1256 based options. The details of each trade were not included in my 1099 and not imported into Turbo Tax. I understand that this is to be ...
2
votes
0answers
148 views

Question about 1098-T Tax form

I graduated college in May of 2015. I just received my 1098-T form for the 2015 year, which includes my spring semester. In box 2, "Amounts billed for qualified tuition and related expenses", it is ...
2
votes
0answers
115 views

Where do I pay income tax and how?

When I was in the US before, I worked for a company as a independent contractor under 1099. Now I've come back to India, and I am still working for that same company. The company deposits my pay in my ...
2
votes
0answers
471 views

Schedule E: What “Type of Property” do I use when renting out a room?

If I rent 1 out of 4 bedrooms in my house, then 25% is rental and 75% is personal. In filling out Schedule E, I use my house address in Line 1a. Line 1B is for "Type of Property". How do I ...
2
votes
0answers
510 views

Capital gains tax from selling Canadian property for Canadian non-resident

Case: Capital Gain Tax Implications for House in Toronto, ON Purchase value of House in 2000: $230,000 Potential Sale value in 2015: $650,000 Joint-owners: David & Rebecca, married and both are ...
2
votes
0answers
247 views

Salary vs Dividend: is this example wrong?

I saw a link to a great article in old (2012) question. http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/ I've tried understanding the article well, but I think that the author ...
2
votes
0answers
165 views

Can IRA contributions be recharacterized multiple times

Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times? Recharacterized an Roth IRA to a traditional IRA, ...
2
votes
0answers
103 views

Where do I deduct convention registration expenses?

My wife does direct sales as a home business and I am trying to figure out the proper place to deduct the expense of a convention registration associated with that business. It seems to me that there ...
2
votes
0answers
5k views

How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
2
votes
0answers
842 views

UK taxation for options and futures trading

I live in UK and I see that there are 2 taxes when trading: CGT to be paid on capital gain and is 18% or 28% depending if you are basic tax payer or not income tax on any interest or dividend ...
2
votes
0answers
233 views

Accounting for small business inventory: different beginning inventory

I own a small cottage business selling sports equipment. It's not my primary job, and last year I only sold $500 of equipment. Here's the issue I'm facing: for the first time this year, I'm trying ...
2
votes
0answers
394 views

My girlfriend is going to be a public servant. Is it worth to marry now?

My girlfriend and I, have been together for 4 years now. I'm pretty sure she is the one. I'm thinking about asking her to marry me, but don't know if I should do it now, or later. I surely will ask ...
2
votes
0answers
240 views

A second income as a couple

I work a regular 9-5 job earning a decent wage. My wife works one or 2 days during the week and gets a varying, low wage. I've started selling items in my spare time and it's gotten to the point ...
2
votes
0answers
190 views

Taxes on a stipend contract in Norway?

I just moved to Norway on a EU fellowship. The contract states that it is not a working contract, but a stipend contract. I know in other European Countries, you don't have to pay tax with this type ...
2
votes
1answer
51 views

Is salary for march included in income tax if it gets paid in April?

My mother is a pensioner in India. Her Pension for March 2019 was actually paid on 2nd April 2019. My question is whether this amount would be considered as income for Assessment Year 2019-20 or ...
2
votes
1answer
91 views

Taxation of gift from a foreign corporation owned by my parents?

I am a U.S citizen. My parents who are not U.S. citizens have an offshore foreign company. If they send me a cash gift through their corporation: Do I pay tax? What is the max amount I can receive ...
2
votes
1answer
359 views

Is self-employed work performed out of state for a California organization “California source income?”

I recently received a request from the California Franchise Tax Board saying that they believe I need to file a tax return. I am a sole proprietor programmer, with a client in California who paid me ...
2
votes
3answers
123 views

Money received from USA

My son completed his MS in the USA after taking an education loan from an Indian national bank. He has started earning in USA, paying taxes as per USA rules. He is planning to send Rs. $5000.00 per ...
1
vote
0answers
32 views

Do you have to pay taxes on a Unison “investment”?

I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
1
vote
0answers
22 views

NYS Part-time return and Federal Foreign Earned Income Exclusion

I have a hard time to understand how to report the Foreign Earned Income Exclusion on New York State form IT-203 when filing as a part time resident. Specifically, I was living in NYC, accepted a job ...
1
vote
0answers
35 views

One spouse in community property state, other spouse in non-community property state, filing taxes jointly

I am a resident of California, a community-property state, earning my income in California. My wife is a resident of Oregon, a non-community-property state, earning her income in Oregon. We file taxes ...
1
vote
1answer
59 views

Nature of exempt allowance under section 10

I'm filing income tax return for assessment year 2019-20. I'm facing problem in putting the details for section 10. The Nature of Exempt Allowance column is showing 14 different choices as shown in ...
1
vote
1answer
20 views

How can I claim the tax while filing ITR2 in India on the Joining Bonus Recovered by the company?

I am a salaried person in India, so Indian Income Tax laws are applicable on me. In the 1st financial year 2018, the company pays the joining bonus (in month: August 2018). The company includes the ...
1
vote
1answer
34 views

House property loss adjustment with carry forward loss from previous year

I have a query regarding situation below for tax implication : Carry forward loss from previous year under head house property loss : 60000 Current year house property loss : 120000 With above, ...
1
vote
0answers
89 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...
1
vote
0answers
33 views

Independent Contractor

I am an employee and fall within the first tax income bracket in Nova Scotia. I have recently taken up a contract job as an independent contractor that pays about $150 to $200 per month. I want to ...
1
vote
1answer
83 views

What should be my state tax withholding if I do internship in another state?

I am doing internship in New York but I live in California. I am also an international student (F1). Our country has tax exempt agreement, so I am eligible for federal tax refunds. During the ...
1
vote
1answer
22 views

How does NPS Tier - 1 80CCD work?

Conditions: NPS Tier-1 contribution from salary per year > 60000 NPS Tier-1 contribution from company per year > 60000 Question 1: How much amount is counted for 80CCD? Is it just salary or also the ...
1
vote
1answer
75 views

Medical expense deduction when there is no income

If medical expenses exceed your income, is there a mechanism by which you can receive money back when you file your taxes? What impact would trying to claim the Earned Income Tax Credit have on this ...
1
vote
0answers
38 views

Income tax filing for married couple with separate addresses in Canada

I am a resident in Ontario and have just got married. Can I file joint taxes with my wife even though we live on separate properties?
1
vote
0answers
37 views

Made a mistake reporting total income on T1 tax forms

This is a bit embarrassing but apparently, I made a mistake on my income tax return. In particular, the "total income field". In my first tax return(2017), I thought this was "monthly income", but ...
1
vote
1answer
121 views

Credits, Refunds & Reimbursements made prior to April 15th for Prior Year HSA Qual Disbursements

Apr '19: I've recently worked w/ my HSA trustee/custodian (my CU) to correctly code HSA reimbursements transactions in early 2018 for HSA Qualified Distributions in 2017. Same for 2019/2018. So we ...
1
vote
0answers
41 views

US tax return - how to report a private stock that paid out dividends and liquidated at $0 value

I work in the United States. My Netherlands based employer offered me to buy into an employee equity program organized as a Dutch BV. My basis is approximately $4000 from two purchases in 2011 and ...
1
vote
0answers
29 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 ...
1
vote
0answers
54 views

Is a student attending an university in Massachusetts and interning for over 183 days in California count as a “Resident” for MA income tax purposes?

Does a student attending a university in Massachusetts and interning for over 183 days (in the same fiscal year) in California count as a "Resident" for Massachusetts income tax purposes? I'm reading ...
1
vote
0answers
45 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 ...
1
vote
0answers
31 views

What do you file as the form number you filled last year if you amended it?

Last year, I accidentally filled Form-1040 first, then I realized that I need to file 1040NR-EZ. So I filled 1040X and 1040NR-EZ last year itself. Now I was filling the 1040NR form this year and ...
1
vote
0answers
91 views

Now that I'm 59 1/2, should I pay off my HELOC by withdrawing from my IRA?

Maybe someone here can help me figure this out. I turned 59 1/2, and I have an IRA with about $500K. My wife has recently semi-retired and has started taking her social security, but I am still ...
1
vote
0answers
39 views

Tax in US on interest earned from NRE account

I work in the US and recently got converted to H1B. I am planning to transfer funds to my NRE account ($3000), accrue interest in 3-4 months and then use it to pay for my student loan. Will I be taxed ...
1
vote
0answers
58 views

Personal loan to start the LLC now being paid back to investor / member of the LLC

I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the ...
1
vote
0answers
102 views

Living in New Zealand, working remotely for an Australian company - taxes go where?

I am a British citizen, currently residing in New Zealand under a 5 year Work Visa and for the past year have been working for a New Zealand based company. I am just about to change jobs to work ...
1
vote
0answers
28 views

Optimal allocation to different employer plans to reduce tax bill in current year

I am a canadian citizen that work for a canadian employer and this is how my allocation to the various employer provided plans look. I read that I am required to pay taxes on the EPSP. Can someone ...
1
vote
0answers
1k views

Using Standard deduction while filing 1040NR for year 2018

As per https://www.irs.gov/pub/irs-pdf/p519.pdf Standard deduction. If you are a student who qualifies under Article 21(2) of the United States–India Income Tax Treaty, you can take the standard ...
1
vote
0answers
44 views

1098-T with scholarship listed this year 2018 as “billed” but tuition was reported on 2017 year's 1098-T as “paid”

This is very confusing. I'm required to report the Tuition and Scholarship from my 1098-T. I paid the full year's tuition in 2017 (fall and spring 2018) so no Tuition was billed for 2018 (well ...
1
vote
0answers
289 views

Where do I report 1042-S income on 1040 form?

US citizen living in Puerto Rico. For 2018 will receive a 1042-S instead of a 1099 R for 401 K withdrawals because tax rule changes. My address is Puerto Rico outside 50 states and no W-9 on file. (...
1
vote
0answers
34 views

Do I need to fill Form 8949 if I do not have any short term transactions?

I do not have any short term losses/gains. In that case, should I just refrain from selecting anything in Part 1 of Form 8949? Thanks