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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22 views

Dividend from ESOP to Cash - India

I'm Indian and working for a US organisation in India. I have been investing in the Employee Stock Purchase Plan (ESPP) for a while now. During the initial investment period, I had not opted for re-...
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89 views

After checking a tax audit, Massachusetts is owing me some money: what interest should I claim?

I got audited by the state of Massachusetts, USA, due to a mistake I did when filing my 2015 Form 1 (mirror). The audit's conclusion was that I have to pay some amount to Massachusetts, which includes ...
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373 views

Form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit

I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below. https://www.irs.gov/forms-pubs/about-form-8936 Is there an ...
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72 views

Goverment shutdown and the effect it would have on my current audit from where I filed my 2017 taxes in 2018

My husband and I were audited last tax season. We had been working with the IRS all year providing them everything they needed to prove our return was legitimate. About December 15th the take action ...
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1answer
576 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
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68 views

Withholding Tax for Citizen of No Tax Treaty with US

I am a citizen and resident of Saudi Arabia, a country with no tax treaty with the US. I receive monthly royalties from Amazon as a designer in their print on demand platform (they sell t shirts of my ...
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48 views

State tax refund different from what's indicated on Turbotax form

I am digging into a past year's Utah tax return (due to an audit) and I see that 42 TOTAL DUE - PAY THIS AMOUNT is over $500; I used Turbotax and I'm seeing that on my downloaded, filed tax form. ...
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26 views

Late filing Returns from 2015, 2016 and now 2017. With income in 2015 and 2016, but NOL in 2017

What is the procedure for filing these late returns? Do I file the returns and then file an amended return to show the carry back from the loss from 2017? 2015 AGI $143,567 - after ID and ...
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35 views

I own a corporation taxed as an S corp which hires me to do web development/consulting. Does the company income qualify as QBI under the TCJA?

In defining a "qualified trade or business", the Tax Cuts and Jobs Act (TCJA) excludes a "specified service trade or business" and lists "consulting" in its list of disqualified business types. But ...
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85 views

How to Respond to CP2000?

I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions. A direct rollover from an existing IRA to a Solo 401K (a qualified plan; 1099-R Code G in box 7) In 2016, I ...
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2answers
77 views

Tax exemption on HRA in India

I am fresh out of college working in Bangalore, and have not much idea about the income tax system in India. Here is my salary structure: Basic - Rs. 12,50,000 pa HRA - Rs. 6,25,000 pa I looked up ...
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33 views

US Tax non-resident aliens - ECI

I'm generally confused about what is considered to be ECI for non-resident aliens living in the US (under specific visa that allow this). Examples of situations in which I cannot figure out whether ...
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43 views

Do residents through golden visa programs pay income taxes if they don't stay in the country for more than 183 days?

For example, Latvia offers a residency by investment program, and I was wondering whether it matters if you stay in the country for more than 183 days in order to pay the taxes? Or are you already ...
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397 views

Dual status tax returns (F-1 H1B)

I was on an F-1 visa from August 2013 till September 2017 and on an H1B visa from October till now. I am single. I filed extension for the 2017 year and now as I am Resident for tax purpose as I ...
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1answer
61 views

How to declare interested earned from unmatured NSC (5 years) in ITR

5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C. But there is no interest entry made by the Post Office department against NSC. How can I declare such ...
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1answer
63 views

Income tax exemption (in India) for interest on second home loan

I own a house in Bangalore (India) for which I had earlier taken home loan and which was fully closed nearly 7 years ago. This property has been let out as I am working & staying in Mumbai. I have ...
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49 views

The effect of 2018 tax deductions, Part 2: head of a household

In the previous question, I asked: I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I ...
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1answer
423 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
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83 views

How do I opt for First Year choice method?

I received my H1B on October 1, 2017 and my wife is on H4 visa. As I wanted to opt for the First Yr choice method, I filed for an extension in April, 2018 as I was unable to satisfy the Substantial ...
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111 views

S-Corp - How to Split Up Quarterly Estimated Tax Payments

I have a S Corp where I am the only shareholder and employee. I usually do payroll once per year - at the end of the year - during which I pay myself a salary for the whole year (pay period of Jan. ...
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0answers
56 views

Germany tax class residence permit valid anmeldung

I was in Germany last year for more than six months and I have a valid RP as well. Now, I am planning to move back to Germany for just 2 months for a work assignment under Short-term WP. Now my ...
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330 views

What is “high taxed” defined as by the IRS?

On form 1116 Foreign Tax Credit form there are references to HTKO yet the acronym is never defined. Googling leads me to believe that it stands for "High Tax Kick-Out". But I haven't been able to find ...
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88 views

Amending return to include Schedule B?

I included and paid tax on the interest I earned in my foreign account as 1099-INT, but it didn't file a Schedule B or ask if I had foreign accounts. Since the account has over $10k, I need to file ...
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51 views

How to account for inventory returns to wholesaler?

USA 2017 tax question here. My wife has closed out her sole-proprietorship retail business last year, and as her arm chair accountant it falls to me to figure out her gains/losses. She was able to ...
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49 views

State Residency for tax purposes / substantial presence test

I was a visitor to the US. With three trips I made during 2017 I met the substantial presence test and I became consequently resident for tax purposes for the entire 2017 as I arrived to the US on 12/...
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74 views

How to check status of application for extension (Form 2350)

I want to use the Foreign Earned Income Exclusion when doing my U.S. taxes, but I have not yet been present in a foreign country for the required 330 days. Because of this, I used Form 2350, "...
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42 views

What are the laws about selling random things on ebay for EU-based private person?

I was thinking to sell some things I don't use anymore on eBay and I was wondering if I should register or tax it somehow? I'm a private EU citizen and that's where I reside, and I assume that I would ...
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61 views

Procedure to mail 1040NR-EZ, 540NR from outside of US

I have to mail my federal and state tax returns 1040NR-EZ and 540NR to IRS and FTB, CA respectively from India? What are the mailing addresses and which is the best courier service to choose to ensure ...
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304 views

How to fill out Canada T5 dividends to US 1040 form?

I have T5 from Canada, box 24 call actual amount of eligible dividends . box 25 call taxable amount of eligible dividends, box 26 call dividends tax credit for eligible dividends, box 18 call capital ...
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0answers
241 views

Stock trading for Non resident f1-OPT TAX

I am a non resident alien in F1- Opt status. I purchased some stock and sold them in loss.How would I claim loss in 1040 NR form ? I read the IRS website and found it- "Nonresident alien students and ...
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125 views

State taxes as an international student on opt who worked as contractor

I worked in the U.S. from February 2017 to January 2018 on an F1-OPT status. I was hired as a contractor so I got my monthly salary without any deductions. I used Glacier tax services to file my ...
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283 views

Do Non-Resident Aliens need to file FBAR?

I am on F-1 Student Visa doing my STEM OPT now. As per my understanding, I am considered Non-Resident Alien for Tax purposes. Do I need to File FBAR if I have more than 10,000$ in my NRE account?
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2answers
94 views

Income Tax Deduction / Reimbursement of Rs.15000/- per year

Can the purchase of medical equipment like Blood Monitor Machine, Blood Sugar Machine etc. be claimed under the medical reimbursement or income tax deduction of up to Rs.15000 per financial year for ...
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88 views

Tax Planning Capital Gains

Tax Planning - I'm retired and want to take my income as close as possible to $45,916.00 using Stock Capital Gains to maintain the lowest tax bracket of 15% and do the same for years to come as I have ...
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53 views

US Federal IT: If the deductions proposed to be eliminated are eliminated, will the AMT be a toothless tiger?

The House and Senate tax reform bills between them propose to eliminate deductibility of state and local taxes and cap mortgage deductions for mortgages greater than 500K, plus eliminate the Medical ...
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26 views

How to distribute a partnership K-1 (1065) other income item (line 11B) to heirs on a K-1 (1041)

I have a partnership K-1 (1065) which shows an amount on the "other income" line (line 11B). I am distributing this to the heirs, as the designated recipient died and I am the executor of the estate. ...
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77 views

Personal income tax for non-resident in Hong Kong?

I am currently resident in Mainland China (non-citizen) where I am employed and paying taxes (paid by employer so that is no problem here). At the same time I have a LLC in HK (100% ownership & ...
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234 views

Australian Tax Digital Nomad

I am a NZ citizen working for an Australian company being paid into an Australian bank account through an Australian tax number and visiting Australia every 4-6 weeks for 3-4 days work related. I ...
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72 views

IRS Income Tax Updated Weekly?

We're selling our house, and have been having issues with our buyers lender being faxed the incorrect tax income amount on their tax returns. It's been over two weeks and every time, the IRS says they'...
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139 views

Form 5471 even if no income was received

I work in the US and own 33% of a foreign company. Last year I received no income from this company. I'm trying to understand whether I need to file form 5471 (or any other form) regarding this. I've ...
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451 views

Where to pay tax when working for foreign company remotely from Uk

There are similar questions but I believe my circumstances are slightly different. I am a British citizen, from birth, and have been living in Malta for over a year while working for several ...
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388 views

Australian - living overseas - freelancer, digital nomad - income tax

I am an Australian resident and just about to head off to travel Asia for the next year or two. I would like to become self-employed with an Australian ABN and work as a freelancer (digital nomad) ...
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50 views

Can I count pre-funded project money as reimbursement?

I'm a researcher and won a grant a year ago to do a project. But, for reasons far too aggravating to get into, the university has been really dragging its feet on actually letting me spend the money ...
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732 views

What do “resident” and “part-year resident” mean exactly in the context of the Massachusetts tax return?

I'm currently filling out my Massachusetts tax return for 2016. Background: When it comes to US federal income tax I'm a non-resident alien and I was at a university in Massachusetts on a J-1 visa ...
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35 views

Canadian income tax for foreign worker who moved back home during 2016

I'm an Australian who lived in Canada (specifically Saskatchewan) for two years, working at a university. I moved back to Australia on December 13th 2016 (when my contract ended). For my 2015 tax ...
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72 views

What does the “Business Rule IND-005-01” error mean when submitting my tax return?

I received this rejection notice in an email: Issue : Business Rule IND-005-01 - If Form 9465 and IRS Payment Record are present in the return, then Form 9465, 'PaymentAmt' must be equal to '...
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75 views

If I have a home office and report to a main office, what are the travel expense deduction rules?

I have a sales job where I have a home office and I report to a main company office twice per week. My job is to visit potential clients and visit/support existing clients. When I visit the main ...
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424 views

Both 1042-S and 1099-R received

I received both 1042-S and 1099-R forms from my pension fund. When I inquired as to why I got the 1042-S, they indicated that the 1042-S reports the pension income I received before they received my W-...
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104 views

Tax form 4684 theft and damages, damage estimate

I have had a lot of bad luck this year and had multiple thefts. My car got broken into (laptop, headphones, keys stolen, broken window) and I had another theft of a bag with a bunch of clothes and ...
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116 views

Married filing jointly and pay income tax on income that has already been taxed in India after moving to the U.S.?

My wife is an Indian national and I am a U.S. Citizen. She's previously paid income taxes on what she made at her job in India before marrying me and coming to the U.S. Do we have to pay income taxes ...