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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504 views

FICA taxes withheld on F1 visa, employer said to give correct W2C moving withheld FICA to Federal? (Unique Case)

I was an intern at a company in 2016. I am currently on F1 visa (Non Resident Alien under 5 years) and therefore exempt fro SSN and Medicare taxes (FICA). My employer withheld these taxes and gave ...
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242 views

Filling tax forms as a Non-Resident Alien paid as an independent contractor

This summer 2016, I was hired as a software engineer for an internship in California. I am a student and came under a J-1 visa. I fail the SPT so I am a non-resident alien (NRA). I was paid as an ...
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42 views

Do part-time courses count as tuition for tax purposes for a work permit holder?

My wife is not a Canadian citizen. As her permanent residence application is in process, she has been given a 2-year open work permit, and she used it to work during the 2016 tax year. Her conditions ...
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57 views

US-EU dual citizen working for US non-profit while living in Ireland or UK?

I am a full-time, salaried employee for a US non-profit based in Virginia, where I currently reside. I have citizenship of the United States and now citizenship of Italy (by descent). My fiance (soon ...
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189 views

Online HMRC self-assessment: How to apply the 10% deduction for foreign pensions?

Foreign pensions are only 90% taxable. HMRC guidance (Foreign Notes, page 7) for the Foreign Pages of a paper return is to put the full amount into column B ('Amount of income arising or received ...
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109 views

First-Year Option and exempt individual for part of the year

I moved to the US in Aug 2015 in G-4 status. I received a work permit (EAD) and have since worked for a US employer. My wife took another job, so I applied for an O-1 visa to continue working and I've ...
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62 views

I am trying to estimate the upper-end of taxes on an LLC in California, is this math on track?

Let's say I am an LLC owner in California, with annual profits equal to $1M USD. The business is an online business that makes B2B software sales nationally, but is based in CA. My understanding is ...
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142 views

Tax return rejected, received a check

I filed my tax return in 2015 using TurboTax and received a check from both federal government and state. I am currently applying for a loan. When I downloaded the tax return statement (from ...
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45 views

Non-resident alien with partnership income

I am a non-resident alien with partnership income, and MA state tax has been withheld. I have never been in MA ever. Looking at the MA state non-resident income tax form, it asks to report income "as ...
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25 views

When can I start contributing to my Spousal RRSP again without attribution implications?

I have a question about the Spousal RRSP that I want to validate. When can you start contributing back to a Spousal RRSP after a withdrawal has been made? Summary of actions taken so far: My last ...
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41 views

What counts as 'qualified government orders'?

In 2008, we received a first time home buyer credit. In 2010, I became a government employee. In 2015, I transferred to a new position in a new city which made me part of the intelligence community. ...
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232 views

US Tax Return Forms to fill for NRE Account

I am really confused about what forms I have to fill and submit for my 2015 Tax return in USA. I am an Indian lived in USA for whole 2015 tax year. I have a joint NRE account with my spouse in India ...
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397 views

How much tax should I expect to pay on $1850 per month of PhD stipend in Virginia as an international student on study visa?

First $5000 are tax free due to a treaty. The money is from a teaching assistantship. According to the internet state tax is < 5%. Are there any other taxes like federal tax etc? Are taxes paid ...
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54 views

US tax question, sold foreign stock and after some time repatriated the money. How do I handle currency fluctuations?

I, a US citizen sold some foreign stocks. But could repatriate the money to US after a while. In that time the currency moved substantially. How do I account for currency fluctuations? My Schedule D ...
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1k views

How do you calculate your “alternative tax net operating loss”?

In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss ...
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92 views

Friend may owe outstanding taxes from previous year?

I was talking with a friend of mine when at some point we started talking about how she hadn't paid taxes for an internship she had done at a University overseas. Since she had been paid using a ...
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136 views

Taxes on returning a signing bonus

I received a signing bonus from a company for 3k, unfortunately I won't be joining them after I graduate so I need to return it. I was deposited a total of 2.2k after taxes, however when I asked ...
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532 views

Why my tax calculation (SA302) doesn't show my dividends through a service company?

I've submitted my tax return (Self Assessment) to HMRC for the recent year and I've enter my total of the dividends (from my Limited company as contractor) into Service companies box as below: as per ...
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119 views

Inherited deferred comp by minors - tax advantageous approach

If minors who are not currently earning income were listed as beneficiaries on a deferred comp plan and owner of that plan passed away at age 63, what's the right approach to minimize taxes. From ...
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467 views

Claiming apartment rent as unreimbursed employee expense

a friend of mine visited a tax consultant in USA. The friend is an employee of a software firm and is on a non-resident alien category visa. The consultant told him to mark the apartment rent as ...
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1k views

Income tax filing for F-1 OPT student non-resident in California

I am an international student currently working full time on F-1 OPT status. In 2014, I worked as an intern for 3 months in California. I am confused if I should be filing 540NR short form or long ...
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76 views

Could CRA consider income from frequent trading of listed stock options as regular income, not capital gains?

I trade options on U.S. stocks frequently, several times a month. The income has been taxed as capital gains. I am quite worried that the CRA could turn around and say that I am operating a business ...
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342 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
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515 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
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34 views

Where is income sourced if I work for an agency in one state that provides my services in another?

I'm a self-employed contractor. I live in NY, "work" for a NY agency that provides my services to a company in CT. Do i have to claim that income as CT sourced, or NY sourced?
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1k views

Can I claim tax withheld on form 1042-S on form 1040

I moved from US to India on 8/2011. I was in India through the end of 2011. In 1/2012 I moved back to US. Fidelity has provided me with a form 1042-S. It looks like the equivalent of form 1099 for non-...
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1answer
145 views

Roth 401(k) Contribution Limits

Please consider an individual, in the US, who has net earnings from self employment of $8000 who wishes to contribute to a Roth 401(k) plan. For tax purposes these earnings can be reduced by 20% due ...
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1answer
165 views

Do I need to fill state taxes from Puerto Rico for a forfeited 401(k)?

Around August last year, one of my 401(k) plans that I had with a previous employer was forfeited, and I received a check in the mail with the balance. I decided just to go and deposit the check on my ...
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13 views

NYC Tax Rates on Educational Software

I've received consumer subscriptions, and now sending an invoice to a school, for an educational technology piece of software (a web based video game, non-downloadable), and am curious about NYC tax ...
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46 views

What are some legal ways to reduce income tax in Norway

Both myself and my wife work full time jobs in Norway. What are some ways Norwegians use to reduce their income tax ?
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57 views

Where can I see break-down of total federal and Ontario non-refundable tax credits?

Please see my 63 y.o. Ontarian dad's cash flow.. I screen-shot, but rounded the values from his 2018 Notice of Assessment. Where can I see tax credits broken down? I want see them so that I can ...
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126 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
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14 views

DTAA in case of India and UK

For current FY (2018-2019) , I have some foreign income from UK. I am a resident of India. I was in UK from April 2018 to Aug 2018 and also during April 2017 to Mar 2018. I have paid and filed tax ...
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1answer
77 views

Non UK company hiring local staffing

Do I need to issue any tax form to the local staffing we hired in UK for a small event? We are an Event company based in US.
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16 views

Can the repayment of the Advance Premium Tax Credit be deducted in the year paid?

IRA withdrawals kicked me out out of ACA. I had to repay over $14,000 Advance Premium Tax Credits with my 2018 tax return. The answers I am seeing seem to say I can take it as a 2018 medical expense ...
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11 views

Calculating nonresident credit for 2016 Ohio Schedule of Credits

I wanted to double check I'm doing this correctly on the 2016 Ohio Schedule of Credits form. I didn't do 2016 state taxes for Ohio, yet, which is why I ask. On line 26 I entered some number. On line ...
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39 views

List of states that issue/generate K-1s

Where can I find a list of all states that issue state-based K-1s? For instance, I know that New York can issue an IT-204-IP, but what about a state such as Wyoming? Pennsylvania is another state ...
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29 views

Change IRA contribution to prior year

I under-contributed to my IRA for tax year 2018. I'd like to apply some of my 2019 contributions to tax year 2018 to reach the 2018 tax year IRA contribution maximum. We have not yet reached to 2019 ...
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33 views

Can I deduct partnership loss from my income?

I lost tens of thousands as passive loss when I withdrew from a partnership. However I'm not sure whether the capital loss is deductible. Since I have no passive income I think I could deduct $3,000 ...
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29 views

Tax on vested shared Germany (analogue of 83b election)

In the U.S. they have something called 83b election, relevant when a founder have shares that are vested. To my understanding, one must file this election shortly after the company is founded, ...
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24 views

Trading or Investing on Equities Annual Taxing in California

Trading Imagine an individual trading account for 2018 fiscal year increased from ~$100K to ~$200K Total amount of trading transactions were at >~$20M Imagine for a married couple with another ...
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31 views

UK Limited company - confusion around National insurance thresholds and Employee Personnal allowance

I could not find answers to my question online, so I thought someone here might know what can be done regarding the below: I have a standard limited company with a 1185L tax code. Looking at: https:/...
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39 views

Tax implications of severance agreement with backpay and hardware/software transfer

In 2018, I worked for a company that was experiencing financial difficulties. I wasn't payed for a few months, and eventually in the summer we agreed to put together a severance agreement and part ...
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24 views

Tax on Temporary Member of Pass-Through LLC

I'm a member of a pass-through LLC in the state of Oregon, paid monthly via guaranteed payments. I was also paid a yearly distribution. The complicating factor is this: my membership shares having a ...
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21 views

Which tax credits are calculated in proportion of time of residence in Canada and which are not?

I became a Canadian resident in 2018, having spent 260 in Canada in the tax year. I've read some official guides, and examples there instruct to prorate federal credits to time of residence in Canada. ...
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53 views

Should I increase my tax liability to better utilize a nonrefundable credit?

My household qualifies for the maximum $2000 non-refundable Lifetime Learning federal tax credit. However, due to planned aggressive contributions to retirement accounts, my tax liability is low ...
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35 views

NRI returnig to india for good but have forex income in USA

I worked in US for 4 years and decided to return to india for good . I have regular income from forex which comes to US bank account and I pay tax to US government. Once I return to India , am ...
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152 views

1099-DIV line 8 says “various”

I'm using Credit Karma to file my taxes. For 1099-DIV line 8, the document says "various", but the drop down in credit karma only allow for choices of countries, not for more than one, or various ...
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1answer
82 views

Business losses for expenses incurred by a foreign contractor

I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
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63 views

How to determine required gross salary from net take home accounting for UK taxes

I'm looking at purchasing a home and am trying to calculate affordability. I've created a Google spreadsheet which calculates my monthly mortgage commitments based on different input values (...