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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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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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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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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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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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 (...
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2answers
91 views

When is the earliest I can file as a resident alien?

I came to the US in 2016 August as a F1 student and I know I am a non resident alient for the first five years. I want to know when the earliest I can file as a resident alien. Is it when I file in ...
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1answer
131 views

Premium tax credit repayment

I had to repay entire subsidy in the amount of $15,000.00 when I filed my taxes in February 2018. Did to having withdrawn money from IRA to purchase a home. Can I deduct the entire $15,000 when I ...
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37 views

Tax Changes Not Updated in W-2 after Change of Status from F-1 to H1B

I was on the F1 OPT Extension student visa from May 2017 to May 2019. My H1B started on October 10th, 2018 but my HR records/paystubs didn't update and so is my W-2 for the last 3 months of 2018. ...
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74 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...
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56 views

Roth 401(k) Loan

I am thinking about taking out a loan from the Roth 401(k) plan. The idea behind the loan is to put more money into the Roth 401(k). I would like to charge myself a very high rate of interest, say 20%,...
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64 views

pass through tax liability

In this scenario, a single member LLC has income of $100,000 and is passed straight through to the owner, subject to income tax and self employment taxes. Single member LLC has borrowed $105,000 at ...
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130 views

I lost IRS notice for interest. What are my options?

Well, I did owe money to IRS last year and after paying all my taxes and IRS having accepted my tax returns, I thought I was done. However, I got a follow up mail from IRS saying that I owe them $18 ...
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291 views

TurboTax how to enter “Self-employed health insurance deduction” (1040 line 29) for my income from S-corp K-1?

1040 line 7 = $135K wages an employer not related to my S-corp. 1040 line 17 = $90 from my S-corp K-1. 1040 line 29: "Self-employed health insurance deduction" Can I enter my $9300 health insur ...
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70 views

Should I report my S-corp dividends on my 1040 as sched-C self-employment or 1099-div?

I'm using TurboTax and am confused how to report my profits from my S-corp. On my S-corp K-1, I set line 17c "Div distributions paid from accum earnings" equal to my S-corp's ordinary business income....
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1k views

How to report a 1099-MISC in a Qualified Joint Venture

"A qualified joint venture is a joint venture involving the conduct of a trade or business, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate ...
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90 views

How to report 1099 Misc income while working for a different employer

I was in a company A, which got acquired in 2012. All the stocks I owned were vested immediately and 10% of the amount was kept by the acquiring company for 18 months. I left the company and joined ...
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85 views

Where to find information about taxes in order to compare job offers?

I've been offered a few jobs in the U.S., and being a foreigner I really don't know how to calculate my take-home pay. One is a job offer in NYC with a base salary of 100k, a yearly target bonus of 15%...
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866 views

Could e-file rejection rule 1040A-030-01 be due to rounding?

I got the following message when I tried to file my income tax electronically: Issue : Business Rule F1040A-030-01 - Form 1040A, Line 40 'WithholdingTaxAmt' must be equal to the sum of the ...
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86 views

Setting up a tax deferring IRA

I work for a small company, so we have like no resources for helping us understanding benefits. My employer is willing to automatically give me 5% of my annual salary if I set up an IRA account. So ...
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267 views

How to make sense of results from the IRS W-4 withholding calculator?

After entering all my data into the calculator, attempting to get a handle on how much we are going to owe next year, I received this summary, which makes no sense at all: If $947 will be due when I ...
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67 views

Taxes & Work Authorizations for US Citizen Working in US for Ireland-based Company

I'm applying to a remote job that is based in Ireland. I live in and would work from the US. One of the questions on the application made me pause: "Do you require visa sponsorship?" Obviously, I ...
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151 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
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205 views

Tax benefits with non working spouse while on L1 visa?

I’m moving to California on an L1 visa soon. My wife will also be traveling with me. We have the following in mind: She travels to US with me. Applies for the EAD work permit and comes back to India. ...
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62 views

How to transfer money directly from US to home loan account?

Can we transfer money from US directly to the home loan account? Do we have any tax implications in US or in India? I don't have an NRE/NRO account and want to transfer directly to Home loan account. ...