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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Which IRS address to choose for federal tax return?
Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
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Is a previous year Roth IRA contribution possible since I have to resubmit the previous years taxes?
I've been out of the country for the past couple years. I called the IRS this year and found out my last years tax return was rejected because I electronically signed it.
People have told me you can ...
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Deducting home costs if I work from home on the side?
I have a question on how to claim deductions if I use my home as a home office.
See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/cmmssn/hm-eng.html
Let us say ...
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Would it save money to have company pay for living expenses by taking it out of salary?
If one necessarily has to live in an apartment in order to be able to perform work for a company (e.g. relocation to a big city in Europe), would it one save money (in taxes, etc.) if the company ...
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What is RRSP Withholding Tax?
I am confused by the "Withholding tax" on an RRSP withdrawl.
If I withdraw funds from my RRSP, am I subjected to a 10%-20% with-holding tax? Does this basically mean that my money will be reduced by ...
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Do I need to pay Income Tax if i am running a escrow service in India
I am about to start a service which acts as a escrow service between two people (Keeping money for short amount time and paying once the deal is confirmed), Am getting about 10% the total amount. But ...
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Does immigrating half-way the tax year give tax benefits?
If you would immigrate in October when the tax year starts in April in the UK, would that mean you would pay less taxes? E.g. a yearly gross salary of £60k would be only £30k income in that tax year, ...
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How to pay taxes owed to IRS while in another country?
I got a notice from the IRS that I need to pay them for taxes owed in 2012. How shall I pay the taxes online? I am currently in a foreign country.
I do not have Fedex close by. Is it accepted to ...
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How to save tax in India
Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ?
and Is PF/Pension and Gratuity in salary taxable in private company ...
user19345
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Can Form 1040a, Line 10 be left blank if the broker's 1099-Div shows 0?
Form 1040A, Line 10 is Capital Gain Distribution. According to the instructions, that field should be populated with box 2a of Form 1099-DIV.
When I look at Form 1099-DIV, box 2a provided by my ...
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Do I need to pay tax on my unregistered online 'business'?
Let's say I have an online store. I sell things and receive revenue. It is profitable. Its server is somewhere in USA. I am currently in Germany. My customers are mostly in, say, Thailand. I have not ...
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How can I determine if I qualify for a tax exemption on distributions from a municipal bond ETF?
I am interested in two municipal ETFs for my IRA retirement account: NXJ (New Jersey Municipal Bond Fund) and NRK (New York Municipal Bond Fund).
I live in New Jersey and NXJ currently has a ...
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Is reimbursement of a brokerage transfer fee taxable income?
I switched the brokerage for a taxable investment account last year. The new brokerage reimbursed the transfer out fee of $50 from my old brokerage. I don't have my 1099s yet but I noticed in the ...
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What is the amount of extra interest I have to pay along with my tax due?
My total tax payable is 60803 for the financial year 2012-2013. But, TDS deducted till 31st 2013 is 50822, so I have to pay the tax due of 9981. What is the exact amount I have to pay? Is there ...
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India Income Tax: Need to Pay Tax on Savings Account Interest for FY 2012-13 Or Not?
As per Indian Income Tax rules and regulations, for the Savings Account Interest accrued during the period of April 2012 to March 2013, do I need to pay any tax if it is less than Rs.10000? Or is it ...
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Mortgage-based budget spreadsheets?
Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would.
At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
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Is an offshore investment corporation a better tax deferral arrangement than a 401k?
I would like to consider the tax deferral provisions afforded to US Citizens. If my corporation formed in a jurisdiction outside of the United States and held US Treasury Bonds (for example) gaining 5%...
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Rental income taxes
My parents found a home for sale in their area they wanted to buy for rental purposes, but couldn't qualify for the loan. So I took out a loan and purchased it.
They are now renting it out and have ...
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Inherited Roth IRA distributions and taxes
My mother died this year and I inherited her Roth IRA. I do not need the income from her account and I do not need to pay any extra taxes. I am 61 years old and I plan to be on Medicare when I turn 65....
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Contribution deadlines for Solo 401k as Single-Member LLC
I am trying to understand Solo 401k contribution deadlines for Single-Member LLC:
Pre-tax contributions to traditional solo 401k. This includes both employer and employee contributions.
After-tax ...
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Double Taxation - New York and New Jersey
I have a tax situation for year 2022. Amounts given below are examples.
1/1/2022 to 8/8/2022: living and working in Indiana (income $55,000)
8/9/2022 to 12/31/2022: living in New Jersey, working in ...
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Margin interest deduction carryover when claiming standard deduction
Margin interest is a deductible investment expense on a US 1040 Schedule A as an itemized deduction
Margin interest can be carried over year over year until it is fully deducted
If the standard ...
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Question about taxes on Roth backdoor IRA
Last year say I made $100,000.00 in income through my job (that is the amount on my w2 in box 1). I have a 401k through my job, so I use Roth backdoor IRA, so last year I moved 6000 into a traditional ...
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Declaring foreign interest in 1040 and FBAR
I am a foreign national (and a resident alien for tax year 2022) working in the United States. I am on a J1 Research Scholar visa. I have received W2 for my salary from an US University and I have a ...
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Do I need to file a tax return if I am a nonfiler college student?
I am a college student and since I started college, I put down as a non-filer on FAFSA. This year I am about to turn 24 and I keep receiving a 1098-t, but I don't have any income nor have I ever had a ...
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IRS debt collection for tax that the IRS thinks is owed due to mistakes in tax return
When I was younger (many years ago, had just turned 18 and moved out of my parents), I briefly worked in a company part-time while attending college. The college gave me a tuition scholarship and a ...
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What methods exist to verify if my tax return was received by the IRS?
I finished my taxes on February 15th. However, TurboTax had a bug that prevented e-filing. I waited until the 22nd, and when it still wasn't fixed I just mailed a paper copy of my taxes.
I started ...
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Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?
I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
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Taxation details when changing states in the middle of the same job
I looked up the answer to this question with the specific details that it has but couldn't find one.
Let's say you have a work-from-home job with a NYC-based company. You are a NY resident and you ...
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Must I select "The cost basis is incorrect or missing on my 1099‑B" in TurboTax in the case of vested RSUs?
I file my US taxes via TurboTax as a US lawful permanent resident. Some of my RSUs vested in 2021, which I partly sold in 2021. My employer uses E-Trade for RSUs. E-Trade reports on Form 1099-B that ...
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Does the employer social security tax also apply on self-employment income for individuals with W2 income that exceeds the IRS maximum?
I have a question very similar to W2 and 1099 (self employed) income in same year: social security taxable income limit?, but goes a step further.
The goal of my question is to estimate how much ...
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When a stock held in an IRA takes a downturn, is that a good time to move that asset to a Roth IRA?
I have some traditional IRA funds invested in QuantumScape, and it's down quite a bit since the initial purchase. I want to continue to have some holdings in the company. Would this be a good time to ...
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How can I get credited for stock losses I took in 2018?
I was employed by a company from February 2011 - September 2013.
When my employment terminated in September of 2013, I purchased stock of the company for $1100
In 2018 the company was liquidated and ...
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W2 form box 16 (state income) meaning
I work for a company based in NY, who pay my salary into a US bank account.
I live in Japan, and all my work is done remotely from Japan.
The address in my company HR records is a PO Box in New Jersey....
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SIPP pension withdrawal tax obligations (UK HMRC)
When investing in a SIPP you get tax relief. How much depends on whether you are a basic or higher rate tax payer. For this post, I am focussing on basic rate payer.
My understanding is that when you ...
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Problem with the tax code on my first job
Hi I have a yearly income of 30000£ in UK, this is my first job and my tax code is 1210 L. I didn't get taxed for the first month. Could anybody please let me know whether I need to change tax code to ...
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tuition paid by grandparents directly to college
My daughter (US citizen) will be going to college here (US) beginning this Fall. My parents (Indian citizens) want to pay her first year tuition expenses direct to the University. The University ...
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How do USA Estimated Tax Payments Work?
I repositioned my investments and sold a large quantity of stock in the first quarter of this year.
As such, for the first time in a long time, I will need to pay estimated taxes. However, I am not ...
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IRS accepted my e-file but the IRS website can't find a record of it
I e-filed my 2020 taxes seven days ago and it was accepted by the IRS. However, when I visit the IRS's "Get Refund Status" website, it cannot find my return. I have never had this occur in ...
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Does it make sense for my Federal Wages and SS wages to be the same if I have nonzero DD values for insurance?
On my W2, I had $xx,xxx listed in both my Federal Wages as well as my SS and Medicare wages. My tax software running it's data checks said it was unusual since I had values in Box 12 (of which, I had ...
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Do the "failure-to-file penalty" and "failure-to-pay penalty" apply when amending a timely-filed return after the deadline?
I filed my 2017 tax return in October 2018 and had paid all the tax due (as I calculated at the time) prior to the payment deadline of April 15, 2018. Recently, I discovered an error in my tax ...
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What address to specify when mailing Form 1040 via FedEx
The IRS website suggests that when filing form 1040 I need to mail it to the following address:
Department of the Treasury
Internal Revenue Service
Fresno, CA 93888-0002
On the same page there is a ...
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UK pension schemes contribution limit and state pension
If I make 60K pounds a year in the UK, I can apparently contribute 48.5K of it to a pension scheme and not have to pay any tax for that year because there is a personal allowance of 12.5K. Is this ...
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Necessary to file US Federal W4 in addition to state W4?
I already filed a state W4* with my employer - do I need to also additionally file a US Federal W4 with the same employer? Or does state W4 take into account for Federal W4 withholding amount also?
...
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I put that someone could claim me as a dependent on accident but no one will/did claim me as one
I did my taxes on turbo tax and didn’t realize that I put that someone could claim me. No one actually claimed me. Will I still qualify for a stimulus check?
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Rental home office expense
Employee at one of our locations wants to move to a different state for 2 years and has rented a home which includes a home office, which he will work remotely from. Employer has agreed to pay the ...
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Home Office Deductions for Same Job in Different Locations
Working on my taxes for 2019 and came upon this scenario. I lived at my parents' house for 10 months and my own place for two, but was working at the same job as a contractor in both locations. ...
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Traditional IRA Withdrawal Strategy
My father is retired (age 66) and makes $35K between his pension and Social Security. He also has a traditional IRA with $60K that he is not currently withdrawing from. My mother is currently working (...
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UK Capital Gains tax and Income
If a UK resident makes a capital gain of £25000 and has a state pension of £6000 are they liable for any UK tax, given that there is a capital gains allowance and a tax allowance?
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Elementary question about AGI and SS income
I know that 15% of my social security income is not taxed at the Federal level. But is that 15% a deduction or an adjustment? That is, is the 15% counted in AGI or not? I get gobbledegook when I ...
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