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 Questions for Internship on TN Visa. Should I fill out Form 8843?

I worked for 4 months at an internship in Massachusetts in the summer of 2016. I'm a Canadian citizen and resident and have a few questions below. For background, I don't pass the substantial ...
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92 views

How can I file California tax returns if I do not owe any tax?

For 2017, I do not owe any tax to the State of California. How should I file my taxes? Online or by sending hard copies of forms? Also, do I need an ITIN for this?
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Can I avoid state trust tax with a conditional gift?

My state taxes resident trusts. A resident trust is any of the following: a. Its settlor (or any of its settlors) was a state resident at the time the trust was created; or b. All ...
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2answers
126 views

Tax Avoidance: Mixing gains and losses in the same tax year?

I am currently looking at liquidating some of my investments and trying to decide which ones to sell, to cover some cash expenditures I will have. For the matter of this question, let's say I need $10,...
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326 views

Would I be a resident alien or dual-status alien for tax purposes in 2017?

Background: I came to the US in Aug 2013, to pursue my Master's degree. After graduating in Dec 2014, I worked for a company in Michigan from Feb 2015 to July 2017. Starting from Aug 2017, I have come ...
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103 views

Do I need to file taxes in the city I work?

I live and work in Ohio. However, I moved in 2016 to a village without city income tax. However, I work in a city with income taxes. I started with this organization in 2017. My employer has been ...
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55 views

How long it takes to be classified as a resident alien?

I have been in the US since 1st of August 2016. I filed my taxes for the year 2017 as a non resident alien just now. In a tax workshop in the University I work and study I was told that as a F1 I have ...
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1answer
25 views

Do filers who have trader tax status with Mark to Mark election need tradelog or another accounting solution?

About me: I'm a trader with trader tax status. I do not have a company. I did have a few trading accounts, but most of the time I traded them separately. I'm trying to hire a CPA to do my taxes. I ...
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618 views

Income code 37 from 1042-S in 1040NR

I have received 1042-S which contain income code 37, which is the return of capital. This amount is not taxable to me and the amount withheld was already repaid to me. Is there a need to report it ...
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83 views

RSUs and withheld taxes

A number of RSUs vested for me on the first of this year, but weren't released until mid-March due to an unreleased 10k. During this period, I switched jobs mid-February, and I was terminated at the ...
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1k views

F1-OPT taxes with Husband on H1B - Filing Jointly or Separate

I am on an F1-OPT and asked my employer not to withhold my FICA taxes(social security and medicare) and they have not. My husband is on an H1B and we were thinking if we can file our return together ...
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292 views

Should I file FBAR and IRS 8938 on my own or hire a CPA?

I am a recent H1B visa worker in the US (from Europe). In April 2018 I will have to submit my first income tax return statement. Due to having lived all of my life in Europe, I had (and still have) a ...
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8k views

Income Tax Returns using ITR1 and no TDS2 details available

In ITR1, (Income from Other Sources (Ensure to Fill "Sch TDS2") (AY 2017-18.) My FD interest, and Savings bank interest, (Income from Other Sources) total below Rs:- 1,90,000/- in (AY 2017-18.) Since ...
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73 views

Splitting Sales Proceeds with Overseas Partner

I have jointly developed a software with a company in India. I live in the US, We have sold that software to a US company and will receive royalties on a monthly basis. If I receive the royalty into ...
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78 views

Taxes should be paid by a contract position employee

Can anyone please guide me with information about the taxes should be paid by a contract position employee. I got an opportunity to work as a contract employee to a company in US from India. Should I ...
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72 views

Tax situation of Indian lady becoming foreigner after marriage

What will happen to an Indian citizen's income tax file when she gets married to a foreigner and acquires foreign citizenship? Can she apply for an Aadhaar card as a foreign resident in India? In ...
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1k views

Does a single member, pass through LLC need to pay quarterly estimated taxes?

Does a single member, pass through LLC need to pay quarterly estimated taxes? Or is the standard process to report profit (or losses) and pay income taxes on said profit annually through a Schedule C ...
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105 views

Why did Turbo tax provide me with form 1040 and Interest and Ordinary dividends attachment when I am filling amended tax return (1040X)?

I need to amend a return to include form 1099-R. For some reason TurboTax gave me three forms: 1040X, 1040 and Interest and Ordinary dividends attachment to form 1040. Why do I need the last two? As ...
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1answer
76 views

Deducting Expenses with Income or Profit - LLC

So I have an LLC for a construction company I started in 2015. During 2015, I started it late in the year. I'm the only one listed on the LLC. The main expenses in 2015 were the business license which ...
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1answer
60 views

Income Tax for Rent and expense share via bank trancation

My friends and I are living in a rented house and I manage the house. Every month my account will receive(from my friends) an extra 20000 for paying rent and expenses. Plus i have a credit card with a ...
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549 views

Who should NOT file income tax return in India?

I know farmers are exempt from paying income tax but they voluntarily may file Income Tax Return if they want to. If they hadn't then trillions wouldn't have been laundered. Now I know seniors ...
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99 views

Tax Implication on loan by NRI to another NRI above INR 30 lakhs

I am an NRI in KSA . I paid a loan of 30 Lakhs (interest-free) to my UK friend during FY 2013-14. I paid it 15 lakhs from my NRO A/C and 15 Lakhs from my NRE A/c. My fund source in both A/cs is my ...
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1answer
88 views

Stocks, Options, and Income Tax

It is my understanding that if an investor owns a stock and sells a qualified covered call then dividends from the stock are still qualified. However, if an investor owns a stock and buys a put option ...
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297 views

US-Belgium tax treaty exemption - still valid after visa status change?

tl;dr: what does the word "Resident" mean in a tax treaty Hi, I'm a Belgian PhD Student (F-1) at an accredited US research university. My F-1 visa status officially started in July 2016. From ...
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88 views

What kind of receipts are acceptable for a small drop-shipping business filing taxes?

I ran a very small business, doing drop shipments online. Since I do drop-shipping, I have one receipt for every sale, which turns out to be a quite a lot of pages of invoices. I have a credit card ...
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58 views

Get rebate if investment tax credits exceed taxes due?

If I get a large investment tax credit that exceeds the taxes that I owe, do I get a tax refund, or is the credit lost? If excess credits cannot be turned into a refund can I defer them to another ...
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2answers
163 views

Calculating Japan Accrued Tax for IRS Form 1116?

Does anyone know how do I calculate my accrued Japanese taxes from a US Form 1116 perspective? Or general guidelines that apply to most major countries? How would a CPA actually know to figure this ...
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1answer
174 views

How to save on taxes due on a lump sum pension payment

Upon resigning from a company, if employer offers a lump sum pension payment of 100k, what are some ways to save on tax on this 100k? Assuming this 100k, is the only income that year, the RRSP room is ...
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1answer
175 views

Are there disadvantages or caveats to be aware of when applying for an ITIN for a non-resident/non-citizen spouse?

As an American residing outside the US with a spouse who is not a US citizen I have always chosen Married Filing Separately for my filing status. The intent was to shield any income and assets she has ...
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1answer
153 views

US Expatriate, do I have to file for an extension, or do I automatically get it, as in without doing anything?

This is my 1st time abroad for a long time, and according to the IRS website: "You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is due....
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1answer
31 views

Claim expenses incurred in 2014 during 2015 filing

I have incurred some expenses in year 2014, which for some reasons i could not file during filing my tax returns for 2014. Now i am going to file my income tax returns for 2015, can i file those ...
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1answer
56 views

For non-resident aliens, are US oil royalties classed as effectively connected income?

I am a non-resident alien; I am retired and do not conduct any business within the US. However, I receive royalty income from some oil wells located in Oklahoma. Is this royalty income determined to ...
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457 views

F1 OPT Visa Tax return queries

I have few questions on tax returns filing, please help. I am on F1 EAD OPT visa, can I still file returns on 1098-E form. Many were suggesting to do paper file rather than e-file. Can I e-file too. ...
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1answer
297 views

Days present in the United States as J-1

I am considered a nonresident alien for the tax year 2015. As such I have to file Form 1040NR of which Schedule OI is a part of. One question on the Schedule OI asks this: "H. Give number of days (...
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1answer
135 views

In India, what taxes can be offset against the taxes that you have already paid to vendors?

As per my understanding - if I have billed my client Rs 7000/- as service tax and I have paid my vendors Rs 3,000/- in service tax. I would only have to pay Rs 4,000/- as service tax. Does this hold ...
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3answers
106 views

Foreign Earned Income Exclusion - Service vs. Product?

I am traveling out of the country (US citizen) for a year and was made aware of the IRS's Foreign Earned Income Exclusion. I own an online business that sells digital publications and makes around ...
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1answer
439 views

do i have to pay taxes if i own a business in mexico and live in the usa?

i own a hardware store in mexico and pay my taxes in Mexico every two months because of the fiscal regimen im at(small business. Im a us citizen and i need to start paying my taxes in the usa also,who ...
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1answer
2k views

How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA?

How should I report earnings from Apple (from selling mobile applications in the App Store) in 1040 form in USA? I'm permanent resident of USA. Can I fill Form 1040 with Schedule C as individual ...
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1answer
215 views

How to be exempt from backup withholdings

I have dual citizenship -- US and other -- and I'm living abroad. What form do I fill out so the paying company will not take out backup withholdings?
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42 views

What IT form to use in India?

In Previous Year 14-15, Assessment year 15-16 I have income from salary income from two house properties income from Capital Gains Income from other sources income/profit from business What form ...
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2answers
428 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
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1answer
236 views

Late payment of estimated taxes

I live in the United States, this is my first year paying estimated income tax and I've missed the first two voucher deadlines. My question is should I mail them now (late) and send each one ...
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1answer
300 views

Can my non-US-resident LLC partner file a 1040NR-EZ?

One of my partners is a non-US-resident. Our LLC is based in Delaware, and we are subject to pass-through taxation (where we declare our share of profits/losses as income). In principle, this ...
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2answers
2k views

In the US as an F-1 student, filed the wrong form last year

This is my second financial year in the US (I started in Fall 2013). When filing out my taxes I realized that I screwed up 2013's return and filed a 1040 EZ instead of a 1040 NR-EZ. Am I correct in ...
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2answers
857 views

What's the proper way of dividing income/deductions wages between two states?

I started 2014 living in WA and working there. Starting on March 15 2014 I got a new job in CA and started working there. However for about three more month my family was still living in WA and was ...
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43 views

Federal treatment of recaptured depreciation paid to DC?

Can I deduct from 2014 federal taxes the amount of recaptured depreciation paid to DC for 2013 on the sale of a property that was part rental/part principal residence?
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1k views

What states base income tax on world wide income?

I've seen several questions that state CA taxes worldwide income for anytime spent living in CA. I'm curious what other states might do this (vs not taxing income which was earned wholly outside the ...
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1answer
96 views

Reporting software subscriptions

I have some software subscriptions for my indie developer business (Sole Proprietorship -- file as an individual). Xamarin and MSDN. I generally pay for a year at a time. The amounts involved are ...
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1answer
783 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
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2answers
1k views

UK Expat with BVI company, can my company bank in the UK

I am about to leave the UK and travel constantly. I am a UK citizen but will become non resident when I leave. My business is run online and I need a business bank account within the EU to receive ...