Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

Filter by
Sorted by
Tagged with
5 votes
1 answer
3k views

How does IRS know that I calculated tax using worksheet "Qualified Dividends and Capital Gain Tax Worksheet"

I am filing 2021 Federal Tax and got long-term capital gains (will also file Schedule D). I calculated tax using "Qualified Dividends and Capital Gain Tax Worksheet" How will IRS know that ...
user avatar
  • 285
1 vote
2 answers
75 views

wash sale with leveraged ETF

If a person sales regular ETF ( suppose QQQ) at a loss and buys a leveraged ETF on similar Index e.g TQQQ within 30 days, will the loss on QQQ be treated as wash sale ?
user avatar
  • 558
0 votes
1 answer
94 views

Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
user avatar
  • 558
5 votes
1 answer
1k views

Does one's tax transcript indicate whether taxes were paid?

I looked at my tax transcript in the US, I could see the amount I was supposed to pay, but I couldn't see the amount I actually paid: or do these lines also represent the amount I actually paid?
user avatar
0 votes
1 answer
77 views

New reporting requirements in 2022 for proceeds over $600

I am serving as a conduit for a friend by receiving money from PayPal and sending it to her through CashApp (her PayPal account is currently limited). The transactions I am getting in PayPal are ...
user avatar
0 votes
1 answer
41 views

Filing a missing prior year 8606 & Effect on future tax return

I am realizing I messed up a previous backdoor roth - this is what my timeline looks like: On 3/1/2020 Deposit 6k to Traditional IRA For Tax Year 2019 On 3/30/2020 Convert 6k to Roth IRA On 12/31/...
user avatar
  • 120
0 votes
1 answer
64 views

Tax libility for non-US person living outside of the US for US-source income

My situation is as follows: In 2017 I've received an ~$18k income from US sources while living in Ireland (also I'm not a US citizen and was not a US resident at that time). I have moved to US since (...
user avatar
  • 1
0 votes
2 answers
28 views

Do I need to file an amended US tax return for a missing 1098?

I just filed my 2021 US form 1040 tax return yesterday. Earlier today, I discovered that I'd missed entering a form 1098. I used TurboTax to do the filing, so I opened it up and clicked the "file ...
user avatar
  • 103
0 votes
1 answer
62 views

US tax 2021 for H1b and H4 visa holders- when to use 6013 h Election

I was on H1B and spouse on H4, have been filing US tax for 2015-2020 as married filing jointly and have been in US 365 days for all 5 years. In 2021 - we stayed from Jan to April 2021 which is less ...
user avatar
0 votes
0 answers
89 views

How do I calculate Tax for a Long Term Capital Gain?

Do I calculate tax based on IRS tax tables on page 65 (or worksheet on page 77, 110) of https://www.irs.gov/pub/irs-pdf/i1040gi.pdf Or Do I calculate tax based on Qualified Dividends and Capital Gain ...
user avatar
  • 285
1 vote
1 answer
56 views

Do I need to include Schedule 1 & 2 with my federal tax return if all values are zero?

Since I have an employer sponsored HSA for the first time in 2021, I have completed form 8889 to report the employer and pre-tax contributions (auto deducted from my paycheck) that I made throughout ...
user avatar
0 votes
2 answers
88 views

Why Is Irs Taxing Discount on 2 Year note

I bought 2 year note for $100, and got discount of $10. So really, I paid $90 for $100 Note. Now IRS says I need to pay tax on $10 discount. I received form 1099-B. They say long term capital gain. ...
user avatar
  • 285
1 vote
1 answer
44 views

Can't find a means of paying form 8879, Online options are broken

My girlfriend is an Au Pair from Brazil who is trying to pay the taxes she owes as part of her form 8879. She payed H&R Block expat tax services to file for her. When her return was accepted, they ...
user avatar
5 votes
1 answer
865 views

Paying the IRS in installments. What is the approximated IRS interest rate?

My friend owes the IRS about $6,000 for the tax year 2021. He did some researches and found this link on the IRS webpage about paying tax in installments: https://www.irs.gov/payments/payment-plans-...
user avatar
2 votes
1 answer
78 views

Is IRS Form 56 needed when filing for a deceased person?

I am the Personal Representative (known as the Executor in some states) for the Estate. I am reading publication 559 and other online advice. I am seeing 3 possibilities: IRS Form 56 should be filed ...
user avatar
  • 1,613
0 votes
0 answers
47 views

How to prove that Form-1099s are a part of my K1

I'm a US citizen that invested in a foreign partnership and received both K-1 and 1099s for the same income. I am supposed to only report the parts shown on K-1, per the instruction from IRS (see page ...
user avatar
1 vote
1 answer
92 views

How do I get the Social Security Administration to Issue a Corrected 1099?

When my father passed away the funeral home didn't notify the Social Security Administration. He received 2 direct deposits before we noticed. I had the bank send these back. We received a letter ...
user avatar
  • 1,613
1 vote
1 answer
330 views

Can a dependent based on 2020 taxes claim the 2021 Recovery Rebate Credit?

So I graduated college in 2021 and based on discussions with my parents they are not going to claim me as a dependent for the 2021 tax return, but they did for 2020 and 2019, I'm not sure which year ...
user avatar
  • 736
3 votes
1 answer
111 views

Spouse not eligible for third EIP and claiming my child for third EIP

So I am in the process of completing my taxes on Turbotax and I am confused with the following. I am under Federal Review section where I am presented with the following question: Let's double-...
user avatar
  • 245
2 votes
1 answer
86 views

US Federal Income Tax: Any tactic that will reduce probability of audit when Deductions are greater than AGI?

For 2021, my charitable deductions are considerably greater than my AGI, reducing my tax owed to zero or a relatively small number. Is there a tactic that will reduce the likelihood that this will ...
user avatar
  • 1,838
0 votes
1 answer
40 views

US Federal Income Tax: 3.8 % Investment Tax owed if Deductions are greater than AGI?

For 2021, my charitable deductions were much greater than my AGI. I think all I owe to the Feds on Income Tax for 2021 is the 3.8% tax on Investment Income. Correct? Or not?
user avatar
  • 1,838
0 votes
1 answer
36 views

1065 Schedule B - 14, who is a foreign partner?

I can't find a solid definition on the IRS website about this. I did find about foreign persons not sure if that applies. Are people with permanent residency or even tax residency considered foreign ...
user avatar
  • 117
0 votes
1 answer
79 views

Form 1065, where do I put business expenses?

I have the following type of expenses: PO box Business application and formation fees Paypal fees How do I list these in my 1065? Are these considered cost of goods sold or under other?
user avatar
  • 117
1 vote
0 answers
111 views

IRS lost my paper return. Does this happen a lot? [duplicate]

I received yesterday a form letter saying IRS has no record of my (paper) tax return. They did promptly cash the check that was in the same envelope, and show me as having paid them the money, but ...
user avatar
4 votes
2 answers
1k views

IRS says Senior is entitled to credit, but only if they receive his 2020 return

My Uncle does taxes by hand and does not use tax person. He filed 2020 and sent check for amount $123.45, the amount he owes. iRS cashed this check few days after he mailed 2020 return (back in Apr ...
user avatar
  • 285
1 vote
1 answer
83 views

What value should I list for a donated C-PAP machine?

I donated a new C-PAP machine to a charity. What value should I place on it on my 2021 income tax return?
user avatar
0 votes
2 answers
145 views

Do I have to submit any IRS forms every year if I own a US bank account while not being a US citizen?

I want to start a US bank account, even though I'm not a US citizen and live in the EU. Are there any IRS forms I would have to file every year just for having this bank account?
user avatar
  • 1
3 votes
2 answers
187 views

Will local visit to IRS keep me out of ID.ME system?

I would like IRS 6-digit pin. I do not accept the terms & conditions of ID.ME. If I visit IRS branch, and obtain IRS 6-digit pin, they will not enter me into ID.ME system, correct?
user avatar
  • 1,043
1 vote
1 answer
74 views

I'm working for parents for money for Roth IRA. What docs might be needed to support it as earned income?

I'm 58 years old, and living at home with my parents. I do some things to help them out, but they are being a bit generous to let me stay in an addition that my grandmother built on to their house. ...
user avatar
1 vote
1 answer
545 views

Which credit bureau(s) does ID.me and/or the IRS check for purposes of obtaining an IRS transcript?

In order to get a transcript of my IRS account, I have set up an ID.me account and am up to the step of submitting a photo as part of verifying my identity. It appears that ID.me and/or the IRS asks ...
user avatar
1 vote
1 answer
87 views

Can being categorized as a "US resident" by the bank make me a tax resident in CA or US?

According to IRS, I was never a US tax resident. But there is a US bank that thinks I'm a resident in the US. I didn't update my info after leaving. I did fill out W8. I also filled out after leaving, ...
user avatar
0 votes
2 answers
123 views

Would like to keep paying our parents after retiring from our small business

Several years ago me and my brothers bought the company that our dad and mom started. We agreed to pay them a monthly amount until we had bought out the company. At that time they both continued ...
user avatar
  • 117
3 votes
1 answer
62 views

Getting an ITIN or SSN | USA

I am asking this on behalf of a friend. This question is relevant for USA. ==== Her question is following ==== I recently came to the USA and am on F2 visa (student category). I am not working ...
user avatar
  • 395
2 votes
0 answers
161 views

I'm a nonresident alien who won and claimed a $50 giveaway through the internet before I realized this could give me a headache, please help

This might be a silly question but: I think I'm not obliged to file a tax report since my income from a U.S. source is only $50 (please correct me if I'm wrong). But what about paying the actual tax (...
user avatar
  • 21
0 votes
2 answers
139 views

Best Option to Fix Roth IRA Excess Contribution For 2021

I have maxed out my Roth IRA contribution this year (2021) not knowing there was a limit due to my income. To put it simply, I only qualify for $5k and I put in $6K. The IRA has now grown to about $8k ...
user avatar
  • 3
2 votes
2 answers
143 views

If a parent filed taxes in 2020, and then a child was born or adopted in 2021, are can they receive the monthly "Advance Child Tax Credit" payments?

Suppose someone filed a tax return in 2020. Also suppose a child was either born or adopted into the family in 2021. Are they eligible to receive the monthly "Advance Child Tax Credit" ...
user avatar
  • 135
0 votes
1 answer
65 views

US Political Contributions Disclosure Form

I've been told I have to fill out a form for political contributions by my employer (a financial services firm). I googled it, and came up with Form 8872, but that looks like a form for organizations, ...
user avatar
  • 3
1 vote
1 answer
190 views

How does the IRS define non-compliance?

How does the IRS define non-compliance? If an individual taxpayer makes a typo of $1 on a tax form, does the IRS consider that person to be non-compliant? Is there a scope of actions that the word ...
user avatar
0 votes
1 answer
38 views

For IRS form 8938, how is interest in specified foreign financial assets determined?

The instructions for IRS form 8938 for 2020 state the following, and only the following, under the heading "Interests in Specified Foreign Financial Assets": You have an interest in a ...
user avatar
0 votes
1 answer
80 views

Reporting returned international wire transfer

I wired $40,000 to Portugal five months ago to purchase a property. The purchase failed and now $40,000 will be returned to my US account. Should this be reported to the irs?
user avatar
1 vote
1 answer
84 views

Should I be worried if my EIN application form and EIN are publicly available online?

Some time ago, I sent a Form SS-4 (Application for Employer Identification Number) to the IRS, and later received a reply from the IRS containing the EIN. Recently, I discovered that the Form SS-4 I ...
user avatar
  • 14.8k
2 votes
1 answer
108 views

Effective Date of IRS's 1099 Reporting Limit Decrease

For roughly a decade payment processors like paypal weren't required to 1099 you unless you made $20,000 & 200+ transactions. But that has been decreased to $600, so my question is what year will ...
user avatar
2 votes
2 answers
211 views

Can somebody explain this thing about "US tax collectors" getting reports from banks about all accounts over $600?

I was reading on Slashdot about US tax collectors getting reports on accounts over $600. This quotes an Arizona Republic newspaper article discussing the proposal and a US treasury web page ...
user avatar
1 vote
0 answers
24 views

What is the meaning of "to the extent attributable to contributions" in IRS Publication 519?

In IRS Publication 519 (Tax Guide for Aliens), in a section about Personal Service Income for pensions, is the following text (emphasis mine): Pensions. If you performed personal services in the ...
user avatar
1 vote
0 answers
87 views

Can I get my outstanding IRS balance paid to my bank account?

I am owed money from the IRS and live in Sweden. They sent me a check but I live in Sweden and it is very expensive to cash a foreign check here (or any check for that matter). On my tax return I ...
user avatar
  • 159
-1 votes
1 answer
105 views

Does one's online IRS account contain all the actionable notices from the IRS?

I read on https://www.irs.gov/payments/view-your-tax-account regarding one's online IRS account: Digital copies of select notices from the IRS Do these "select notices from the IRS" ...
user avatar
3 votes
0 answers
75 views

Estate received unexpected IRS refund - bank account is closed

I was administratrix of my late sister's estate. Last November, everything had been finalized, the final check written to her surviving spouse, and I closed the estate bank account. This week I ...
user avatar
2 votes
0 answers
65 views

Does a delayed refund suggest that an audit is likely?

My US federal tax refund is taking an unusually long time to be issued this year. I e-filed my return 3.5 months ago and the IRS Refund Status page just says it is "still being processed". ...
user avatar
0 votes
1 answer
115 views

Can IRS call center employees access a person's record without authorization?

Let's say I called the IRS two months ago because I had a question. I give the IRS call center employee my SS# and other information to identify myself. I assume he/she then accesses my IRS record, I ...
user avatar
  • 1
0 votes
1 answer
85 views

How can I get a copy of a letter / notice from the IRS from 2004?

How can I get a copy of a letter / notice from the IRS from 2004? Or is there a way for me to get a statement from the IRS that I've made a payment on that letter or notice?
user avatar

1
2 3 4 5
14