Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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1answer
71 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?
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1answer
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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 ...
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1answer
81 views

Effective Date of IRS's 1099 Reporting Limit Decrease

For decades 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 be the ...
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2answers
202 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 ...
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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 ...
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83 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 ...
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1answer
77 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" ...
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0answers
57 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 ...
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0answers
58 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". ...
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1answer
113 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 ...
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1answer
78 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?
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2answers
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IRS 2020 Refund not received

I filed the 2020 1040 by paper (mailed it) in April 2021 and still have not received the refund (Direct Deposit) I tried the Track the Refund site on IRS and provided all the accurate info. The site ...
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1answer
63 views

Gifting Mutual Fund Shares

My wife and I have two children. We have a JOINT bank account and a JOINT Mutual fund account. My wife will write two checks for 15K...one to each child. Then I will transfer 15K mutual fund shares to ...
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23 views

IRS filing obligations for non-resident shareholders of a US c-corp [closed]

I'm thinking of forming a micro-sized US c-corp and I have some questions related to the filing obligations. I plan to have two non-resident shareholders on board, one non-resident individual holding ...
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1answer
143 views

IRS form for Advance Child Tax Credit (CTC) Opt-Out

Aside from the User-Portal on IRS Web Site, what other methods are available to opt-out of the 2021 Advance Child Tax Credit? I'm specifically thinking of an IRS Paper Form akin to all their other ...
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2answers
187 views

What options are available if the IRS denies appeals for waiving missing form fee?

This question is a follow-up to What happens if IRS does not receive 1120-S for an S-Corp? In June 2019, IRS sends Mr. X a letter with a fine of $7,200 for the missing 3 forms (each form cost maximum $...
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1answer
66 views

Advice contacting the IRS? Refund still pending from 2019

My girlfriend filed electronically in March 2020 for her federal taxes for 2019. The IRS "where's my refund" page showed "your taxes are being processed" for 8 months, then in ...
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1answer
326 views

Where to mail an IRS CP11 notice response?

I received a CP11 notice regarding my Year 2020 tax return and would like to submit a response expressing my disagreement with the assessment. Despite the notice stating I should call to review my ...
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2answers
61 views

Third economic impact payment did not include new child

Check was sent for $2800? What are the steps to obtain additional $1400 for child? I was perusing below to no avail: IRS 3rd payment here
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2answers
65 views

What tax forms have to filed when doing a rollover from After-tax 401(k) to Roth IRA?

What tax forms have to filed when doing a rollover from After-tax 401(k) to Roth IRA? Examples appreciated.
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61 views

How can I can I cash American checks when living in the Netherlands?

My wife and me have worked in the USA from 1968 until 1978 we are Dutch citizens and receive every month retirement payments in our Dutch bank account. We received $600 and $1400 stimulus checks each ...
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1answer
109 views

Thoughts on the new announcement about reporting crypto transfers? [closed]

The Treasury Department announced today (5/21/21) that transfers of $10,000 USD or more to/from crypto accounts will have to be reported to the IRS, following the old pattern of requiring reporting of ...
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1answer
159 views

Does the IRS require a phone number to file taxes?

I'm filing taxes through H&R Block, and they claim that the IRS requires my phone number. I don't believe this to be true, since the IRS always contacts you via mail. Additionally, you can't be ...
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1answer
61 views

IRS - ITIN application

I have filed my 2020 tax return jointly with my wife, along with my wife's ITIN application, back in late Feb 2020. In March, I got a letter for IRS ITIN department saying that we should send my wife'...
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0answers
23 views

What are the tax rules for non US residents transferring money into the US?

Assume a person has no US affiliated ties, like a residency or citizenship, and they live in another country, and they want to move their life savings into a US based bank. What would be their ...
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1answer
120 views

I have a legal document describing the purchase of shares, but how do I notify the IRS or State?

I have a very long document that explains a great deal of details that the purchaser and founder had regarding the share of sales. It explains the rights of shareholders, distributions, and many more ...
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1answer
154 views

Why does the IRS require US taxpayers to report dividend income per country when seeking foreign tax credit?

I read in the Turbotax instructions in the section "Deductions & Credits" -> "Income From Foreign Countries" for dividend income: When you have foreign income from multiple ...
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0answers
122 views

Do incoming wires to my bank account get reported to the IRS? [duplicate]

If I wire a large amount of money from an online exchange to my bank account, will it get reported to the IRS? The money is coming from a Crypto trading exchange. Edit: this question is not related to ...
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1answer
105 views

US dual-status alien for 2021: eligible for third covid stimulus check?

From the IRS guidance on eligibility for the Third Economic Impact Payment (covid/coronavirus relief): A person who’s a qualifying resident alien with a valid SSN is eligible for the payment only if ...
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1answer
116 views

What will happen if a client of mine sends the IRS an incorrect form?

A client is asking me to fill a W9 with my name and the LLC EIN instead of a W8 which seems to be wrong. What’s the worst that can happen if he sends the incorrect form to then IRS and who has to ...
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1answer
87 views

Capital gains exemption on selling property

I bought property in June 2019 and planning to sell it 2 years after to get capital gains exemption. My concern right now if my residency to get the exemption is going to be calculated. from June ...
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2answers
125 views

Submitted tax return for 2020 with correct numbers but forgot to disclose information - how can I update it?

I've just sent off a tax return (I just forgot to include schedule B, even though it does not change any numbers and I still owe nothing). I am well before the tax deadline and if I had waited a few ...
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0answers
20 views

Do I need to file a tax return if I have to file an FBAR (US citizen living abroad)

I realized I needed to submit an FBAR for the previous year. I earned less than the income threshold, so I didn't submit a tax return. Do I need to now submit a tax return in addition to the FBAR? Or ...
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1answer
91 views

Do I need to file a tax return if my net capital gains are very low?

I am college student who is claimed as a dependent on my parents' tax return. At the start of 2020, I decided to step into investing and I swing-traded stocks and crypto throughout the year. At the ...
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0answers
9 views

Do I need to file tax form 1040 in a Streamline Foreign Offshore Procedure, even if I was not required to file in that year

I am a US citizen living in Sweden. I thought because my income was below the threshold for filing 1040, I did not need to submit any information to the IRS in 2019. Unfortunately, I had a little over ...
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0answers
44 views

Does IRC §871(i) (no tax on deposit interest for non-residents) apply to interest paid by the IRS on delayed refunds?

Internal Revenue Code §871(i)(3) basically says that "deposit interest" on a deposit in a US bank is not taxable for US non-resident aliens. The IRS pays interest on delayed refunds and ...
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1answer
29 views

FBAR reporting: how to report fund investments made at a local foreign bank

I have some investments in Bradesco in Brazil and need to report them on FBARS. However, I'm not sure how this is done for two reasons. 1) These investments all go through my main Brazilian checking ...
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1answer
67 views

As a U.S. citizen, how does income tax work for income from non U.S. companies?

I've done freelance work online previously mainly for U.S. companies, and the tax forms were either 1099-MISC or 1099-NEC. 2020 was my first time doing freelance work online for foreign companies. ...
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1answer
53 views

Misplaced IRS EIP 3rd payment

I received the IRS EIP 3rd payment via paper check, but lost it. How does one have check re-issued? Not seeing scenario here on the IRS FAQ site
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1answer
88 views

2019 tax return wasn't filed after my wife received an ITIN

My wife and I filed our taxes in March 2020. We sent the specified forms to the Austin Texas ITIN office. After a bit of back-and-forth over required documents (original not notarized passport), she ...
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1answer
103 views

Can a day trading taxable income be more than the actual capital gain?

I've day-traded (in USA) actively during 2020, mostly short trades. Never kept positions overnight, so carried no positions into 2021 (and, similarly, no positions were carried from 2019 into 2020. ...
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0answers
20 views

Subtrust's 1099-R recipient's TIN doesn't match subtrust's 1041 EIN

1099-R for beneficiary SJ SUBTRUST OF MBJ TRUST shows recipient's TIN as SJ's social security #, because when we designated that beneficiary of MBJ's Vanguard annuity, that was the only TIN we could ...
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1answer
70 views

How do Federal and State Capital gains tax offset one another or stack?

I want to know how capital gains taxation works to understand better about taxes. To make it very simple lets say that Federal capital gains tax rate is 20% and state capital gains tax rate is 10%. ...
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1answer
126 views

Taxes for deceased parents

Parents passed. Was told I need a CPA for final filing. I gave a $350 retainer. Because my siblings were on the deed to protect the house from nursing home I'm told I need to file a gift return for 3 ...
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1answer
52 views

As non resident alien receiving grants from Google would I be elligible to receive stimulus checks if I register an itin?

Because of my studies and my past work, I’m earning grants from Google for amounts less than $4000 per year (earned as a not‑employed individual). Funds are wired in usd from their a/p account at ...
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1answer
96 views

IRS form 8960 (Net Investment Income Tax) Line 5a

Line 5a of Form 8960 says: but when one looks at the instructions, it says: further line 7 of form 1040 is this: and this will include capital gain not just from disposition of property but also ...
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3answers
1k views

Is it legal to estimate my income in a way that causes me to overpay tax but file timely?

In my previous question, I explained that the IRS still has yet to process my 2019 return, my first filing, which means I won't receive any 2021 stimulus (EIP 3) if its calculation is based upon my ...
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2answers
162 views

Any advantage to proactively refiling previous-year paper tax return that the IRS misplaced, and that I have a paid balance on?

I filed for the first time on paper in June 2020 for tax year 2019, and I have the certified mail receipt. I owed a balance, and the IRS deposited the check that I enclosed, but I didn't receive ...
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1answer
25 views

Question related to my and wife's US resident alien status, required for USA ITR filling

I joined USA with H1B visa starting from 15th Feb 2020 whereas my wife joined me on H4 Visa starting from 8th Aug 2020. So in this case I am a Resident alien but what would be the case for my wife? ...
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2answers
795 views

Is room and board a qualified expense?

My daughter recently started college, and I'm looking at paying for it out of her 529 account. A significant part of the cost is room and board. The IRS website about qualified educational expenses ...

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