Internal Revenue Service which is the US Federal Tax authority.
2
votes
0answers
42 views
Social Security and Medicare taxes not withheld
I have been working with same employer in the US since the start of H-1B in 2016. I just noticed that my W2 shows no SS and Medicare paid by employer. Since I applied for a change of status from F1 ...
3
votes
1answer
49 views
What portion of the fee to my MD's concierge medical practice is eligible for US Internal Revenue Service medical deduction?
First, I know about the 7.5% AGI floor for medical deductions in 2018 (scheduled to go to 10% of AGI in 2019). We are above the 7.5% AGI floor.
Our doc has recently transferred to a concierge ...
1
vote
0answers
65 views
How to Respond to CP2000?
I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions.
A direct rollover from an existing IRA to a Solo 401K (a qualified plan;
1099-R Code G in box 7)
In 2016, I ...
10
votes
3answers
668 views
Does IRS Direct Pay use Bank of America or is this a scam?
I went onto the IRS website today to make a payment. In the security part of the address bar it is written Bank of America:
My question is this: Is this truly the IRS payment site, or some kind of ...
3
votes
2answers
73 views
estimated IRS tax payments
We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
3
votes
1answer
139 views
I don't understand the Qualified Business Income Deduction?
In the USA, the new tax laws include a:
Qualified Business Income Deduction
I cannot find one place that explains this and whether it is good or bad.
Example situation:
Married person, with an ...
0
votes
1answer
19 views
Personal Assets and Initial Contribution for Business Use
How would a person factor using personal assets for starting a business?
For example, the owner's personal car, cell phone, and laptop will be used as initial equipment, but the owner will also ...
1
vote
1answer
44 views
For 401k (or IRA contributions), does it matter which part is catch-up?
When you are over 50, you get an additional allowance for the amount that you can contribute to 401k - in addition to the usual limit of $ 18500 (in 2018), you are allowed to contribute $ 6000 of '...
1
vote
2answers
160 views
Can my new technology reduce crypto taxes?
I invented a new technology that kills your gain taxes on crypto transactions and trades... or so I think :)
I am hoping that this is the case but I am not really sure and I would like you to tell me ...
2
votes
2answers
164 views
Is the IRS wise to false real estate sales?
I recently was reading some deeds and in one case I noticed that a vacant lot had been transferred for a lot more than its value. On the open market the lot would sell for maybe $300,000 at best. ...
7
votes
1answer
279 views
Moved to Canada for Grad School, Getting Heavily Taxed in U.S
I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
1
vote
2answers
350 views
What should I expect when receiving a very large sum in a domestic wire transfer into my bank account?
I am anticipating receiving a very large sum of money in a domestic wire transfer between banks into my personal bank account from a domestic company's business account. What should I expect once the ...
1
vote
0answers
52 views
Applying an ITIN (W7 form) for my F2 spouse to claim an exemption
I am on F1 visa, Non-resident alien, F2 visa spouse claimed for expemtion on basis of Indo-US tax treaty.
Which option should I choose on W7 for the section "Reason You’re Submitting Form W-7"
a) ...
0
votes
2answers
124 views
As an individual citizen, which tax agencies receive your 1099's?
I've heard that statements of interest income are sent to the IRS by brokerage/financial institutions. Do resident states (the state that I live in) also receive copies of your 1099's?
If you have a ...
4
votes
2answers
179 views
Foreign priced expenses - actual card charge amount is OK?
For the IRS in the US ...
Say you are overseas in Japan and you have a legitimate business cost of 11,123 Yen. You correctly keep the receipt, Yen11123.
How to convert to USD when making it a ...
0
votes
0answers
26 views
Need clarification on error message Fillable Forms
Received the following error message. The only thing I can see on my return is that the "foreign country name" on 1040, page 1, is not grayed-out but has no country name listed. (I haven't been able ...
6
votes
1answer
43 views
Tax Advantaged Options for Protective or Special Needs Trusts
I am tasked with setting up a trust or trust-like instrument for a relative. The bulk of the funds will be held about 15 years, until the beneficiary reaches a normal retirement age. The funds can ...
0
votes
0answers
16 views
Can I report scholarship only for calendar year on a 1098-T?
A 1098-T form is what U.S. schools send you (with the government cc'd) with your tuition payments and scholarship/fellowship info, mostly to determine your eligibility for education tax credits. ...
0
votes
1answer
338 views
What is the UK-US tax treaty information relevant to IRS form W-8BEN for a private investor?
https://www.irs.gov/pub/irs-pdf/fw8ben.pdf
I am looking to start buying shares in US companies, through brokerage firm 212. I need to fill in the above form to do that. What do I need to put in for ...
0
votes
1answer
108 views
Instead of receipt, can a bank statement be used as evidence for expense tax deduction?
I'm new to tax returns as well as this site. I'm filling my tax returns, and last year I've been taking lunch at this restaurant. I don't have the receipts but the charge is listed in my bank ...
1
vote
1answer
82 views
Do I have to file Form 8843 even if I fail the substantial presence test?
Given the following presence in the U.S.:
(All previous years are only short tourist trips)
2016: 6 days (all under VWP)
2017: 0 days
2018: 87 days (4 VWP + 83 J-1)
The presence under the J-1 visa ...
18
votes
3answers
3k views
Why would a previous year's tax deductions affect the current year's taxes?
For the first time in several years, I'm preparing the income tax filing for my family. Since a professional did the preparations last year, we had no electronic records to directly load into the ...
2
votes
1answer
112 views
How does the IRS know which country I live in?
I live in Morocco and I recently ordered an EIN number from the IRS because I work in Envato Market and because we have an income tax treaty with the US of a (10%). Meaning that, If someone from the ...
0
votes
0answers
94 views
IRS: 330-day physical presence test for Foreign Earned Income Exclusion and international waters
I'm going crazy trying to understand how to consider time spent on/over international waters (by flying or taking a ferry) with regards to the physical presence test to qualify for Foreign Earned ...
1
vote
0answers
116 views
How does the USA IRS determine the yearly average exchange rate?
The USA IRS publishes a list of yearly exchange rates titled Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars. As of this writing, the published average value for ...
-2
votes
2answers
86 views
Can 1099 workers have “purchase” type expenses?
In the USA, say Jane is a 1099-type worker - she's self-employed.
She has various expenses which are generally deductions from her profit, but note that...
https://www.irs.gov/businesses/small-...
5
votes
1answer
233 views
During an IRS tax audit, are credit card charges without a receipt a valid proof of expense, or do you need a physical copy?
I'm contemplating if I should save my paper receipts or not. I charge everything to my business credit card.
During an IRS audit, can you claim a credit card charge as a legal operating expense or ...
2
votes
0answers
61 views
Last year dual status return: can foreign income be excluded for the resident part?
I will need to file year 2018 with the IRS as a dual status return, because I decided I will give back my green card (probably some day late April, or in May). I have had a new job in a foreign ...
1
vote
0answers
28 views
Procedure to mail 1040NR-EZ, 540NR from outside of US
I have to mail my federal and state tax returns 1040NR-EZ and 540NR to IRS and FTB, CA respectively from India? What are the mailing addresses and which is the best courier service to choose to ensure ...
-1
votes
1answer
373 views
Is IRS Sec 408 rebate legit?
Is the $1,680 retiree cash rebate from IRS Sec 408 legit as declared in newsletter solicitation? Spam email offers insights in special pamphlets with subscription to Oxford material.
5
votes
1answer
163 views
How do I know if the IRS processed my money order?
I'm an international student currently living in the US on F-1 status. And recently I filed my tax forms along with a money order with USPS priority mail to the IRS in North Carolina.
How do I check ...
0
votes
0answers
67 views
USA Tax: What do I do with 1042-s forms (copy b, c, & d)?
Do I attach 1042-S copy c to my federal tax documents and copy d to my state tax documents?
1
vote
0answers
35 views
Consideration Checklist on Becoming Tax Resident in the USA
What things should be considered by an immigrant before deciding on whether to file taxes in the United States as a Nonresident Alien or a Resident Alien?
The person making the decision does qualify ...
0
votes
1answer
118 views
What are tax consequences in U.S.A if my dad pays for my share of llc [closed]
I am a member of a multi-member LLC. My dad wants to gift me money and pay for my share of the LLC. My dad is not a member of LLC.
What are the tax consequences if my dad sends money directly ...
0
votes
1answer
202 views
Exorbitant Tax Preparation Fee, what should I do?
I recently received my tax refund from the IRS, however, I also got an invoice for $500 from the tax preparation service that had helped me file my taxes. Firstly, I have a very simple 1040 tax filing ...
1
vote
0answers
26 views
Will backup withholding be applied in this scenario?
May be this is a very basic question but I couldn’t find exact scenario on web which I am looking for.
What I know: If a US person (located or citizen of US) trades equity in market, then the broker ...
25
votes
11answers
15k views
What do I do if my income is just a little too high for “free file”?
I live in North Carolina and I'm using the H&R Block website to file my taxes and finally at the end of everything they informed me that there's a limit to how much I could make last year and ...
2
votes
1answer
161 views
HSA erroneous deposit and withdrawal by employer
My employer erroneously deducted $1083 from my after tax paycheck and deposited it into my HSA account. When I brought it to my employer's attention they reversed the transaction deducting the $1083 ...
6
votes
1answer
224 views
Band tax strategy - not paying members
I operate a band that makes under $4k a year. A few shows a year we get paid larger sums of money ($600+ per gig), and the venue uses my SSN and sends me a 1099 around tax season. So the "band" money ...
4
votes
1answer
103 views
IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)
My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
1
vote
0answers
57 views
What are the repercussions of submitting an incorrect W-2 complaint with the IRS for a current employer
As explained in another question, my employer is listing the amount they paid towards my domestic partner's health insurance as imputed income. However, the internet, and two accountants I spoke with,...
2
votes
1answer
105 views
Can a business reimburse travel booked with award miles?
We have an employee who booked business travel using a combination of credit card (cash) and his award miles (Chase points). He is now requesting a reimbursement of the full cash value of the tickets (...
11
votes
1answer
2k views
Get a human when calling the IRS hotline 800-829-1040 with a question about your taxes?
How do I get to a human when calling the IRS? I keep hitting stupid automated robots.
1
vote
0answers
43 views
Income reported on W2 was not received AND the company no longer exists [duplicate]
Our situation is the same as in this question:
Spouse was employed by the company till Jan 31 '17, but was on unpaid leave for the entire month so no salary.
We now receive a W2 for 1 month's wages ...
5
votes
2answers
155 views
How much money from a 529 college savings plan can be applied towards rent when a university offers several tiers of accommodation?
I attend university in the United Kingdom but have a 529 college savings plan in the United States. As I understand it, money from this plan can be used to cover my off-campus housing expenses.
...
3
votes
2answers
164 views
Can the IRS come after a new limited liability company for back taxes?
My boss owes about $50,000 in back taxes, in which he has set up a payment plan with the IRS.
He wants to Start a NEW L.L.C.
My question:
Can and will the IRS seize money from the new business and/...
0
votes
1answer
86 views
The IRS collects property taxes?
I read an article on Nicholas Cage squandering his fortune and among other things it says he was "...eventually facing foreclosure on several properties and owing the IRS $6.3 million in property ...
1
vote
2answers
493 views
US Tax on cryptocurrency (Bitcoin and other altcoin) investments for Non-resident Alien student
I'm an non-resident alien student (on F-1 Student Visa) in the US. Starting in 2017, I invested in Bitcoin and other cryptocurrencies last year in the US via Coinbase.com. I'm holding on to most of ...
2
votes
0answers
92 views
Can earnings reported in boxes 3 or 7 on a 1099-misc be contributed toward an IRA?
I'm trying to understand the 2017 IRA contribution limit as it relates to income reported in boxes 3 "other income" and 7 "Nonemployee compensation" on the 1099-misc. This is money paid to a graduate ...
1
vote
1answer
89 views
Should I be filing taxes for 2017 as a Resident Alien or a Non-resident alien?
I was on F1 since my arrival i.e 07/25/2013. My H1 B was approved on 10/01/2017.
Details of my stay in the U.S:
2013: 159 days
2014: 347 days
2015: 365 days
2016: 332 days
2017: 365 days.
...
