Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
652
questions
3
votes
2answers
166 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?
1
vote
1answer
73 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. ...
1
vote
1answer
67 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 ...
1
vote
1answer
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, ...
0
votes
2answers
114 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 ...
2
votes
1answer
53 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 ...
2
votes
0answers
157 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 (...
0
votes
2answers
96 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 ...
2
votes
2answers
98 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" ...
0
votes
1answer
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, ...
1
vote
1answer
189 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 ...
0
votes
1answer
36 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 ...
0
votes
1answer
75 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?
1
vote
1answer
77 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 ...
2
votes
1answer
97 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 ...
2
votes
2answers
207 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 ...
1
vote
0answers
19 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 ...
1
vote
0answers
85 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 ...
-1
votes
1answer
102 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" ...
3
votes
0answers
61 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 ...
2
votes
0answers
60 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".
...
0
votes
1answer
114 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 ...
0
votes
1answer
80 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?
6
votes
2answers
3k views
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 ...
1
vote
1answer
66 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 ...
1
vote
0answers
25 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 ...
1
vote
1answer
155 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 ...
-2
votes
2answers
190 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 $...
1
vote
1answer
67 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 ...
3
votes
1answer
393 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 ...
1
vote
2answers
62 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
1
vote
2answers
101 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.
0
votes
0answers
64 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 ...
-1
votes
1answer
110 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 ...
5
votes
1answer
167 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 ...
1
vote
1answer
80 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'...
0
votes
0answers
24 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 ...
0
votes
1answer
121 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 ...
1
vote
1answer
157 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 ...
3
votes
0answers
129 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 ...
1
vote
1answer
126 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 ...
1
vote
1answer
118 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 ...
1
vote
1answer
91 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 ...
1
vote
2answers
132 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 ...
0
votes
0answers
21 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 ...
0
votes
1answer
93 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 ...
0
votes
0answers
10 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 ...
2
votes
0answers
49 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 ...
1
vote
1answer
30 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 ...
3
votes
1answer
75 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. ...
