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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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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. ...
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1answer
656 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 ...
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1answer
131 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 ...
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1answer
148 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 ...
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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 ...
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1answer
119 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 ...
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0answers
130 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 ...
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225 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 ...
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2answers
93 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-...
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1answer
267 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 ...
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0answers
87 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 ...
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0answers
33 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 ...
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1answer
797 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.
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1answer
204 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 ...
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88 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?
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0answers
38 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 ...
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1answer
119 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 ...
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1answer
219 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 ...
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0answers
32 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 ...
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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
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1answer
322 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 ...
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1answer
226 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 ...
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1answer
112 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. ...
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0answers
67 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,...
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1answer
140 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 (...
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2answers
8k 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.
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0answers
44 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
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2answers
201 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. ...
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2answers
177 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/...
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1answer
92 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 ...
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2answers
568 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 ...
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0answers
135 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 ...
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1answer
98 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. ...
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1answer
269 views

Eligibility for IRS Free File or Free Fillable Forms Programs

I am looking at the two online options the IRS offers: In one location, the IRS site states: Income below $66,000: Free File Software Income above $66,000: Free File Fillable Forms But on ...
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0answers
218 views

Changed my mind about filing with H&R block

I filed my taxes with H&R block. I decided to do my own taxes online. The IRS hasn't accepted any returns yet... Can I get my taxes back?... And redo them?
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3answers
618 views

How did the IRS know that Boris Johnson sold his house?

According to several articles, Boris Johnson, the British foreign minister who was born in the U.S., was hounded by the IRS for taxes on the sale of his house in the U.K. For example here: https://...
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1answer
118 views

Should I submit a tax declaration if I've been working in USA only about 30 days in total?

For a while I've been working and living in USA (and paying taxes of course) as a L1 visa holder. In February 2017 - I've left the job (so L1-based work permission is invalidated), left the country ...
2
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1answer
170 views

Resident alien for tax purposes: Still valid after a gap of 2 years?

I was on F1 visa in the US during 2007-2015. After living in the US for 5 years, I filed income taxes as a resident alien for tax purposes for the years 2013, 2014 and 2015. Then I moved out of the US ...
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1answer
114 views

If I owe the IRS, how can I protect my new business?

I want to fix and flip some houses, and potentially pay the IRS once I make some money, but I don't want them putting liens on my properties before I can sell them.
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1answer
194 views

What's required to claim “pass-through entity” tax rates, for a sole proprietorship under 2018 IRS tax rules?

Under the 2018 USA tax plan, I understand that "passthrough" entities are offered the same tax rate as corporations. What qualifies for this rate? An LLC? An S-Corp? Anyone who files Schedule-C? ...
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1answer
83 views

L1 Visa US to India (and vice versa) transaction tax implications for Wire transfer and Cryptocurrencies?

My brother is moving to the United States with an L1 visa. What would be the tax implications for me and for my brother in the following scenario 1- I send $3000 as outward remittance to his account ...
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0answers
83 views

Health Insurance: Why use the iterative calculation method?

Context Self-employed Bought health insurance through a health insurance marketplace All premiums for the entire year were "specified" (nothing "unspecified") Need to calculate the the amount of ...
37
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5answers
5k views

How to handle the Equifax Breach this tax season?

One of the most common forms of fraud is tax return fraud. Generally you don't find out until you go to file and someone has already been kind enough to file your tax return, AND take a payment for it....
2
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1answer
288 views

Ability to claim an undocumented alien adult as a dependent

I am trying to determine if it is possible to claim an undocumented alien as a dependent for tax purposes during 2017 in the United States (form 1040 line 6c) as well as a credit for money spent for ...
34
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2answers
3k views

How is the taxable value of a goat determined? [duplicate]

I was reading an answer over on Law.SE, and it made me wonder about how the IRS calculates tax on barter transactions. Lets say that I do a job in January, and get paid for my work with 20 goats and ...
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1answer
122 views

CP542 backup withholding notice from IRS

I've just received an utterly bizarre letter from the IRS, excerpted below: Notice: CP542 Form: 1040 Tax Period Ending: 12-31-1985 Our records show you have reported and paid all tax ...
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1answer
82 views

Gift tax on gifts from multiple, unrelated individuals [duplicate]

Based on my “pay no tax” research I found this gift law. I think I’m on the right track and would like clarification because, I literally detest the government for very good reasons; not the least of ...
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1answer
140 views

How detailed do itemized deductions have to be? (source needed)

how detailed do itemized deductions need to be? I get the impression that one could just write the total amount of deductions in one line and be done with it. In the event of an audit the taxpayer ...
3
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1answer
261 views

How to file 1040NR form as a non-resident alien owner of a U.S. LLC in Wyoming?

I'm an Egyptian citizen, living in Egypt and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through stripe.com ...
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1answer
88 views

Property alienation under German Tax Treaty

I am a U.S. citizen living in Germany and would like to sell some movable property at a higher price than I bought it for. I held it for longer than a year, so I am not subject to German taxation. U.S....