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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

2
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2answers
9k views

Applicability of W-8BEN form to Indian citizen working in India for subsidiary of a U.S. company?

I am an Indian citizen and employed by a legal entity incorporated in India. The parent company of this legal entity is a U.S. bank. Recently, all employees received a notification that since the ...
6
votes
1answer
1k views

Can I find out what the IRS knows about me?

Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
2
votes
3answers
955 views

Filing taxes on stocks

In 2007, my father (now deceased), unbeknownst to me, was trading stocks in a custodial account under my name. He actually ended up losing money on the trades, but he never filed taxes for them. ...
3
votes
1answer
169 views

Can this year's free extension-to-pay be filed electronically? IRS Form 1127

Does anyone know if IRS Form 1127 can be filed electronically? I didn't find mention on their site either way so I presume not. But considering they're pushing to go paperless nowadays like most....
21
votes
1answer
3k views

I haven't filed a return to the IRS in 10 years

My employers have always withheld taxes and for the most part I've assumed they've done it right. I have probably owed a bit some years and been owed a refund some years. Anyhow, I want to get ...
3
votes
1answer
68 views

What special things should I do if I move from one state to another, and if I have reported income from both states to report to the IRS?

Should I just get my parents to mail the IRS forms from my old address to my new address (when the forms finally come), and then everything will be taken care of? Or are there more steps I need to ...
1
vote
1answer
647 views

Is a PhD student eligible for filling out Form 8917 on the IRS form?

Here is Form 8917. I don't see myself clearly fitting into any of the exclusionary criteria. Here's the thing: my university (which will most likely be Brown next year) will cover all my tuition ...
0
votes
1answer
2k views

If I move from one state to another for graduate school, then should I fill out my moving expenses on next year's IRS form?

Here is the IRS form. And if I fill out my moving expenses, then what counts as moving expenses, and what doesn't count? Does buying boxes for moving count as a moving expense? Also, should I keep ...
5
votes
2answers
1k views

Tax Loss on Forex Trading

In tax year 2011, I traded in a forex brokerage account in FXCM. I had trading losses. FXCM says that they do not report 1099 for US customers. What is the proper way to report my forex trading ...
4
votes
1answer
102 views

What should I include on a security checklist for choosing a Tax Preparer

I am considering an in-person Tax Preparer vs doing it myself online. I feel a little safer doing it online, but an in-person Preparer can offer advice for complex Tax situations. My concern is that ...
5
votes
1answer
4k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
3
votes
1answer
77 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
1
vote
1answer
93 views

For partnership taxes, is “Part III” of the 1065 Schedule K1 form required?

On Schedule K-1 (Form 1065), I'm confused on whether I fill out the "Part III" section. In the instructions from the IRS (page 24, last paragraph on page forward), it is unclear to me on whether it ...
4
votes
1answer
2k views

Clarification of “First Year Choice” in IRS pub. 519, U.S. Tax Guide for Aliens?

In IRS Publication 519, on page 9: What is the purpose of "First Year Choice"? I mean how would it help a taxpayer? Also in the example if Juan DaSilva is considered resident from Nov 1, 2010 then ...
4
votes
2answers
292 views

Are tax preparers being regularly audited?

I was helping a friend filling the tax forms the other day, and he offered to pay for my time helping him. I know that it is illegal to be paid for tax preparation without a California license and IRS ...
1
vote
1answer
93 views

Pay back the 2008 First-Time homebuyers credit with a certain amount?

I repaid 500 on 2010 Tax return for the 2008 First-Time Homebuyers credit, but do I have to pay 500 on each return or just make sure it is paid of within 15 years. For example, can I chose to pay 0 ...
6
votes
1answer
644 views

What are the potential penalties for filing an erroneous tax return, if I amend the return immediately?

In prior years, my school partnered with a certain accounting firm to provide us with 1098-Ts. Up until November of 2011, I was receiving emails from them mentioning this service. In January, their ...
8
votes
2answers
715 views

How to treat blog income for tax purposes & report PayPal income to the IRS?

I made a small amount of money for a blog I write, and I'm wondering how to enter it into my tax form. I was paid via PayPal so I have no W-2. (And not reporting it to the IRS is not a viable option.) ...
4
votes
2answers
3k views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
6
votes
1answer
283 views

IRS overpayment interest - Is it interest on what I pay in taxes?

I have seen that the IRS pays overpayment interest rates that seem to range from 3-8%. When I see these rates are they related to what I pay in taxes? I.e. if I vastly overpay my taxes does this mean ...
6
votes
2answers
1k views

Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?

My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were ...
4
votes
1answer
292 views

Lower my tax withholding liability and increasing my net worth

My goal here is to optimize my net worth, not cash on hand. With the understanding that higher net worth makes access to capital easier. So tax deferred options are appealing to me, as long as I can ...
4
votes
1answer
7k views

What's the fastest way to get another copy of a (lost) letter from the IRS requesting additional information?

I recently received a letter from the IRS saying they needed additional information to process my taxes. They need it in 20 days and I somehow lost the letter and I don't remember what the ...
12
votes
2answers
39k views

Does the IRS track every check deposited by me?

Is there a maximum amount limit on exceeding which the tracking starts? Or does each and every check deposited by me gets tracked by IRS for reconciliatory purposes?
5
votes
6answers
1k views

What are the negative implications of the 2011 cost basis reporting law?

The United States has a new law requiring brokerages to report the cost basis of sales on IRS Form 1099-B. For stocks purchased after January 1, 2011, financial services firms will have to report the ...
9
votes
2answers
600 views

What increases your chance of being audited?

What increases your chances of being audited? Having a home office? Small business? what decreases your chances? Does hiring an accountant do your taxes makes it look more credible to IRS agents?
3
votes
2answers
209 views

Tax implications of re-characterizing a Traditional IRA to a Roth IRA after having taxes filed for the year it was contributed to

I filed my 2010 taxes in February of 2011. In the first week of April 2011, I opened a Traditional IRA account online with Fidelity and contributed the maximum allowable amount of $5000 for the year ...
7
votes
2answers
419 views

What types of ETFs are taxed differently by the IRS?

How does the IRS calculate taxes for ETFs? Until recently, I thought they were taxed the same as stocks, but I recently purchased a gold ETF (IAU) and have to pay a small capital gains tax even though ...
11
votes
3answers
6k views

When do dual citizens (Canadian & American citizenship) need to file U.S. income taxes?

I'm a Canadian-US dual citizen (born in the US to Canadian parents) but I've lived in Canada my whole life (aside from the first 3 weeks). I've never had an American passport or a SSN. I've never ...