Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
72
questions with no upvoted or accepted answers
7
votes
0answers
178 views
Can I legally file zero tax return as non-resident to get ITIN?
I want to obtain an ITIN number to get a credit card / open bank account in the US. I know, IRS does not issue this number unless for tax reporting purposes. I visit the US from time to time on a ...
5
votes
0answers
154 views
Should rideshare drivers log mileage of individual trips, or is a daily entry acceptable?
A rideshare driver (Uber, Lyft) can deduct vehicle expenses for business use of the vehicle. Should the driver log each trip individually, or is a daily entry of beginning odometer, ending odometer, ...
4
votes
1answer
387 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 ...
4
votes
1answer
227 views
Regarding W-8-BEN for annuity inheritance
My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...
4
votes
1answer
193 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 ...
3
votes
0answers
62 views
Return of excess employer contribution after transfer to IRA
A few years ago, I had an internship, and had to set up an account with the employer's retirement fund company.
A couple of years after leaving the company, I was closing out old accounts, and ...
3
votes
1answer
478 views
IRS Notice CP59 - Did not file taxes
So my wife got a CP59, which is a complaint from the IRS that she did not file her taxes for 2017. That year, as in years previous, we filed jointly and electronically. The year previous we had a new ...
3
votes
0answers
38 views
How to report contributions to UK pension (USS) on US taxes?
I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
3
votes
1answer
253 views
What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?
I'm an Russian citizen, living in Russia 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 2checkout....
3
votes
0answers
139 views
How can I get the information why IRS doesn't want to give me an ITIN?
TL;DR: What are the venues we could take to understand why my friend’s ITIN application has been rejected and how do I finally get ITIN?
Some Backstory:
I am helping a friend from a non-visa-free ...
3
votes
0answers
113 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 ...
3
votes
0answers
101 views
If my business is under FTB audit, can I close my old bank account?
We plan to switch from Bank A to Bank B and we are currently under Franchise Tax Board audit. We also recently realized that account in Bank A is with outdated EIN that we forgot to update to SSN when ...
3
votes
0answers
166 views
Living abroad with Mexican insurance and HSA contribution
I am United States Citizen.
I lived in Mexico all of 2015, I had a high deductible health plan (HDHP) from a Mexican insurance company all of 2015 as well.
My plan meets United States IRS HDHP ...
2
votes
0answers
109 views
When shutting down a single-member LLC do you need to close your business account with the IRS?
I'm shutting down a single-member LLC and have filed the necessary paperwork with the city and state in which I live. The only thing remaining is what, if anything, do I need to file with the IRS. I ...
2
votes
0answers
44 views
What are the tax implications of a US account for a non-resident?
I've successfully opened a US checking bank account with Chase with my H1B-visa passport, listing the address of a friend of mine who is a national as my residence address. I've been wondering if ...
2
votes
0answers
64 views
Forced to file W-9 even not passing Substantial Presence Test
I just moved to the US in September. Because I receive salary in the US, have a US address and US driver's license and everything, Fidelity, where I have a company stock plan account, my bank, and my ...
2
votes
0answers
79 views
2018 tax refund applied to 2019 estimated tax
For 2018 Fed tax refund, I elected applied it to 2019 estimated tax. Internet said it need to be applied to 2019 1st quarter by 4/15.? But I missed this date. Can I apply it to the 2nd and 3rd quarter?...
2
votes
0answers
100 views
How can I stop the IRS from withholding refunds for a student loan that is already paid off?
I paid off my student loan over 10 years ago. The IRS is now withholding my refunds. How can I prove this loan has been paid?
2
votes
0answers
136 views
Student loans paid already but collection agency claiming loans are in default
I paid off my student loans via pay garnishments and the IRS taking 3 to 4 years of my tax refunds.
Unfortunately, I have moved 5 times in last 2 years and I cannot find my files confirming this.
...
2
votes
0answers
30 views
NRA who has unearned income on Form 1042-S
I need to recover taxes reported on a Form 1042-S for my grandchildren who are non native, Native Americans. Under the Dual Tax Avoidance Agreement / treaty between Germany/USA, I submitted a W8-BEN ...
2
votes
0answers
177 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 ...
2
votes
0answers
80 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
0answers
199 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 ...
2
votes
0answers
299 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?
2
votes
0answers
39 views
Can I carryover investment interest expenses, if I didn't report them on a prior tax form
I just discovered some investment interest expenses from a broker statement that were not reported in my last year tax return.
Can I "carry them over" into my new tax return? Its probably an ...
2
votes
0answers
43 views
Pre-Tax Income and Tax Liability
I'm looking over my most recent pay stub trying to figure out what my tax liability will when I file next year. Here's the current breakdown:
YTD Figures
Gross Pay: 109,245
Federal Income ...
2
votes
0answers
98 views
Can my national Bank use a IRS refund deposit to reopen a inactive account and then use the money to pay on a charged off mortgage
My accountant accidentally deposited my IRS refund in to a old inactive bank account. The bank reopened the account and used the deposit to pay on a. Charged off mortgage. Can they do this
2
votes
0answers
44 views
I've made an addition to my home: how to I reflect the adjusted basis for home office deduction purposes?
For some years I have operated a home office, and taken the home office deduction. The home office deduction (at least prior to the introduction of the simplified method) mandates calculating ...
1
vote
0answers
34 views
IRS (USA) Form 843 - What if you missed the three year deadline to file?
I want to file 843 for a refund for my SS and Medicare taxes. I filed it on 3/30/2016. And it seems like I have missed the deadline [3/30/2019]. What are my options to claim the refund?
1
vote
0answers
83 views
Rules for cost basis adjustment of RSUs that vest causing a wash sale
I've read through a bunch of posts and couldn't find a definitive answer. In this example, I have RSUs that vest every month from my employer. Let's say I decide to sell 1 share of stock for a capital ...
1
vote
0answers
52 views
S Corp wages and FICA Form 1120s
Should preface this with this is my first time filing Form 1120s (s corp). Really wish I had not taken someones advice and created an LLC taxed as an S-Corp, but it's too late for that now..
Say that ...
1
vote
0answers
391 views
Form 8936 for 2018- Qualified Plug-in Electric Drive Motor Vehicle Credit
I have been looking for form 8936 for 2018 in order to file my tax returns but have been able to find only the one for 2017 as below.
https://www.irs.gov/forms-pubs/about-form-8936
Is there an ...
1
vote
0answers
73 views
Goverment shutdown and the effect it would have on my current audit from where I filed my 2017 taxes in 2018
My husband and I were audited last tax season. We had been working with the IRS all year providing them everything they needed to prove our return was legitimate.
About December 15th the take action ...
1
vote
0answers
44 views
What are the US tax implications of owning a controlling stake in a UK private limited company?
I'm currently a US resident alien.
What are the tax implications of owning a controlling stake in a UK private limited company?
It is unclear how complex filing is and what financial implications ...
1
vote
0answers
92 views
Can a US non-resident alien do tax-loss harvesting on capital gains and income? (183-day rule)
Context: I am a non-resident alien in the USA as a J1 scholar. After being present for 183 days in the USA, I must pay capital gains tax in the USA. My questions:
i) can I reduce my ordinary USA ...
1
vote
0answers
83 views
Will the IRS go after foreign countries' pension if you owe taxes?
I am a 70 year old retired Irish citizen living in Ireland. I did live in the USA. Unfortunately, I recently learned that I owe the IRS $15k in taxes from a 401k withdrawal. I own nothing in the USA ...
1
vote
0answers
91 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 ...
1
vote
0answers
192 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) ...
1
vote
0answers
270 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 ...
1
vote
0answers
62 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
vote
0answers
40 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 ...
1
vote
0answers
34 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 ...
1
vote
0answers
80 views
How to file stipend on ESTA Tourist VWP
I was invited for a conference/meeting to the US for graduate students organized by an US cooperation.
Our costs were supposed to be reimbursed by the cooperation in a form of a stipend.
After the ...
1
vote
0answers
45 views
Proper depreciation/method/duration for conversion to in-law unit, in older single family home?
IRS publication 527 covers "Basis of property changed to rental use". My question is on the proper duration for the depreciation.
Imagine a home was bought for $60k in 1950, with $10k of land value.
...
1
vote
0answers
100 views
What is the rate for Federal Excise Tax on DSL/Cable Internet Connections
I noticed the federal excise tax on my Internet bill (DSL) go from 2.5% of the subtotal to 2.6% of the subtotal.
How are these taxes figured out? I saw in an IRS publication that telephone ...
1
vote
0answers
74 views
Do employees get mileage reimbursement?
Given the following:
I am an hourly wage employee of a company. At the beginning of each calendar year, I get a W-2 showing my wages earned and taxes withheld for the previous year.
The company pays ...
1
vote
0answers
73 views
What does the “Business Rule IND-005-01” error mean when submitting my tax return?
I received this rejection notice in an email:
Issue : Business Rule IND-005-01 - If Form 9465 and IRS Payment Record are present in the return, then Form 9465, 'PaymentAmt' must be equal to '...
1
vote
0answers
49 views
What documentation might be needed to support a rental property's depreciation basis, and under what circumstances? (IL, USA)
Last year, after moving out of our residential property, we converted it to a rental.
When arriving at a Fair Market Value (FMV) for determining the basis for depreciation, we relied on an estimate ...
1
vote
0answers
119 views
How to limit potential web based income earned in the USA and overseas from California high taxes
I am an English Lady who has just got her green card and I want to set up a web based Life Coaching business, with Worldwide retreats 2/3 times a year. I live in California and want to keep my Tax ...
1
vote
0answers
142 views
Tax return rejected, received a check
I filed my tax return in 2015 using TurboTax and received a check from both federal government and state. I am currently applying for a loan. When I downloaded the tax return statement (from ...
