Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
95
questions with no upvoted or accepted answers
5
votes
0answers
48 views
I'm a Canadian citizen and now a US resident. How do I close my Canadian RRSP and TFSA?
I am a Canadian citizen who moved to the US in 2009. I am now a US resident and Canadian non-resident. I still have a Canadian RRSP, TFSA, and bank account. I've filed FBARs since becoming a US ...
5
votes
0answers
63 views
In what circumstances, if any, is it advisable to file 1040-X before the original return is processed?
Some sources suggest "never":
You must wait until the IRS has processed your tax return before making corrections.
Or suggest "never if your original return claimed a refund":
...
4
votes
0answers
88 views
Shutdown my Solo 401(K) plan and form 5310
I recently shutdown my Solo 401(K) plan at E*Trade. I plan to file form 5500EZ. I have distributed the money to a traditional IRA and a Roth IRA. None of the money went into another 401(K) plan.
Do I ...
4
votes
1answer
221 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 due on the ...
3
votes
0answers
60 views
What is the process for filing individual income tax for income obtained without a W-2 or 1099?
Scenario
We have a legal adult called Brittany who has obtained income of $4096.00 from a babysitting job last year.
The mother of the children she has been watching has not withheld income taxes, ...
3
votes
0answers
211 views
What does the IRS do about trivial tax discrepancies?
I submitted my taxes (e-file) about a week ago via Turbotax - expecting a large refund. I then unexpectedly received a 1099-INT from my bank for $15 of interest received during the year. I did not ...
3
votes
0answers
68 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
650 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
78 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
0answers
147 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
132 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
42 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 ...
3
votes
0answers
103 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
174 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
30 views
Foreign earned income exclusion for PhD student income
I am a US citizen. I live abroad and am enrolled in a PhD program at a foreign university, for which I receive ~20kUSD/year.
I will refer to the money received from the university non-specifically as ...
2
votes
0answers
5k views
What does IRS TREAS 310 TAX REF 0918 mean?
I filed my 2019 tax return. In a checking account I haven't used in years on my returns I received a deposit that says IRS TREAS 310 TAX REF 0918. In the checking account I used for my 2019 return I ...
2
votes
0answers
101 views
Coronavirus CARES Act - How Do I Apply For A Small Business Loan As A One Person S-Corporation?
The US Chamber of Commerce recently published a quick guide on how businesses can file for a loan backed by the government under the CARES stimulus act.
The guide splits up businesses as either an ...
2
votes
0answers
55 views
Multiple IRS Levy Notices?
My wife received a Notice of levy in Dec. 2019. We had no issues with this, as we did owe. The amount of the levy has since been met, but the levy is still in effect. We file jointly, so both of our ...
2
votes
0answers
141 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
50 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
76 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
82 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
58 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 ...
2
votes
0answers
101 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
32 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
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
259 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
435 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
45 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
101 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
55 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 ...
2
votes
0answers
1k views
How do you calculate your “alternative tax net operating loss”?
In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss ...
1
vote
0answers
26 views
Where does software and trade-journal expenses go on Schedule C?
I can't seem to find on which line of schedule C the following expenses go:
Trade Journal
Software*
*Some of the software has pay-as-you-go, monthly-fee type billing.
1
vote
0answers
50 views
Will the private Belize Foundation have dividends from NYSE withheld at 4% or 30%?
Will the private Belize Foundation have dividends from NYSE withheld at 4% or 30%?
I have heard that foreign foundations have dividends withheld at 4%, but Belize does not have DTAA with US.
1
vote
0answers
28 views
Is the 83(b) election deadline inclusive of the start date?
In 2014 I early exercised 10,000 unvested options and filed an 83(b) with the IRS. The stock from the exercise transferred on January 1st, 2014. I called the IRS and confirmed they have the 83(b) on ...
1
vote
0answers
47 views
Stopping erroneous IRS collection
We (my wife and I) had a Required Minimum Distribution Issue (RMD) that was supposedly resolved.
We have a letter from the IRS stating that the waiver was granted and that we owe NOTHING for the tax ...
1
vote
0answers
13 views
How to report a C corporation's post-dissolution expenses?
We're filing 2019 Form 1120 for a C corporation (XYZ Inc). In January 2017 my cofounder and I incorporated XYZ Inc in Delaware and registered it as a foreign corporation in Connecticut. We dissolved ...
1
vote
0answers
45 views
In 2018 my parents filled for me as a dependent, in 2019 i filled for myself and received my refund, when do I get my stimulus check?
In 2018 my parents filled for me as a dependent, in 2019 i filled for myself and received my refund, when do I get my stimulus check ?
1
vote
0answers
116 views
Why does IRS Stimulus Tracking Tool Claims “Payment Status Not Available” When I Am Eligible? AND I paid my taxes by check, not through Turbotax
I am in the same situation as many others, my adjusted gross income was less than 75000 in 2018, not a dependent, etc, AND I paid my taxes in 2018 by check, NOT through the tax application. Why am I ...
1
vote
0answers
32 views
Married file jointly, what address i need to use in 1040 form?
This is the first time that I file taxes as a married file jointly! I am a resident alien and my wife is non-resident alien. We stayed in two different states. When I fill out the 1040 form and state ...
1
vote
0answers
25 views
Excess 401k deferral: which account?
I switched jobs in the middle of 2019 and hence have multiple pretax 401k accounts (traditional). I have excessive deferral when I combine my contributions to both accounts (14k to each account) and I ...
1
vote
0answers
40 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
293 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
437 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
75 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
45 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
127 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
103 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 ...
