Questions tagged [irs]
Internal Revenue Service which is the US Federal Tax authority.
105
questions with no upvoted or accepted answers
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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 ...
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4
votes
1
answer
289
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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 ...
- 161
3
votes
0
answers
221
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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 ...
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3
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0
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185
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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 ...
- 1,540
3
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0
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63
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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, ...
- 31
3
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228
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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 ...
- 2,055
3
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167
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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 ...
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159
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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 ...
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3
votes
0
answers
213
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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 ...
- 511
3
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0
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109
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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 ...
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194
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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 ...
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3
votes
1
answer
1k
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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 ...
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2
votes
1
answer
133
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How is the Underpayment of Estimated Tax penalty determined?
My understanding is that if you pay at least 90% of your current tax year obligations, pre-deductions, or 100%† of your obligations in the previous tax year, you avoid the penalty.
I was just sent a ...
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2
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457(b) withdrawal limits?
I have a 457(b) from a state (Minnesota) employer which allows me to withdraw money from it in either regular monthly amounts or via 1-time withdrawals.
Years ago (5-7?) I was told that once I start ...
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170
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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 (...
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2
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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".
...
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2
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64
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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 ...
- 121
2
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0
answers
388
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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 ...
- 275
2
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0
answers
249
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US tax implications for UK EMI (Enterprise Management Incentives)
I am a dual US/UK citizen, permanently resident in the UK.
I have a job offer which includes EMI (Enterprise Management Incentives), also known as share options.
As a US citizen, I have to file a US ...
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2
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answers
5k
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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 ...
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111
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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 ...
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2
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57
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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 ...
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2
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160
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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 ...
- 1,048
2
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0
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62
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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
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0
answers
97
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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 ...
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90
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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?...
- 21
2
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63
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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 ...
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2
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106
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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?
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153
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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.
...
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2
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0
answers
38
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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 ...
- 21
2
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0
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92
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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,...
- 2,871
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285
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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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2
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0
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697
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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
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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 ...
- 20.2k
2
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0
answers
52
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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 ...
- 121
2
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0
answers
103
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
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0
answers
85
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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 ...
- 2,510
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0
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1k
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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 ...
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1
vote
1
answer
108
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When does the IRS typically announce health FSA contribution annual limits?
Based on this and this, as of November 6, 2023, the IRS still has not announced the health FSA contribution limits for the year 2024, even though most private employers have already begun their open ...
- 205
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0
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29
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Dual Status Tax eligible for Premium Tax Credit?
Me and my wife moved in the middle of year as Green Card Holders to the US. As I understand I am eligible for A PTC for Healthcare. If I file as Dual Status Alien (NR for 8 months and Resident for 4 ...
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Do I need to file 8606 amendment to correct "total basis in traditional IRAs" value?
Form 8606 line 2:
Enter your total basis in traditional IRAs. See instructions .
This value was entered as 0 but it should not be. Otherwise, everything else is same. Do I need to file form 8606 ...
- 285
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vote
0
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54
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Foreign address line not long enough in Form 1040NR
I am filling out Form 1040NR using a long India address. However, the 'Home address' line is not long enough. Any ideas on how I can provide a longer address? Can I write 3 lines using my pen in small ...
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1
vote
0
answers
72
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When will I get notified by IRS if the application for trader status is successful?
I sent IRS a statement to apply for trader status for the year 2022. When will I get notified by IRS if the application is successful? Anyone has experience? Thanks.
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38
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How can I check progress on an EIN application?
How can I resolve my case when the IRS doesn't provide a mechanism for me to obtain updates?
I registered an LLC and would like an EIN to open bank accounts.
I filed an SS-4 in May.
The SS-4 was ...
- 173
1
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0
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26
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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 ...
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vote
0
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92
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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 ...
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48
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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.
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55
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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.
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vote
0
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42
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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 ...
- 111
1
vote
0
answers
51
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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 ...
- 1,718