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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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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, ...
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136 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 ...
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112 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 ...
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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 ...
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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 ...
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0answers
39 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 ...
3
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0answers
100 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 ...
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85 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?
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125 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. ...
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22 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 ...
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0answers
54 views

Certified copy of U.S. Visa for ITIN application

I need to request an ITIN number in the United States but do not want to send my passport through the mail. To support my application, I must submit certified copies of my passport and U.S. Visa. ...
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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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139 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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0answers
228 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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67 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 '...
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41 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 ...
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97 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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42 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....
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201 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 ...
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50 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 ...
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37 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 ...
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27 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 ...
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79 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 ...
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72 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 ...
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126 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) ...
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226 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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34 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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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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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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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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0answers
60 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 ...
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42 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. ...
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81 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 ...
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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 ...
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45 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 ...
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112 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 ...
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140 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 ...
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48 views

Homeowners tax exclusion on sale of subdivided property

My residential property currently qualifies for the IRS Federal tax exclusion of $500,000. I'm considering demolishing the house and legally subdividing the lot for purposes of building two new homes....
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262 views

What is the easiest way to correct a misspelled name on an IRS tax refund?

A friend of mine is Egyptian. She received an IRS tax refund for taxes she filed during her time while in the US. Unfortunately she has a rather long name and the IRS tax return misspelled one of her ...
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193 views

Filed 83(b) election in wrong IRS center. Should I file again?

I filed my 83(b) on time at the incorrect IRS center (Austin). Assuming I have enough time, should I re-file it at the correct location (Fresno) or is it OK?
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54 views

What Qualifies as “Business Deduction for Work-Related Education” Under US Tax Code Publication 970

I work as a Software Developer. Using Topic 513 Publication 970 Chapter 12 of the US Tax Code would I be able to deduct any of the following? Paying for and taking PTO to attend a conference and ...
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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 ...
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Do matching contributions under SIMPLE IRA apply to IRS 93-27 and 2001-43 distributions

A SIMPLE IRA is set up which includes 3% matching contributions. An employee receives money through payments which are under IRS 93-27 and 2001-43 guidelines. The payments are sort of like owning ...
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45 views

Can a business operate in one state ie. NY and have an office in another?

My prospective business is going to operate in NYC but due to unforeseen consequences my "office" or base of operation will be in another state. What sort of consequences or altercations can I ...
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43 views

How do you get your tax transcript if you are a citizen of another country?

My parent is not a citizen of the United States and my school is requiring that they get a tax transcript from their country. Is my parent going to have to go to that country to get the physical paper?...
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Business days in Form 2225 Foreign Earned Income exclusion

I have been a resident of the USA since 2012 and became a US citizen in May 2018. I moved out of the USA in October 2017 and in 2018 I visited the USA in two occasions and stayed for 31 and 2 days (...
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65 views

HELP w-2 and 1099 during a divorce

In the middle of a divorce were we owned a company contracted with another to provide management and advisory. I was also employed as an employee for same company we contracted with. We split last ...
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42 views

Need clarification on error message Fillable Forms

Received the following error message. The only thing I can see on my return is that the "foreign country name" on 1040, page 1, is not grayed-out but has no country name listed. (I haven't been able ...
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19 views

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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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 ...