Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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1 answer
70 views

Wife is a NRA on H-4 visa, no income. What are the IRS obligations?

I'm on an H-1B visa since November 2023 and stayed only 40 days in the US in that year and no time prior to that. My wife as well, but she is on a H-4 dependent visa with no income. Both of us are non-...
0 votes
1 answer
176 views

US tax 2021 for H1b and H4 visa holders- when to use 6013 h Election

I was on H1B and spouse on H4, have been filing US tax for 2015-2020 as married filing jointly and have been in US 365 days for all 5 years. In 2021 - we stayed from Jan to April 2021 which is less ...
0 votes
2 answers
199 views

2023 Fed Tax - I am owed a refund, but I am unable to file on time, do I need to file extension

For 2023 Federal Tax I am owed a refund but I am unable to file on time Do I need to request an extension? When I google this, non-IRS websites say no, I don't need to file extension if I am owed a ...
0 votes
1 answer
136 views

Will hand-written or using adobe acrobat reader or Advanced Micro Solutions software IRS Tax Forms correctly scan when mailed?

https://www.sapling.com/8735031/do-1099-forms-typed https://www.bluesummitsupplies.com/blogs/tax-resources/can-you-handwrite-a-1099 There are websites that say hand-writing an IRS tax form from the ...
2 votes
1 answer
384 views

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 ...
0 votes
0 answers
35 views

Received a 2023 W-2 from a former employer with retirement Plan box checked

I switched jobs in Nov. 2022. The former employer provided 401(K), and the new employer (a small firm) required 1 year waiting period for 401(K) plan participation and can only enroll in January and ...
6 votes
1 answer
3k views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
1 vote
1 answer
172 views

How to pay quarterly estimated taxes when IRS doesn't let me pay online?

I moved to the US in 2023. I'm a citizen. I started earning income in 2023. I work as a software engineer as an independent contractor. This means I need to pay quarterly estimated taxes. I don't ...
1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
0 votes
1 answer
34 views

exchange rate for taxes paid and reported on form 1116

I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest ...
1 vote
1 answer
72 views

W4 tax form and need suggestions re: single vs. married filing jointly

So my husband just moved to the country two months ago and will start working Monday. He has a green card and SS card. He's making 17 an hour, 40 hour week. I make 28 an hour, 40 hour week. We have no ...
0 votes
1 answer
60 views

Can a person under 18 years old e-File, Direct File or Free File US Taxes?

While I could use my desktop tax software to fill my daughter's tax return for 2023.... is there an option for her to do it herself? IRS Direct File looks OK work, except it requires an ID.me account ...
1 vote
1 answer
146 views

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 ...
0 votes
1 answer
4k views

F1 to H1B - Should I be filing taxes for 2019 as a Resident Alien or a Non-resident alien?

I was on F1 since my first arrival to the US in 2015 (never been to the US before). My H1B was approved in June 2019 (I have been on F1 all the time before this date and was Exempt) Should I be ...
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1 answer
58 views

Is it considered a wash sale if stock is bought twice within 30 days of sale?

Let's say I bought one unit of ABC stock on March 1, 2024 for $100 and another unit on March 2, 2024 for $100. I sold both units of ABC stock for $80 each on March 14, 2024. Assuming I don't buy ABC ...
0 votes
1 answer
70 views

Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?

26 years marriage. Wife stayed home for 20 of 26 years. Husband owned S-Corp that flowed to their personal taxes, always filed in October after an extension, and never paid the liability. Once the ...
1 vote
1 answer
62 views

Minimizing or avoiding penalty for early withdrawl of IRA and 401k

A friend of mine came to US to work for few years and he is forever going back to his original country because of personal reasons. He contributed to IRA, 401k and would like to take the money with ...
2 votes
1 answer
420 views

How to amend 2023 federal return after refund has been issued?

I e-filed our 2023 federal taxes early last month, with a refund coming our way. Yesterday I received a letter from our mortgage company along with an adjusted form 1098; the letter explained they had ...
1 vote
0 answers
87 views

How to clarify to the irs that I hired contractors on upwork so I don't need to file 1099s?

I definitely spent more than $600 hiring contractors for my small business, but they were all hired on Upwork and Fiverr, freelancing platforms. Because I never paid my freelancers directly, I do not ...
0 votes
3 answers
240 views

If i'm a cosigner on my dad's bank accounts but my sister isn't, how do I ensure my sister can get 50% of the money without owing taxes?

I'm a cosigner on my father's bank accounts. More specifically, the bank account is a multi party account with right of survivorship and I'm told that means I'll still have access to the money in it ...
7 votes
2 answers
2k views

Can a community charitable organization collect donations on behalf of a specific person?

A member of my community passed away and I want to arrange a small crowdfunding page for his widow to help her with immediate expenses until the life insurance and paperwork gets done. To encourage ...
0 votes
1 answer
73 views

Should I wait to file 2023 if I am amended 2020

Last summer, the IRS sent me a notice saying that I didn’t file part of my W-2s in the year 2020 and that I owe an amount of $2900. I am currently on a payment plan department while I get the ...
0 votes
2 answers
92 views

What should someone do when a partial fax is sent to IRS due to connection problem?

My question is mainly about what should happen and how to deal with partially sent fax form? As a foreign owned US LLC should send 1120 + 5472 by fax to 855-887-7737 I did this for years no issue but ...
5 votes
2 answers
587 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 ...
0 votes
2 answers
71 views

Do I need to file form 5472?

I own 100% of a US based LLC, in Wyoming, and I am a non-resident of the United States. I want to know if I need to file form 5472 even though my company had no transactions whatsoever. I paid a third ...
1 vote
1 answer
69 views

DCFSA - I was ineligible; can I somehow use that money?

My spouse does not work, and I contributed into DCFSA (under the IRS limit) without knowing the rules. We have child-care expenses in the year, but I don't believe we can use it according to the rules,...
3 votes
2 answers
124 views

IRA in a margin account

I understand that an IRA can't be held in a margin account, or at least margin can't be used. What I didn't know until recently is that the IRS can declare the entire account distributed if it's in a ...
2 votes
1 answer
39 views

How to file for FIPRTA tax withholding and can I request interest from IRS?

I sold my property in 2020 and prepaid FIPRTA tax withholding since I am a foreigner. Theoretically, the tax withholding is supposed to be refunded the same year during the tax season. However, IRS ...
3 votes
1 answer
178 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
14 votes
4 answers
9k views

What could account for me owing exactly $6000 in taxes?

In preparing my taxes, my on-line tax software says I owe exactly $6000. My wife and I make a combined income of around $140,000. We work for the same employer. On her W4, we didn't adjust taxes for ...
0 votes
1 answer
273 views

My friend is in prison but he was able to get a stimulus check. How to cash it?

My friend is in prison, however he was able to get a stimulus check from the IRS when they were allowed to. I tried to deposit his check into my account after he signed it, but my bank rejected the ...
5 votes
2 answers
3k views

Are options on popular ETF considered section 1256 contracts?

I want to learn about 1256 contracts and am wondering if options on common ETFs (like QQQ, SPY, DIA) (not futures) are considered section 1256, because these ETF tracks broad market but does not ...
1 vote
0 answers
43 views

How to fill W8-BEN as Indian Citizen and Resident getting stock awards in US

I am an Indian citizen. I was in US on H1b visa and joined a company there. I was awarded some stock units of the company when I joined. After 2 years of joining, I transferred to a different team in ...
2 votes
1 answer
43 views

I filled out W-9 in 2 different states for online buisness

Can I have W-9 forms one in Texas and one in Puerto Rico at the same time
0 votes
2 answers
121 views

W-4 Excess Exemption / Under-Withholding

I filled my W-4 as single, 0 dependents, 0 exemptions. All my pay stubs say that information as well. But I made $45,000 for the year and only $1,300 was withheld for federal income tax. When I asked ...
1 vote
0 answers
65 views

Does a bankruptcy cancel out capital losses? (US)

If I filed for chapter 7 bankruptcy does the amount of the debt discharged in bankruptcy cancel the prior capital losses i had so that I am unable to use those losses to cancel capital gains? Are ...
1 vote
1 answer
48 views

What does this SEP contribution language from IRS mean?

The IRS website has the following: For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $61,000 ...
1 vote
1 answer
152 views

Amending IRS return after receiving tax refund interest

I filed my original 2022 tax return last year in February and shortly after received a refund. A month later, I realized I forgot to include my IRA tax-deductible contribution and filed an amendment. ...
0 votes
0 answers
21 views

Taxation of dividends/CGs/interest arising in US for Indian citizen resident in India

I am an Indian citizen and used to live in USA. I had opened both regular bank/brokerage account and IRA (retirement brokerage) account too. Now, I live in India and a 'Resident & Ordinary ...
2 votes
2 answers
2k views

Is IRS Form 56 needed when filing for a deceased person?

I am the Personal Representative (known as the Executor in some states) for the Estate. I am reading publication 559 and other online advice. I am seeing 3 possibilities: IRS Form 56 should be filed ...
0 votes
1 answer
228 views

US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount

US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount When I google "irs lifetime gift tax exemption 2023", I get this result ...
3 votes
1 answer
129 views

Can I re-file a missing Schedule 1 in this situation?

A friend of mine, with self-employment income did his/her income tax using Turbo Tax. Turbo Tax produced the tax return including Schedule 1. My friend has a Qualified business income deduction. ...
1 vote
1 answer
111 views

Are interest and penalties due to the IRS when there is an automatic extension due to emergency?

I just got a letter from the IRS, saying that I owe them a small amount of money. I live in California, where we had an automatic extension to the due date until October 15, so that is when I filed. I ...
1 vote
1 answer
4k views

How can I log onto the IRS website without using ID.me?

Several years ago when I went to log into my online IRS account they had added ID.me to their site and I have been trying ever since to get verified. I have many of the secondary documents proving my ...
3 votes
2 answers
1k views

wash sale with leveraged ETF

If a person sales regular ETF ( suppose QQQ) at a loss and buys a leveraged ETF on similar Index e.g TQQQ within 30 days, will the loss on QQQ be treated as wash sale ?
1 vote
2 answers
395 views

Check made out to wife and husband

We received an IRS check made out to my husband and myself. We want to deposit it into my account. How does my husband sign it over? Thanks.
0 votes
1 answer
65 views

Outsourcing projects: is there a threshold on how much I can deduct from taxes (IRS)?

Suppose that: I have a $10000 project. I subcontract the entire project to a subcontractor and pays that person $9999. This means my net gain (or profit) is $1. If I submit that info to the IRS when ...
1 vote
1 answer
50 views

Understanding S-Corp election timeline

I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance ...
0 votes
2 answers
94 views

Is there any objective benefit to electronically submit tax returns with software rather than POST the prepared returns?

This question is about the IRS tax returns in the US. This question is neither opinion based nor is it about specific tax preparation software. I am asking specifically if there are objective benefits ...
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1 answer
120 views

Tax liability for non-US person living outside of the US for US-source income

My situation is as follows: In 2017 I've received an ~$18k income from US sources while living in Ireland (also I'm not a US citizen and was not a US resident at that time). I have moved to US since (...

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