Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

Filter by
Sorted by
Tagged with
1
vote
2answers
113 views

How do I document "cash" disbursements from an HSA?

Fairly simply question here - I had a (HealthEquity) Health Savings Account last year and, due to changing jobs, switched to a traditional plan just before the end of the year. Most of it was fairly ...
1
vote
1answer
83 views

Should I be worried about anything (IRS, taxes, bank problems) if I make transfers between my own accounts in different countries?

I have US bank accounts as a non-US person, and I'm not in the US anymore. So if I transfer money to my US bank accounts, would that be a problem? I created my accounts when I was a student in the US. ...
0
votes
1answer
51 views

Do non-resident developers earning through In App Purchases and having their total tax liablity withheld,required to file the form "1040-NR"?

In this link https://www.irs.gov/individuals/international-taxpayers/taxation-of-nonresident-aliens I find it is written only those whose income tax is not satisfied by withholding are required to ...
3
votes
0answers
63 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, ...
1
vote
2answers
97 views

Are financial aid checks taxable and as a student how do I pay taxes on these checks?

I'm going to trade school and excelling grade-wise. Every so often I've been getting financial-aid checks from the community college. This is what was left after the most basic things were paid by ...
-1
votes
1answer
73 views

Need to file Income Tax Return

If my total tax is remitted as withholding tax should I still file income tax return?
2
votes
2answers
240 views

Do financial institutions in the United States have a deadline to send out tax forms?

Must financial institutions in the United States abide by some deadlines to release tax forms (e.g., Forms 1099) to their customers? Or can they send them whenever they want?
1
vote
3answers
747 views

Must I file Form 1099-INT for interest on a business loan from an individual?

The 2020 Instructions for Forms 1099-INT and 1099-OID says that "you are not required to file Form 1099-INT for interest on an obligation issued by an individual", but I don't understand what they ...
1
vote
2answers
381 views

$0.30 1099 tax form received, should I ignore it?

Context: I am not an US citizen nor do I live in the US (I live in Europe). 4 years ago, I was working in the US and had a bank account there. Then I moved to Europe in my home country. I have some ...
3
votes
0answers
222 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
1answer
100 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 ...
4
votes
1answer
601 views

How do I avoid having my revenue taxed twice by the IRS?

I do affiliate marketing for a living. The commission payments get transferred into my business PayPal account and the various businesses also send me a 1099. Normally I would just list the 1099s on ...
0
votes
2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
8
votes
3answers
3k views

If IRS instructions for Form 1040 are not available, should taxpayers wait to file until they are published?

Apparently the IRS has not yet published the instructions for Form 1040 for the tax year 2019 yet (as of January 7, 2020). When I go to the standard form instruction index page it just lists the ...
1
vote
2answers
220 views

Pay taxes to the IRS, before filing, to avoid penalties?

I live in US and in the last two years I had a tax consultant recommend that I pay a certain amount to IRS online each January so I won't get a penalty. This year I don't have a consultant. I earned ...
1
vote
1answer
81 views

What happens when contributions exceed IRS Retirement Savings Plan (RSP) limit?

IRS has Retirement Savings Plan (RSP) limit of $19,500 for year 2020. What happens if I make more contributions than this limit? Do I need to pay additional tax now? (I am less than 50 years old, ...
2
votes
0answers
155 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 ...
3
votes
2answers
112 views

Taxing Capital Gains in an Earlier Year

I know I will have a large $70,000 capital gain in the beginning of 2020 (due to my selling deep-in-the-money covered calls which will expire, and therefore get exercised, in January). Would the IRS ...
0
votes
0answers
58 views

Taking back your capital from your S-corporation

If I put 100k of my own money into my business, and now my business made 150k, can I take out my 100k without it being taxable? If so, how would that be inputted onto the k-1?
37
votes
3answers
10k views

Is one spouse responsible if other failed to file taxes

I have a friend who's in a unique situation. She has not worked since she and her husband were married 7 years ago. He has typically worked contract jobs receiving 1099's at the end of the year. She ...
4
votes
1answer
233 views

How does the IRS know which lawsuit settlements to tax?

A relative received a modest settlement. The judge who worked on the case gave a letter to him, and the letter was careful to specify that the settlement was for a physical injury. The IRS does not ...
2
votes
1answer
114 views

Selling apartment and about to transfer cash to US (moving there). Should I 'tell' the bank, or the IRS something? Any precautions to take?

I got a intracompany transfer and I'll be living in the US for a couple years so I'm selling my apartment in my home country and planning to move the funds to the US to maybe see if it's convenient to ...
2
votes
0answers
56 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 ...
1
vote
2answers
206 views

Should I contribute more to my 401(k) or IRA?

I am trying to figure out a reasonable strategy for my situation. I make over the limit to write off traditional IRA contributions on my taxes starting in 2020. I currently contribute 8% to my 401k. ...
6
votes
1answer
2k views

Does the amount owed listed in my account on irs.gov include both federal and state taxes owed?

I don't see any kind of indication of whether the amount owed listed in my account on irs.gov includes both federal and state or just federal.
0
votes
1answer
67 views

2019 FBAR filing deadline missed

This year, I missed FBAR filing deadline of April 25 and also for automatic extension of October 15. It is not because of natural disaster (that's the only relief option I see here on the IRS site. I ...
2
votes
2answers
103 views

Can one file the US tax return (federal and state) electronically when they're no longer living in the States?

I am reading this from the IRS site: https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad … which says the following: Where to File If you are a U.S. ...
1
vote
1answer
1k views

What is the Euro 10 yr Swap?

I know that a swap (more specific an IRS) is an OTC product to exchange future payments base on a principal. In this case, the interest on the fixed leg will be computed trying to have a NPV of 0, so ...
2
votes
2answers
837 views

Could I file for Trader Tax Status with a full time job?

Suppose I have enough trades and meet the requirements to qualify for Trader Tax Status with the IRS. (If I trade in the morning, trading 4 days a week, 15 trades a week, 720 a year, plus any ...
2
votes
2answers
186 views

How to claim Commuter Parking funds?

I have funds locked into a Commuter Parking account (withdrawn from my bi-weekly pay on a pre-tax basis) that I will never use. Typically, these funds can only be used on work-related parking expenses....
1
vote
1answer
494 views

Can I change a cost basis method retroactively?

On Form 8949 of my 2017 tax return, I reported short-term (Box C) & long-term (Box F) "transactions not reported to you on Form 1099-B". Will the IRS allow me to file an amended return that ...
5
votes
1answer
1k 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 ...
4
votes
2answers
6k views

How does the IRS $25,000 purchase limit carry-over work for ESPP?

My company offers an ESPP program. For completeness's sake, the basic details are as follows: There is a 15% discount on purchase. There are always two simultaneous offerings. Employees may ...
5
votes
1answer
2k 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. ...
2
votes
0answers
83 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
1answer
699 views

Forgot to use carried on capital loss - can I use it next year?

the tax accountant that prepared my 2018 US Federal taxes forgot to carry over the allocatable amount ($3000) of a capital loss that I incurred some years ago. In the previous years, I always carried ...
0
votes
1answer
197 views

Friend from China wants to hire me via contract to receive money and then distribute this money to pay his contracted employees in various countries

Going by the first contract, I'd be receiving a one-time payment of ~40k total and then divvying up and forwarding the money to 5-7 employees in different countries in Southeast Asia and Europe. Then ...
3
votes
1answer
71 views

Do I need to buy a new property to get the tax exclusion from Section 121?

I've owned and lived in my primary residence for about 3 years now. I am about to sell it in a few months and, when searching online for tax information, I saw many references to both Section 121 and ...
3
votes
1answer
520 views

Can I make multiple estimated tax payments to the IRS in a single quarter?

I know I'm required to make at least one payment every quarter before a certain date, but can I make multiple, smaller payments? Will it cause me any trouble if I do? The most I could find was: ...
1
vote
0answers
43 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?
8
votes
2answers
315 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 ...
-1
votes
1answer
184 views

Does the IRS notice if the same estate is left sequentially to a series of spouses? Does it care?

Sorry if this is too frivolous. Just tell me nicely if it is. It is very hot, and my mind drifted -- as whose would not? -- to estate taxes. As many of us know, in the US, any amount may be left ...
1
vote
1answer
162 views

What is "IRS compliance testing" for terminated 401k plans?

I have a 401k through a previous employer. That employer recently ceased operations, and as part of that, terminated their 401k plan. As such, the employer directed myself and other employees to fill ...
0
votes
0answers
33 views

Understanidng if a currency transaction report needs to be filed?

I frequently (every week or so) go to an ATM that is in a bank that I do not have an account in. I withdraw $500 and the machine dispenses $20 bills. I then walk up to the teller and exchange the ...
2
votes
2answers
207 views

Is the Qualified Business Income (QBI) deduction computed with or without the Standard Deduction removed from business income?

I received a notice from the IRS this month: We changed the amount claimed as your Qualified Business Income Deduction because there was an error in the computation. The difference is in the ...
1
vote
0answers
435 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 ...
0
votes
1answer
567 views

How to navigate "wash sale rule" with RSU vesting each month?

I'm in a situation where I have a tranche of company RSUs vesting on the 1st of every month. For simplicity, here's what my scenario looks like: May Acquired 1000 shares on the 1st at $10/share. 400 ...
6
votes
3answers
3k views

Minimizing medical costs with HSA

After landing a new job, I opened a health savings account (HSA) in February 2019. I decided to contribute $1 of my pay per pay period to my HSA. However, I can change my contribution amount at any ...
4
votes
1answer
234 views

RMD Penalty Waiver

We accidentally neglected to take the RMD from one of our two 403b retirement accounts. As soon as we realized this, we had an accountant help us fill out a 5329 form for each tax year. He advised us ...
3
votes
1answer
328 views

Does IRS require 30% tax from foreigners with w8-ben?

A company I collaborate with as an independent contractor, asks me to fill w8-Ben and they do not want to withhold taxes, they say what I do with the taxes is my problem. I am not US Citizen and my ...

1 2 3
4
5
13