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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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7
votes
1answer
400 views

How Does The IRS Structure Payment Plans If I Owe Subjectively High Taxes?

During the 2015 tax year I became legally separated. During the separation my ex-wife did not agree to a QDRO when cashing out her equity from jointly owned property. The cash out was mandated by ...
7
votes
1answer
93 views

U.S. citizen with (U.S./U.K.) dual nationality living and working abroad: How does one use their P60 to declare to the IRS?

For a given tax year, how does one use the information provided in their P60 to calculate how income should be declare to the IRS? As I understand in the U.K. a tax year is between 6 April to 5 April....
7
votes
1answer
416 views

Moved to Canada for Grad School, Getting Heavily Taxed in U.S

I'm about to file my U.S. tax return for 2017. In August of 2017, I moved to Canada from the U.S. for graduate school (I am a U.S. citizen). I was on a vacation during April 15th, 2018 and quickly ...
7
votes
1answer
198 views

Deducting moving expenses - what about item replaced after being broken in move

During a qualified move that coincided with a job change (an IRS requirement for this particular deduction), an item that was shipped arrived at the new location broken, a replacement was bought. ...
7
votes
0answers
163 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 ...
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 ...
6
votes
2answers
1k views

Can IRS levy a bank account in Germany?

Does anyone know if the IRS can levy my bank account in Germany? I bank with Commerzbank. From what I have read, if the bank has a branch in the USA (Commerzbank only has one) they can seize your ...
6
votes
2answers
977 views

Is it legal to not get a 1099-b until March 15?

It is Feb. 16 and I haven't received a 1099-b for some stocks that sold that last year. The stocks were sold because the company I had stock in (Questar) merged with another company and all Questar ...
6
votes
1answer
365 views

Is there a way to see a particular organization's 501(c)(3) application?

For example let's say I wanted to see how the Free Software Foundation or the GNOME Foundation applied. Are those records accessible by the public?
6
votes
2answers
1k views

Mother owed previous years federal and state taxes at death and probate is closed. Are her children responsible for paying them?

My Mother died with little or no assets. Her only income was SS which ended upon death. Her estate was probated with no claims against it and is basically insolvent. One of the bills she owed were ...
6
votes
1answer
731 views

What are the potential penalties for filing an erroneous tax return, if I amend the return immediately?

In prior years, my school partnered with a certain accounting firm to provide us with 1098-Ts. Up until November of 2011, I was receiving emails from them mentioning this service. In January, their ...
6
votes
1answer
4k views

When does the IRS generally decide whether or not to audit your tax return?

I've never been audited by the IRS, but I was just curious if the fact that I received my tax refund in any way indicates that I am less likely to be audited this year. My presumptive theory is that ...
6
votes
1answer
1k views

Can I find out what the IRS knows about me?

Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
6
votes
1answer
238 views

Band tax strategy - not paying members

I operate a band that makes under $4k a year. A few shows a year we get paid larger sums of money ($600+ per gig), and the venue uses my SSN and sends me a 1099 around tax season. So the "band" money ...
6
votes
1answer
299 views

IRS overpayment interest - Is it interest on what I pay in taxes?

I have seen that the IRS pays overpayment interest rates that seem to range from 3-8%. When I see these rates are they related to what I pay in taxes? I.e. if I vastly overpay my taxes does this mean ...
6
votes
2answers
155 views

Can a local IRS office provide more help than by phone or mail?

tl;dr: the IRS made a mistake regarding my 2016 tax return, and after a year of phone calls and letters back and forth they can't seem to fix it. Is there a good chance I'll have any better luck by ...
5
votes
2answers
4k views

What will happen if I transfer large sums of money into my bank account from a pre-paid debit card or gift card?

I want to use my credit card to put money on a pre-paid debit card, transfer it to my bank account, and pay off the credit card with that money so I can get points. I read that transferring more ...
5
votes
2answers
635 views

Can a reimbursable medical expense be paid from an HSA?

Can a qualified medical expense for which the HSA account holder knows will be reimbursed by his insurance be paid from his HSA? If so, is the subsequent insurance reimbursement considered a ...
5
votes
2answers
375 views

What are my HSA contribution limits if one, but not all members of the family are covered by an HSA-eligible plan?

My understanding is that when a person enrolls in an HSA-compatible health plan, he may contribute $3300 to an HSA. For example, if Adam is enrolled in an HSA-compatible plan, he may contribute $3300 ...
5
votes
1answer
98 views

Can requesting an IRS transcript result in more problems?

I have some unfiled tax returns with the IRS. I met with a lawyer that specializes in help with IRS issues and he told me that the first step in their process is to get an IRS power-of-attorney from ...
5
votes
1answer
2k views

Income tax withholding for single person vs. married person?

Page No: 45 of this IRS publication http://www.irs.gov/pub/irs-pdf/p15.pdf gives the Percentage Method Tables for Income Tax Withholding. I am married, but my spouse works as well. In my case, will ...
5
votes
1answer
1k views

Can the IRS freeze a business Bank account?

My credit score is really bad, it used to be in the high 700s but is now about as bad as you can imagine. I owe a lot of debt including IRS, credit cards, banks, loans, etc. I now need to start a ...
5
votes
1answer
788 views

If I claim a dependent who owes back taxes, is my refund at risk?

He has had his "refund" confiscated by the IRS in past years to pay back taxes, but didn't make any money last year. He lived with me for the entire year. I want to claim him as a dependent on my ...
5
votes
1answer
391 views

Transferring 10K+ from one bank to another bank domestically

I would like to transfer some money from my checking account at Bank of America to my savings account at Wells Fargo. The $ amount exceeds 20K. I wonder if this will be a problem in terms of IRS. ...
5
votes
1answer
7k views

Do 401K contributions reduce MAGI as it pertains to Roth IRA income limits?

My wife and I are looking to make around 200K this year, putting us past the Roth IRA income limit. It may be possible for us to get under that limit if we both ratchet up our 401K contributions from ...
5
votes
1answer
4k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
5
votes
6answers
1k views

What are the negative implications of the 2011 cost basis reporting law?

The United States has a new law requiring brokerages to report the cost basis of sales on IRS Form 1099-B. For stocks purchased after January 1, 2011, financial services firms will have to report the ...
5
votes
2answers
165 views

What portion of the fee to my MD's concierge medical practice is eligible for US Internal Revenue Service medical deduction?

First, I know about the 7.5% AGI floor for medical deductions in 2018 (scheduled to go to 10% of AGI in 2019). We are above the 7.5% AGI floor. Our doc has recently transferred to a concierge ...
5
votes
1answer
393 views

During an IRS tax audit, are credit card charges without a receipt a valid proof of expense, or do you need a physical copy?

I'm contemplating if I should save my paper receipts or not. I charge everything to my business credit card. During an IRS audit, can you claim a credit card charge as a legal operating expense or ...
5
votes
2answers
171 views

Resolved: Why is the IRA contribution limit $6,500 in the examples provided on the IRS website about the subject?

This issue has been resolved: the website has been updated and the typos corrected. So I wanted to verify that the IRA contribution limit was, as I originally thought, $5,500. I went to the IRS ...
5
votes
1answer
208 views

Are people who file their taxes correctly, still subjected to being randomly audited?

It is known that the IRS generally audits tax returns based on discrepancies, but are people (including those who file correctly) still subjected to being randomly audited? The National Research ...
5
votes
2answers
310 views

How do I get my student loans that were waived due to disability, not to be treated as income by IRS?

I went to college, graduated and had a bunch of student loans. I got them waived, on account of being permanently disabled. Now the loan organization is going to report this as income to the IRS. I'...
5
votes
1answer
14k views

IRS Useful Life of a Laptop Computer

I own an IT/software company. I'm getting ready to ramp up a new venture and want to purchase some new laptops for my remote employees and myself. According to IRS publication 945, chapter 4 (https:/...
5
votes
1answer
667 views

Tax implications of receiving cash bonus from bank for a non-resident alien

Suppose that a non-resident alien, who occasionally visits the US as a tourist, but who also happens to have a social security number (issued while being on an academic visa many years ago), opens a ...
5
votes
1answer
231 views

How to deal with IRS notice during the government shut down?

Last friday, I received a mail from the IRS stating that there was a discrepancy in my filing of personal taxes for 2016 vs what was reported by other institutions. The letter did not go into detail ...
5
votes
1answer
865 views

For dependent care benefits, what's the dividing line between “camp” and “music lessons”?

For dependent care benefits, what's the dividing line between an eligible expense and one that's not? According to IRS publication 503, "The cost of sending your child to a day camp may be a work-...
5
votes
1answer
223 views

What's required to claim “pass-through entity” tax rates, for a sole proprietorship under 2018 IRS tax rules?

Under the 2018 USA tax plan, I understand that "passthrough" entities are offered the same tax rate as corporations. What qualifies for this rate? An LLC? An S-Corp? Anyone who files Schedule-C? ...
5
votes
1answer
8k views

“Occupation” field on IRS Form 1040

At the bottom of IRS Form 1040 and its relatives, there is a field for "Occupation". I can think of a lot of different words I could use to describe my occupation. Are there any requirements or ...
5
votes
2answers
1k views

Tax Loss on Forex Trading

In tax year 2011, I traded in a forex brokerage account in FXCM. I had trading losses. FXCM says that they do not report 1099 for US customers. What is the proper way to report my forex trading ...
5
votes
1answer
50 views

Tax Advantaged Options for Protective or Special Needs Trusts

I am tasked with setting up a trust or trust-like instrument for a relative. The bulk of the funds will be held about 15 years, until the beneficiary reaches a normal retirement age. The funds can ...
5
votes
1answer
305 views

How do I know if the IRS processed my money order?

I'm an international student currently living in the US on F-1 status. And recently I filed my tax forms along with a money order with USPS priority mail to the IRS in North Carolina. How do I check ...
5
votes
1answer
1k views

Definition of “business” for the purposes of the IRS Foreign Earned Income Exclusion (2555)

Line 14 of the IRS Foreign Earned Income Exclusion form (2555) asks that one lists the days one was present in the US during the tax year. It then asks how many of those days were "on business", and ...
5
votes
2answers
406 views

How much money from a 529 college savings plan can be applied towards rent when a university offers several tiers of accommodation?

I attend university in the United Kingdom but have a 529 college savings plan in the United States. As I understand it, money from this plan can be used to cover my off-campus housing expenses. ...
5
votes
0answers
150 views

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, ...
5
votes
3answers
3k views

I have paper-filed my federal tax but I am not sure if IRS has received it. Should I file an extension?

Because of my immigration status in the US, I have to paper-file my tax form 1040NR-EZ. Then I lost my USPS tracking number and IRS's Where's My Refund doesn't have my info. Should I file an extension ...
4
votes
2answers
2k views

What do I do if an IRS check doesn't arrive?

We got a letter from the IRS stating that we get a substantial refund for a tax withholding. However, the check never arrived even after waiting for a couple of months. (On top of that: We live ...
4
votes
2answers
848 views

HSA distributions and tracking receipts

During a presentation regarding HSAs I was informed the IRS can audit one for an indefinite period of time. The presenter suggested we keep records of our claims for 10+ years in paper form. This ...
4
votes
3answers
1k views

How can I file this year's tax return if I haven't got the refund from last year's return?

Here's my situation: For the year of 2013, I did not file my federal return within April 15th deadline (I did not owe any taxes, and I was waiting for my wife to get her SSN so that I could file a ...
4
votes
3answers
9k views

Square reported girlfriend's business income under her SSN, triggering IRS issues (2012). Square support is awful, what recourse does she have?

My girlfriend received a certified letter from the IRS telling her she owed almost $20,000 to the IRS for the 2012 tax year. She called the IRS and learned that the reason for the charge was that ...
4
votes
2answers
13k views

Is it necessary to file taxes if you've made less than $15,000 for the year?

I'm asking on behalf of a friend, who, last year, worked 5 weeks through a temporary placement agency earning ~$400/week after taxes (~$550/week before taxes), and also worked 6 months at an ...