Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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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 ...
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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
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2answers
991 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
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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
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3answers
10k 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
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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 ...
4
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2answers
14k views

What should we consider when withdrawing a large amount of money from a bank account?

As titled, what should we consider when withdrawing a large amount of money (>100K) from a bank account? Do we need to document the purpose of our withdrawal? From what I could have found: withdraw ...
4
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2answers
2k views

Can I get a Wage and Income Transcript if I've never filed a tax return?

I have never filed a tax return because I have never made enough money to be required to do so. I was just wondering if the IRS would still have a wage and income transcript for me even though I have ...
4
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3answers
43k views

Sending mail to IRS by which postal method or courier?

This is the first time I am sending mail and a check inside an envelope to the IRS and I am wondering should I use certified mail by USPS for sending my envelope, or would simple USPS mail be fine? ...
4
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1answer
2k views

How far does the IRS usually go when they uncover unreported income?

I have had a Google AdSense account for a while. In 2013, Google started requiring to fill out tax information. I was an idiot and decided to claim that I lived in another country and that I had no ...
4
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2answers
317 views

Am I supposed to pay taxes when living outside of the states?

I am a greencard holder and beyond going there for 2 months every 6 months ( up until last year when I applied for an I-131 form ) so far I have never worked in the states nor have I made any money ...
4
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1answer
928 views

Do I have to pay the Internal Revenue Service in West Africa in order to transfer a government check from West Africa to a US bank account?

If you have a government check from West Africa and want to transfer the money to a United States bank, do you have to pay the Internal Revenue Service in West Africa before you can transfer you money ...
4
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1answer
422 views

Free Form Fillable Forms: Bug in Schedule 3 with form 8863?

I'm trying to file my 2018 taxes, which include form 8863 (nonrefundable education credits) and therefore also schedule 3. I keep getting the following error when I file: Issue : Business Rule ...
4
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2answers
193 views

Foreign priced expenses - actual card charge amount is OK?

For the IRS in the US ... Say you are overseas in Japan and you have a legitimate business cost of 11,123 Yen. You correctly keep the receipt, Yen11123. How to convert to USD when making it a ...
4
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2answers
174 views

Investing for family

I have a personal investing style which nets me exceptional returns for small investments (under $600k) and 2% - 8% better than index funds (annualized) on larger investments. Let's say my parents ...
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3answers
1k views

Official tax transcript from IRS

I have to present an official document from the IRS in another country (that is part of the Hague convention). They require the document to have an apostille. However, from I found so far on the ...
4
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1answer
412 views

What fiscal scrutiny can be expected from IRS in early retirement?

From Tim Ferriss to Mr. Money Mustache, fueled by contemporary prospects of making riches in technology and real estate, to name a few, one of the most popular subjects in the personal finance ...
4
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1answer
4k views

US income taxes for an Indian citizen with US-sourced income

I am an Indian citizen who left US after completing my masters in Aug 2010. Since then I have never re-entered the US and I stayed only in India. I was in the US only on a student visa and did not ...
4
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2answers
3k views

I live in Brazil, I have no US bank account and received a US Treasury check. How do I get my money?

I'm an US citizen living abroad who has no US bank account and that got a tax refund from the IRS. I have and frequently use a Paypal account, but Paypal accounts for people living outside the US ...
4
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1answer
298 views

Lower my tax withholding liability and increasing my net worth

My goal here is to optimize my net worth, not cash on hand. With the understanding that higher net worth makes access to capital easier. So tax deferred options are appealing to me, as long as I can ...
4
votes
1answer
351 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 ...
4
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1answer
3k views

How does the bank/IRS know whether a bank transfer over $14k is a gift or loan repayment?

Suppose I want to help a relative, an international student, pay his college tuition before he arrives in the US (let's say the amount is $20k, i.e., over the $14k tax-exempt limit for gifts). He'll ...
4
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2answers
190 views

Need help filling out W-4 form

I need help filling out W-4 form so that I get more money from my paychecks and pay less tax. Recently my circumstances have changed, I am married and have 1 child (2 months old), only I work my wife ...
4
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1answer
808 views

How to correctly deduct purchase of a laptop dedicated to my consulting work?

I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate ...
4
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2answers
303 views

Are tax preparers being regularly audited?

I was helping a friend filling the tax forms the other day, and he offered to pay for my time helping him. I know that it is illegal to be paid for tax preparation without a California license and IRS ...
4
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1answer
190 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 ...
4
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2answers
105 views

estimated IRS tax payments

We sold some U.S. government Savings bonds in June of 2018 that had a gain in interest of double our yearly income. A one time sale. Now, I'm thinking that I will owe quite a bit in taxes and I'm ...
4
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2answers
656 views

Indian won a contest in US. I got 1042-S claiming 30% tax. How to file?

I won a contest and the sponsor paid the money without withholding tax against my W8BEN. I am Indian citizen and I have to file taxes to US from India. I have received 1042-S claiming that I have to ...
4
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1answer
2k views

What to do about not having an ITIN for spouse if IRS isn't being responsive?

I live and work in the US on H1B visa with recent spouse on H4. I filed my 2012 state and federal return along with spouse's w7 forms and document copies as per filing instructions but never got ...
4
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2answers
4k views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
4
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1answer
98 views

Do I have to pay my tax balance while my amended return is being processed?

I forgot to included a sizable deduction when I filed my original return, but I discovered it and filed an amended return before April 15. The original return showed me owing tax but with the amended ...
4
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1answer
171 views

IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
4
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2answers
440 views

Paying someone's college tuition to avoid gift taxes: how do I show the payment is applied to tuition, not other fees?

According to Section 2503 of the Internal Revenue Code of 1986, a payment made directly to an educational institution to pay for the tuition of a student does not count as a gift to the student for ...
4
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1answer
112 views

Depreciation and capital gains on a rental condo in the US

I rent out a condo that I purchased two years ago. I make a small profit. It may be advantageous for me to depreciate the condo. This presumably will increase the capital gains that will occur when it ...
4
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1answer
91 views

How can I figure out the optimal IRA distribution before the deadline?

After reaching 70 I have always taken the minimum required amount from my IRA each year. If I understand correctly, I have to make this decision by December. I do not usually know what my other ...
4
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2answers
788 views

Is it possible to recharacterize an IRA twice?

I made a contribution to my Roth IRA and did not know there is an income limit that precludes one from making contributions to Roth IRA if one is over that limit. Now that I discovered this, I have ...
4
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1answer
203 views

How to correct a tax return filed electronically and already approved?

I know just the basics when it comes to taxes and IRS. So I went to a tax professional to prepare my taxes. He filed my taxes electronically (e-file) and it was approved right there. I double-checked ...
4
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1answer
8k views

What's the fastest way to get another copy of a (lost) letter from the IRS requesting additional information?

I recently received a letter from the IRS saying they needed additional information to process my taxes. They need it in 20 days and I somehow lost the letter and I don't remember what the ...
4
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1answer
124 views

IRS - Tax return of 2017 - Penalty

My family and I moved to the US, with a job, on May 21 of 2017. Since June of 2017, we have been covered by health assurance through my job. (the form 1095-B from Aetna informs 7 months of coverage). ...
4
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1answer
147 views

Is a fellowship grant for research automatically “for personal services”, and thus wages?

(I would like to note beforehand that I am not discussing the taxability of a scholarship or fellowship here. This is purely about finding the right category for some certainly taxable income, for ...
4
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1answer
117 views

What documents are needed for taxes to qualify my adopted child who is blind as a child with a disability?

What documents do I need when filing taxes to qualify my adopted child as a child with a disability (blindness) with regards to IRS requirements in the United States? We have medical documentation we ...
4
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2answers
2k views

Confused by IRS policy on whether DirectPay payment is on-time or late

IRS Direct Pay service states... "The payment date below is the date you will get credit for the payment. As long as you have submitted your payment on or before the due date and receive a ...
4
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1answer
169 views

Who can I contact for free help with certain IRS forms?

As part of my US personal tax return to the IRS this year I need to fill out some esoteric IRS forms that are not supported by most personal tax filing software so I have to fill them out manually, ...
4
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1answer
103 views

What should I include on a security checklist for choosing a Tax Preparer

I am considering an in-person Tax Preparer vs doing it myself online. I feel a little safer doing it online, but an in-person Preparer can offer advice for complex Tax situations. My concern is that ...
4
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1answer
589 views

What cost basis accounting methods are applicable to virtual currencies?

This year I began doing some small investments in cryptocurrencies (Bitcoin, etc), and turning small profits. I've been tracking my gains under each of the different cost basis accounting methods (...
4
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2answers
9k views

Can I apply for an ITIN without filing a tax return?

I'm a nonresident alien (Canadian working online earning money from a US company). Currently, they're paying via mailed cheque, but I'd rather be on their payroll. However, in order to do that, I need ...
4
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1answer
12k views

Can F1 OPT +H1B claim tax treaty benefits

I have been in USA for about two and a half half years on F1 visa. In 2013 I was on at F1 and F1 OPT till 30 September 2013. After that I switch to H1B status. I am a nonresident alien for tax ...
4
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1answer
2k views

Clarification of “First Year Choice” in IRS pub. 519, U.S. Tax Guide for Aliens?

In IRS Publication 519, on page 9: What is the purpose of "First Year Choice"? I mean how would it help a taxpayer? Also in the example if Juan DaSilva is considered resident from Nov 1, 2010 then ...
4
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1answer
402 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 ...
4
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1answer
231 views

Regarding W-8-BEN for annuity inheritance

My father worked in USA for 11 months in 1985. He made contribution to an individual retirement plan (tiaa-cref) only during that period. The money since then has grown. He expired in 2016 aged 68 ...

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