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Questions tagged [irs]

Internal Revenue Service which is the US Federal Tax authority.

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3
votes
1answer
1k views

Does payment in goods count as “income” for tax purposes?

Can someone help me elucidate the definition of "income" from a tax perspective? More specifically, if Joe is paid for his work in avocados instead of dollars, then would Joe be exempt from paying any ...
3
votes
1answer
782 views

How can someone claim themselves as a dependent?

I'm filing my taxes on a 1040A form and I noticed this line No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?
3
votes
1answer
43 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
156 views

Can I hire a CPA after already filing and paying my taxes if I want to see if there were any mistakes?

When I filed my taxes earlier this year, I was surprised to be owing the IRS over $10,000. But, I did exercise a bunch of ISOs without holding them, and apparently my request to change my ...
3
votes
1answer
4k views

Turbo Tax says return was approved, IRS refund status shows processing

After I e-filed my taxes through Turbo Tax, I signed up for the text notifications so that way I didn't have to keep checking the website/app. I got a text message saying that my return has been ...
3
votes
1answer
9k views

Is it an issue to have different addresses on two different W-9 form?

Is it an issue to have different addresses (in two different states) on two different W-9 forms that were filled out around the same time, for overlapping jobs?
3
votes
2answers
190 views

Reporting stock that can't be sold

I'm in the US. I understand that I can report stocks I sold for a loss and claim some deductions. What if the stock can't be sold, no one buys it or the company is under? Is there any way to get ...
3
votes
2answers
130 views

What form should I keep my tax records in?

... and for how long? I have many years of IRS tax records taking up space. I wanted to do one of two things. Throw some or all of them out. Convert them to electronic form by taking pictures of ...
3
votes
2answers
729 views

For bitcoin, can I use specific lots instead of FIFO for IRS capital gains tax calculation?

I would like to start using specific lots, rather than FIFO, for my capital gains tax calculation as it relates to bitcoin holdings. If I sent coins to a specific wallet setup for the express ...
3
votes
1answer
388 views

What government office can help me recover documents lost by the IRS?

In April 2016 I sent originals of several documents (including my newborn's vaccination card) to the IRS when applying for an ITIN. The IRS claims to have sent them back to me, but they have not ...
3
votes
1answer
336 views

How do I get into contact with the IRS to ask some tax questions? [duplicate]

Way back in March I filed my taxes, and applied for a payment plan. My request actually never went through, and I ended up having to re-apply on April 20th. The representative I talked to said that my ...
3
votes
1answer
234 views

How does FSA work in case of change in employment?

I have a Dependent Care account with WageWorks from my previous company. I left my previous company in July'15. There are still $2000.00 in WageWorks account. Now WageWorks is not letting me claim any ...
3
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2answers
401 views

Bitcoin Cost Basis Purchases

Suppose that a client purchases 10 BTC over a price range of $180 to $290 and transacts twice with his BTC for a total purchase of 2.7BTC. Two questions: Based on this, the IRS taxes bitcoin like ...
3
votes
1answer
1k views

Can I claim my wife as dependent once she gets her SSN, for a previous years return?

Here are some facts pertaining to my situation: I'm an international student on F-1 visa, and my wife joined me in US on a F-2 visa I tried to get a ITIN for her before filing my federal tax return ...
3
votes
1answer
70 views

What special things should I do if I move from one state to another, and if I have reported income from both states to report to the IRS?

Should I just get my parents to mail the IRS forms from my old address to my new address (when the forms finally come), and then everything will be taken care of? Or are there more steps I need to ...
3
votes
2answers
212 views

Tax implications of re-characterizing a Traditional IRA to a Roth IRA after having taxes filed for the year it was contributed to

I filed my 2010 taxes in February of 2011. In the first week of April 2011, I opened a Traditional IRA account online with Fidelity and contributed the maximum allowable amount of $5000 for the year ...
3
votes
1answer
86 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: ...
3
votes
1answer
256 views

I don't understand the Qualified Business Income Deduction?

In the USA, the new tax laws include a: Qualified Business Income Deduction I cannot find one place that explains this and whether it is good or bad. Example situation: Married person, with an ...
3
votes
1answer
219 views

W-9 address and food stamps

I am homeless and I receive food stamps (CalFresh/EBT) in California, where I live, and receive mail at friends'. I was recently offered a short-term, part time job (a handful of hours per week for up ...
3
votes
1answer
3k views

How to pay IRS CP14H

I received a Notice CP14H from the IRS to pay a small amount of owed money. I want to do this online instead of mailing a check or money order. I went to irs.gov/payments and looked at my options, but ...
3
votes
2answers
277 views

IRS sent incorrect tax refund. How to correct this?

I sold a house in the US last year and as a non-resident alien there was a federal tax withholding of $4200. I filed form NR1040 to get this tax withholding back. This should have been a simple ...
3
votes
1answer
72 views

Tax: 1099 paper form

This is more of a question of pure curiosity and convenience. Why do 1099s have to be submitted on the special paper forms and not just printed out in multiple copies or purely digitally? Everything ...
3
votes
1answer
2k views

Cash a US Government check without bank account

A US citizen, long-term permanent resident in Canada, with no financial presence of any type in the US. He holds a valid US passport, and is up-to-date with all IRS and FBAR reporting. He has a $400 ...
3
votes
2answers
256 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 ...
3
votes
1answer
129 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 ...
3
votes
1answer
170 views

Donations: In need of guidance on filling out a 8283 form

I believe I have this 80% figured out although theres still some grey areas thus far based on researching a variety of tax websites and IRS's official page. My situation is as follows. Donating FIVE ...
3
votes
1answer
297 views

Does a U.S. citizen living in Mexico and getting paid from U.S. company, have to pay taxes in Mexico?

I'm a U.S. citizen living and working in Mexico to help expand operations for a U.S. corporation I work for. I currently file and qualify for the Foreign Earned Income Exclusion under IRS rules. My ...
3
votes
1answer
276 views

How do I notify the IRS of a new member to an LLC?

I started an LLC in NY but now I need to add a new member. I have been looking online and it claims I must notify the IRS however I cannot seem to find the appropriate links/forms that will let me ...
3
votes
1answer
75 views

IRS CP2000 Question

In 2012, I earned $2,000 from contract work on a freelancing website called Elance. I had left the money there for about a year before I decided to withdrawal the money (because I did not need it at ...
3
votes
2answers
642 views

S-Corp Estimated Tax Payments

I plan on splitting my s-corp income 50/50. I hope to make 80K this year, 40 on payroll, the other 40 as distributions (s-corp income). I’m figuring the first 40K will be, mostly, at the 15% bracket. ...
3
votes
1answer
2k views

W-4 Worksheet for Spouses Filing Jointly: Who Files the W-4?

I've tried finding an answer to this issue both here and elsewhere on the web and haven't been able to so far. My husband got a new job last month with a significant salary increase, and I've been ...
3
votes
1answer
86 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
3
votes
1answer
384 views

Could a legal settlement reported on 1099-MISC be taxed as capital gains?

I have a question regarding how a legal settlement payment should be handled for U.S. personal income tax purposes. This is a hypothetical scenario. A plaintiff agrees to accept a cash settlement ...
3
votes
1answer
2k views

Paid my tax online, but received a non-payment notification from the IRS

I filed my Federal taxes correctly as a Non-resident using 1040NR-EZ form, and I had to pay a certain amount. I paid online using payusatax.com (on-time) but used the "pay 1040 balance due" option. I ...
3
votes
1answer
172 views

Can this year's free extension-to-pay be filed electronically? IRS Form 1127

Does anyone know if IRS Form 1127 can be filed electronically? I didn't find mention on their site either way so I presume not. But considering they're pushing to go paperless nowadays like most....
3
votes
1answer
362 views

IRS Notice CP59 - Did not file taxes

So my wife got a CP59, which is a complaint from the IRS that she did not file her taxes for 2017. That year, as in years previous, we filed jointly and electronically. The year previous we had a new ...
3
votes
0answers
37 views

How to report contributions to UK pension (USS) on US taxes?

I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
3
votes
1answer
205 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....
3
votes
0answers
137 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 ...
3
votes
0answers
110 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 ...
3
votes
3answers
2k views

IRS “convenience of the employer” test when employee lives far from the office

I'm looking for a reliable general reference to the IRS "convenience of the employer" test regarding a home office employee deduction. The IRS test is, the home office must be: a condition of ...
3
votes
0answers
101 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 ...
3
votes
0answers
161 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 ...
3
votes
0answers
42 views

How to get reimbursement of the wrong taxes collected by IRS? [duplicate]

I was working as an intern with F1 visa status at a company but that company's HR didn't know that I shouldn't be charged for medicare & SSN tax, so they put me in that tax status and now I have ...
3
votes
3answers
388 views

Do I need to inform the IRS in advance if I gift money?

I live in the US and want to give my sister who lives abroad a large amount of money to help her buy a house. I understand I will need to declare that amount which will be deducted by the amount that ...
2
votes
3answers
581 views

Can I mitigate lottery withholding tax by making an epic Vegas trip?

Lottery withholding taxes are quite substantial, and from my understanding of the federal tax regulations, gambling winnings can be offset by gambling losses up to the amount won. So if someone won 5 ...
2
votes
2answers
330 views

Pay down low-interest debt or save for retirement?

I'm in my mid-forties, very low retirement savings, high debt, recovering slowly with a new stable salary. I need to get my finances fixed so that I'm not working full-time on my 70th birthday nor ...
2
votes
1answer
731 views

Can a business reimburse travel booked with award miles?

We have an employee who booked business travel using a combination of credit card (cash) and his award miles (Chase points). He is now requesting a reimbursement of the full cash value of the tickets (...
2
votes
1answer
29k views

How many dollars I can transfer to my Indian bank account without letting IRS know?

Could someone please let me know how much money I would be able to transfer to India from my US bank account to my regular bank account. Do I have to let IRS know about it? What are the TAX Rules? I ...
2
votes
1answer
531 views

Deducting side work sole proprietorship expenses from regular employment earnings?

I have a day-job which gets me a salary. I'm about to start some websites on the side with the intention of making money off advertising. For the time being, I plan to remain an unregistered sole ...