Questions tagged [tax-credit]
for questions that relate to tax credits. A tax credit is a sum deducted from the total amount a taxpayer owes to the state.
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Which tax credits are calculated in proportion of time of residence in Canada and which are not?
I became a Canadian resident in 2018, having spent 260 in Canada in the tax year. I've read some official guides, and examples there instruct to prorate federal credits to time of residence in Canada.
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Should I increase my tax liability to better utilize a nonrefundable credit?
My household qualifies for the maximum $2000 non-refundable Lifetime Learning federal tax credit. However, due to planned aggressive contributions to retirement accounts, my tax liability is low ...
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1answer
144 views
US taxes small mistake that doesn’t change tax or refund
Last week I filed my tax return.
For the child care credit, I wrote I spent X dollars. I redid the calculations, and turns out I spent X+6 dollars. This obviously can’t make me owe more taxes and ...
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73 views
Did Schwab's Emerging Market ETF really pay no foreign tax related to the final distribution in 2018?
According to the 1099 from my broker, the Schwab Emerging Market ETF (SCHE) did not pay any foreign taxes associated with its final dividend for 2018, declared 12/28/2018. I'm quite skeptical as ...
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30 views
How to value AMT Credit
I'm modelling some scenarios exercising and selling ISO stock options including "same day sell" and "hold for a year and a day", the latter one trying to take advantage of the long term capital gains ...
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US Employee at a US company at a Mexican facility pays a “Mexican Tax”. How do I claim it on 1040
I am a US Employee working at a US company at a Mexican facility and I am being deducted a "Mexican Tax" on my wage slip each pay period.
The company has not listed the Mexican tax on my W2 and ...
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1answer
73 views
Where are additional dependent children listed on the 2018 1040 tax form?
I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
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1answer
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MA 2015 Schedule Z line 12: “Income tax paid to another state or jurisdiction (from worksheet)” -> what worksheet are they talking about?
I am filling out a 2015 Schedule Z (mirror) in Massachusetts, USA, which I plan to attach to a 2015 Form 1 (mirror).
Line 12 says: "Income tax paid to another state or jurisdiction (from worksheet)". ...
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1answer
88 views
Do I not qualify for any education tax breaks?
I'm planning on going back to school for a graduate degree. Looking at the different tax breaks I could find related to education:
The American Opportunity tax credit: This is not an undergraduate ...
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If your spouse passes away do you lose any tax credits (GST and Trillium Credit) owed to them before they died?
My husband passed away this pass on 17-July-2018. Until he passed away we hadn't filed our income tax for the years 2015, 2016 and 2017.
I am wondering if and when I do decide to file our taxes;
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1answer
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USA: Can I deduct the cost of solar power that I didn't earn back in credits?
I am located in the USA. The federal government allows a 30% tax credit on solar. Details here: http://programs.dsireusa.org/system/program/detail/1235
In addition to that, it appears to me that ...
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1answer
92 views
Used ToD life insurance to pay estate bills; any tax benefit to the insurance beneficiary? (USA)
The deceased owned the life insurance policy and named a single beneficiary to receive the insurance money (transfer on death).
That single beneficiary used all of the life insurance proceeds to pay ...
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1answer
90 views
How is the federal tax credit on EV's applied?
My current vehicle is on it's death bed and I am trying to do my research before purchasing a new all electric vehicle and one of my biggest
considerations is the utilization of the federal tax ...
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Can sales tax in a foreign country be used as credits to offset US taxes?
Say you are an American citizen living in the UK.
You are required by [draconian] U.S. law to pay full taxes on your income as though you are resident in the U.S. However, there are several treaties ...
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37 views
Avoid wasting Canadian tuition credit with double taxation on Canadian Income in US
I live in US with income in Canada and have a large amount of unused tuition tax credits in Canada.
My understanding is that when doing US Tax I should report my full Canadian income and the amount ...
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1answer
109 views
Foreign Tax Credit / form 1116
I have a foreign retirement income. Income tax is withheld at source in a foreign country. As I have to file form 1116 to get the FTC (foreign tax credit) I need to know if such retirement is a “...
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3answers
718 views
Federal ID number for West London University
My son is attending West London University and I need to fill out tax form 1098T for the IRS to get the American Opportunity Credit. They are asking for the university's "Federal ID number" (It may ...
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3answers
625 views
Can I increase value of non-refundable credit by paying less taxes?
I'm in the United States. The Child Tax Credit is a non-refundable credit of $1000.
Scenario 1 : I do my taxes at the end of the year and before applying the credit I owe $1000, then presumably ...
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3answers
133 views
Why don't “normal” tax credits apply towards self-employment tax?
This is a USA tax question.
Preparing my taxes (regular form 1040), I noticed that the "Other Taxes" section comes after the "Tax and Credit" section. I have some "wages, salaries, tips" income, ...
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3answers
468 views
Does the increase in the Child Tax credit affect the Empire State child credit as well?
NY state has a tax credit called the Empire state child tax credit. According to the description of this credit on the NY state department of finances website
If you claimed the federal child tax ...
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3answers
746 views
Can you be penalized for setting an arbitrarily high number of allowances on your W-4?
I withheld too much in taxes this year. I will benefit a good amount from the Lifetime Learning Credit, which I hadn't heard about until today. Even if I don't pay a cent in taxes for the rest of the ...
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1answer
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In what order do solar (rolling) and EV (non-rolling) tax credits stack?
Location: Texas, USA.
Background: This year I installed a solar system on my house and bought an EV. Both have a tax credit associated with them. The EV credit ($7,500) does not roll over to next ...
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1answer
115 views
US - educational tax credit on imputed income for educational expenses?
My wife is employed by a university. Up to a certain monetary amount, she can take classes with no financial or tax impact. (I believe this amount is set by the IRS but that's not at issue here.) ...
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1answer
363 views
Can you claim a training course in Canada if you are provided a receipt but not a T2202A form?
I completed a 200h Yoga Teacher Training course in Canada but noticed that most yoga schools are not HRSDC certified providers, so am wondering if tuition tax credits can still be claimed?
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Are the education credits given on your taxes based on the amount of your expense, or is it a base amount of credit no matter your expenses?
My daughter needs to prove her education expenses for the education credits she received on her 2014 taxes. This was her first year filing taxes and she did use a tax lady. The tax lady has told us we ...
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1answer
146 views
Tax relief on UK salary income
I am tax-resident in the USA and non-resident in the UK. I receive income from my former UK employer (in the form of stocks vesting in the UK) on which I pay UK income tax.
Is this type of income ...
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1answer
175 views
ACA Premium Tax Credit - Claiming for prior year
At the start of the year I did not think I would qualify for the subsidy, but as things have turned out my income was less than the maximum.
The health plan I used was available both through the ...
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1answer
304 views
Tax question for US citizen with postdoctoral fellowship in Europe
I have received an offer for a postdoc in Europe. The postdoc gets paid a scholarship that is not taxed in the European country. I will be living in this country 12 months out of the year and will ...
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1answer
64 views
Nonbusiness Energy Property Credit for 2015 Taxes (USA Taxes)
In December of 2015, I had a new home A/C and furnace system installed. I wrote the check to the installer in January of 2016 for the job.
I just found out that in December of 2015, congress extended ...
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1answer
225 views
Claiming foreign tax credit by amending a tax return
I am a Norwegian citizen who has been living and working in the US (California) as a resident alien since October 2014. These were my major sources of income in 2015:
Wages from my American employer
...
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3answers
231 views
Should I File as an Independent in Order to Claim the American Opportunity Tax Credit?
My financial circumstances:
I am a full-time undergraduate student employed by the university through the federal work-study program.
I expect my total income for the year of 2016 to be a little over ...
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1answer
56 views
Get rebate if investment tax credits exceed taxes due?
If I get a large investment tax credit that exceeds the taxes that I owe, do I get a tax refund, or is the credit lost? If excess credits cannot be turned into a refund can I defer them to another ...
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1answer
86 views
Will I lose the AMT tax I paid if my startup fails?
I recently parted ways with a startup. I was granted options and now must exercise them. When I exercise them, I will incur the Alternative Minimum Tax (AMT).
If the company fails and goes bankrupt,...
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1answer
382 views
Foreign Tax Deduction vs Credit
As I understand it, the Form 1116 Foreign Tax Credit is intended to allow you to avoid double taxation on foreign income. You are allowed a credit up to the amount of US tax that is due to the ...
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1answer
84 views
School didn't add tuition for spring semester to 1098-T. Can I still claim it?
I graduated college in May 2015 after completing my spring semester. I later received the 1098-T from my school.
My school only listed my $200 lab fee for the spring semester because they ...
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1answer
379 views
Can MOOCs be treated the same as university for taxes (US)?
Without understanding a lot about taxes, I know that there are several tax credit opportunities for college students in the US (The American Opportunity tax credit, Lifetime Learning Credit, etc).
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2answers
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Can I claim GST/HST Input Tax Credits (ITCs) on Uber, taxi, or limousine fares?
Uber invoices do not include a GST/HST number, and tax is not separated. On the other hand, Uber drivers ARE required to be registered for GST/HST and collect & remit the tax.
http://...
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1answer
176 views
How is the obamacare tax credit calculated?
In the first 9 months of this year I had a relatively high income. However, I have no income since October. I used to have health insurance from my employer but now I am trying to get health insurance ...
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1answer
183 views
Do you pay any tax on dividends up to £30k?
I'm a bit confused how dividends are taxable.
Assuming I want to take ~£30k dividends ('tax credit' excluded) on which I will use my ~£10k personal allowance. Do I pay any income tax from it (from ...
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0answers
79 views
Understanding the Home renovation tax credit in ontario
I am trying to figure out the home renovation tax credit
Does it only apply to the home I live in? If I currently live in a rental property but am allowed to do renovations, can I apply for the ...
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1answer
80 views
Tax exemptions for US stocks held in a Candian account
As a Canadian, if I buy US stocks and receive dividends in a non tax sheltered account, then those dividends are not suited for dividend tax credit. Also, if I sell and incur a gain(within 1 yr), do I ...
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1answer
2k views
Unused Education Tax Credit carryover amounts in ON Canada
I am filing taxes in Ontario, Canada, using simpletax.ca which has been a super useful platform. I am struggling to understand how it is calculating my refund, however.
From 2013, I have $16,473 in ...
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4answers
2k views
American opportunity credit with foreign country education
I am reporting 2014 tax by TaxAct software. One field is for education. My situation is I took a course for a certification in 2014. It was my first education course in US. I earned my Phd in a ...
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2answers
273 views
Claiming residential energy credits on US tax return
I just did my 2014 taxes last night through Tax Act Online and I claimed an expense of $2,000 for improved insulation and $2,500 for replaced doors and windows on my house. I think those estimated ...
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0answers
392 views
Donating to US versus Canadian charities to maximizing tax benefits
I am a US citizen and I have the option to make my charitable donations in either the US or Canada for the next few years. How do I maximize my tax benefit for a fixed donation size?
My ...
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1answer
877 views
Taxable Scholarship Qualifications
I am trying to determine whether or not a particular scholarship I received (the Palmetto Fellows Scholarship in South Carolina) may or must (or may not or must not) be considered taxable income.
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1answer
419 views
Can I claim the child care tax credit in addition to using a dependent care FSA?
Dependent care FSA is capped at $5000 annually and I use this entirely.
The annual child care credit is $3000.
If my expenses are over $8000, can I utilize both of these in the same calendar year?
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1answer
3k views
What is the difference between Child Benefit and Child Tax Credit?
In the UK, how does Child Tax Credit differ from Child Benefit? It appears to me that those who receive Child Tax Credit are fewer than those who receive Child Benefit, as there are more criteria ...
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1answer
159 views
Can an unmarried couple each claim half of the federal EV-tax credit?
We are an unmarried couple who bought a car together. We bought a plug-in hybrid (PHEV) and it qualifies for a $4000 federal tax credit. Can the EV tax credit be split between the two of us (filing ...
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1answer
84 views
Can I legally include an expense made to a school that was later refunded? (American Opportunity Tax Credit)
This is ethically questionable, I'm sure of that. However, this is an expense that was made and should be, according to the information I am provided, acceptable. This is also a purchase that will not ...
