Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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What prevents me from making one big estimated Federal tax payment on Jan 15?

Many places claim that I must pay estimated tax, preferrably in equal installments, throughout the year. There are two weird issues around this that I am trying to make sense of. My tax situation is ...
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0 votes
1 answer
138 views

Can I use a friend's bank account while living abroad?

I've been living abroad for 2 years and work as an expat independent contractor. A friend is willing to open a bank account, on his name, exclusively for my use - so my client will send payments to ...
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-1 votes
0 answers
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Is there any difference between these two RIC options in Turbotax when specifying foreign dividend sources?

RIC = Regulated Investment Company.
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0 votes
1 answer
26 views

How to file form 1099 NEC free online

BH been looking everywhere, never did taxes before, only had one job where this company gave me a 1099 NEC form [no idea what that means], and so far turbotax, h&r block, ezTaxReturn, nothing. ...
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0 votes
0 answers
25 views

Australia. Joint Ownership with ex multiple properties. Are we in business?

hypothetical: Australia. Divorced couple. We have joint ownership of a number of residential properties. Not 'tenants in common' - 'joint tenants'. Neither of us is in business though one of us has an ...
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1 vote
2 answers
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German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

I am doing my PhD in Germany and get paid by the university. This autumn I am going to the USA (Massachusetts) for an internship at a software company. For those 3 months my salary from the university ...
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0 votes
1 answer
139 views

Received a Letter from SSN Administration and Very Confused

I received a Form SSA-L5114 and it says "Based on information provided to us from Internal Revenue Service, we are reducing the amount of your self-employment income on your Social Security ...
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  • 573
0 votes
1 answer
87 views

Tax filing requirement for Teens 16 to 21 years

in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
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2 votes
1 answer
598 views

Combined taxes on revenue stream when outsourcing work to a contractor

Does outsourcing work to other contracting companies mean tax is paid twice? Assume: Customer company A, outsourcing company B, and employee C. Customer company A needs work performed, and is going ...
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0 votes
2 answers
63 views

Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

I recently discovered I miscalculated my max contribution to my SEP for 2019 and 2020 so I MAY have excess contributions in 2019 and 2020. See What is the contribution limit for self-employed person ...
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5 votes
1 answer
1k views

Does one's tax transcript indicate whether taxes were paid?

I looked at my tax transcript in the US, I could see the amount I was supposed to pay, but I couldn't see the amount I actually paid: or do these lines also represent the amount I actually paid?
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0 votes
1 answer
37 views

How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?

I am required to file taxes for my small (sole proprietorship) business and personal finances in two jurisdictions (Canada and the USA, as it happens). I have capital equipment for my business. Both ...
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0 votes
1 answer
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Weighing consequences of selling assets to get down payment for buying house

My partner and I want to buy our first house. We're thinking about the cash that we'll be required to have on-hand for the down payment and closing costs. We have no debt. We have money saved in ...
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0 votes
1 answer
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Should ex-spouse be paying tax on her portion of my private pension?

My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
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0 votes
0 answers
19 views

Personal investment and yearly capital taxation

Regarding someone based in Ireland. If a private person saves regularly and invests in stocks, how can she grow the investment and pay taxes some day in the future when she withdraws from her account? ...
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1 vote
1 answer
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AMS points as taxable income when living and paying taxes in EU

I have been invited by Mathematical Reviews to perform reviews of articles. As compensation, I received some AMS points, which are redeemable as credit toward future purchases of books, etc, from the ...
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0 votes
1 answer
73 views

New reporting requirements in 2022 for proceeds over $600

I am serving as a conduit for a friend by receiving money from PayPal and sending it to her through CashApp (her PayPal account is currently limited). The transactions I am getting in PayPal are ...
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3 votes
0 answers
29 views

Cost Basis of Foreign Property That Becomes Subject to US Taxation [duplicate]

Let's say a non-US person moves to the US and then becomes US person for tax purposes of that year. At the time of arriving to the US, the person has been holding onto some property (i.e. stocks and ...
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4 votes
1 answer
217 views

Can you get a tax write off for providing software to a not for profit?

I developed an application that provides critical information in the event of an emergency for health care providers. The facility I designed it for uses it frequently but does not seem to have the ...
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  • 143
0 votes
1 answer
61 views

Cryptocurrency mining/transfer fees as a taxable exchange for a service?

There's an FAQ for virtual currency on the IRS website. There's a question, Q38, indicating that transfers between your own wallets or accounts are not taxable: Q38. Will I have to recognize income, ...
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  • 121
0 votes
1 answer
40 views

Filing a missing prior year 8606 & Effect on future tax return

I am realizing I messed up a previous backdoor roth - this is what my timeline looks like: On 3/1/2020 Deposit 6k to Traditional IRA For Tax Year 2019 On 3/30/2020 Convert 6k to Roth IRA On 12/31/...
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  • 120
1 vote
2 answers
98 views

Family land in Texas

My grandfather owned land in Texas, which was just sold by our family, and the proceeds were allocated to all the grandchildren. I received a portion of the proceeds. I'm curious how that should be ...
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1 vote
1 answer
44 views

What difference does the domicile of the funds I'm investing in have regarding taxes in the UK?

I'm looking to invest some money and the investing website I looked at had two funds which looked near identical so I messaged the company asking what the difference was and they responded by saying ...
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  • 11
0 votes
1 answer
63 views

Tax libility for non-US person living outside of the US for US-source income

My situation is as follows: In 2017 I've received an ~$18k income from US sources while living in Ireland (also I'm not a US citizen and was not a US resident at that time). I have moved to US since (...
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  • 1
0 votes
2 answers
30 views

Taxation details when changing states in the middle of the same job

I looked up the answer to this question with the specific details that it has but couldn't find one. Let's say you have a work-from-home job with a NYC-based company. You are a NY resident and you ...
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2 votes
0 answers
23 views

Does asset custodian matter when determining which capital gains lot you sold? (USA)

Say you bought N shares of some company at broker X on Jan 1, 2021. You bought N more shares of the same company at broker Y on Feb 1, 2021. Then on March 1, 2021, you sell N shares with broker Y. For ...
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  • 121
1 vote
0 answers
22 views

Unvested "RSE" on W-2 Box 14

My spouse's employer has granted him RSUs (which for some reason they call RSE) as part of a long term incentive plan. It is a set amount granted ever year over the past 3 years, but none of it has ...
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  • 213
0 votes
1 answer
22 views

Depreciating an investment property & tax strategy

This is regarding US Federal taxes (and California state taxes). Last year in February we purchased a second home property (via mortgage) and have made numerous renovations and repairs to it up until ...
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  • 120
2 votes
0 answers
23 views

Does the 2022 IRS Tax Withholding Estimator assume child tax prepayments?

I worked through the 2022 IRS Tax Withholding Estimator recently to make sure my withholdings were correct. To my surprise it said I would owe a lot of money. I usually try to make things such that I ...
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6 votes
4 answers
2k views

How do I get my withholding correct when a significant amount of my income doesn't arrive until late December?

Almost half my taxable income last year arrived in late December, in the form of two things: 1) a large Christmas bonus (company politics mean I haven't had a real raise in a decade, but my bonus has ...
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  • 61
1 vote
1 answer
40 views

Do I include 2 sets of W2's in mailed State return

I am filing my federal return as Married Joint and two state returns, one as married joint and one as married separate. This is due to one spouse living/working in the second state for part of the ...
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0 votes
3 answers
2k views

Why would I not still get a refund for state taxes despite moving to a state with lower taxes?

Suppose a person had the same salary as 2020 and lived in NY and got a refund. Also suppose he lived in PA in 2021 and didn't get a refund? Why would this be the case? I thought PA tax was lower than ...
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0 votes
1 answer
41 views

Where do I roll over capital losses from a previous year on my tax forms?

I use TurboTax and a couple of years ago I lost money in the stock market. I haven't made any money in the stock market since then but plan to start investing again and wanted to make sure that the ...
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9 votes
2 answers
3k views

Married filing jointly, can one of us take the standard deduction while the other itemizes?

My spouse is self-employed and has significant expenses that he can write off, eg home office expenses. For him, itemized deductions makes total sense compared to standard. I'm also working from home (...
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3 votes
2 answers
1k views

What should one do with excess capital losses?

What should one do with excess capital losses? Suppose I need to sell some stock to fund a down payment on a house, and I have long term gains, short term gains, and long term losses to choose from. ...
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0 votes
0 answers
30 views

can nonresident alien (NRA) stock loss carryover/be calculated as cost basis?

I am a nonresident alien NRA in California. I am an ordinary employee in a tech company, that's my job. I have no business. Aside from my job I trade stock by myself. So if I have capital gain, my tax ...
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1 vote
0 answers
66 views

Selling stocks on a foreign exchange and converting proceeds to USD

Let's say I had 100 shares of ABC on a foreign stock exchange. I sold the shares for a small profit in 2020 and received 1200 ₹. I'm a US resident, so I paid taxes on the gain in the US in 2021. Note ...
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  • 138
5 votes
0 answers
33 views

Flexibility on opening multiple Cash ISAs in one tax year [duplicate]

I expect this question is UK-specific. I have a UK ISA with provider A. I have not yet credited any money into this ISA in this tax year yet. The interest rate is poor, so I'd like to open a new ISA ...
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0 votes
1 answer
53 views

How would I calculate the wash sale permanently disallowed?

If I close a put position at a loss in an after-tax account and buy 1 share of the underlying in an IRA within 30 days, how much of the loss is permanently disallowed according to IRS wash sale rules? ...
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9 votes
5 answers
3k views

Understanding underpayment penalty: implications and how to avoid it in the future

Here is a small explanation of my situation which I hope will help to understand my question: I am a full time employee who lives in California. Each year I get a W2 from my employee and 1099 from my ...
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0 votes
1 answer
27 views

Schedule C 1040: How to list expenses related to payments to foreign companies/remote workers?

Where should I enter foreign independent contractors' payments/expenses (remote work so no 1099) in my schedule C form? Should I list it under "Legal/Professional Fees" or should I put it ...
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  • 291
1 vote
2 answers
111 views

How do I pay content creators in a sole proprietorship?

I’ve made an app that’s completely free to use and isn’t otherwise monetised, for now. That being said, I want to do a couple things that involve money: For a campaign, I want to donate X dollars per ...
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0 votes
3 answers
74 views

why is there no wash profit in taxes

Say someone lost like $100k from trading in 1 year. Now their investment is going up. Should they sell $3000 worth of stocks then buy it back immediately to take advantage of the $100k loss every ...
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2 votes
1 answer
77 views

Avoiding Double Taxation on US Capital Gains for US citizen residing in Portugal

I am a US citizen retired and living in Portugal. I make a living investing in US stocks. I report this income to both the US and Portuguese IRS and pay taxes on both ends. Could someone tell me ...
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3 votes
1 answer
29 views

Can the portion of medical expense covered by private insurance be simply deducted from the amount claimed for Tax Deduction in Canada?

For example, if one had to pay $1000 to the medical service provider for a procedure, and upon making a claim - only $300 got covered by private health insurance, does one preserve both receipts for ...
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  • 263
0 votes
0 answers
23 views

How to report 1256 future contracts gains/losses?

I am a student in the US on F1 visa. I have been involved in trading future contracts and cannot find correct way of reporting the gains/losses from doing so. I received 1099 B with a section 1256 ...
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2 votes
0 answers
38 views

UK inheritance tax for Jersey-born British passport holder living overseas?

I was born in Jersey, where there is no inheritance tax. I have a full British passport which doesn’t have the page about being a crown protectorate because it was issued in Beijing. I have never been ...
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0 votes
1 answer
55 views

US tax 2021 for H1b and H4 visa holders- when to use 6013 h Election

I was on H1B and spouse on H4, have been filing US tax for 2015-2020 as married filing jointly and have been in US 365 days for all 5 years. In 2021 - we stayed from Jan to April 2021 which is less ...
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0 votes
0 answers
59 views

How to invest in the US market as a resident of Switzerland?

I am an EU, non-Swiss, non-American citizen currently residing in Switzerland where I plan to stay indefinitely, perhaps with a little pause to live in the US for a year. I would like to invest my ...
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  • 1,171
0 votes
0 answers
20 views

How to submit self-competed 8949 form with TaxAct?

my wife and I are using TaxAct to file our US tax return for 2021. I have a handful of crypto transactions that I made last year - there are about 8 transcactions and the total volume is ~$600. I have ...
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