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Questions tagged [taxes]

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

0
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1answer
13 views

Can I contribute to my IRA from 2018 still?

I put in my tax filing for 2018 that I had contributed $5500 to a Roth IRA, but due to technical difficulties with my investment account I didn't get around to funding it until now, but it looks like ...
0
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1answer
31 views

Do I have to pay taxes on external savings?

I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
2
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1answer
22 views

Do I need an ABN for self-employment?

I work as a private tutor in addition to my full-time job in the public sector. I know that I will need to include any additional income on my tax return since I will need to pay an extra tax. Do I ...
1
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1answer
14 views

basis adjustment on wash sale on underlying or option

Transaction1: I bought 200 QQQ ( ETF) at about $160 in Jan 2019, paying out about $32k Transaction2: I sold two calls on QQQ ( QQQ190628C00170000 ) for expiring on June 28, 2019 for a strike price ...
3
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0answers
57 views

can closing covered call and opening a new coverd call trigger wash sale

In Jan 2019, I bought 200 QQQ (ETF) at about $160 and also wrote two covered calls for June 2019 at 170 (higher than the last day price) netting a small premium. Now QQQ is at about 185 so it will be ...
2
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1answer
113 views

The mathematics of GST makes no sense to me

The Goods and Services Tax (GST) is a destination based tax, which means that the state in which the goods are consumed receives the tax. The GST is implemented using three separate taxes: Central ...
1
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1answer
96 views
+50

Things to watch if buying properties in Europe at low prices under local government incentives

I have been seeing social media advertisements inviting investments in the way of buying houses in derelict or small and not-so-well-to-do towns. These advertise the price to buy as under $100 or 100 ...
3
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1answer
91 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 ...
4
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1answer
123 views

Purchase Stock but cannot pay AMT

I was released by my company and I had to purchase my ISO's within 60 days of leaving the company or lose them. The issue is to purchase them would mean around a $1.2m AMT & State Tax Bill next ...
3
votes
2answers
115 views

Can you fix a rollover that went into a Roth IRA and put it into a regular IRA?

If someone, in the process of leaving a job last summer, rolled over their 401K into a Roth IRA and is now looking at a several thousand dollar tax bill, is there any way to salvage that by ...
2
votes
1answer
105 views

Can one deduct lawyer consult fee less than $1000 for ex-employer's threat letter related to confidentiality in 2018 taxes?

Someone I know paid around $1000 last year to consult lawyers regarding a threatening letter from a former employer related to company confidential information where they threatened lawsuit and ...
13
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2answers
3k views

What does an IRS interview request entail when called in to verify expenses for a sole proprietor small business?

I received an IRS audit for the following: I had to call them within 10 days to confirm receiving the letter. And I've scheduled an appointment 2 weeks later. They basically said I just need to ...
1
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2answers
111 views

May I omit from my tax return pages on which I've left all fields blank?

For example, when filing Form 1120 for 2018 by mail, if I've left all entry spaces on page 2 (Schedule C) blank, may I leave out page 2?
10
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2answers
3k views

Do you forfeit tax refunds/credits if you aren't required to and don't file by April 15?

Some people in the United States are not required to file an income tax return (e.g. their income is too low). However, they could be entitled to a refund of wages withheld, or a credit such as the ...
1
vote
1answer
89 views

Why is California's income filing threshold GREATER than the standard deduction?

For California, the tax instruction booklet says that you need to file the income tax forms if your income is over $17,693 "gross" or $14,154 "adjusted". However, the state's standard deduction is ...
1
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0answers
34 views

Did the German tax for share based fund drop by 30% since 2018?

In Germany is a new rule for taxing share based funds since 2018. As far as I understand it, the following rules are now in place: One has to tax pay for fond distributions. One used to pay tax for ...
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0answers
13 views

What taxes does a Czech Republic resident need to pay on investment income from an online broker when using a French bank account?

My friend - who is fiscally resident in Prague - opened a French bank account. Then, they used their French bank account to open an eToro (online broker) account. They want to invest on eToro but they ...
1
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0answers
22 views

How to calculate cost basis for RSUs that are vested and never sold?

Following is my situation (changed the numbers for simplicity): ABC Inc vested 120 RSUs in 2018, in which 20 RSUs were sold by my employer (price of the share $10, and $20 trade fee) for the tax ...
0
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1answer
45 views

How to handle income from paid internship over the summer?

I'm a full-time college student with two sources of income in 2018: a part-time job through my college for which I have a W2 (gross wage of $5,408.65) and a paid internship over the summer for which I ...
1
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0answers
37 views
+50

If I distribute money from a non-grantor trust, can I defer future earnings of the trust to trust beneficiary's tax bracket?

If I made a large trust distribution from a non-grantor trust to the beneficiary once at the beginning of the tax year, and then the trust funds that are still invested in the trust continue to make ...
0
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1answer
47 views

Income present but no tax residence. What then?

Many countries have this 187 days rule: if you’ve lived and worked for more than 187 days in that country you’re automatically a tax resident there. But what if you change countries frequently, let’s ...
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0answers
57 views

Can't file taxes probably due to ITIN -> SSN change

I get the following error while filing married filing jointly taxes in California via TaxAct (electronically, paperless): Rule Number: F540/NR/NRS/2EZ-230 Rule Number Description: There is an ...
2
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0answers
30 views

Do I need to complete SEP IRA deposit before April 15 (United States)?

On my 2018 U.S. tax return (already filed) I indicated that I would contribute a certain amount to a SEP IRA. I just initiated a deposit in the correct amount to my SEP account at Vanguard, but funds ...
1
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3answers
145 views

Why is my federal tax calculation coming up 1% short?

I'm trying to calculate the federal taxes I would pay on self employment (sole proprietor -- pass through) income. I found this online tax calculator -- https://www.taxact.com/tools/self-employed-...
4
votes
4answers
1k views

Using dividends to reduce short term capital gains?

Let's say I have $100 in short term capital gains this year. I will need to pay taxes on this gains at the my ordinary tax rate (which we shall assume is 37%). Let's also say there is a stock that ...
1
vote
1answer
77 views

What do I need to do if I have received a tax refund before I have submitted an amended return?

I am preparing to send in an amended return today to both state and federal entities. Nothing big just forgot to add a 1099 which barely crosses the threshold for reporting. I had already submitted ...
1
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0answers
28 views

Question regarding reporting medical insurance, interest income and my address because of part-year stay in the US

I am seeking urgent assistance with my US tax filing (with TurboTax) for 2018 concerning part-year residency. I lived in the US between Jan-August and left the country for good thereafter. Keeping ...
1
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1answer
27 views

Question on part lll of form 8889

I have HDHP for the whole year 2018 and only has non-taxable contribution (code DD on W2). I also have a small qualified distribution on 2018. Do I leave the part lll blank on form 8889.
1
vote
1answer
92 views

Traditional IRA how much tax on withdraw

I understand that traditional IRA gives you a deduction now and tax you later when you withdraw. I need a clue on how much tax is charged on withdraw. Say I deposit $4,000 into traditional IRA and ...
2
votes
1answer
50 views

Do I need to file a tax return if my tax code is NT (UK)?

I have been living in Germany for three years and working for a London-based company (as an employee) remotely from home. (I lived in the UK between 2012 and 2015.) I sent P85 to HMRC back in ...
-3
votes
2answers
176 views

How does income tax work (USA)?

let’s say I make over $500k, the income tax in US is 37% I was just wondering, does that mean the 37% (which is $185k) is just lost? So a person would give almost half their income to the government ...
2
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1answer
19 views

Tax implications of freelance income in NRO account for a U.S. H4 EAD holder

It might be a simple question, but I am not able to get a definitive answer to this anywhere. I live in USA, have an H4 EAD and I do some freelance work while living physically in USA with clients ...
2
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1answer
111 views

Can a full time employee who also owns a side LLC claim “self-employed” deductions?

I am working full time for a corporation in NYC (I have w2). I also own my own side Educational LLC (EdTech) which has claimed $0.00 in income for 2018, but has accrued several thousand in startup ...
1
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2answers
68 views

Am I a part-year resident or non-resident of the state of Illinois for tax purposes?

I am having some trouble determining my tax status for the state of Illinois. I was a J1 (short term scholar) in the state of Illinois for 3 months. From reading this piece of information for first ...
3
votes
2answers
89 views

US Estimated Taxes— what can I do if I had a very weak Q1, but expect a strong Q2-Q4?

I'm self employed and when I have the contractor hours, I make good money, I'm faithful to set more money aside than I need for my taxes and I even set additional money in case I hit a "dry spell". ...
1
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3answers
199 views

Should I avoid reporting expenses on my tax return in order to have a higher income for getting a mortgage?

I'm new to this sort of thing. I want to buy my first house soon (within a year?). As I am filing my taxes right now, should I file with my income but not report expenses, so that my taxable income ...
0
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0answers
12 views

Tax on vested shared Germany (analogue of 83b election)

In the U.S. they have something called 83b election, relevant when a founder have shares that are vested. To my understanding, one must file this election shortly after the company is founded, ...
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0answers
13 views

Problem with NY State IT-201 Amended

In 2017 on my IT-201 NYS return I checked "D1 Did you have a financial account located in a foreign country?" as "No". That's a mistake, it supposed to be "Yes". So I want to file an Amended, it's an ...
3
votes
1answer
92 views

Should one file 1040X to get extra $5 tax refund

After I finished my taxed in last week of March, I received a Updated 1099 with only one modification where 199a is modified from zero to $50 or so. Refund is about to come in a week. Initial values ...
2
votes
1answer
49 views

Tax implications of transferring directly-owned stock to a brokerage account?

I don't know all the proper terminology so I hope this is understandable. My father gave me a chunk of stock. The stock I now own is directly bought and handled through the company who's name is on ...
5
votes
3answers
204 views

Are out of pocket hotel expenses deductible in this case?

My wife and I both have professional jobs and make pretty good money. My wife also got a part time job (W-2) at a ski resort this winter, mostly for fun, and was paid hardly anything (and only worked ...
0
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0answers
42 views

OPT student accidentally filed taxes using TurboTax [duplicate]

I'm an F-1 student that accidentally filed my taxes using TurboTax. According to this forum, I need to file 1040-NR with a 1040-X attached to amend what I already filed using TurboTax. I tried ...
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0answers
19 views

report: group account activity by accounting period instead of by month

I'm using GnuCash 2.6.12 and would like to create an annual report for tax reporting purposes. For that, I would like to create a report where transactions are grouped for the whole year, (the ...
1
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1answer
30 views

NJ 1040 Dividends

For the NJ 1040 do you add together your ordinary dividends and qualified dividends or are the qualified dividends already part of the ordinary dividends and I should just report the ordinary dividend ...
0
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0answers
18 views

Capital gains tax for F1 visa holders?

I am currently on F1 visa and planning to invest in U.S. stocks. Could someone explain how much is the tax on any capital gains? Both long term and short term?
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0answers
9 views

How do I use MI-1040D for capital gains/losses in other states?

Say we have a full-year nonresident of Michigan, who has wages of W, attributable to Michigan, and a capital gain of G from selling stocks. Since they are a nonresident, the capital gain should not ...
1
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0answers
49 views

Received a tax refund check after my business' checking account is closed and the entity's dissolved

I had an LLC and closed the LLC's checking account. Then the LLC was dissolved a few months back. A couple days ago, I found out that my business received a tax refund check two months ago, but I'm ...
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0answers
68 views

Forgot to check “Yes” in the question about the foreign account

In 2017, using Credit Karma, I filed a tax return by must have said "No" to the question about foreign accounts. The max aggregate balance of all my accounts in 2017 was under $10,000 so I didn't have ...
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0answers
22 views

Trading or Investing on Equities Annual Taxing in California

Trading Imagine an individual trading account for 2018 fiscal year increased from ~$100K to ~$200K Total amount of trading transactions were at >~$20M Imagine for a married couple with another ...
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0answers
21 views

Fed MED/EE, Fed OASDI/EE and CA OASDI/EE visa status F1 - OPT

When I worked as intern on CPT, my employer deducted the following taxes from my pay check: Fed MED/EE Fed OASDI/EE CA OASDI/EE My tax agent said I need to request them to get that back or fill a ...