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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.

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1answer
37 views

Will I have to pay taxes if there are more than 10 lakhs worth of transactions?

I am a CSE student in a college Andhra Pradesh, India. My friend and I have created a web application to automate hostel payments with which students can pay their bills monthly. We use the PayTM web ...
2
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0answers
66 views
+50

Are LLC membership interest purchases taxable?

My job has offered me an associate position which means I will become a member in the LLC. The cost for 250 units (membership interest 2.25%) is $25,000. I will get profit sharing of 2.25%. The LLC ...
2
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0answers
50 views

how does paying back a sign on bonus affect your income taxes?

It's not uncommon for sign on bonuses to have a provision wherein if you leave the company before a certain period of time (let's say 2 years) that you have to pay back the sign on bonus in full. My ...
2
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0answers
22 views

RSU taxation: am I being over-taxed?

I'll preface the details here by saying that I'm guessing the answer to the question is no, but I'm trying to understand what piece of information I'm missing here with regards to the following ...
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1answer
93 views

Tax Loss Harvesting and RSUs

I routinely sell my RSUs as soon as they vest, but this previous vesting period -- I did not. Sadly, the stock declined ~25 percent since that time. Some key notes. This would be a short-term sale ...
5
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1answer
75 views

HSA and Medicare: what if I get laid off?

I'm approaching 65; will continue working for a large company; will not be taking Social Security; have a high deductible insurance plan through my company which I will continue using (so will not ...
1
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1answer
82 views

What should/can I do, now that I’ve closed the single-member LLC I used for freelancing?

I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed ...
0
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1answer
72 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
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1answer
43 views

Shouldn't the rebalancing of an ETF result in profit/loss

My understanding is that an ETF is a basket of a variety of stocks. When that basket is rebalanced and some stocks are sold and others are bought, won't that result in a profit/loss in the same way ...
3
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3answers
2k views

Understanding my company's liabilities

I am seeking to close a UK business I own but I am worried about being hit with a huge tax bill. I have been provided a balance sheet which states the following: TOTAL ASSETS LESS CURRENT ...
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0answers
97 views

I have been asked what financial services you're offering? [on hold]

I'm selling digital currency and wanted to pay tax so I filled out the form and sent it to the tax agency. In response they asked me this question and I don't know what they really mean: What ...
0
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0answers
46 views

Taxes and Minecraft servers [duplicate]

I am a teenager who plans to start a Minecraft server. I live in the United States and I assume that I will need to pay taxes. My parents want to find out more about the taxes. I've read a couple of ...
8
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1answer
244 views

If I claim my parent on taxes does that make me responsible for their past debts?

I have supported my parent for most of the year and paid for everything. Housing/food/transportation and other things. So I want to claim them on my taxes. My concern is this: They have a large ...
98
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13answers
22k views

Isn't “I bought [blank] as a tax writeoff” complete nonsense?

There's a trope in movies where people do something to keep from being bumped into a higher tax bracket (For example, in The Big Lebowski: "I'll have to check with my accountant, but it might bump me ...
1
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3answers
163 views

Can I claim a tax deduction for my occupational physical therapy if I'm an independent contractor?

I'm an independent contractor doing web development consulting. Due to the nature of my work, I am constantly sitting still - many times with bad posture. This has caused me to have back soreness and ...
3
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1answer
151 views

Transferring money to India from UK?

I am a Indian Resident and moved to UK for company assignment for short period. In UK, Company giving me some amount for my expense on which i am not paying any tax. I am managing to save some money. ...
2
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1answer
118 views

Is there any downside in converting a traditional IRA account to a Roth IRA, if the contributions to the traditional IRA cannot be deducted?

Is there any downside in converting a traditional IRA account to a Roth IRA, if the contributions to the traditional IRA cannot be deducted? Let's assume that the traditional IRA account hasn't made ...
1
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2answers
3k views

Have I been paying double taxes on my RSUs for 3 years?

I have been receiving RSU grants from my employer every year, and was exercising them and selling them soon after. E-Trade(employer provided brokerage account) tells me they withheld taxes at the time ...
0
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2answers
150 views

Germany tax refund

My fiancé and me are planning to get married before the end of this year. I'm Egyptian and he is German. Can we do the tax refund before the end of this year or we hv to wait till next may? Can we do ...
2
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0answers
53 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
2
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1answer
114 views

Transferring funds to India from US

I am an Indian citizen ending my PG studies in US as I'm unable to return to the US after an overseas trip because of visa issues. I wish to transfer savings from my US bank account to a savings ...
2
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2answers
35 views

Correcting a post-tax HSA deposit?

Due to a payroll error at work, my HSA contribution got put in twice for the first pay week. Once pre-tax and once post-tax. The extra total amount being in there is fine as it won't cause any limit ...
2
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1answer
99 views

Do I need to pay taxes if I receive money from my family (foreign country) in UK?

Actually this is for my sister, she lives in London and I want to send her money from USA to her bank account. Will that transfer affect the taxes she must pay?
4
votes
1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
1
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0answers
56 views

Bonus which will have to be paid back [duplicate]

I received a retention bonus during the tax year 18, with the clause that if I leave within the year I have to pay back the full amount. I will hand in my resignation and will have to pay back bonus ...
1
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1answer
43 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 ...
7
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1answer
447 views

Wealthfront tax loss harvesting + Vanguard target date?

I'm thinking of turning on Wealthfront's tax loss harvesting, but want to avoid any "wash sales". The only securities I have outside Wealthfront are Vanguard target date funds in some companies' 401k ...
3
votes
1answer
26 views

Clarification regarding disqualified income for Earned Income Credit (EITC or EIC)

I'm a graduate student with several kids. Right now I'm trying to leverage my temporarily diminished income by "backdoor" rolling-over my 401k account to a Roth IRA account, without inadvertently ...
4
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1answer
52 views

Is compensation for European flight cancellation taxable in India?

Here is the situation: Indian resident receives compensation (under EC Regulation 261/2004) for cancelled flights while on business travel within EU. Is it taxable in India?
0
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1answer
128 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
0
votes
1answer
54 views

Does a gain in one brokerage account and a loss in another brokerage balance each other out for tax purposes?

I have different investments in two different brokerage accounts A and B. Investments in A are up 500 and in B are down 500. If I were to sell both of these in the same year (without any other losses ...
4
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1answer
213 views

Tax implications of non-US person family member gifting big amount of money to US resident

Let's say person A is person B's dad. Person A lives in Europe and is not in any way a US citizen/resident etc... Person B is a US resident (is there a difference between citizen and just a resident?)....
2
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1answer
53 views

Does SE income for taxes have to be paid in the year or just earned?

If I earn self-employment income for, e.g, taking someone's photo in late December but don't receive payment for that service until January and my tax year matched the calendar year, does that income ...
5
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1answer
216 views

Can suspended passive losses of a former passive activity be used to offset capital gains on a current passive activity?

I had two rental properties, each of which had its own column on Schedule E. I purchased one in 2001 and one in 2007. The 2001 property has had minor Schedule E losses along the way, and has built up ...
0
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1answer
32 views

Considerations re: LLC on SSDI

I am disabled and receive SSDI. I will have some money from inheritance and insurance settlement from an injury. I'd like to put the money into an LLC (for shelter, exclusion and self directed ...
1
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1answer
40 views

Calculating the basis for shares of international stock mutual fund

I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
1
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0answers
35 views

What are the US tax implications of owning a controlling stake in a UK private limited company?

I'm currently a US resident alien. What are the tax implications of owning a controlling stake in a UK private limited company? It is unclear how complex filing is and what financial implications ...
0
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2answers
115 views

What would be my Indian Income Tax if my salary is 15 lacs per annum

This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept. I'm currently considering an offer and would like to ...
2
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0answers
43 views

Canadian gifting a biological parent living in and citizen of the US

As a Canadian Citizen I have given (gifted) in excess of 100K US to my adult child (US Citizen) living in the US with no tax implications other than him filling out the proper form to acknowledge it. ...
2
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1answer
76 views

Is my 83(b) election still valid?

In 2016 I filed an 83(b) election for some ISOs I received as part of my employee compensation. I did not completely understand the 83(b) election when I made it, I still don't to be honest. There are ...
2
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1answer
45 views

Paying tax in the UK for Fixed Deposit (Term Deposit) interest earned in India on NRE Account?

I am an Indian citizen (Indian domiciled via father's citizenship) currently residing in the UK. I intend to take up permanent residency in the UK when applicable but also continue to use my Indian ...
1
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1answer
400 views

How do I handle forfeited dependent care FSA money on my taxes?

I forfeited $1300 in dependent care FSA (missed deadline). I spent $3800 total on daycare expenses. $1300 showed up on my W2 form. I use Turbotax. Do I need to do anything different on my tax forms ...
0
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1answer
24 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
2
votes
1answer
658 views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
2
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1answer
153 views

How is prize money taxed in India?

I have won a programming competition based in US, and i will be getting $800 from the US based company. They are telling me that they will pay the taxes already and will give me the full amount. Now, ...
0
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1answer
235 views

Income code 37 from 1042-S in 1040NR

I have received 1042-S which contain income code 37, which is the return of capital. This amount is not taxable to me and the amount withheld was already repaid to me. Is there a need to report it ...
2
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2answers
35 views

Does date of sending or receiving money count for tax?

I am to receive a sign on bonus. In 2018 I earned not much money but in 2019 I will, because of the new job. My employer agreed to send the money on signing in 2018 as this makes quite a difference in ...
2
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1answer
86 views

india : income tax liability on leaves encashment

I have changed my job from a govt company to a private company. At the time of final settlement in the govt company, I have got some money as leaves encashment. Am I liable to pay income tax on that.
2
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0answers
15 views

Do I need to Re-file my taxes (1040x) once I receive healthcare marketplace exemption certificate?

This pertains to tax year 2017. My girlfriend filed her taxes and filled out form 8965 (healthcare coverage exemptions form). She checked the box indicating that she had a "pending" hardship exemption ...
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1answer
162 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...