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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.

47
votes
4answers
5k views

Recent graduate with new job: Choose Roth 401(k), or traditional 401(k)?

I just graduated, and I'm starting a new job soon. My employer has pretty good policy for matching 401(k) contributions, so I want to invest as much as possible, especially during this first year. My ...
4
votes
1answer
292 views

Tax on money withdrawn from Roth 401(k) and Roth IRA when living outside the United States and over 59.5-year-old

I am over 59.5 year-old and live in the United States. I contributed to Roth 401(k) as well as Roth IRA. Money withdrawn from Roth 401(k) or Roth IRA is not taxed in the United States as I am over 59....
18
votes
3answers
9k views

How should I handle taxes for Minecraft server donations?

I run a Minecraft server and there is a donation button so players can help support the costs. I pay out of pocket for the rest, it's $125/mo. The money they donate goes right to paypal which is ...
7
votes
2answers
67k views

Money transfer from India to USA

My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want ...
7
votes
2answers
8k views

Are tax federal or state tax refunds taxable in the next tax year?

If I get a refund from IRS and or from a state tax agency, will that refund be considered taxable income for the next year's federal or state income taxes?
22
votes
3answers
138k views

If I leave my job, what happens to my flexible spending account?

I am about to decide how much money to set aside for my 2013 Flexible Spending Account (FSA). (The max this year is $2500.) But I am wondering what happens if I switch employers during the year. Does ...
5
votes
1answer
526 views

Wash sale rule + Mutual Funds/ETFs?

According to IRS rules, you can't sell a security, take a capital loss on your taxes, and then buy back the same or a "substantially identical" security within 30 days. However, "substantially ...
7
votes
1answer
1k views

“Cap gains exposure” of an ETF — what does it mean?

Morningstar provides an ETF data point called potential cap gains exposure. For example, here is Vanguard's Europe ETF (VGK): This value is negative 78% for VGK. I understand that this is a good ...
3
votes
1answer
955 views

What do the components of the taxable income in the Schedule D Tax Worksheet mean?

The Schedule D tax worksheet calculates the tax on the taxable income by first decomposing the taxable income in line 1 into lines 19, 20, 28, 31, 37 and 40, then taxing on them at different tax ...
12
votes
2answers
12k views

How can I avoid being fined or penalized because my accountant might have failed to file my taxes on time?

I decided to use a CPA because my tax situation got complicated this year. I have attempted to contact my accountant several times and cannot get a response from him at all. It is now after the ...
6
votes
1answer
3k views

Do I have to pay taxes in the US if my online store sells to US customers even though I don't live in the US?

I own a website and I sell digital content. I'm a nonresident alien with the US. Most of my customers are US based so I was wondering will I have to pay any taxes to the US? I have read that For ...
2
votes
1answer
878 views

Deduct Health Care Premiums for Family When Employer Only Pays for Me

My employer offers insurance coverage, pays a substantial amount for me, but pays nothing for my spouse or my children. The difference in cost is around $127/month for myself and $1,330/month if I ...
32
votes
5answers
3k views

Pros/Cons of a Health Savings Account (HSA) in the USA?

I am wanting to know the real benefits or pros/cons of a HSA in the USA. I have now been given the option of signing up for one due to healthcare changes. I understand some of the basics, but after ...
7
votes
1answer
284 views

New to working as an independent contractor, what do?

I'm already in the independent contractor boat. So my next steps are to learn how to pay quarterly IRS payments (fun). Should I just follow the form or do I need to use a software tool to better ...
1
vote
2answers
4k views

How do you declare an interest free loan?

In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan. Respecting the wisdom of the people who said that, I'm unclear ...
15
votes
2answers
26k views

ITIN Application - IRS requesting original passport

I have filed joint tax return for 2012 tax year. My wife is not eligible for SSN (she's on H4 visa) so we included the W7 form (application for ITIN) into the package. This year the rules became more ...
9
votes
1answer
1k views

Determining the minimum dividend that should be paid from my S corporation

I am the sole shareholder and only employee of an S corporation. I understand that all profits of the corporation are passed through and taxed as income to me. I also understand that all dividends ...
4
votes
2answers
4k views

FICA was not withheld from my paycheck

Hello personal finance, I was filing my taxes for 2016 and I just found out that I transitioned from Non-Resident-Alien to Resident Alien around September last year by passing substantial presence ...
3
votes
2answers
1k views

I have $20k of imaginary gains from trading last year due to wash sale rules. Should/can I take mark to market?

I have traded for most of the year while I work at my full time job as a software developer. I am using it to augment my income. I like working in academia but it just doesn't pay that well! I started ...
10
votes
2answers
6k views

Graduate student stipend 1099-misc taxes seem to be coming out too high. Am I doing something wrong?

I am a graduate student and I receive a stipend that pays my living expenses, through a national fellowship that I was awarded. The fellowship never withholds taxes of any kind, and so I have been ...
8
votes
1answer
440 views

Convert Traditional IRA to Roth IRA when income limits are not satisfied by Roth IRA?

Our household MAGI (Modified Adjusted Gross Income) does not allow us to contribute the full amount to a Roth IRA for 2010. In that case is converting some part of Traditional IRA to Roth to complete ...
8
votes
1answer
983 views

Do I include small amounts of interest on my taxes if they didn't send a 1099-INT?

One of my bank accounts earned $1.50 for the entire year. Because the amount is under $10 they did not send a 1099-INT form. Is this bank policy or IRS policy? Does that $1.50 need to be reported? ...
5
votes
2answers
26k views

Do I have to pay a capital gains tax if I rebuy the same stock within 30 days?

My question is similar to this question except that I would be buying the same stock within the wash-rule period. If I sell a stock at a profit, and then use that money to re-purchase the same stock ...
4
votes
1answer
227 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?)....
3
votes
1answer
1k views

Am I eligible for a refund of Social Security and Medicare taxes for when I was on an F-1 visa?

This question is for a friend. They came to the United States as a student in 2009 on OPT/F-1 visa. In November of 2011 they started to work for the Department of Defense as a teacher. They had Social ...
3
votes
1answer
173 views

How to bring my assets to US

I am a naturalized US citizen. I want to bring my assets from India to US. My assets are sold and in a bank account. What are the steps to bring the money to the US? It is worth 1.25 Crore and I have ...
78
votes
4answers
13k views

The USA “self-employment tax dodge” mystery

For non-US readers: In the US, for those who are self-employed, there are many specific taxes. One particular tax is the confusingly named "The Self-Employment Tax". Thus, if you are self-employed, ...
37
votes
6answers
5k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
11
votes
2answers
100k views

Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?

I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast. If I'm going ...
15
votes
2answers
41k views

How to determine contractor hourly rate and employee salary equivalents?

I am aware of the general differences between being an employee and being an independent contractor. However, I am unable to easily compare the two when it comes to after-tax compensation. Company A:...
11
votes
3answers
2k views

Withdrawing qualified HSA expenses many years later, to earn interest?

Say I have $2000 in my HSA account and have a $1000 medical bill in 2012. If I were to pay the $1000 bill out of pocket and let that $1k left earn interest in my HSA for a significant amount of time (...
9
votes
4answers
27k views

Sales Tax: Rounded Then Totaled or Totaled Then Rounded?

E.g. There is a sale with 3 items, each costing $1.00. Sales tax is 12.4%. In calculating the tax for each item, do I round the tax amount first and then total everything up? Like this: ITEM 1: $1.00 ...
15
votes
2answers
14k views

Get a human when calling the IRS hotline 800-829-1040 with a question about your taxes?

How do I get to a human when calling the IRS? I keep hitting stupid automated robots.
40
votes
12answers
23k views

Why do Americans have to file taxes, even if their only source of income is from a regular job?

I live in Europe (Czech Republic) and as long as I'm simply employed at a company, I don't need to file any taxes on my own (I assume the financial department does that for me automatically). Why is ...
17
votes
2answers
5k views

Bringing bitcoin into US, what taxes should I expect?

My friend owns roughly $1M USD worth of Bitcoin. These coins are sitting on a (backed up and encrypted) hard drive in Brasil. He bought these coins legitimately, and has the paper trail to prove it. ...
25
votes
3answers
7k views

Am I obligated to file through a tax preparer after an unsatisfactory consultation?

I have been doing my taxes for 25 years with TurboTax. Like others, I was a bit upset at them for doubling the price of their software, so I decided I would make an appointment with H&R Block, ...
9
votes
3answers
592 views

Can you step up your cost basis indefinitely via the 0% capital gains rate?

I had asked a previous question about moving money between mutual funds without taxation due to the 0% capital gains rate for those in low tax brackets. However, I realized that this 0% rate actually ...
8
votes
2answers
18k views

Tax implications for a 100% 401k contribution limit

My company permits a contribution of a 100% of the paycheck towards the 401k. My question is, if I were to pick a 100% contribution amount, would I be liable for any taxes in the number of paychecks ...
3
votes
4answers
307 views

Can a regular salaried (w2) employee opt to pay quarterly taxes?

As a consultant, I got used to paying quarterly taxes. Now that I'm a regular w2 salaried employee, I'm subject to normal withholding on each pay statement. I would like to keep making exact quarterly ...
22
votes
2answers
7k views

Using fiancée's money to pay off my student debt

I have a student loan in my name and I just got engaged (Yay!) about 2 months ago. My fiancée has been saving up and is really interested in helping us get out of debt before the wedding. I think we ...
13
votes
9answers
6k views

Has anyone compared an in-person Tax Advisor to software like Turbo Tax?

I've always been curious whether an in-person "tax man" would be able to save me any more money on my taxes. They normally charge more, so I've never done that. I have noticed that some softwares ...
12
votes
5answers
2k views

What should I do with the stock from my Employee Stock Purchase Plan?

I've got an employee stock purchase plan program. The details are a little tricksy, but I basically get to buy about 2500 shares of company stock at something like $2.33/share... and the stock has ...
5
votes
3answers
3k views

Is it legal to receive/send “gifts” of Non-Trivial Amounts to a “friend”?

This can be illustrated in many ways. But for the sake of a concrete example, let's assume a sample scenario: We have an employer (Mr-A) and his employee (Mr-B) also happens to be his "good friend". ...
5
votes
2answers
4k views

American living abroad and not working for an American company - tax reporting and bank accounts

I hope this question is appropriate for SE Money but based on this one I think it is U.S. citizen, working for U.S. company, living in Mexico: Where do I pay taxes? If you are an American citizen not ...
4
votes
1answer
920 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 ...
4
votes
2answers
684 views

Should I pay off my braces all at once so that I can write them off this year as a health expense?

Should I pay off my braces all at once so that I can write them off this year as a health expense? Or should I pay off my braces over the long haul? P.S. I live in Pennsylvania.
2
votes
2answers
511 views

How are various types of income taxed differently in the USA?

From Dilip's reply when you make a withdrawal from your Traditional IRA, no matter which of your various IRA accounts you take the money from, part of the money is deemed to be taken from the ...
2
votes
2answers
146 views

How can I determine my basis for a gift of mutual funds?

My parents, saving for college many (20+?) years ago, purchased some Evergreen mutual funds for each of their children. I believe the accounts were established in the children's names. Thanks to some ...
2
votes
2answers
1k views

Tax On Unsold Mined Bitcoin

US Tax Question Suppose that John Doe mines 100 bitcoin at $0.11 each ($11) and doesn't sell them, but keeps them in a wallet. Does he pay taxes the year he mined them at the price he mined them for,...
1
vote
2answers
3k views

Are there taxes for exchanging goods in a barter transaction?

For example, if I trade someone 10 apples for 10 strawberries, do I or my trading partner need to pay taxes? Do I need to pay taxes if I do business without using officially issued currencies? If ...