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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.

2
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1answer
121 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
89 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
90 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
vote
3answers
215 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
votes
0answers
21 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, ...
0
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0answers
21 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 ...
2
votes
1answer
211 views

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

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
56 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
211 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
votes
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 ...
0
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0answers
23 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
vote
1answer
31 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
29 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?
1
vote
0answers
14 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
vote
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 ...
1
vote
0answers
101 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 ...
0
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0answers
23 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 ...
1
vote
0answers
118 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 ...
2
votes
0answers
64 views

Retiring to Europe from California-Implications for taxes, drivers license & voting

I retired & moved to Italy April 2018. I will be living in Europe for at least ten years. In filling out my California state tax form, there was a question regarding whether I moved out of the ...
0
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0answers
30 views

UK Limited company - confusion around National insurance thresholds and Employee Personnal allowance

I could not find answers to my question online, so I thought someone here might know what can be done regarding the below: I have a standard limited company with a 1185L tax code. Looking at: https:/...
1
vote
1answer
60 views

Can a corporation directly contribute to a personal HSA?

Personal HSA contributions are deductible but you still end up paying FICA (Social Security and Medicare) on the income prior to deduction. Same goes for the corporation that is paying you (they pay ...
2
votes
1answer
164 views

Old Barn House: Hidden Costs?

Thank you in advance, I never thought about money twice before visiting this site! Background Info: Germany. I am in my mid 20s. My long term boyfriend and I make around 100k a year together. He ...
0
votes
1answer
74 views

Paying my wife's LLC from my LLC and solo 401k contributions

My wife works as a consultant to a business I operate (a single-member LLC). Can I pay her business (also a single-member LLC) as a vendor? I would treat her payment as a contractor expense, and she ...
2
votes
1answer
77 views

Are two options ever too similar for taxes?

If I buy an option, wait 3 months, sell it, and then buy it back the next day, "wash sale" rules will apply. But, what happens when these three actions use slightly different options (e.g., strike ...
0
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0answers
21 views

Foreign company hire American and report income?

If a foreign company with no US tax identification number needs to pay someone in the United States for doing a small amount of work, how is that reported? On a 1099 one of the fields is "Payer TIN" (...
4
votes
2answers
3k views

Can I calculate next year's exemptions based on this year's refund/amount owed?

Every W4 calculator I've found makes you input a lot of data to figure out what next year's exemptions should be. Let's say I already take 10 exemptions and I owe, say, $5000 this year. Is there a ...
0
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0answers
31 views

Report 83(b) income with no W2/1099-MISC?

In early 2018 I made an 83(b) election with respect to some stock a company is granting to me over several years. That means I should be paying taxes now on all of that stock. From reading the ...
3
votes
1answer
99 views

Declaring taxable income for a minor in the United States

I am 16 years old, located in the United States (Texas), and I am currently embarking upon entrepreneurial endeavors. The main ways, via those aforementioned endeavors, that I would earn money are ...
0
votes
2answers
91 views

W2 & Self-Employment Tax - Taxed Twice?

If I'm paying self-employment tax on Schedule 4 (Other Taxes), why is my self-employment income also included in my taxable income? Aren't I being double taxed?
2
votes
0answers
21 views

Tax on Canadian investments for a Canadian expat in UK

I have never studied accounting before looking for some guidance on my issue. I have investments in Canada that I have to file tax returns for capital gains and dividend income. However my primary ...
0
votes
3answers
153 views

Income Tax Avoidance Strategies in the unlikely event you win the lottery? (United States)

Background: The young daughter of one of my friends is excited about collecting the Monopoly Cards at the supermarket in the hopes of winning a non-trivial prize. (So far, she has won four doughnuts.)...
2
votes
2answers
85 views

Do I have to report empty bank accounts on form 8938 “Statement of Specified Foreign Financial Assets”

I have empty bank accounts that I no longer use. It's unclear to me if I should report those accounts on form 8938.
0
votes
1answer
54 views

1099-Misc Box 3 income that maybe should be Box 7

As my main job, I am a college math professor (W2 wages). Last summer (2018), independent of my main employer, I worked teaching math to high school students and was paid 10K for it. I received a 1099-...
3
votes
3answers
240 views

As a short term trader, do I personally have to keep track of every wash sale for tax purposes? [duplicate]

New to trading, trying to understand how wash sales apply to short term trades that occur in the middle of the tax year. Consider the following scenario: Day 1: Buy 100 ABC for $10 Day 2: Sell 100 ...
6
votes
2answers
190 views

Television license tax in Switzerland as exchange student

My background: I am a Belgian student studying for 6 months in Lausanne (Switzerland) in an exchange program. Recently I received a letter where I was asked to pay a television license tax of 365 ...
3
votes
0answers
34 views

Reimburse Tax expense using UTMA?

The following story is all in Pennsylvania. In 2018 my daughter received a monetary inheritance, significant amount. It was deposited into a savings account that was made into an UTMA. My daughter ...
2
votes
1answer
62 views

Substantial presence test IRS

I am currently trying to determine my tax status. I am wondering if I should take 2019, 2018, and 2017 or rather 2018, 2017, and 2016 as the year set with which to determine if I am a resident for tax ...
3
votes
1answer
344 views

Should I be entering “0” or “-0-” on my 1040 form?

There are several instances on the instructions for "year-2018" 1040 form that indicate to fill in a "-0-". When filling out this form, should I really be entering a "-0-" or should I be entering a "0"...
0
votes
0answers
19 views

Question regarding filling federal taxes as a non resident

To claim an exception to the substantial presence test, I need to file a form 8843. I graduated from a college in US in 2017. Since then I have been working on OPT extension to my F1 Visa. Now, ...
0
votes
0answers
78 views

Apply Tax refund To Next Year

My husband sold inherited property in 2019. We are filing our 2018 return. We have about a $2,000 refund. Should we apply this to our 2019 tax return?
0
votes
1answer
29 views

1098T left off 2017 return

I forgot to include a form 1098T to my daughters 2017 tax return, she did recieve a refund for income she had during that year, the 1098T was from her fall semester at Texas A&M where she is ...
1
vote
2answers
52 views

How can I distinguish ordinary dividend from qualified dividend for when reporting amounts related to foreign financial assets in Turbotax (US taxes)?

How can I distinguish ordinary dividends from qualified dividends for when reporting amounts related to foreign financial assets (= hold in non-US brokerage accounts) on the Turbotax website when ...
1
vote
1answer
34 views

Selling ETFs in Roth IRA fund, in exchange to buy Bonds tax implications

I would like to sell ETFs in my Roth IRA fund, in exchange to buy Bonds. What are the tax implications of this? Even if the money is still held in the Roth IRA fund, would I get taxed?
0
votes
0answers
18 views

Which tax forms to file for money transferred for a purchase made on behalf of a foreign entity?

I'm in a weird situation, where over the course of the past year, I've been purchasing items on behalf of a relative in a foreign country using money that he has been transferring to me. The money ...
2
votes
2answers
92 views

401(k) distribution tax calculation

Wanting to receive $25k distribution from my fully vested 401k w/former employer. Figuring required 20% withdrawal penalty to be $5k (25,000 x20%), so my account balance would be reduced by a total ...
5
votes
2answers
746 views

Taxes on Dividends in a Roth IRA

Do I have to pay taxes on dividends that I receive from stocks in my Roth IRA? I'm aware that I won't pay taxes on my money if I take it out after age 59.5 or if I take out less than or equal to the ...
20
votes
2answers
7k views

15% tax on $7.5k earnings. Is that right?

This year is my first year in the USA. My sole earnings were an honorarium from a university for $7,500 -- reported on a 1099-MISC form in box 7. For this, I was on-site for a few days and talked ...
3
votes
2answers
85 views

UK Council Tax Premium on Empty Properties

I am renovating an old house to such an extent that I cannot live in it at the moment. This has been the case for long enough now that last tax year I had the 50% premium added to my council tax bill. ...
1
vote
2answers
49 views

From a legal point of view, how do I establish who the gift “receiver” is while transferring money from the US to India?

There is $14,000 per receiver per year federal gift tax exclusion limit while sending money from the US to India. From a legal stand point, how can I establish that I am sending the gift amount to ...
1
vote
1answer
34 views

Statement from investment bank changed after filing - Do I need to amend?

My investment bank, a big one, which we'll call "Bob's Investment Bank" for paranoia reasons, sent me my end of year statement in early February, 2019. My wife and I filed our taxes using the numbers ...