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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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 ...
0 votes
1 answer
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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 ...
3 votes
1 answer
172 views

Understanding UK split years and double taxation agreements

From Residence, Domicile and Remittance Basis Manual 12010: If during a year the individual starts to live or work abroad, or comes from abroad to live or work in the UK, the tax year will be split ...
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1 answer
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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 ...
1 vote
1 answer
190 views

Capital Gains tax on Spanish Stock US Resident

I have two questions, I think the first will be simpler. If buy an ADR stock in say Santander or Telefonica do I have pay Spanish capital gains on the stock and file a Spanish tax return when I sell ...
1 vote
1 answer
172 views

UK global consultant, living and working in different EU countries

I am due to move to Barcelona after living in Paris for 3 years, as property is cheaper there, but still close to international airport, which is ideal for my work. I now find myself in a situation ...
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 ...
1 vote
2 answers
371 views

Equivalence yearly salary (perm) and daily PAYE (contract) in UK

I have a permanent role in UK that pays £130,000 base salary plus a car allowance of about £6,900. I also receive a bonus (£20,000 per year). Finally my company contributes 10% to my pension plan,I ...
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1 answer
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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 answers
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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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2 answers
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American citizen consulting for a Danish entity over 30 day period - visa/taxes?

I am an American citizen who will be consulting for a Danish entity from July1st-July 31st for a fixed project with a fixed project value. As part of this work, I will attend a workshop in Brussels ...
2 votes
1 answer
592 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 ...
1 vote
1 answer
130 views

Can an F1 student file as resident alien? (less than 5 years)

I'm a foreign student on F1. I came to the US in 2018. I stayed in the US for 350 days in 2019. I'm aware of the substantial presence test that determines whether I should file as resident alien or ...
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2 answers
286 views

rejected maybe from 8812, cannot find error based on irs search tool

Issue : Business Rule IND-454 - If RefundableCTCOrACTCAmt in the return has a value greater than zero, and [ Schedule 8812 (Form 1040), MainHomeInUSOverHalfYrInd or BonaFidePRResidentInd is checked ], ...
5 votes
1 answer
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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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2 answers
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LLC Partnership Foreign Partner

My wife and I run an LLC in CA. I am a citizen and my wife is French with a permanent resident card. We are equal members of our LLC Partnership. I filed with TurboTax for our business and when asked ...
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1 answer
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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 ...
0 votes
1 answer
119 views

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. ...
2 votes
1 answer
187 views

What is the tax status of assets recovered via bankruptcy proceedings?

Say someone held some non-cash assets (shares, cryptocurrency, etc.) with a third-party business that went bankrupt. They become a creditor in the bankruptcy proceedings, lose access to whatever ...
0 votes
1 answer
94 views

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 ...
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 ...
1 vote
1 answer
106 views

Does a resident alien need to pay taxes for cashing out crypto gained before moving to the US?

Let's assume that an alien who's never been to the US before moves there and becomes a resident alien for that financial year due to fulfilling their substantial presence. The alien owns crypto funds ...
3 votes
1 answer
779 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 ...
3 votes
1 answer
394 views

US Citizen married to EU citizen, working for UK company and remotely for US company - Taxes?

A bit confusing to word the question, but I am a US citizen with a 5-year visa allowing me to work and live in the UK full-time (family member visa - wife is EU citizen). I work remotely as an ...
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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? ...
0 votes
1 answer
122 views

Thoughts on this wash sale scenario

I traded options and believe had several wash sales. Does it matter if they're puts or calls or sell to close or expired? Is it possible they're not wash sales as wash sales are not indicated on my ...
1 vote
1 answer
58 views

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 ...
0 votes
1 answer
71 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 ...
6 votes
2 answers
338 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
1 vote
1 answer
221 views

Taxes/Investing in Gold and Silver

I am a 19 year old college student and a US resident. I recently got a job and am making $15/hr (which may increase) ~15 hrs per week. I live with my parents and have no expenses. I want to save/...
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1 answer
51 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 ...
0 votes
1 answer
46 views

How to account for a investment income on estimated tax?

I had a short-term investment payoff $40k. This figure will appear on the K-1 which I will receive in August. Meanwhile, what's the easiest place to stick this figure somewhere while doing estimated ...
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 ...
5 votes
2 answers
552 views

Tax implications of receiving Bitcoin as a gift from abroad

What kind of taxes I would need to pay for receiving bitcoin gift (>100k USD) from foreign relative (Russia -> USA)? As I understand, I would not need to pay any tax at the receiving date, as ...
4 votes
1 answer
216 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 ...
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 ...
2 votes
1 answer
124 views

Does the simplified flat rate for meals already reflect the 50% deduction?

In Canadian taxes for the self employed, they offer a simplified method for meal deductions with a flat rate per meal and/or a max per day. Do the amounts mentioned already factor in the 50% you're ...
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, ...
1 vote
1 answer
191 views

Google Play Console - Fill tax information

I appreciate any help anyone can give me with this. I believe many other people are facing the same problem so this question could act as a reference point for them. I am trying to fill my tax ...
0 votes
1 answer
83 views

SAFE Notes and taxes

If you are an advisor or a software developer and the company that you advise/consult for, pays you 10K USD, then you pay tax on the 10K received eventually. But if you chose to opt for 10K USD worth ...
1 vote
1 answer
124 views

Amended tax return (child tax credit). Received refund of $1207 instead of $1500

Due to lost SSN mail I was unable to claim full child tax credit on my original 2018 and 2019 tax returns. So I was getting $500 child tax credit instead of $2000. After finally learning the SSN for ...
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/...
1 vote
1 answer
33 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 ...
0 votes
1 answer
48 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
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 ...
7 votes
1 answer
21k views

Difference between 1099-DIV and 1099-B forms

I was wondering about the differences between 1099-DIV and 1099-B forms. In the case of mutual funds, Is 1099-DIV for reporting investment income due to trading of the securities in a mutual fund, ...
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 ...
0 votes
1 answer
54 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 (...
2 votes
1 answer
53 views

Can child daycare expenses be deducted on IL state taxes?

Can child daycare expenses be deducted on IL state taxes? We're doing our own taxes and everything we've read has led us to believe that the answer is no, but just wanted to double-check to be ...
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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