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.
5,336
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Does money paid in lieu of dividend count against qualified dividend income?
I am short an ETF and will pay the dividend to whoever owns the ETF, in lieu of dividend. However, most of my dividend income is in the form of qualified dividends.
Will the payment in lieu of ...
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Declaring foreign interest in 1040 and FBAR
I am a foreign national (and a resident alien for tax year 2022) working in the United States. I am on a J1 Research Scholar visa. I have received W2 for my salary from an US University and I have a ...
- 16.4k
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How to determine if a mutual fund sale is a gift or purchased if sold from a transferred account?
I received ownership of a mutual fund account from my father about 15 years ago which I have continued using. Turbotax has just started asking me this year how I received the investments that were ...
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Foreign Earned Income Exclusion (FEIE) and future qualifications
I've used the FEIE in the past and haven't had any issues. TurboTax is now telling me that since I left the US in July, and thus don't have 330 days required for the physical presence test yet, that ...
- 148k
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Do I need to pay tax in Italy if I'm inheritating in France?
I am inheriting 100k€ in my home country, France. The account is a french one. However, I am currently residing in Italy (I got an italian ID card, work, pay my taxes and live there 99% of the year). ...
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When do I include solar credits on my taxes if they are contracted and installed in different years?
In California, USA, in October of 2022 I signed a contract, paid a deposit, and began making payments (10 year term) on solar panels for an investment property
The unusually stormy season has delayed ...
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On my tax status and the substantial presence test for F1 student on OPT
I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students.
I got my F1 visa and have been ...
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When do I include a new roof on my taxes if contract and install are in different years?
In California, USA, in October of 2022 I signed a contract, paid a deposit, and began making payments (10 year term) on a new roof for an investment property.
The unusually stormy season has delayed ...
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Where can I see on Merrill Edge the sum of the dividends and distributions that were from a foreign country or U.S. possession in a given year?
When preparing my US taxes, I need to indicate the sum of my dividends and distributions that were from a foreign country or U.S. possession in a given year. E.g., in TurboTax:
Where can I see on ...
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1
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H1B & H4 Married Filling Jointly+ITIN with less than 183 days in Substantial Presence Test
I'm on H1B visa and my spouse is on H4 visa. We both came to US on Sep 2022 & We have been in USA for 113 days in 2022 and 0 days in 2021 & 2020. Can we file Married filing jointly as Resident ...
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Cross border gifting (US and Canada)
I wanted to know what's the tax implication if I am a US citizen gifting money to someone in Canada who is neither a Canadian nor a US citizen. Does the gift tax applies?
Share your resources please.
...
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How are taxes calculated for a resident alien cashing out assets that gained value 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 financial ...
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Should I claim medical expense before insurance made final determination?
A family member has had a surgery at the end of last year. So far the insurance claim has been rejected because the doctor did not report it properly. I have no idea when that will be resolved and ...
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4
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Why are estimated taxes due "one month early" for the 2nd and 3rd quarters only?
According to the United States internal revenue service, federal estimated tax payments are due on this schedule:
April 15
June 15
September 15
January 15 (of the next year)
June is only two months ...
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5
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Can a 13-year-old in the UK accept freelance work?
I am 13 years old and I live in the UK. I love coding and creating websites, so I thought I would turn it into a kind of business.
I am thinking of starting as a sole trader and doing bits of work for ...
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2
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Are there any taxes due when exercising ISOs?
I had some ISOs from a US-based startup. I held these for a few years already if that matters. I wanted to exercise 900 shares at $3.3, for some reason the total I need to pay is $16.5K. Main reason ...
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Can I receive APTC if I am on F1?
Last year I used the marketplace (healthcare.gov) to get health insurance for myself (F1) and my dependents (F2). Based on the information and documents I provided, they found me eligible and gave my ...
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2
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Is laminate flooring an "Improvement" or "Depreciable Property"?
My question assumes MACRS GDS depreciation, in the United States.
I converted my primary residence to a rental property last year. While I still lived there, I installed laminate flooring in some of ...
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1
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US inheritance tax on Irish index fund held by non-US resident via US broker?
I am a non-US resident who has an account with a US-based broker. I have invested in an Irish-based index fund that tracks the S&P 500. I'm concerned about my children having to pay inheritance ...
- 148k
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1
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If the highest federal marginal tax rate is 33% and the highest Ontario provincial marginal tax rate is 13.16%, why can marginal rate by 53.36%?
The highest marginal federal tax rate in Canada is 33% and the highest marginal provincial tax rate in Ontario is 13.16% (source: Government of Canada tax rates webpage)
Adding these together, the ...
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If I file a W8-BEN form, is a 1042 necessary?
I am a Costa Rican national, living in Costa Rica and I do not spend 183 days a year in the US. I opened an investment account with a US broker, TradeStation, and they asked me to fill out a W8-BEN ...
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Covered call selling and wash sale or potential IRS problems?
I have a stock position that went south really quick and I have been holding on for about 5 months now. My last average down was 4 months ago.
My average price is $12 and the stock is currently ...
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Does one have to pay taxes on the money given by the US government for bribes, espionage, etc?
If the FBI pays you to be an informant, or the CIA pays you to steal secrets (and you file taxes in the US), do you get a 1099 at the end of the year? Do they take taxes off the top? Or is it ...
0
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1
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How I get federal tax extension granted proof when Form 4868 was mailed?
I mailed Form 4868 Extension of Time To File U.S. Individual Income Tax Return. How does one get a proof whether the extension was granted? Does IRS send any letter?
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4
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Does every US state set its standard deduction to match the federal one? Why?
The United States' 2017 Tax Cuts and Jobs Act nearly doubled the U.S. federal income tax's standard deduction from its 2017 level, starting in 2018. My state also increased its income tax standard ...
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2
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Revolut account and taxation
I have one account from Revolut and one account from my Country (EU).
Some friends will send me some money in revolut for a job.
At the end of the year, I have to report this money for taxation or ...
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Single Member S-Corp Main Asset Sale
We have a single member S-Corp with a single main asset which is a website that has been operated for 12 years. We are currently looking to sell this website and I'm wondering how this will be taxed ...
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Independent contractor taxes with J1 visa
I have a J-1 visa as Research Scholar to pursue full-time research at an American university.
The visa is sponsored by the university and expires on June 2023.
I am planning to move back to Europe ...
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Taxes Delaware Inc if there is no physical presence
On Carta and elsehwere I have read the following:
Delaware also doesn’t require any state taxes for companies that are
registered there but aren’t physically located in the state.
What exactly is ...
- 148k
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1
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H4 Substantial Presence Test
I am a resident alien for tax purposes, for 2022 (H1B visa). My wife is on H4 dependent visa in the USA. We have been in USA for 130 days in 2022, 241 days in 2021 and all of 2020. She has a valid ...
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1
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Do you really get double penalized for rolling HSA excess contributions to the next year?
I'm filing my taxes with HR Block and I'm concerned that what I'm being told about my excess HSA contribution may not be accurate. I'm told that if I roll the excess into the next year then:
I pay ...
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Filing tax return and estimated payment without ITIN
I married to an international person in 2022 who doesn't have SSN or ITIN. My spouse will be coming to the US in late April and I am preparing our taxes with married filing jointly. Since it will be ...
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Can I use my Summary of Payments as proof of Health Expenditure?
Last year was an expensive one for my family health-care wise. I have downloaded all my family's Summary of Payments from my insurer, and I was hoping to keep hold of those as my proof of expenditure ...
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Net unrealized appreciation only applies to pre-tax 401k?
I just want to confirm that NUA only applies to pre-tax 401k because a post-tax 401k/ira doesn't have any taxes for withdrawals. Or am I misunderstanding something?
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What is the law/regulation which prohibits brokers from reporting basis on RSUs?
As far back as I can remember, the basis reported by my broker on my 1099 for vested RSUs has always been $0. Every year I receive a letter informing me that my broker is legally not allowed to report ...
- 148k
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Can closing a covered call and opening a new covered call trigger a 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 ...
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What to know when buying a used car from Canada?
I'm in the market for a used pickup and I found one with the options I like, but it's in Canada (I'm in the USA). I'm mostly concerned about crossing the border on the way back - it's just a bill of ...
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J-1 tax refund or debt?
I have a question regarding my tax return. Last year I worked in the US with a J-1 visa. Besides my wage I received rental reimbursement for bringing my own laptop and a housing allowance. My employer ...
4
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1
answer
495
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Canadian firm refuses to give me my T4 and R1 tax slips after promising to give it to me
Canadian firm refuses to give me my T4 and R1 tax slips after promising to give it to me. I worked for them for 3 years and left them a few months ago. What can I do in this situation? It seems like ...
4
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1
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What are "Tax Relief Fees" on American Depositary Receipt (ADR) dividends?
I noticed that a "Tax Relief Fee" is usually deducted from ADR dividends. Consider AXA ADR's (OTC: AXAHY) 2020 cash dividend announcement, which includes a "Tax Relief Fee" of $0....
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Form 1099-S issued in conjunction with 1031 like-kind exchange
During 2022, I performed a 1031 like-kind exchange, in which I sold a piece of undeveloped land, and used the proceeds towards purchase of a vacation rental house. (This is a way of deferring capital-...
- 148k
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5
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Prepaying tax vs. estimated tax
Does the US government really care whether tax payments during the year are filed as quarterly Estimated Income Tax versus a single prepayment before year's end of >90% of the previous year's tax ...
- 1,688
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1
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If a US tax resident buys some shares in a municipal money fund and sells them shortly after, do they incur any taxes?
If a US tax resident buys some shares in a municipal money fund (e.g., Schwab Municipal Money Fund SWTXX) and sells them shortly after, do they incur any taxes? The municipal money fund is advertised ...
- 148k
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0
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Tax treaty details on RSU (W8 Form)
I am working from India in US based org and got the RSU, wo need to fill the W8 form and need help on below:
Please select the Article, Paragraph, rate of withholding and income types claimed below:
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145
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Exercised stock options, the company was bought/merged after several years, my stock was sold - what are my tax implications?
I bought the options I had vested in the Company upon leaving (United States). After several years the Company was bought/merged into another, and my stock was paid out.
From my understanding:
The ...
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Does the pro rate rule on taxes for backdoor Roth IRA conversion apply if you have multiple Roth NOT traditional IRAs?
This is a follow up of the question here about rolling over traditional IRAs to 401k.
The pro rata rule looks at the amounts in all your traditional IRAs when you do a backdoor Roth conversion. Does ...
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1
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H1B married to F1 visa now has H4 visa and both have been in the US for 5 years and both are working can file taxes as married filing separately?
If recently married with both spouses have been in the US for 5 years and both work full time in the US as a H1B and H4, can we file as residents married filing separately? Both have a social security ...
- 148k
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I'm self employed and I 1099 someone on my Schedule C. This person also happens to watch my kids as daycare, can I double dip the expense?
I am self employed and I have a worker that I issue a 1099. This person helps me around and picks up my kids and watch them as childcare service. I know I can deduct the 1099 income as an expense on ...
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3
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591
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Best Way To Pay Taxes on Dividends and Capital Gains?
My dividends and capital gains are now a large enough percentage of my total annual income to be a tax burden and require advance tax planning, so what's the best way to pay the additional tax due:
a) ...
- 125k
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61
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NRI loan repayment in India
One NRI took loan from me (also NRI) in Saudi Arabia, but about 2 months ago left for good to India.
Now he has no option but to pay me in India, this money that he will transfer to my account may ...
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