Skip to main content

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.

Filter by
Sorted by
Tagged with
0 votes
1 answer
129 views

What business tax forms are impacted by adding an employer non-elective 401(k) contribution?

Bob is the owner and only employee of an S-corporation. For tax year 2023, he pays himself a salary of $150,000 and elects to defer $22,500 to a one-participant 401(k) plan. Bob also wants to add ...
3 votes
2 answers
2k views

How much money can be transferred from India to U.S. account to buy house

How much money can my father transfer from his India bank account to my U.S. bank account without both of us paying taxed on it ? It will be used to buy a house in the U.S.I was thinking of getting ...
0 votes
2 answers
27 views

1120s line Taxes and licenses

2024 will be my second tax return for my s-corporation. On March 2024 I paid income tax of $389 for 2023. Do I need to include $389 in 1120s line Taxes and license when i will fill 2024 tax return?
0 votes
2 answers
158 views

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 ...
4 votes
1 answer
361 views

Fixed deposits in 10 banks vs Mutual Funds

This question is to be answered in terms of security of the money as well as how profitable the investment is. Let's say a person is in India under 30% tax slab. In India, FDs are more secure than ...
1 vote
1 answer
296 views

Why did the IRS refund me the penalty?

Assumptions (Normal w2 job, index fund investments with dividends but no taxes witheld no other weird financial products), For FY23, I had $56,472 owed and $47,392 paid thus requiring having to pay $...
0 votes
1 answer
18 views

J1 Internship Tax Years

I'll do an internship in the US for PhD students on a J1 visa. The internship starts in October 2024 and ends in mid-January 2025. As I understand, I must file a tax return since I earned income in ...
4 votes
1 answer
312 views

How to report losses on Treasury Bill sales?

I have an account at Fidelity. Last year I sold some Treasury Bills before they matured. Some of the sales were gains and others were losses. When I got my Fidelity tax package, it showed the gains as ...
0 votes
1 answer
83 views

401K Rollover Tax Question

I recently rolled over my employee 401k to an IRA at a different financial institution. In that 401k, I had made both taxable and nontaxable contributions. Since retiring, I’ve been receiving required ...
1 vote
0 answers
96 views

Can I be held liable for tax obligations by simply accepting Ordinary Shares without further action?

I've been granted the opportunity to accept a certain number of Ordinary (voting) shares with a nominal value of £0.01 each, along with an exercise option. This option allows me to exercise these ...
2 votes
1 answer
185 views

Filing an extension with IRS without an ITIN

I need to file a USA tax return as a non-resident alien. I have never filed a USA tax return before and don't have an ITIN. I need to apply for an extension beyond June 17 as I am awaiting a document ...
1 vote
1 answer
96 views

Form W8BEN-E type of beneficial owner

I just opened a FZE in UAE. An FZE is technically a LLC with a single shareholder, who owns 100% of shares, and who is also self-employed with a defined salary and a payroll. I'm filling out form ...
0 votes
1 answer
51 views

When Estonian private limited company has to provide annual tax report

I am trying to know the basics about taxation in Estonia. The question is if company was establish 09 of September, so when it should provide annual report? Please point me to some public documents. ...
0 votes
1 answer
46 views

How to Calculate Excess Real Estate Taxes with two home offices?

My wife and I each have a home office in our home. I am using Turbo Tax to do our taxes, and it seems that our property taxes exceeded the $10,000 deductible limit. We get asked the same question for ...
-1 votes
0 answers
44 views

Filling form 3520 for a foreign gift received

I am looking at form 3520. I am receiving an apartment from non US parent as a gift in my native country, which is where I live now as a naturalized US citizen. I know that if the value is over 100K I ...
4 votes
1 answer
2k views

Apartment from non-US parent abroad

If my non-US parent gives an apartment in my native country to me as a gift, vs I inherit this later, and then in the far future I decide to sell that apartment, when doing my US taxes at that time ...
2 votes
4 answers
5k views

Can you earn income and pay taxes to the United States government when you are a non-citizen and not living in USA?

I would like to do freelance work and earn income in United States dollars. I would like to pay taxes to the United States government. I have an SSN from the time that I actually lived, worked and ...
12 votes
5 answers
6k views

What happens when you don't pay your property taxes?

Do they just straight up foreclose on your house? Or does it just get tacked onto your outstanding IRS balance as just another form of debt? Could anyone provide some insight on how the escalation ...
0 votes
1 answer
80 views

Excess deferrals to after-tax, non-Roth 401k (just happened this paycheck) – just ask the plan for a reversal? Tax implications? MBDR implications?

It’s hard to google this/find this specific situation for advice. My last paycheck deferral on to my 401k (on 12/8/2023) resulted in exceeding the yearly maximum employer + employee = $66K limit. (2 ...
2 votes
2 answers
775 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-...
1 vote
1 answer
194 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 ...
4 votes
1 answer
310 views

Child account investment options (EU)

So, having two little ones, I decided to set up investment accounts for them. The idea is that these would be focused on long term buy&hold (mostly dividend growth stocks). Since I live in Austria/...
15 votes
2 answers
43k 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:...
2 votes
1 answer
257 views

Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA

I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
3 votes
1 answer
364 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 ...
1 vote
2 answers
207 views

Non Resident Indian taxes 2016

My husband is on F-1 OPT. We are filing Form 1040 NR (under married filing separately. Although I don't have any income. AM on F-2, not filing taxes). Together with the Form 1040 NR we are filing: ...
0 votes
2 answers
50 views

Investment property turned LLC

I recently turned my investment property into an LLC for liabiliy purposes. Now I want to sell it and my question is if I can deduct all my expenses from the sale like improving the vacant Lot into an ...
-5 votes
0 answers
118 views

How to keep capital deployed, while still being able to pay taxes?

I have some bearish bets on the market crashing within the next two years. If I'm right, I could potentially make up to a $70 million gain from the out of the money puts I've bought. More or less I ...
0 votes
2 answers
227 views

Tax for two fulltime jobs in the US and Germany for a non-US non-European citizen

I am a non-US + non-European citizen who is doing a postdoc in the US (under the J1 visa), in parallel, I have a full-time job (remote) in Germany. What will happen to my tax, shall I pay any extra ...
1 vote
2 answers
702 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 ...
1 vote
1 answer
467 views

What is a stock block, and when are multiple 7203 forms required

The IRS form 7203 instructions state that: When a shareholder has a different basis in different blocks of stock, pass-through items are generally allocated pro rata to all shares, regardless of ...
0 votes
1 answer
176 views

Tax implications of an acquisition as an asset purchase

This is a new one for me. Say I work for a startup and own 50,000 shares at $1.00 each ($50,000). The startup is acquired by another company through an asset purchase agreement, making the entire ...
1 vote
1 answer
74 views

Foreign Tax Compliance Question

I am writing to seek guidance on my tax compliance situation as a non-immigrant from a foreign country A(where there is no tax-treaty with USA) who came to the USA in mid-2019 on a working visa. In ...
1 vote
1 answer
90 views

Trading in IRA account

When we trade using IRA account, as it is not taxable, any short or long term gains doesnt matter correct? And after retirement age when we withdraw money, there will not be a capital gains and losses ...
1 vote
1 answer
66 views

USA - Received Form 1042 S after filing taxes

I am an international student on F1 visa. I have been in the US for around 8 years. I kept some money in a CD during the beginning of 2023 and it matured in December' 23. I recently got the 1042S for ...
0 votes
1 answer
69 views

UK - Best way to receive payment in Italy

I will receive a one-off payment of roughly EUR4000 for work to be carried out in Italy. What is the best way to receive this money and have it transferred to a UK bank account? Should I have the ...
1 vote
1 answer
94 views

What are the tax implications of having a rent-free lodger

First, this is all for a piece of fiction I am writing and takes place in summertime Colorado, not far outside Denver. A young woman (eighteen) has been kicked out of her parents house after her ...
5 votes
2 answers
3k views

What are the specific financial implications of not being a US citizen after a spouse dies?

Given a normal marriage in the US. Given that couple has a 1 million dollar home and about the same in savings and the deceased spouse has 1 million in 401k what are the implications of the other ...
0 votes
1 answer
179 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
0 answers
90 views

Can I claim the equipment cost as expenditure of my (small) business?

I am using freetaxUSA, but I am not seeing the result that I want, or maybe I am misunderstanding something. I want to claim the cost of my GoPro as my business expense for my YouTube channel. I also ...
8 votes
3 answers
46k views

How do I calculate the cost basis of Restricted Stock Units (RSUs)?

I was granted RSUs that vested 1/3 per year, over 3 years. From E*Trade I have: 2016, 133 Shares Vested, 89 Shares Transferred to me, Tax Paid: $3,424.52 2017, 134 Shares Vested, 90 Shares ...
0 votes
0 answers
40 views

Received a 2023 W-2 from a former employer with retirement Plan box checked

I switched jobs in Nov. 2022. The former employer provided 401(K), and the new employer (a small firm) required 1 year waiting period for 401(K) plan participation and can only enroll in January and ...
3 votes
1 answer
371 views

Late IRA contribution with changing filing status and income limits

My wife and I got married in February. She has a Roth IRA, but she did not hit the contribution limits for 2023. I am considering making a late contribution to make sure we are taking full advantage ...
0 votes
1 answer
76 views

How much tax do I pay if my deductions are more than my taxes owed?

To begin, I would like to say that I am 19 years old and this is my first time paying taxes for myself, so please inform me if I am not approaching this correctly. Be wary of a little bit of math. I ...
0 votes
1 answer
51 views

How to mail quarterly estimated taxes using multiple money orders?

How would one make a quarterly estimated tax payment using money orders when the amount to be paid that quarter is greater than the limit on a money order? Let's assume other options such as online ...
2 votes
1 answer
309 views

Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
6 votes
1 answer
3k views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
1 vote
1 answer
158 views

Can I put my daughter back on my taxes after she filed years before on her own?

My daughter is 21 and filed her own taxes in the years before because she made more than the free amount. 2022 she still lived with me but has not earned anything. Does she still need to file her own ...
4 votes
1 answer
175 views

Renting out property - individual Vs company

I live in England and have a flat in Scotland that I now want to rent out. I am a higher rates tax payer. What is my best option for maximising the money I keep after tax from this rental property? ...
0 votes
0 answers
76 views

Does an adult child living at home still gets the standard tax credit?

If someone, age 19, lives with their parents, works part time, do they still qualify for the standard tax credit? The person earned $2584 last year. The tax preparer says she owes $390 in taxes.

1
2 3 4 5
113