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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, 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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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 ...
lux's user avatar
  • 101
0 votes
1 answer
67 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 $...
PHV's user avatar
  • 11
-1 votes
0 answers
42 views

If my wife carries the kids or a older year can i carry them for the current year [closed]

Of my wife carries the kids for 2023 taxes in 2024 can I also carry the kids in 2024 an file for the year 2024
Top Of the morning's user avatar
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 ...
blankip's user avatar
  • 4,725
0 votes
1 answer
62 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 ...
Kalliekaykat 's user avatar
0 votes
0 answers
84 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 ...
TheTechGuy's user avatar
0 votes
1 answer
28 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 ...
Barry Chapman's user avatar
1 vote
1 answer
84 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 ...
SoronelHaetir's user avatar
0 votes
0 answers
36 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 ...
user2264641's user avatar
3 votes
1 answer
350 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 ...
0x5453's user avatar
  • 133
0 votes
1 answer
66 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 ...
crtobin34's user avatar
0 votes
1 answer
48 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 ...
Neel Kamath's user avatar
0 votes
0 answers
74 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.
Shaleen's user avatar
1 vote
1 answer
154 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 ...
Rosewoodlily's user avatar
0 votes
1 answer
23 views

NRA/RA Test and FICA exemption

I was on F-1 from 2018-08 to 2020-05 in the US, but I stayed in my home country from 2020-05 to 2022-09 and I came back to the US from 2022-09 till now. I am on F-1 all the time, and technically 2024 ...
Kiyoshi's user avatar
1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
javanoob's user avatar
  • 335
0 votes
1 answer
41 views

Filing for a patent application as person vs an LLC

I am currently writing a software/app and founding a startup. I have not form an LLC or any legal entities yet. But I am about to pay a lawyer to draft a patent for my app. Question: If I file as a ...
Bear Bile Farming is Torture's user avatar
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
javanoob's user avatar
  • 335
1 vote
1 answer
60 views

Can I claim non-summer day camps as child care expenses on 2023 US taxes?

It is unclear to me if non-summer (e.g. Christmas or Thanksgiving) child care expenses can be claimed. Logically I don't see why they would be different but I can't find any specific info saying ...
Frank's user avatar
  • 31
-3 votes
1 answer
121 views

How much taxes would I have to pay if I sold my startup in cash? [closed]

If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
Bear Bile Farming is Torture's user avatar
2 votes
0 answers
33 views

Mortgage interest rate deduction for foreign property?

I live and work in the USA. If I get a personal loan in the US or a mortgage in India to buy a home in India, can I get the home loan interest deduction on my taxes in the USA?
Raj's user avatar
  • 693
0 votes
0 answers
23 views

Tax changes after NY to NJ change in company location

Currently I work for company in NYC, but I live in NJ. so I pay NY tax as well. My company has office in NJ as well now. I have option to select company office of NYC or NJ as my work location now. If ...
Nil's user avatar
  • 1
1 vote
1 answer
82 views

How would I add $3k cash earned income when I amend my taxes without being an actual business?

I'm trying to amend last year's taxes because when I went to file this year I remembered that I made a couple grand cutting grass the year before and forgot to file it. I'm not sure how to file this ...
MRubus313's user avatar
2 votes
1 answer
63 views

Furnished Holiday Lets - UK Tax - max duration is 30 days, what if two stays during the year?

I have a guest staying in May this year for 30 days in my furnished holiday rental. They want to return again in September for another 30 days. The Letting Condition in HMRC rules says: You must let ...
atreeon's user avatar
  • 143
4 votes
1 answer
1k views

I filed my taxes not knowing I was being claimed as a dependent meaning that the Head of Household will have more deducted than before

I filed my own taxes unaware that I could be and apparently was being claimed as a dependent, so it's been brought to my attention that the Head of Household could have a higher standard deduction ...
Ben Connor's user avatar
-1 votes
1 answer
56 views

Does checking "A portion of these dividends is U.S. Government interest." matter when filing tax in Washington state?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax whether a portion of these dividends is U.S. Government interest: Does checking "A portion of these ...
Franck Dernoncourt's user avatar
0 votes
0 answers
10 views

Are endowment plans better option than tax saving FD for last day tax saving investment?

Its last day (31st March 2024) for investment in order to save tax. And I have not done anything ! 😢 Now I am planning to do some just to save tax. I am in 20% tax slab. Some options are closed for ...
RajS's user avatar
  • 173
0 votes
0 answers
20 views

do I need to report a closed account on modelo 720 in Spain?

I am filling out the dastardly modelo 720 (reporting global income) in Spain. My question is about an account, say account ONE, I had in the previous years but I closed it last year and moved that ...
punkish's user avatar
  • 271
1 vote
0 answers
35 views

Municipal bonds investment tax for couple living in different states and file jointly

My spouse and I live in different states (my spouse in A, and I in B). If my spouse buys muni-bond for state A and we file jointly at tax year end, is this investment federal and/or state tax free (...
user34829's user avatar
  • 111
0 votes
1 answer
59 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 ...
easter9154's user avatar
0 votes
0 answers
46 views

1099B has two transactions, for one stock, listed under long term but dates span under 1 year. How to file?

I'm finishing up my taxes and I have a 1099-B where for one of the stocks, two transactions occurred where the purchase and sell date were under a year apart but is listed under long term with box D ...
n1th6's user avatar
  • 1
3 votes
1 answer
229 views

How do ETFs process dividends?

Presumably at least some of the stock shares held by an Exchange Traded mutual Fund produce dividends. Do those dividends just get pocketed by (and taxed upon) the fund managers, as their income to ...
keshlam's user avatar
  • 46.5k
1 vote
1 answer
83 views

My employer incorrectly withheld FICA taxes and will refund them, can I still file my taxes using my W2 instead of W2C?

As the title says, I am on student visa and my employer had incorrectly deducted fica taxes (medicaid and social security) from which I am exempt. As the first step is to contact the employer for a ...
MrStrike's user avatar
0 votes
0 answers
32 views

Investing tips with lower box 3 taxation (NL)

Any tips on investing in the Netherlands with the ability to lower your box 3 'wealth tax' annual payments? Maybe something special like the british ISA or so exists in NL as well, which allows tax ...
AlA's user avatar
  • 1
3 votes
2 answers
3k views

Why is there so much fuss about tax return?

I work in Switzerland and pay my taxes in Switzerland. I was thinking about filing a tax return - but I do not see the point. There might be some basic reduction to work-related expenses anyway, and ...
Alex's user avatar
  • 219
1 vote
1 answer
1k views

Where's the 2023 Qualified Dividends and Capital Gain Tax Worksheet?

When I google it, I just get the 2018 one, which I'm pretty sure doesn't work for 1040 2023. The IRS site just gives the Schedule D: https://www.irs.gov/forms-pubs-search?search=Qualified+Dividends+...
Acccumulation's user avatar
2 votes
1 answer
68 views

unrelated business taxable income

My wife and I are partners in a real estate mortgage business that divides the interest (minus office expenses) proportionally among all the partners.  Generates IRS form 1065 K-1 and K-3 every year.  ...
WGroleau's user avatar
  • 1,031
1 vote
1 answer
49 views

Do I need to declare foreign income below the foreign earned income exclusion?

At the beginning of April 2023 I obtained my green card and became a US resident (resident alien). I resigned my position in Canada and started employment with a US entity. January - April Canadian ...
TheNextman's user avatar
0 votes
1 answer
71 views

Divorce, tax lien on house but liability is for one spouse because of Married Filing Separately. What happens when sold?

26 years marriage. Wife stayed home for 20 of 26 years. Husband owned S-Corp that flowed to their personal taxes, always filed in October after an extension, and never paid the liability. Once the ...
TWilson's user avatar
3 votes
2 answers
1k views

How is holding time calculated for long-term capital gains tax?

Say I have an account with the following buying history: Date Symbol Price Quantity 01/01/2023 AAPL $300 3 shares 01/01/2022 AAPL $100 1 shares 01/01/2021 AAPL $100 1 shares If I were trying to ...
jed's user avatar
  • 600
1 vote
1 answer
62 views

Minimizing or avoiding penalty for early withdrawl of IRA and 401k

A friend of mine came to US to work for few years and he is forever going back to his original country because of personal reasons. He contributed to IRA, 401k and would like to take the money with ...
ewr3243's user avatar
  • 193
1 vote
2 answers
69 views

Tax implication – Working for California Employer for 2 months from Washington state?

Moved to Washington (from California) in November, while continued to work for CA employer until mid-March. Payroll was switched to Washington state mid-March. As I understand, California taxes will ...
Yugal Jindle's user avatar
0 votes
1 answer
42 views

Tax filing requirements for inactive LLC filing as S Corp

I have a single member LLC that files as an S Corp. In 2023 it was inactive. I know that I have to file an 1120-S. I'll be putting zeroes for all the dollar amounts. Do I need to complete the various ...
Sol's user avatar
  • 113
-1 votes
4 answers
174 views

What is the benefit of WB shelving finished movies? [closed]

WB Discovery are in hot water due to their decision to shelve several already done movies and not releasing them, Batgirl and Coyote vs. Acme among them to get a tax write-off for them. I don't ...
SIMEL's user avatar
  • 101
0 votes
1 answer
93 views

Can I withdraw money from my Roth IRA to pay last year's tuition?

I just learned I can withdraw money from my Roth IRA to pay tuition fees for a graduate degree without the 10% penalty. Can this be done retroactively at all? Specifically, can I sell enough right now ...
Danny's user avatar
  • 103
0 votes
1 answer
85 views

What savings fund should I withdraw from?

I have two savings funds, which are quite similar in size and in performance, but in one of them (fund A) the earnings are exempt from taxes, and in the other (fund B) the earnings are taxed. ...
Erel Segal-Halevi's user avatar
0 votes
0 answers
33 views

What tax forms do I use?

I own my own business - Sole Proprietor. I have employees and pay quarterly taxes using form 941. I do not take a paycheck or draw from my business. I also work for someone else and receive a W2. What ...
moneygirl's user avatar
1 vote
0 answers
87 views

How to clarify to the irs that I hired contractors on upwork so I don't need to file 1099s?

I definitely spent more than $600 hiring contractors for my small business, but they were all hired on Upwork and Fiverr, freelancing platforms. Because I never paid my freelancers directly, I do not ...
No Name's user avatar
  • 331
1 vote
2 answers
65 views

Contributions (ira, hsa, etc) for minors?

I know a minor who has some decent self-employment income that has a heavy self-employment tax pending. No personal deductions are being made currently, as the minor doesn't even have a retirement or ...
No Name's user avatar
  • 331
1 vote
1 answer
125 views

Lotto ticket gift to tax free charitable trust

I would like to establish a tax free charitable trust to which I would donate a winning lottery ticket. I would control which charities get the proceeds but receive NO money myself. Would I (Or ...
JefeGordo's user avatar

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