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 ...
- 217
1
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1
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35
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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 ...
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2
votes
1
answer
39
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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 ...
- 121
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1
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22
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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 ...
2
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0
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50
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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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5
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1
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411
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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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1
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61
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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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0
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76
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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 ...
- 10.8k
0
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1
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35
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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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1
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45
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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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2
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84
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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 ...
- 138
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1
answer
23
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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 ...
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28
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5
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7k
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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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1
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56
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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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1
answer
56
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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 ...
0
votes
2
answers
42
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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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1
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560
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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
answer
35
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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 ...
- 777
2
votes
1
answer
74
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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 ...
- 121
0
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1
answer
45
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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 ...
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1
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46
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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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1
answer
29
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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 ...
- 159
1
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1
answer
28
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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 ...
- 319
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0
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82
views
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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5
votes
1
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94
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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 ...
- 53
3
votes
1
answer
727
views
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 ...
- 183
4
votes
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 ...
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1
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28
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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-...
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1
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59
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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 ...
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0
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15
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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:
5
votes
1
answer
410
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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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votes
1
answer
82
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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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0
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1
answer
50
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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 ...
- 21
2
votes
3
answers
591
views
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) ...
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17
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1
answer
5k
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I withdrew contributions from a Roth IRA. Why is my tax service imposing a 10% penalty? I am only withdrawing contributions, not earned income
I received a Form 1099-R from my brokerage with box 7 (Distribution code) marked with Code J indicating that I will be paying a 10% penalty for withdrawing the money. From my understanding, I'm able ...
0
votes
2
answers
57
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Trust tax/debt concerns
I live in the US, and have been appointed as the trustee of an irrevocable trust with my father (who also lives in the US) as the beneficiary. My father is potentially in some debt/behind on taxes, ...
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vote
1
answer
41
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Cost basis of "undetermined transactions" after wash sales
I have an "undetermined transactions" section on my 1099-b for a sale of the entire position of a given stock in Dec 2022 and am trying to figure out how to calculate the cost basis for it (...
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2
votes
1
answer
77
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Choice between equity and stock options
I am part of a tech startup and have just been brought on as the technical co-founder. My compensation is 100% equity for now, but I will likely be hired with a salary in the near future.
The problem ...
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1
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370
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When does E*trade generate the Stock Plan Transactions Supplement?
Every year I get the useless 1099-B with the IRS-mandated made-up cost basis numbers, and then later I get the Stock Plan Transactions Supplement that actually matches my paystubs and W2 income. By ...
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0
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27
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S Corp Stock basis
My wife is self employed as an S Corp. The stock and debt basis forms are asking about stock basis for the year. If she owned 100% of the S-Corp at the beginning and end of the year and did not ...
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4
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0
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87
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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 ...
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votes
2
answers
487
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Can I move monthly pension distributions into a traditional IRA?
As a former public school teacher, my wife gets a monthly check from the state Division of Pensions and Benefits. Is it possible to move that money each month into her Traditional IRA and consider it ...
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1
answer
68
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What is the impact of IRS Form 8332 on filing status?
Assuming a US person has one dependent child, is filing as Head-of-Household and an income over the limit for claiming any child credit. Supposedly, he could use IRS Form-8332 for transferring the ...
- 297
2
votes
2
answers
65
views
Do withdrawals from an inherited IRA count towards the earned income tax credit?
The question says it all. Do withdrawals from an inherited IRA count towards the earned income tax credit?
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2
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56
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How to calculate tax deduction for first year of opening an LLC when funding it from your salary?
I need help understanding how it works when one opens an LLC in the United States, funds its activity from a job he or she does. For example the individual earns 200,000 dollars in a day job and pays ...
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2
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1k
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Are dividends taxed as capital gains tax in the US?
If I'm buying dividend fund ETFs and planning to live off on dividends with no other earned income, are the dividends distributed taxed as capital gains? If so, what is the current tax rate for ...
- 443
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vote
2
answers
281
views
Can you refuse to let an assessor in your home?
I received this letter.
Can I deny them access to the interior? The foot print is all they should need for real estate tax, right?
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1
answer
104
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Does providing IT services to a company in California from another state constitutes doing business in CA?
We provide IT services remotely to a small business in CA from another state. Does this mean we are doing business in California?
According to the California Franchise Tax Board (CFTB)'s Doing ...
- 113
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1
answer
72
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Understanding Car Rental Tax Deductions
Trying to wrap my head around the requirements to take tax deductions against a car rental activity (e.g Turo) and how it would affect other (w2) income.
The IRS states "In general, rental ...
- 21