Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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194 views

Should I wait until next year to convert my IRA to Roth?

I'm considering changing my IRA into a Roth IRA. As I understand it, I'll need to pay taxes on all the money I convert. Since the tax brackets for next year will be lowered across the board, does it ...
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3answers
3k views

How does IRS know if my dependent is an actual relative for Head of Household?

Long story short. Found out I had a half brother and he's been staying with me for the past year while going to a nearby community College. Was doing my taxes and discovered he technically qualifies ...
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1answer
73 views

Transfer funds to India moving permanently [closed]

I am moving to India permanently in next 2 months from USA. What are my options to move my funds from USA to India considering I do not have NRE account. i.e. Is it mandatory to have NRE account? ...
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1answer
443 views

Understanding the tax calculation based on brackets

Have been in the US for some time, but never had time to understand how taxes are calculated. Now that I am locked at home, I think it is a good time to learn it. Can anyone please take a look at my ...
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1answer
30 views

1099-OID: Where to enter in taxes?

I received a 1099-OID form from my broker for the first time and don’t know where to enter the data in my taxes. The form has a value of 1.89 in box 1, and nothing else. This data is for a total of ...
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0answers
24 views

Gross receipts tax liability when operating an LLC in New Mexico as a nonresident alien

The title pretty much sums it up: will I be exempt from gross receipts tax if I'll be operating my New Mexico single-member LLC from abroad, as a nonresident alien, offering remote services (software ...
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1answer
52 views

What other variables affect optimal contributions to RRSP now?

I already maxed my TFSA. I can't have and don't want kids. I want to create an Excel spread-sheet to work backwards to determine the optimal RRSP contributions now that'll minimize taxes when I start ...
6
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1answer
569 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
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1answer
28 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
2
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1answer
35 views

What happens if I contribute to a SIMPLE IRA after I've already filed US taxes for that year?

I've already submitted my US tax return and received my refund for the 2019 tax year. However I just learned that the IRA contribution deadline was pushed back along with the tax deadline. Due to ...
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0answers
56 views

Accounting for VAT on App Store sales as a UK VAT-registered company

UK VAT-registered company considering selling apps/games online (things like Apple App Store, Google Play Store, Microsoft Windows Store, Steam) and also earning via affiliate programs like Amazon ...
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1answer
376 views

How to calculate cost basis for RSUs that are vested and never sold?

Following is my situation (changed the numbers for simplicity): ABC Inc vested 120 RSUs in 2018, in which 20 RSUs were sold by my employer (price of the share $10, and $20 trade fee) for the tax ...
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1answer
82 views

When flying to and from the United States, from/until what time does it count as days of presence from an IRS tax residence standpoint?

When flying to and from the United States, from/until what time does it count as days of presence from an IRS tax residence standpoint? For example, if my plane entered the US airspace at 20:00 on ...
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1answer
39 views

Apply the UK ISA tax relief to investments I hold in my home country

I'm Spanish but I work and live in the UK, therefore my the latter is my tax residence. I want to start investing from my home country to avoid problems if I leave the UK (frozen accounts and the ...
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1answer
63 views

How do spouses living in different states file taxes?

My fiancee and I are thinking about getting married this year. Currently, we live together in California. My fiancee is going to attend law school in August of this year, in Washington DC. I will ...
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1answer
31 views

Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for “refundable tax credit”

My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
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1answer
66 views

Did these trades cause a wash sale?

I bought and then sold a stock for a gain on April 15th. I bought the same stock again last week and I am going to sell it for a loss. Is this a wash sale? This is USA.
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1answer
59 views

Are IRS audits triggered and conducted for a specific year or a range of tax years?

Let's assume that I have filed my taxes for 2017, 2018, and 2019. If my 2018 tax return triggers an audit, will I be required to provide information regarding my 2017 or 2019 taxes / finances (...
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0answers
76 views

Received the US corona virus relief fund check in error, cannot get a hold of IRS to give it back

I lived in the US for about 3 years on a work visa and obtained a SSN (which i actually got from a previous stint there). Once my visa expired I left and am now back in Australia since end of 2018. I ...
4
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2answers
511 views

In the USA, do OASDI, Medicare, and Federal income taxes stack?

Or are they applied in sequence? (and if they are, what order are they applied in?) As an example, if an American individual makes $100,000.00 in wages in 2020, and that is their only income, are ...
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1answer
3k views

Claimed as a dependent in 2019, but not in 2018. Will I receive the COVID-19 stimulus payment?

2019 taxes i was filed as an adult dependant for the first tims in 15 years. I have every other year filed my own taxes. Will I qualify for a stimulus check or a $1200 refundable credit on my 2020 ...
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1answer
2k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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1answer
173 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
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1answer
652 views

I called and verified my identification but the gentleman never gave me a IP PIN so I can't file without it. Can't use the online tool to get it

Can someone help me out here. I called and verified my identification but the gentleman never gave me a IP PIN so I can't file without it. He said my return for 2018 should come in May but I still ...
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1answer
79 views

Understanding Ethereum network fees for tax purposes

My question is in relation to UK tax as explained in this document, however it should be applicable to other jurisdictions as well. Ethereum is a platform for decentralised finance. Unlike Bitcoin, ...
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1answer
224 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-...
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3answers
2k views

What can a CPA do that an EA cannot, and vice versa?

A lot of the responsibilities of CPAs and Enrolled Agents appear to overlap, but could someone outline the key differences? When would I choose to hire one versus the other?
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1answer
39 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 ...
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1answer
52 views

whats the difference between spread betting and day trading in shares?

please whats the difference between spread betting and day trading in shares? i understand in the UK, spread betting is tax free while day trading in the US markets from the UK will incur tax. For a ...
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1answer
234 views

Does higher rate tax relief count towards pension contribution limits in the UK?

I understand for 20/21 the annual pension contribution limit is 100% of your salary or £40,000, and this effectively means that the total of your employer pension contributions + personal pension ...
4
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1answer
643 views

Non resident working for a UK company from abroad and receiving on UK account - taxable?

I have been living in UK for 1 year and working for an UK company for the past months. Then my visa expired and I returned to my home in Brazil. However me and that company intend to keep me working ...
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0answers
27 views

Personal wallet transfer fees in relation to UK tax on cryptos

Reading UK's official guidance on cryptoassets, I understand that pretty much anything that you do with your cryptos is classified as a disposal: Individuals need to calculate their gain or loss ...
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1answer
42 views

Form W-8BEN at multiple stock brokers

I am a non-resident alien. I have an existing US stock brokerage account. When I opened that account, I had to fill in and submit a W-8BEN form. Now, I am going to open a second US stock brokerage ...
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3answers
92 views

How to Compare Stock Exchanges?

Its not clear to me from a tax perspective (or other) which stock exchange I should buy from. For example; stock X may be available to buy on NDQ, FRA, or XET. What are the criteria for deciding from ...
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0answers
29 views

in the UK, can i use a Stock and Shares ISA to day trade in the US Markets?

i intend to day trade in the US market as an individual and i am a UK resident. Does anyone know what the tax implications would be for me? i currently have a stock and shares ISA and it would be ...
2
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1answer
676 views

How is prize money taxed in India?

I have won a programming competition based in US, and i will be getting $800 from the US based company. They are telling me that they will pay the taxes already and will give me the full amount. Now, ...
2
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1answer
1k views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
2
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1answer
85 views

Can I file my 2019 taxes electronically if I already sent them by mail?

I put my 2019 taxes in the mail in early March, before everything shut down. Checking the IRS website, it doesn't seem like my taxes have been processed, and I know they have stopped processing paper ...
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1answer
57 views

How to MAXIMIZE Income Taxes Paid by a US Corporation (Controlled foreign corporation)?

Yes, you have read this right: I would like to maximize the taxes paid by a US corporation to make sure that its income tax rate is > 25%. This is a prerequisite to avoid the profits of the US ...
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2answers
50 views

Tax on dividends from a limited company when a higher rate taxpayer

I am a higher rate taxpayer and want to do some work on the side. I've already secured the work but I am now wondering if I should use a personal company or not. What I do not understand is the tax on ...
0
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1answer
23 views

Can non-domiciled UK tax residents claim back all tax paid via PAYE?

Suppose I worked in the UK for a couple of months, got paid via the PAYE system but then moved back overseas, to my permanent home. I know that PAYE calculates my due tax as if I will work in the UK ...
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1answer
438 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
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1answer
50 views

2020 Taxes - How will I handle a new dependent? [duplicate]

My sister in law lived in Las Vegas, Nevada and did her taxes for 2019. Her husband suddenly passed away unexpectedly in September. She sold her house in March of this year 2020 and paid off the ...
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1answer
47 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
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1answer
125 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: ...
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1answer
89 views

Can I let HMRC know that I left the UK online?

As per Tax if you leave the UK to live abroad: You cannot use HMRC’s online services to tell them you’re leaving the UK. Instead, you need to: send your tax return by post use commercial software ...
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0answers
41 views

Creating personal or joint broker account

This is a follow up question to this question: Chances of paying U.S inheritance tax as a non U.S citizen I am a nonresident alien and my wife is a US citizen who is not living in the US. I want to ...
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0answers
29 views

stock changed name looking for cost basis [duplicate]

Looking for stock prices from 2000 to 2010 for Yahoo stock which is now Altaba (AABA). Believe it may be defunk now. Yahoo finance doesn't show historical prices for delisted or the old name for a ...
0
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1answer
28 views

For 2019 returns, how are long term gains discounted, if schedule D line 16 amount is entered directly onto line 6 of 1040?

for 2019 returns, if schedule D line 16 amount is required to be entered onto line 6 of 1040 -- taxed as ordinary income -- how is long term capital gain distribution able to receive favorable tax ...
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1answer
43 views

Where to put Canadian-listed ETF that holds a US-listed ETF of US stocks?

Assume I have just three unused accounts – RRSP ($90 000), TFSA ($63 500 in 2019), and non-registered investment account. I'm Ontarian. I use another example like XUU. Where to put it first? I ...

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