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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4
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1answer
82 views

Cost Basis Of Stocks Of Numbers of Companies With A Financial Firm Before Transfer To The Present and Of Records Lost To Client?

What if there are shares of companies each which were purchased six to nineteen years ago with a prior financial firm before being transferred to the present financial firm? What are ways to get the ...
3
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3answers
11k views

Should I elect to have my long term disability insurance be taxable?

My employer offers long term disability insurance as a standard benefit, and they also give me to option to make it taxable. From what I can tell, this means: The premium is added to my taxable ...
5
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2answers
4k views

W4 withholding for “Married filing joint” filing seems higher? Why?

My husband took a new job recently and is making 125K in salary in California. I make 65K. When we were filling his W4 (married filing joint), the additional withholding on his W4 came to 'additional $...
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1answer
555 views

Does the cost basis increase by reinvestment of investment income in Roth IRA?

In regular brokerage account, the cost basis increases by reinvestment of investment income. I guess it is the same case in Roth IRA? I am not sure, because I don't know if there is some rule that ...
3
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2answers
3k views

Can capital loss in traditional IRA and Roth IRA be used to offset taxable income?

For traditional IRA and Roth IRA, can capital loss be used to offset taxable income for tax purpose? If not, when withdrawing from traditional IRA and Roth IRA, can the capital loss now be used to ...
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1answer
206 views

Calculate loss in traditional IRA for deduction [duplicate]

Possible Duplicate: Emptying a Roth IRA account I saw an example near the end of this webpage trying to illustrate how to calculate loss in traditional IRA for deduction. At the beginning of ...
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2answers
303 views

Emptying a Roth IRA account

If I withdraw money from my single Roth IRA account to make it empty, will the account be closed? Is there any expense to open a new Roth IRA account? If my purpose of emptying my Roth IRA account is ...
-3
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1answer
1k views

Can capital loss be applied for tax for non-consecutive years?

If I have realized a large amount of capital loss this year, can I choose which of the following years that the capital loss can apply to offset taxable income, and how much capital loss is applied ...
3
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4answers
653 views

Why does capital gains tax apply to long term stock holdings?

Why does the capital gains tax rate get applied to long term (> 1 year) stock holdings? This lower tax rate acts as an incentive for people to invest in the market for a period of time longer than 1 ...
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1answer
518 views

Is it possible to pay contracts using gold in the UK using legal tender gold coins?

I have looked around for this for ages and for obvious reasons, would be a very efficient means of paying bills without HMRC taking a cut (as long as I can't be attacked for Tax evasion). I have seen ...
4
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2answers
899 views

Dependent SSN and previous years US tax returns

I live abroad and my child was born 5 years ago, but I did not get him a SSN until this year, now I haven't filed tax returns for the past 5 years, my question is can I claim him as a dependent for ...
4
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2answers
228 views

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 ...
6
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1answer
895 views

Switching From Employee to Independent Contractor

I've read a few different questions on here regarding the breakdown of employee vs independent contractor, but my situation has details that are quite different, hence, the question. When I was hired,...
0
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1answer
136 views

Self paid Insurance Premiums and taxes

Currently my employer proivdes a Health Insurance Allowance (which I understand is really just added compensation), but I am wondering if it is possible to somehow shield that money similar to a pre-...
9
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1answer
302 views

What are the (US) tax implications for donationware?

I'm an individual and not a part of any nonprofit organization. What, if any, tax implications are there for donationware in the US (as a recipient of funds)? The product would be software and/or ...
6
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1answer
2k views

Who maintains receipt for employee expense reimbursements?

I was sent to the store by an employer. While at the register I was informed by the merchant that my employer's particular type of payment was not accepted. I paid for the purchase with my own cash. ...
0
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1answer
142 views

Form 8829 and Multiple Businesses

I work from home and had income from 3 sources 1) as an employee of an S corp (which I'm a small part owner of) main source of income 2) Consulting done under my name individually, separate from my ...
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1answer
278 views

Apply US-Germany tax treaty to W-2 income?

I am a PhD student in the US, originally from Germany and here on a F-1 visa. Mid last year, my status changed from being on a fellowship to being on a research assistantship. Hence, I got a 1042-S ...
4
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2answers
73 views

Ohio school tax

My mother recently got a letter from the state of Ohio saying she didn't pay a school tax that was active for her 2010 return. She filed through H&R Block so went there thinking they should be ...
4
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4answers
10k views

Better to make $999,999 to avoid the higher tax rate if made over one million dollars?

That's the question. Some people tell me that if Obama (for an example) imposes say 40% tax rate on people making 1,000,000 dollars, people would just make less than 1,000,000 dollars and still keep ...
5
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2answers
609 views

Expensive Pre-Tax Health Plan or Cheaper After Taxes Private Insurance

I currently have two options for health insurance, and I'm having trouble figuring out which one will actually save me more money. Option 1: Employer sponsored Health Insurance for Family $1,330/...
2
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1answer
843 views

Proper way to report Simple IRA to Rollover IRA transfer

I have two IRAs: a Simple IRA (for more than two years), which I contribute to every month, and a Rollover IRA, which I use for automated trading. I had the Simple IRA broker do a trustee-to-trustee ...
2
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1answer
887 views

Deduct Health Care Premiums for Family When Employer Only Pays for Me

My employer offers insurance coverage, pays a substantial amount for me, but pays nothing for my spouse or my children. The difference in cost is around $127/month for myself and $1,330/month if I ...
5
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2answers
610 views

W-4: Is the “Estimate of State and Local Taxes” just for myself, or for me and my spouse?

I am married, filing jointly. I am about to re-file my W-4 because I have been overwithholding. I'm working on Field 1 of the "Deductions and Adjustments Worksheet". A big part of this field is ...
16
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2answers
7k views

Accidentally cashed out 401k instead of rolling it into an IRA. What do i do?

I've recently changed jobs (past two weeks) from an employer with a 401k to a new employer who does not offer any retirement accounts. I made a huge mistake and accidentally cashed out my 401k ...
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1answer
456 views

Free online U.S. tax filing service that supports stock trade capital gain/loss data import?

Is anyone aware of any services (websites or programs) that allow completely free electronic filing for US form 1040 Tax returns for 2011, that include imports of many 1099-B / Capital Gains & ...
3
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1answer
207 views

Married filing separately

We recently got married and I'm thinking ahead, just because I want to be prepared. :-) We both work FT jobs, but I also have a side company creating web applications. It's a single member LLC that ...
2
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2answers
164 views

If you work from abroad for a week, does that count as a business expense?

I'll be working from abroad (I'm in the US and going to the UK) for about a week. I'll be spending my days 8+ hours working, and spending the nights out. Can I deduct the plane ticket for this trip ...
3
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1answer
327 views

As a contractor - my right to substitution with IR35

Looking at IR 35 compliance : http://www.contracteye.co.uk/ir35_compliance_overview.shtml Substitution An important IR35 factor, you should ensure that your contract allows you to provide a ...
1
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1answer
137 views

Are bonus and rebate taxable?

Suppose I purchase something from a company, and I get some rebate. I open an account with a bank, and I get some bonus. Questions (for The United States) To me, are rebate and bonus taxable ...
8
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1answer
391 views

Repayment of 2010 First-time Homebuyer Tax Credit

My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
3
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1answer
136 views

Cashing in a Self Selected Stocks & Shares ISA

If I wanted to cash in my ISA today, what taxes would I have to pay and what percentages would they be? I think that if the value of the ISA is about £10,600, only then would I have to pay capital ...
4
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1answer
41 views

Are there credits to claim in Form 1040 for 2011?

I remember that one year ago, when reporting federal tax using Form 1040 for 2010, I claimed $400 of making work pay credit. I didn't see that item in Form 1040 of 2011. I wonder if there is indeed ...
2
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1answer
92 views

Do any online US-tax filing companies accept business from non US citizens/residents?

So far, all of the online filing companies I looked at either explicitly or implicitly don't accept filings from non-residents (for example, they might require payment for their services from a US ...
2
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1answer
1k views

Can I deduct 2011 state income tax paid from my Federal taxes?

I moved back to California in 2010 after several years away, and I've forgotten or am mis-remembering some things. Can I deduct the amount that I paid in state income tax in 2011 from my Federal ...
8
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1answer
521 views

When you buy mutual funds through a broker, where are the shares held?

This question arises from a previous one regarding managing all one's investments from one screen on a brokerage house's web site, and a recent answer by @Patches regarding segregation of the ...
2
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1answer
543 views

Tax consequences of short term capital losses

How do short term capital losses figure into taxable income? If someone has 50k of taxable income before considering capital gains (and losses) and a total of $2k in short-term capital losses, what ...
4
votes
2answers
4k views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
2
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1answer
137 views

Mortgage interest deduction requirements

When my wife and I purchased our home my in laws lent us about $80k. We set up a fair interest rate and we've been making our monthly payments to them as agreed. We have every intention of paying ...
6
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1answer
1k views

Can I find out what the IRS knows about me?

Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
0
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1answer
252 views

IRA tax events and making the maximum contribution

I have a predicament: I planned to contribute the max of $5000 pretax dollars into my IRA, and I am receiving a distribution from someone else's IRA that I was the beneficiary of. I instructed this ...
1
vote
1answer
663 views

Is a PhD student eligible for filling out Form 8917 on the IRS form?

Here is Form 8917. I don't see myself clearly fitting into any of the exclusionary criteria. Here's the thing: my university (which will most likely be Brown next year) will cover all my tuition ...
5
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2answers
223 views

Is it advisable for a new PhD student to enroll on a Roth IRA?

My parents are telling me to do it, but I do expect to pay a lot of money for the first year just because I need to move in and get a lot of things set up (like an ergonomic working environment). So I'...
4
votes
1answer
223 views

Where do tax deductions “deduct” from?

My understanding is that tax deductions "deduct" from the Adjusted Gross Income value. Is that right? As a very simple example, let's say I have an AGI of $10 and I owe $3 in taxes (before any ...
4
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1answer
404 views

How to report worldwide income while filing US income taxes

My spouse is a non resident alien for 2011. I am treating her as resident and trying to enter her worldwide income on form 1040. I could not find any instructions which indicate how to convert her ...
5
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1answer
5k views

Reporting income - independent contractor, received no 1099

I have some stuff from last year that I want to report, I just don't have the information the IRS forms ask for. I know how much I made and I know what percentage to pay taxes on, but for voluntary ...
2
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1answer
7k views

Do I need to file income taxes for my business if it made no money?

I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file? My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
3
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1answer
86 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
1
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1answer
113 views

For partnership taxes, is “Part III” of the 1065 Schedule K1 form required?

On Schedule K-1 (Form 1065), I'm confused on whether I fill out the "Part III" section. In the instructions from the IRS (page 24, last paragraph on page forward), it is unclear to me on whether it ...
6
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1answer
746 views

How do general partners divide up income/losses on their personal tax returns?

In a general partnership, my understanding is that a 1065 form must be filed with the IRS each year, and that on each partner's individual returns, they each list this as an income/loss in the K1 ...

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