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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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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
77 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
  • 155
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
63 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
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0 answers
14 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
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0 answers
21 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
36 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
1 vote
1 answer
78 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
49 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
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3 votes
1 answer
273 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
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1 answer
123 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
39 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
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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
2k 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
71 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
54 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
172 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
66 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
104 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
49 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
191 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
115 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
88 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
34 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
102 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
66 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
168 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
0 votes
2 answers
582 views

Should my trust be the beneficiary of my annuities?

My home and additional acreage are in a revocable trust. I also have IRA annuities and non-qualified annuities. At this time the beneficiaries are my three adult children. At my death, I would like ...
JeanG's user avatar
  • 1
1 vote
0 answers
50 views

How do I determine my New York pension category?

I am filing my 2023 tax return for New York with H&R Block. When I import my 1099-R form for my retirement plan with Transamerica, I am asked to select a category for my New York pension. The ...
Stevoisiak's user avatar
1 vote
1 answer
479 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 ...
Sudo Bash's user avatar
  • 305
1 vote
2 answers
94 views

HSA Excess Tax Question

I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
Mikayla B's user avatar
0 votes
3 answers
254 views

If i'm a cosigner on my dad's bank accounts but my sister isn't, how do I ensure my sister can get 50% of the money without owing taxes?

I'm a cosigner on my father's bank accounts. More specifically, the bank account is a multi party account with right of survivorship and I'm told that means I'll still have access to the money in it ...
neubert's user avatar
  • 3,832
1 vote
1 answer
119 views

Qualified business income in the US

While filing tax returns, I was asked, "Is this business effectively connected with the conduct of trade or business within the United States?" then I got a little confused. I'm a US citizen ...
dolph's user avatar
  • 11
1 vote
0 answers
64 views

How should I allocate expenses for rental property with mixed personal use where the expenses are only for business use?

I have a house in California, USA, that I offer as a short term rental. In 2022 it was 95% business use. In 2023 it was 20% business use. In 2024 I expect it to be 95% business use again. I have ...
Matthew's user avatar
  • 3,150
2 votes
1 answer
56 views

Are there overall limits to de minimis safe harbor expenses?

I have a short term rental property in California, USA. In 2023 I made multiple independent updates such as new appliances, entertainment equipment, furniture. Each of these are individually invoiced ...
Matthew's user avatar
  • 3,150
2 votes
1 answer
254 views

Reimbursed for moving expenses -- how does that work on taxes?

I moved from AL to CA and my employer reimbursed me up to a certain amount and I paid taxes on the reimbursement amount as well from my paycheck. So wanted to know if that's something I can claim ...
Tan's user avatar
  • 267
0 votes
1 answer
144 views

Moved from CA to WA, will CA refund me all the withheld payroll taxes?

Moved to WA on Mar-end, and my last paycheck from CA was received on mid-Mar. As a result, I've received 2 x W2s. One for CA income, and the other for WA income. As far as I understand, given I spent ...
Yugal Jindle's user avatar
1 vote
0 answers
47 views

Pay As You Earn loan filling jointly

My wife(US) has a debt in Germany for a master, she's paying on a pay as you earn, and since now we are married we filed the taxes jointly, and my income made the 1040 be the triple of the 1040 she ...
Matteo's user avatar
  • 11
5 votes
1 answer
968 views

What investments for US expats don't trigger taxes on unrealized gains

As is well known, if you are a US citizen but don't live (or even never have lived) in the US, investing is complicated. Most investment capital gains are taxed in both countries. Even worse, if you ...
WetlabStudent's user avatar
1 vote
1 answer
71 views

DCFSA - I was ineligible; can I somehow use that money?

My spouse does not work, and I contributed into DCFSA (under the IRS limit) without knowing the rules. We have child-care expenses in the year, but I don't believe we can use it according to the rules,...
user101998's user avatar
4 votes
2 answers
208 views

Why would an employer not allow state reciprocity?

I let my not-for-profit employer in Virginia know I was moving to Pennsylvania, and not until AFTER I moved did they tell me it was not an approved state for reciprocity. Why would they not allow an ...
dianne anthony's user avatar
1 vote
1 answer
77 views

Question about claiming help with mortgage payment as income

I recently bought a house and moved in with my girlfriend. I am 25 year old male in a relationship for less than 3 years. I purchased the house by myself. My girlfriend is not on the loan or the title....
Zach's user avatar
  • 11
2 votes
0 answers
72 views

Wash sale and excess replacement shares

Let's say I had 10 shares of XYZ. On Dec 1 I sold 10 shares for XYZ for a loss ($1 per share, total $10). On Dec 2 I bought 20 shares of XYZ (single lot). So previous sale (On Dec 1) was a wash sale. ...
Andrey's user avatar
  • 21
0 votes
0 answers
40 views

Assuming a bullish stock, any advantage in using LT RSUs to fund exercise cost of ISOs?

Example Present Information: Example Dummy Stock: GGG | Stock Price @ $10 Super bullish and so assume the value of the stock price will go up. ISOs: 10,000 with SP @ $5.00 (All vested, just not ...
ssurendr's user avatar
  • 101
0 votes
1 answer
100 views

Should I file taxes if I opened Amazon seller account but never used it?

Me and my husband entered the US with F1(him) and F2(me) visas. He was a fully funded PhD student and we used to send our tax papers jointly. Last year we filed for EB2-NIW visa to get a Green Card, ...
best_of_man's user avatar
1 vote
1 answer
79 views

Estate tax exemption amount question

The Congress passed the Tax Jobs and Cuts Act during Trump's tenure as the president. One of the facets of this law was the doubling of the Estate Tax exemption from around 5 million to 11 million. ...
ronald christenkkson's user avatar
0 votes
2 answers
408 views

Sister bought me out of house. What taxes do I owe?

My mom signed over her house five years ago for a dollar each. It was already paid off. My sister lived in it for the past five years. We agreed to sell it or she would buy me out at the five year ...
Callinbull's user avatar
2 votes
1 answer
41 views

How to file for FIPRTA tax withholding and can I request interest from IRS?

I sold my property in 2020 and prepaid FIPRTA tax withholding since I am a foreigner. Theoretically, the tax withholding is supposed to be refunded the same year during the tax season. However, IRS ...
usr01's user avatar
  • 121
3 votes
1 answer
181 views

How private is my tax return in practice?

My tax return contains quite a bit of sensitive and personal information, as I'm sure is the case for many other taxpayers. The IRS Website states they will only ever share the return involuntarily ...
Derek Fulton's user avatar