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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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Seeking Clarification on Indian Taxation After Resignation and Job Change

I recently made a career transition, resigning from an Indian IT company in February 2023 with my LWD in May. And, I was going through the last six months pay slips provided by the organization, after ...
InvestInYourFuture's user avatar
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0 answers
48 views

UCITS ETF Capital Gains Taxes Different Depending on Stock Exchange?

If a certain UCITS ETF is domiciled in Ireland and is traded on both the Swiss SIX and London LSE exchanges (same ISIN but traded on both exchanges), will the tax implications (or broker’s automatic ...
MTC's user avatar
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1 vote
1 answer
128 views

PST Canada on software development to be used by BC company

A quick question to sole proprietors - if I provide software development services, do I need to charge Provincial Sales Tax (PST) on them (living in BC, companies that I work for are in BC as well).
m.aibin's user avatar
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4 votes
1 answer
112 views

Disbursing money for jointly owned asset: tax implications (two individual humans)

Say, as individuals, you are receiving money for a jointly owned asset, the proceeds of which you intend to split 50/50. The buyer wants a single account to send the money to. Each of the sellers has ...
Dan's user avatar
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2 votes
1 answer
253 views

Do I have to file a return to be able to carry over a past capital loss?

If I have no income for a year but incurred capital losses in a past year, do I have to file a return for each year following the capital loss (even if I have no income) in order to retain the capital ...
sterid's user avatar
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0 votes
1 answer
161 views

Solo 401k contribution limit for high Schedule K-1 income

This is really two questions. For this post, I'm going to use a very simple example. I have a single-member LLC with an S-corp election. I am the only employee. In 2023, my W2 wages were $66,000. My K-...
sparaps's user avatar
2 votes
2 answers
178 views

Upfront lump sum payment vs Monthly interest-free instalments

I have a debt of $1000 and have the option of paying it upfront or pay in 12 equal interest-free instalments. Can someone calculate the Future Value difference between the 2, assuming banks are giving ...
hs123's user avatar
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1 vote
1 answer
136 views

Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?

I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
Franck Dernoncourt's user avatar
2 votes
1 answer
236 views

What are "transactions and earnings" within the IRA?

I'm a European citizen who needs, for professional reasons, to understand in broad terms how the IRA works. I read the wikipedia page, and there is written that "all transactions and earnings ...
robertspierre's user avatar
5 votes
1 answer
108 views

What's the tax treatment if I am charged for a dividend on a stock I am short?

I sold an option, and it was exercised, leading me to be short a stock going into ex-dividend. The brokerage charged me for the value of the dividend that was paid by the company, which happened to ...
sterid's user avatar
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3 votes
2 answers
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Which of my tax-advantaged accounts should I hold my bond market index funds in?

I have traditional, Roth and SIMPLE IRAs. I'd like to get some total bond market index funds (VBTLX). In terms of taxes, gains, dividends, etc. is there any difference between holding the fund in a ...
pixelearth's user avatar
3 votes
2 answers
1k views

How much taxes do I have to pay when taking a withdrawal from a recurring investment purchase?

I have been looking all over to find an answer and everything I am looking at looks way over complicated. I live in Maryland USA I want to invest $1000 a month into a stock that pays dividends ...
Rita Carmichael's user avatar
2 votes
1 answer
374 views

Recouping AMT paid from exercising ISO Stock Options when sold

Three years ago (2020), I exercised a sizable amount of ISO Stock Options, which resulted in AMT in that year. Let's say the strike price was $50 and the FMV was $100. Since then, the company went ...
davyli's user avatar
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3 votes
2 answers
8k views

Roth 401k - Contributions are not going in as after tax?

So, I have a Roth 401k with my employer. I always thought that the Roth meant that I am contributing after-tax dollars into the account. I just realized the following: For simplicity, let's assume: I ...
Raj's user avatar
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0 answers
79 views

Self employed UK freelancer using a US-based contractor

I'm currently working as a freelancer in the UK and registered as self-employed sole trader. One of the things I'd like to do is use the services of another contractor who is a US citizen that lives ...
Kakalokia's user avatar
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4 votes
1 answer
611 views

Why does SGOV pay dividends twice in December?

The US ETF SGOV pays dividends once a month from Feb. to Nov, then twice in December. Why? I'm reading it may be for tax reason. If that's correct, what's the tax reason? From https://seekingalpha....
Franck Dernoncourt's user avatar
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0 answers
37 views

How to handle taxes as NRI doing remote job abroad

I am a software developer living abroad (NRI) and intend to transition into remote freelance consulting. I am anticipating an annual income surpassing 60 Lakh INR. My plan is just to visit India for a ...
kunhal's user avatar
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0 votes
1 answer
274 views

US Fed Tax: Difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount

US Fed Tax: I am trying to understand difference between Estate Exclusion Amount and Lifetime Gift Exclusion Amount When I google "irs lifetime gift tax exemption 2023", I get this result ...
Marium's user avatar
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1 vote
0 answers
38 views

Non US Citizen, non-resident, remote worker tax liability? [duplicate]

So a friend of mind is not a US citizen, and Non-resident, he's working as a contractor remotely for a company in the US from his own country. And he has an international bank account in one of the ...
Rafael Adel's user avatar
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0 answers
18 views

HRA exemption ITR India

I want to explore the HRA exemption option to optimise my tax. Currently I stay in Pune ( Non Metro city ) in India in a rented flat with my non working senior citizen mother. Rent a flat at 45K per ...
Ankit Srivastava's user avatar
0 votes
2 answers
62 views

TAX Advice Loan Notes

I moved to the US on the 21st of December 22 (E2 Spouse Visa). Before leaving I sold my UK company which completed on the 20th of December 22. The deal was structured so that part was cash payable on ...
Wattey 's user avatar
3 votes
1 answer
109 views

UK tax treatment for structured products with capital at risk

An important class of investment instruments available to retail investors are structured products (SP). These are usually designed to display income-like features (coupons) but whose occurence or ...
Daneel Olivaw's user avatar
1 vote
1 answer
224 views

Successor beneficiary to inherited IRA - RMD calculation?

There are so many moving parts to this in the tax code... I keep thinking I understand it but now I'm not sure. My grandmother died in March 2017, age 93. She had been taking required distributions ...
Joe's user avatar
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0 votes
1 answer
45 views

Excess deferral to AFTER-TAX, NON-ROTH 401K bucket. Will I be double-taxed/penalized?

I recently went over the 66k limit for employer + employee contributions to 401k with my most recent paycheck (I have one paycheck left for the CY). I'm under the 22,500 pre-tax limit. I called ...
dbugg's user avatar
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1 vote
1 answer
260 views

Rolling over Traditional 401(k) affected by Pro Rata

I currently have three retirement accounts: Account A: Traditional IRA with Pre-tax money Account B: Traditional IRA with Post-tax money (used for backdoor Roth IRA) Account C: Roth IRA Account D: ...
davyli's user avatar
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3 votes
1 answer
142 views

Switzerland taxation over income derived from foreign businesses

I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
Paulo Coghi's user avatar
1 vote
1 answer
124 views

LLC Credit Card - When does money count as being spent

I run a single member LLC in the state of Virginia and, for tax purposes, I am trying to figure out calculating profit/loss at the end of the year when using a business credit card. In the first year ...
Elder Tree's user avatar
0 votes
0 answers
71 views

What is my best option to reduce Tax Liability on an unpaid 401K Loan from a previous employer?

I lost my job in June 2023 and I had 2 outstanding 401K loans. Unfortunately I could not secure a job until 2 months later and had to use severance to pay bills instead of paying these loans back. ...
Vince D.'s user avatar
2 votes
1 answer
494 views

What's the consequence of not filling out IRS Form W4P accurately

Question about federal tax withholding for pensions in the US. I've decided to dig into a pension and they require me to fill out a form W4P for federal tax withholding. Our other income is from ...
Hilmar's user avatar
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0 votes
1 answer
80 views

Excess deferrals to after-tax, non-Roth 401k (just happened this paycheck) – just ask the plan for a reversal? Tax implications? MBDR implications?

It’s hard to google this/find this specific situation for advice. My last paycheck deferral on to my 401k (on 12/8/2023) resulted in exceeding the yearly maximum employer + employee = $66K limit. (2 ...
dbugg's user avatar
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1 vote
1 answer
278 views

Forming an LLC to reduce personal income

I'm working as a contractor for a couple people though I haven't formally formed my own business yet. Is it possible to reduce my personal income tax while having the money go to the business? Ex: I ...
maxical's user avatar
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0 votes
2 answers
329 views

How is 401k basis calculated? (Warning, wrong question.)

Normally if you sell one equity and buy another with that money, any gains or losses are reflected in your taxes at the time you do that rebalancing and you have a new cost basis on the new investment....
keshlam's user avatar
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1 vote
0 answers
86 views

How can I obtain a tax exemption certificate for a sign company that is located outside of the united states?

How can I obtain a tax exemption certificate for a sign company that is located outside of the united states. I have been purchasing machines for my print shop and they are being delivered directly to ...
user avatar
1 vote
1 answer
157 views

Do Transaction Fees Count Towards Roth IRA Contribution Limit?

I'm using Interactive Brokers. I noticed that IBKR charges a transaction fee for the purchase of some funds. Does that transaction fee count toward the Roth IRA contribution limit?
Jeffrey Enriquez's user avatar
2 votes
1 answer
257 views

Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA

I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
matt.dolfin's user avatar
0 votes
1 answer
210 views

Is it a good idea? A company to "buffer" income to be withdrawn in the future

Before talking to a tax advisor, I'd like your inputs and your experience. This is very important: I'm a permanent resident in Japan, French-citizen My marginal rate is high, I'd pay 50+% on any ...
None's user avatar
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0 votes
1 answer
346 views

Can I claim the tax back from my lawyer's fee?

I received a settlement from a car accident of 285000. I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high? I haven't worked since this accident in 2012. I ...
Dave Weaver's user avatar
2 votes
1 answer
122 views

Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?

I live in Scotland and am about to start a very small business that will print books and sell them using Amazon as a dropshipper. The business will take the form of a company registered in England and ...
Harry Macpherson's user avatar
1 vote
1 answer
141 views

Can an individual in Britain sell through Amazon with no government registration (see details) other than their National Insurance number?

If you are an individual – not a one-person company, not a partnership, not an HMRC-registered sole trader, not self-employed, not VAT-registered – and you want to register in Britain with Amazon as a ...
ool's user avatar
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0 votes
0 answers
144 views

Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?

Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly. Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
tmwn6919's user avatar
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0 votes
1 answer
161 views

In a divorce is there a benefit to selling stocks?

During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
Barbara 's user avatar
1 vote
1 answer
81 views

If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?

If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
qwerty_99's user avatar
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3 votes
1 answer
425 views

In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?

Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of ...
Bob Tway's user avatar
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0 votes
1 answer
93 views

Can buying mortgage points reduce a rate below the applicable federal rate?

And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
CodeCamper's user avatar
2 votes
1 answer
361 views

Can a prior-year deposit be included in a current-year tax credit?

I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
Jeff Schaller's user avatar
0 votes
0 answers
171 views

Wash Sales for Non-US Citizens

I am an Indian citizen residing in India. I will be opening a cash account through IBKR and day trade in the US markets(cash only, no margin). Will the wash sales law be applicable in my case, even ...
FloralFinger's user avatar
1 vote
1 answer
93 views

How to handle US financial accounts after leaving?

I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts: Robinhood brokerage: ...
sam's user avatar
  • 151
0 votes
1 answer
55 views

Delay Self Assessment Return

I am a international student holding a residence visa. A month ago, I began my degree program, and I have some income from a non-ISA savings account. I recently noticed that the deadline for filing my ...
top ROOKIE's user avatar
12 votes
2 answers
3k views

Disclaiming part of an Inheritance

Say a relative passes and leaves all of his money to two of his three children. His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
newUserNameHere's user avatar
1 vote
1 answer
65 views

In the US, are taxes collected upon lien claims?

I watched an instagram video that got me very curious about this possible tax evasion method. (Link at the end) Say I own shares of a company, which I bought for an insignificant amount compared to ...
Bersan's user avatar
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