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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1answer
442 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
71 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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3answers
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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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3answers
5k views

What is the difference between salary and bonus with respect to taxes?

Let's assume one company offers 200k salary and another 100k salary and 100k bonus at the end of the year. Is there a difference for me at the end of the year (after all taxes are returned)? The ...
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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
22 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
160 views

Can I retroactively hire a household worker?

I have a live-in nanny who happens to be my sister. My wife and I have paid her biweekly for over a year, but only during this recent tax season did it dawn on us that there is more to do legally. I ...
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2answers
66 views

Economic stimulus payment for a resident alien

Let me mention first that I was a non-resident alien for tax years 2018 and 2019, and I am considered a resident alien for 2020 taxes. Today I have received a stimulus payment check because I have ...
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0answers
44 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
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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1answer
80 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
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
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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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 ...
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2answers
510 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
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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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
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
39 views

What happens when you over-contribute to Swiss Pillar 3a accounts?

If your total contribution to 3a accounts in a year is more than the limit (~6800 Fr. currently), what happens? I could see several options: a) the amount just carries over to the next year's ...
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1answer
77 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
45 views

What are Spanish Compliant Bonds

I'm investigating about the 'Spanish Compliant Bonds', an investment product that is tax-friendly for Spanish tax residents. The most detailed report I have found about them is here. Still, I don't ...
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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 ...
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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
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
38 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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0answers
27 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 ...
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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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1answer
82 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
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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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 ...
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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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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
17 views

Tax implication for a Temporary Resident in Australia while in another country?

I am a student in Australia (making me a Temporary Resident for Tax Purposes), and an Indian citizen. I work as a sole trader / self-employed individual (web development freelancing), and according to ...
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0answers
22 views

One tax resident, one broker, one company, three countries

Suppose Alice is tax resident of Country A and she signed up with broker Bob, whose company is established and operated solely in country B. Alice then buys some shares in company Carol Srl, which is ...
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3answers
89 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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1answer
49 views

Can an F1 student file as resident alien? (less than 5 years)

I'm a foreign student on F1. I came to the US in 2018. I stayed in the US for 350 days in 2019. I'm aware of the substantial presence test that determines whether I should file as resident alien or ...
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0answers
15 views

How is Net Investment Income (NII) calculated?

I'm failing to find the exact formula for how Net Investment Income is calculated. (Note that I'm not interested in how the net investment income tax is calculated. That seems to be very well covered.)...
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1answer
107 views

Why did I get $1200 stimulus check? Was a resident alien for tax but moved out of US in Nov 2019

I was a student on a visa in the US and was also working at the university from 2012 to Nov 2019. I then moved out of the US at the end of Nov 2019. Officially, I'm still a student at my US university ...
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1answer
115 views

Are re-invested dividends taxable in the UK?

Let's suppose that you invest in an accumulation ETF/mutual fund, whose automatically re-invest dividends. In such case, those dividends should not be taxable since you actually never receive them. ...
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2answers
49 views

Comparison of tax benefits in ISAs and pensions schemes in the UK

I'm reading about pension schemes in general, and in the UK in particular. I think I have understood how the tax relief works, still I'm not sure. Given this quote I have found: If you are a basic ...
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2answers
97 views

Can I have the IRS deduct my taxes owed from my stimulus check?

I am filing my 2019 taxes and have never filed before, so I expect to get the $1200 stimulus check in the mail. The amount of federal tax I owe for 2019 is less than $1200. Instead of paying the IRS ...
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0answers
32 views

Married file jointly, what address i need to use in 1040 form?

This is the first time that I file taxes as a married file jointly! I am a resident alien and my wife is non-resident alien. We stayed in two different states. When I fill out the 1040 form and state ...
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0answers
9 views

Ambiguity on Form 1045 Schedule A between Lines 2 and 3

On Form 1045 Schedule A, lines 2 & 3 read: Line 2 Nonbusiness capital losses before limitation. Enter as a positive number Line 3 Nonbusiness capital gains (without regard to any ...
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1answer
413 views

I was a dependent in 2018 but independent in 2019. Will I get the stimulus check? And When?

Basically I filed independently on 4/13/2020 and my Mother filed on 4/16/2020. Last year I was her dependent but this year she did not claim me as a dependent. Will I get the stimulus check? I was ...
7
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1answer
141 views

Nonresident received the stimulus money for COVID 19 from IRS

I am a non-resident alien who working in the US. Yesterday, I received the stimulus money ($1200) due to the COVID 19 from IRS, while I know that as a non-resident, I am not eligible to receive. This ...
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1answer
33 views

Is it foreign income when you sell cryptocurrency and realise a capital gain in the UK?

Crypto networks are not run by any specific government or group of individuals, compared to other securities like US shares. So what is the geographical status-quo of cryptocurrency for UK tax ...
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0answers
31 views

How does dual residency apply to Capital Gains Tax?

Note: I know this is a highly specific question, but I'm posting it here because I already talked to two professional tax advisers and they did NOT know the answer. I was born in Romania and lived ...
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1answer
30 views

Understanding tax credit relief in double taxation agreements

I have a hard time understanding tax credit reliefs in double taxation agreements (DTAs). Take the following scenario: Alice is only resident in Country A Alice owns shares in a company Acme only ...
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1answer
22 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
30 views

Understanding UK split years and double taxation agreements

From Residence, Domicile and Remittance Basis Manual 12010: If during a year the individual starts to live or work abroad, or comes from abroad to live or work in the UK, the tax year will be split ...

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