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.

586 questions with no upvoted or accepted answers
Filter by
Sorted by
Tagged with
2
votes
0answers
136 views

Reporting of form 1042-S

I am a US citizen living in Australia, 61 and made a small withdrawal from my 401K which they deducted 30% for tax. I received a 1042-S form from my 401k company for a withdrawal I made. DO I file ...
2
votes
0answers
85 views

Deducting another room that isn't fully for business use

I work from home and have a bedroom that I want to deduct for business use. I already have a room that I'm deducting. The bedroom will have personal use about 7 days per year. Can I simply pay the ...
2
votes
0answers
275 views

Cashing in a IRA from Puerto Rico

My wife was born and worked in PR prior to our marriage over 20 years ago. She is now 60 years old. She has a IRA in PR. If she cashed out the money do we need to show this as income on our yearly ...
2
votes
0answers
58 views

Resident alien leaving US and healthcare tax

For tax purpose, I'm considered resident alien for tax year 2017 by substantial presence test. I was on company healthcare plan and COBRA until I left US at the end of September 2017. After that, I ...
2
votes
0answers
77 views

Tax Document/Notification for Arbitration Award

In late 2017, I went through arbitration with a business and was awarded approximately $950 (USD) in the form of a check. My experience has always been that anything over $600 from a business, in ...
2
votes
0answers
291 views

Is “FMV of like-kind property you received” for a new car the MSRP or the dealership price?

I traded in my old car to purchase a new car (as in, latest year, never been owned before) in the middle of last year. I'm filling out my taxes and TurboTax is asking me to fill out the "FMV of like-...
2
votes
0answers
104 views

Tax implications of U.S. company granting non-qualified stock options (NSO) to a non-resident?

I am a non-resident individual outside USA who has been granted a NSO stock option in a US start-up. I have an early access option on 10000 shares that vest until 2021. I am trying to understand if ...
2
votes
0answers
142 views

I am buying a house to flip. Can I get a solar tax rebate if I add solar?

I am buying a house to flip. Can I get a federal solar tax rebate if I add solar?
2
votes
0answers
74 views

Would it be possible to exclude relocation reimbursement from income if I incurred it in 2017 but received in Feb-2018?

I have recently filed 2017 taxes and received my refund. There, I'd some qualified excludable moving expenses under W-2 column 12d (code P). However, I had not submitted all of relocation expenses ...
2
votes
0answers
80 views

What are the repercussions of submitting an incorrect W-2 complaint with the IRS for a current employer

As explained in another question, my employer is listing the amount they paid towards my domestic partner's health insurance as imputed income. However, the internet, and two accountants I spoke with,...
2
votes
0answers
1k views

How to calculate 1040ES tax payments for 2018?

My first quarterly 2018 1040ES payment is due in April. As I have no regular withholding payments being made (being retired),I have to make quarterly payments to cover Federal income tax. I thought ...
2
votes
0answers
54 views

What Details Do I Need to Keep for Tax Returns for Arbitrage Trading (UK)?

I've just started doing some arbitrage trading using a couple of online cryptocurrency exchanges, but I'm not sure what details I need to keep for the tax man. Do I need to keep a record of all my ...
2
votes
0answers
200 views

Is income from bank account bonuses taxable on my state tax return?

I'm a student in the US on an F-1 visa. Last year (2017), I opened ten new bank accounts, all of which had promotional offers. As a result, I received around $3000, and this has been reported on Form ...
2
votes
0answers
113 views

Can I recover employer-paid health insurance premiums erroneously reported as imputed income?

Every December my employer adds some $7k of imputed income to my last paycheck to account for the cost of employer paid health insurance premiums for my domestic partner. However, my domestic partner ...
2
votes
1answer
2k views

W8BEN of Indian individual

I need help in filling W8BEN form. I will use this to reduce (or zero) my 401K withholding (whenever I withdraw money) as there is a treaty between India & US. I am not sure what should I fill in ...
2
votes
0answers
94 views

Under new federal tax bill, can I save taxes by not doing payroll anymore for my single employee (me) S-CORP?

Will paying myself only shareholder distributions instead of payroll, and using the new 20% QBI deduction on my QBI of $300k save me more taxes under the new federal tax plan, and allow me to ...
2
votes
0answers
39 views

Funding an HSA with a one-time rollover from an IRA: Documentation trail

I know it's possible to make a one-time rollover from an IRA to an HSA (i.e., up to the amount allowed by the HSA). It's possible I already did this about 10 years ago. The paperwork I have on hand ...
2
votes
0answers
196 views

Will my CRA Canada carryover amount cover this eventuality?

I have federal and provincial carryover amounts with CRA (tuition amounts). I assume on my TD1 Federal and Provincial credits return forms that my spouse's estimated income for the current year is ...
2
votes
0answers
355 views

Freelancer, Schedule C, Deductions for MEALS in 2018-2025

This question is specific to sole proprietor freelancers who (a) network with other freelancers, (b) sometimes outsource their work to other freelancers but never employ someone, and (c) file a 1040 ...
2
votes
0answers
293 views

Tax rate of bitcoin trading for non-resident alien

I'm an international student holding F1 visa in the states. I find information on the IRS page which says non-resident aliens are subject to 30 percent flat rate for capital gains. Does this rate ...
2
votes
0answers
156 views

Should non-citizens pay gift tax for sending bitcoin to non-citizen living abroad?

I am non-us citizen (an international student) but resident alien for tax purposes. If I send my bitcoins to my family living abroad, should I pay the gift tax? I read articles but they say 'us ...
2
votes
0answers
153 views

20% pass through deduction + ~20% solo 401k deduction?

From what I hear none of the 401k stuff has been modified in the new tax bill This means SOLO 401ks would still have like 20+% profit contribution maxes, up to the $53k or so upper limit from entity ...
2
votes
0answers
269 views

new tax bill pass-through limit deduction threshold

Here is a clip from the Washington Post on pass-throughs. “Pass through” companies get a 20 percent reduction: Most American businesses are organized as “pass through” companies in which the income ...
2
votes
0answers
55 views

Can I claim a credit / deduction on my “personal income tax” for the “city corporate income tax” that my LLC company located in NYC had to pay?

I live in Chicago, which does not have city income tax. My company is a LLC incorporated in NYC, which has city income tax. So my understanding is that my company needs to pay "city income tax" over ...
2
votes
0answers
142 views

How will the new tax bill benefit an S-corp individual?

While driving, I heard on some news program that flow-through people can deduct more from direct income from their business than indirectly through payroll (such as ADP). Will the new tax bill let me ...
2
votes
0answers
24 views

SEP contributions when part of two LLCs

I am the sole member of first LLC, and I've been doing SEP contributions for several years now. In 2018, I want to start a second LLC where there will be a second member (let's call him John) who ...
2
votes
0answers
361 views

Tax rates when C-Corporation pays salary to the owner who is non-US resident & non-US citizen

I am non-US resident and non-US citizen (i.e. NRA, nonresident alien). I would like to open C-Corporation in Florida. I would be the only owner and shareholder of the C-Corp. I know what are the ...
2
votes
0answers
135 views

LLCs loan interest to avoid self-employment taxes

After doing some research on LLC setups and taxation, I have struck upon something I can't find an answer to. If I make a loan to an LLC, taxed as a passthrough (multi member) to which I am a member ...
2
votes
0answers
147 views

Rental income and mortgage interest deduction for married non resident alien

My wife and I acquired a property in the US in 2016 with a US mortgage. We started renting it that year and have been managing it ourselves since then (no rental management company). We are both ...
2
votes
0answers
19k views

How to fill W-8BEN form as an Indian?

I'm a freelancer (individual), Indian citizen working from India and I've to fill the form W-8BEN for a client based in US. I receive the money from the US source into my savings account here in India ...
2
votes
0answers
56 views

Covering all legal/tax bases for sole proprietorship selling apps?

I'm just starting a sole proprietorship for making & selling iPhone/Android apps. I expect buyers all over USA/world. As a traveling performer, my personal location is 50% Florida 50% California, ...
2
votes
0answers
398 views

Should CA sales tax be charged to vehicle lessee on the portion of capitalized cost reduction from a federal rebate?

Should California sales tax be charged to a vehicle lessee (at inception of lease) on the portion of the capitalized cost reduction that is 'paid for' by a federal rebate? Background: certain ...
2
votes
0answers
139 views

Deducting travel costs for summer internship on J-1 visa

I am a full-time PhD student at a university in Germany. To get funding for my PhD studies, I am employed as a research assistant by the university (I have been continuously employed in this position ...
2
votes
0answers
85 views

Taxes when year split between Switzerland and Germany

Last year I worked in Switzerland (L permit) from January until the end of July, and then worked in Germany for the remainder of the year. I am now resident in Germany and an EU Blue Card holder. I ...
2
votes
2answers
230 views

Strategic rollover from traditional to Roth IRA for a young person (pre-retirement)

So we have this: Contributions to traditional IRA: Pre-tax Distributions from traditional IRA: Taxed at the time of distribution Contributions to Roth IRA: Post-tax Growth and distributions (...
2
votes
0answers
60 views

Taxes on Federal Pension in Puerto Rico Non-Resident?

I'm a federal retiree with a federal pension and I'm a resident of Texas. I'm only taxed federally on my pension, as Texas does not have a state tax. I have been offered a year contract in Puerto ...
2
votes
0answers
662 views

What is the tax treatment for dividends paid on open CFD positions?

If an investor has an open CFD position when the underlying stock goes ex-div, there will be a payment made to the margin account in lieu of dividend. This is to ensure the investor does not actually ...
2
votes
0answers
44 views

Pre-Tax Income and Tax Liability

I'm looking over my most recent pay stub trying to figure out what my tax liability will when I file next year. Here's the current breakdown: YTD Figures Gross Pay: 109,245 Federal Income ...
2
votes
0answers
77 views

Do I need to pay tax in US that ESPPS and RSUs earned in India

When I was working in India I got some RSUs and also purchased ESPPs from my company by contributing from my salary.Its US based company located in India. I have an account in ETrade. ETrade has ...
2
votes
0answers
95 views

Canadian Tax on Loan against FD in NRE account

I have Fixed Deposits [Term Deposits] in HDFC NRE account in India. If I take loan against it and transfer loan funds in Canadian dollars to Canada, do I need to pay any taxes in Canada? Do I need ...
2
votes
0answers
232 views

Paying taxes as foreigner for working as freelancer for US company

I am a german citizen and live in Germany, and want to work as a freelance-translator for a company called "gengo" , that seems to be registered in the US (quoting from the website: "a Delaware ...
2
votes
0answers
1k views

I had payroll deductions taken post-tax instead of pre-tax. What should I do?

Due to a paperwork mixup of my own doing (incorrectly added her as a domestic partner), a year's worth of insurance premiums paid on behalf of my wife were deducted post-tax instead of pre-tax. The ...
2
votes
0answers
53 views

Tax return if worked partially in the UK and partially in Germany

I have worked from Jan to July 2015 in the UK and from Oct. to Dec. 2015 in Germany. I'm not sure if it makes sense for me to submit a tax return claim. (The tax year in the UK runs from April to ...
2
votes
0answers
73 views

Head of Household and dependent status tracking with GnuCash

I would like to use GnuCash (if possible) to track my status as head of household and my mother's status as a dependent. The rules are in IRS Publication 501 (mostly worksheet 2). My ultimate goal is ...
2
votes
0answers
47 views

can an S corporation pay its owner as a consultant, so owner can use schedule C deductions?

I'm a consultant with an S corp. If my S-corp pays me as a consultant, so that the K-1 is 0 income, then can I file 1040 schedule C in order to get deductions like: - use of home office, and - health ...
2
votes
0answers
58 views

TN VISA Tax+ Spouse F1 Visa Taxes

My husband is a Canadian citizen and he is working in USA on a TN visa. I am in Canada on a Work Permit and I am not a PR yet. I have two questions: Am I considered as a tie for my husband to Canada ...
2
votes
0answers
288 views

USA taxes for foreign contractor- FW8BEN FORM

I work as an independent contractor (providing personal engineering services) from India for a a USA based company. I receive around 15000$ yearly directly credited to my Indian bank account. I ...
2
votes
0answers
115 views

Are gifted health insurance premiums tax deductible for the recipient?

Amanda paid some health insurance premiums for Bill in 2015. The payments were made directly to the insurer and intended as a gift to Bill. Amanda doesn't have to report payments for medical ...
2
votes
0answers
154 views

Question about 1098-T Tax form

I graduated college in May of 2015. I just received my 1098-T form for the 2015 year, which includes my spring semester. In box 2, "Amounts billed for qualified tuition and related expenses", it is ...
2
votes
0answers
90 views

Use relatives bank account for my paycheck

I live in Sweden, and some family members live in Norway, recently I got a job in Norway, but I was unable to get a bank account here right away, and they can't put my pay on my Swedish account. What ...

1 2 3
4
5
12