New answers tagged irs
4
votes
Accepted
How to compute cost basis over multiple purchases, for sale of a fraction of the assets?
There are different cost basis methods
First-In, First-Out (FIFO) assumes you're selling your oldest shares first.
Last-In, Last-Out (LIFO) assumes you're selling your oldest shares first.
Specific ...
- 75.5k
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H1B & H4 Married Filling Jointly+ITIN with less than 183 days in Substantial Presence Test
You can do that under the IRC 7701(b)(4) (first year election) - if you qualify.
Beware that you'll both be taxed on your worldwide income for the whole year under the both first year election and the ...
- 149k
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Should I claim medical expense before insurance made final determination?
You're always better off setting the stage so the IRS owes you money when tax is adjusted later. That way you don't face interest or penalties.
For that matter, FYI, there's no penalty for filing late ...
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IRS Notice LTR 105 C Disallowed claim
You filed a return as single when you were married. That's bad. If you're married you can only file MFJ or MFS, you cannot file single. ITIN has nothing to do with that, you could have filed MFJ and ...
- 149k
1
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Accepted
Should I claim medical expense before insurance made final determination?
Your link in the comments says:
However, insurance claim taxable income might be an issue and you must include the reimbursement as income if either of these is true:
You reported the resulting ...
- 149k
1
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Accepted
How I get federal tax extension granted proof when Form 4868 was mailed?
No. Every mailing to the IRS should be done via certified mail, which gives you proof of mailing. Alternatively you can file this specific form online. The extension is automatic, you don't need it to ...
- 149k
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Does the US IRS tax board have a provision that any mistake or error such as a few cents or a couple of dollars will not be followed?
The IRS allows rounding to whole dollars as long as you do it uniformly on all of your schedules and forms. See the instructions to the form 1040:
You can round off cents to whole dollars on your ...
- 149k
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Does the US IRS tax board have a provision that any mistake or error such as a few cents or a couple of dollars will not be followed?
The IRS wants taxpayers to round the numbers on their tax forms. Therefore it is possible that a change of less than $1.00 may not cause any other numbers on the form to change.
In addition the tax ...
- 126k
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Filing tax return and estimated payment without ITIN
They can make estimated tax payments before applying for an ITIN, by writing "ITIN TO BE REQUESTED" in the space for SSN/ITIN. See W-7 instructions, in section "ITIN not needed for ...
- 16.4k
1
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Accepted
What does "Paid/Adjusted in 2023 for 2022" mean on a 1099-DIV?
It refers to moneys paid in 2022, initially characterized as dividends, and then in 2023 retroactively reclassified as something else (usually non-dividend distributions, i.e.: adjustments to basis). ...
- 149k
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