5

Do I still file my taxes? https://www.thestreet.com/personal-finance/taxes/how-much-do-you-have-to-make-to-file-taxes-14857480 You don't have to, but the 1040 is pretty simple to fill out for trivial returns. I'd do it. Do I get the full amount withheld back from both state and federal? Yes (well, probably, since we don't know your exact circumstances)...


4

There are two important considerations. Do you have to file? Should you file? The IRS can tell you if you have to file they will even tell you if you should file. Your state will have a similar set of requirements, but you should check the states tax website for details. The other question: should I file? depends on if any taxes were withheld, and is ...


3

I think I found the answer. The tricky QBI worksheet line 11 asks for "Taxable income before qualified business income deduction". This goes into computing the limit to the QBI deduction. This is clarified in the instructions for worksheet line 11, on page 36 of the general instructions (for 2018 form 1040): Line 11 [of the QBI Deduction Simplified ...


3

A few points: First, the foreign income exclusion is not available to you in 2019; to qualify, your "tax home" must be outside the US for the full year. Second, to qualify for the exclusion in 2020 (and thereafter), you will have to make sure you have moved your "tax home" to Japan - for example, it probably won't be available if you are on a temporary ...


2

Going to the official source, see IRS Publication 970 (2018 tax year link). The point of contention will be the official definition of "obligated". Per Publication 970, it has this to say: Don't Include as Interest You can't claim a student loan interest deduction for any of the following items. Interest you paid on a loan if, under the ...


1

Your formula above is correct in terms of maximum return on investment for RRSPs. The "optimal" RRSP contribution really depends on your anticipated financial future and savings goals. RRSP contributions are refundable tax credits, which means you get the entire amount of income tax paid on that dollar amount refunded. This is because RRSPs are taxed when ...


1

Is there any tax relaxation for Indians in Germany? I've never heard of such a tax relaxation that you describe in the comments for Germany. Moreover, I'm not aware of any form of the income tax declaration asking questions that would treat German income of a foreign worker with tax residence in Germany different from German income of German citizens with ...


1

You don't get a standard deduction on your business income (the stuff you report on Schedule C). What you get to deduct from the income reported on Schedule C are the business expenses. The standard deduction is taken on Form 1040 and reduces the Adjusted Gross Income (AGI) (which includes the net Schedule C income). If you deducted $12K as the standard ...


Only top voted, non community-wiki answers of a minimum length are eligible