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4 votes
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How to file form 1099 NEC free online

You don't need to file it. The form is given to you (and to the IRS) to report your self-employment earnings. This is an informational form. In order to pay taxes on your income and to report your ...
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0 votes

German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

The United States Tax Authority (IRS) refers to your situation as a nonresident alien. Unfortunately, the tax treaties between the USA and European nations do not mean that you get to choose where to ...
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0 votes

German PhD Student doing a Paid internship in USA for 3 Months. How to handle the taxes?

Do I need a bank account in the USA to recieve my salary? Probably. Ask your employer, but it is very uncommon for American software companies to pay in cash. Can I pay the taxes in Germany myself ...
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6 votes

Received a Letter from SSN Administration and Very Confused

The SSA is tracking your annual reported income (self-employed or employed), so when you retire, they are able to calculate your SS payments. What this means is that they think your self-employed ...
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3 votes
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Tax filing requirement for Teens 16 to 21 years

In general, the filing requirement is not dependent on whether or not you filed the year before. If you aren’t sure whether or not you need to file in a given situation, the filing requirement ...
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1 vote
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Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

this is a great idea. I am pretty sure you can do the carryover as you proposed; see Pub 560, under the heading "Carryover of Excess SEP Contributions", as well as Table 4-1 "Carryover ...
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1 vote

Can I treat a SEP contribution made in 2021 as partly for 2020 and partly for 2021?

A SEP contribution made between Jan. 1 and Apr. 15 can be applied to the current year or the previous year. My brokerage (Fidelity) does not ask and doesn't appear to care the year to which it ...
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7 votes
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Combined taxes on revenue stream when outsourcing work to a contractor

You need to consider that the payment of employee wages is generally a deduction to the employer, the same as paying other business expenses. Income tax is tax paid on net income, not gross profit. ie:...
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13 votes
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Does one's tax transcript indicate whether taxes were paid?

What you have appears to be your tax return transcript, which includes data from the return itself and the calculations the IRS did to verify the return. It does not show actual amounts paid (or ...
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0 votes

LLC Partnership Foreign Partner

You should not count your wife as a foreign person in this case. Yes turbotax is wrong (IMO), it should ask US person and not citizen. Determining if a Partner Is a Foreign Person A partnership must ...
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  • 101
1 vote

How do I structure accounts to represent capital and depreciation for multiple jurisdictions, keeping equity accurate?

You will need to track these things separately for Canadian and US tax purposes. Basically, a secondary set of 'tax books'. It is very common for accounting records to deviate from tax records where ...
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0 votes

Should ex-spouse be paying tax on her portion of my private pension?

This is going to depend on how the support agreement is structured. In short, if there is no court order mandating payments, you will be taxed fully and your ex-spouse not at all. For most court-...
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0 votes

Weighing consequences of selling assets to get down payment for buying house

You are looking at two options: sell enough investments to get the money you need and pay the taxes. start to save for the down payment. Everybody looks at the low interest rate and wonders if they ...
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AMS points as taxable income when living and paying taxes in EU

I am not a lawyer, especially a tax lawyer, but in the US, when total US income below a certain level there is no need to report anything. See this for example For some purposes, if you are paid and ...
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  • 101
0 votes
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New reporting requirements in 2022 for proceeds over $600

Frame challenge: The IRS is the least of your worries There are at least a couple of possibilities here that work out very badly for you. You're straight up being scammed. I think this is the most ...
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