Double self-employment tax (MA state and federal)?
I am living in Hong Kong but paying taxes as a US citizen to the US. The company I work for is in MA. Although I receive a 1099-NEC, in actual practice I am a part-time employee. I understand that I...
View ArticleTax implications of the interest earned in India
I have some questions regarding tax implications of the income in India from the following sources.NRE Account (FD and Savings)NRO Account (FD and Savings)Mutual FundsInterest in NRE account is...
View ArticleI filed my taxes not knowing I was being claimed as a dependent meaning that...
I filed my own taxes unaware that I could be and apparently was being claimed as a dependent, so it's been brought to my attention that the Head of Household could have a higher standard deduction than...
View ArticleSelf assessment Tax not reflecting 26AS
I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be...
View ArticleHow to file and pay income tax for ITR2 in India? What is the order?
I have following incomesSalaryInterest income from fixed depositsShort term capital gains from sale of equity stocksLong term capital gains from sale of debt mutual fundSearching for it leads me to...
View ArticleDonated $500 to a charity but didn't get an official receipt
In January of 2023 I donated $500 to a charity. I got a donation receipt from Paypal at the time. The subject line says "Receipt for your donation to [...]". However, the bottom of the email says "This...
View ArticleInvest in both PPF and VPF
Is one allowed to invest in both VPF (Voluntary Provident Fund) and PPF (Public Provident Fund) in the same financial year and is there a limit on the same?
View ArticleHow to declare interest earned from unmatured NSC (5 years) in ITR
5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C.But there is no interest entry made by the Post Office department against NSC.How can I declare such earned...
View ArticleHow much taxes would I have to pay if I sold my startup in cash? [closed]
If I sold my tech startup to a large entity for $1 Billion dollars in cash. How much is Uncle Sam getting?
View ArticleWhat double-entry bookkeeping and account structure lets me report taxable...
I have tax-preferred retirement savings plans, and I track their activity using a double-entry bookkeeping app. I am at the age where I am starting to make withdrawals from the savings plans. The...
View ArticleMy mother, Estate Income Tax, a living revocable trust and the 645 Election
In June of 2023 my mother died. At the time of her death she owned income producing assets such as stocks. Some of the assets were held directly in her name and others were held inside her living...
View ArticleNRA/RA Test and FICA exemption
I was on F-1 from 2018-08 to 2020-05 in the US, but I stayed in my home country from 2020-05 to 2022-09 and I came back to the US from 2022-09 till now. I am on F-1 all the time, and technically 2024...
View ArticleClaim of Tax Treaty Benefits of W-8BEN for New Zealand resident
I'm starting full-time remote employment with a US company soon, and they asked me to fill up the W-8BEN form. So what should I fill up on the part of Claim of Tax Treaty Benefits? I found that NZ has...
View ArticleDid this person need to make estimated taxes?
Please consider the following hypothetical situation. A person is retired and his sole source of income is his investments in the stock market. In tax year 2022, he has a total tax liability of $100...
View ArticleW4 tax form and need suggestions re: single vs. married filing jointly
So my husband just moved to the country two months ago and will start working Monday. He has a green card and SS card. He's making 17 an hour, 40 hour week. I make 28 an hour, 40 hour week. We have no...
View ArticleCan I put my daughter back on my taxes after she filed years before on her own?
My daughter is 21 and filed her own taxes in the years before because she made more than the free amount.2022 she still lived with me but has not earned anything. Does she still need to file her own...
View Articleexchange rate for taxes paid and reported on form 1116
I am US citizen living in Spain, and received interest income from deposits in Spain and India. I am reporting these on Schedule B and form 1116 to get credit for the taxes I paid on the interest...
View ArticleDoes an adult child living at home still gets the standard tax credit?
If someone, age 19, lives with their parents, works part time, do they still qualify for the standard tax credit? The person earned $2584 last year. The tax preparer says she owes $390 in taxes.
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How to pay quarterly estimated taxes when IRS doesn't let me pay online?
I moved to the US in 2023. I'm a citizen. I started earning income in 2023. I work as a software engineer as an independent contractor. This means I need to pay quarterly estimated taxes. I don't think...
View ArticleShould I convert my rental unit into an LLC for tax purposes?
I have a rental unit (condo). I would like to know if it's better to just keep it as a rental unit or put it under an LLC and if the tax implications change?Currently, it's fully a rental unit (owner...
View ArticleWhy is the IRS asking about digital assets?
I noticed the IRS is always asking about digital assets for income tax but doesn't appear to do anything with it in any of the forms, at least the ones I deal with. On the 1040 we see the following...
View ArticleHow do I calculate the cost basis of Restricted Stock Units (RSUs)?
I was granted RSUs that vested 1/3 per year, over 3 years. From E*Trade I have:2016, 133 Shares Vested, 89 Shares Transferred to me, Tax Paid: $3,424.522017, 134 Shares Vested, 90 Shares Transferred to...
View ArticleFICA refund on H1B as a non-resident while performing work outside the US
My question is similar to the one here and concerns my 2022 US tax return: Federal income tax as nonresident alien working outside of USA remotely for US employerFor 2022, I filed as a non-resident (I...
View ArticleUS tax 2021 for H1b and H4 visa holders- when to use 6013 h Election
I was on H1B and spouse on H4, have been filing US tax for 2015-2020 as married filing jointly and have been in US 365 days for all 5 years.In 2021 - we stayed from Jan to April 2021 which is less than...
View ArticleWife is a NRA on H-4 visa, no income. What are the IRS obligations?
I'm on an H-1B visa since November 2023 and stayed only 40 days in the US in that year and no time prior to that. My wife as well, but she is on a H-4 dependent visa with no income. Both of us are...
View ArticleDeducting option trading losses for income tax filing
I am in India. Let's say I have an income for 25 lakhs and my losses in option trading for 10 lakhs. How to file ITR for the same? Will my losses in option can be carry forward for 8 years?Suppose I...
View ArticleReceiving Freelance Payments as an NRI: NRE vs. NRO Account
As an NRI residing in Singapore, I completed freelance work for an acquaintance in India. Now, I'm seeking advice on the most suitable method to receive payment: Should I use an NRE or NRO account in...
View ArticleCan home office deduction be taken for a portion of the area
Self employed, provide services for clients in an area of my home in the United States of America.Most of that area is not exclusively used, but there are storage areas as well as closets that are...
View ArticleA Question about what counts as a qualified covered call for tax purposes
Below is a quote from IRS Pub 550:Qualified covered call options and optioned stock.A straddle is notsubject to the loss deferral rules for straddles if both of thefollowing are true.All the offsetting...
View ArticleMy company, located in a different state, is not withholding local taxes for me
I am a resident of Maryland and I recently began working remotely for a company located in a different state. This company is not deducting local taxes from my paycheck. Will I incur a penalty for not...
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