Personal Finance and Money Stack Exchange
Personal Finance and Money Stack Exchange

Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

3580 questions
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Why is income tax generally not in a continuous "spectrum"?

With respect to the countries about which I am familiar, income tax is partitioned into tax "brackets", meaning that the rate of taxation varies discretely. Different tax rates are therefore applied to different "blocks" of an individual's annual…
Benjamin Crawford Ctrl-Alt-Tut
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I rent out a room in my house, do I have to report the rent as income?

Title says it all. Let me know if you need more details! Thanks!
hyling
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Blog income taxes?

I am a blogger and I routinely negotiate advertisements for my fellow bloggers. Sometimes I do it and don't get any payment and other times I get a finder's fee or something. Most of the time, the advertisers send me all the money and I give it out…
Daniel
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2 answers

Is Mortgage interest accrued after a December payment tax deductible?

I have a Mortgage that I make monthly payments on. In December 2018, I made a payment toward that mortgage part way through the month (let's say December 15th for simplicity). The interest is compounded daily. Is the interest that accrues from the…
morsecoder
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Can I file taxes if I am unemployed but have a child under 3 yrs?

Can I file taxes if I don't have a job but have a child under 3...and if so would I receive any money
Sylvia00
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W9 & Stipend Payment for Hosting International Exchange Student

my question has to do with tax compliance in the way of W9 & Direct Deposit in the way of a stipend that is paid monthly to host an international student. My husband is in the military and has received orders to relocate overseas. The student we…
Consuela Kelly-Crisler
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What is the need for progressive tax rates?

I learnt that progressive tax rates are used in order to be fair (i.e. collect more from people earning more and lesser from people earning less) but, even if the same percentage of income is collected as tax from everybody, the person earning more…
Mohan
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In the USA, does the income tax rate on my wages increase with the amount of money in my bank account?

Wages are subject to income tax. Money in your account (besides accrued interest) already having income tax deducted, isn't. You aren't supposed to pay for money that's already been paid for. Sounds simple enough. I know that if you make more, you…
Dom
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Unpaid loan made in a foreign country in local currency

I loaned money to a relative in my native country with funds I had in that country. My relative never paid me back. Am I allowed to deduct it as bad loan loss in my american tax return?
user61976
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How is income tax calculated in relation to selling used items?

If I buy a TV for $100 and sell it for $200 I've heard some people say need to pay income tax on that $100. If I sell it for $50 can I write off the $50 loss. If I have a garage sale and sell all my old crap is that income I need to report? Loss I…
gman
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Are medicare advantage rewards taxable?

I have my health insurance in a uhc medicare advantage program. Last year, a rewards program was introduced in which I received a debit card for use in places such as a grocery store or pharmacy. Funds are added to the card for certain…
David
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Do I-94 form holders who are living abroad have to file income taxes?

I-94 is the Arrival-Departure Record Card. By taxes, I mean income taxes. Scenario 1 is the question above "Do I-94 form holders who are living abroad have to file income taxes?" Scenario 2 what if they are living abroad and their I-94 form…
Yousif Alazzawi
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Restricted Stock Units (RSUs) - Choose to defer taxes at vesting?

I have some RSUs that will vest next year. I plan to contribute to an education fund for each of my kids. From what I've read, it sounds like the amount at vesting is considered ordinary income, while any gains/losses between the time of vesting and…
thephatp
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Should I include W2 form with 1040x (amended tax return)?

I am amending tax return in order to include 1099-R. Should I attach W2 along with 1099-R with 1040x? Thanks
YohanRoth
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Switched from employee to first time contractor AND moved to different state

A few questions here... I tried searching, but my situation seems too complicated (to me, anyway). Summary: I worked as an employee for the first half of 2013 (Jan through June) in Maine (with state tax). Then, I moved to Washington (no state tax)…
Shwarz
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