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Monday
Wow, thanks for this response. It seems like I fell through a crack with foreign earned income then. I very well could be the only US employee for this Canadian company although I know they have...
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Wow, thanks for this response. It seems like I fell through a crack with foreign earned income then. I very well could be the only US employee for this Canadian company although I know they have several contract workers, but not full-time. Are there big implications for the Canadian company labelling themselves as a US company in order to send me an amended w-2? Hopefully there's someone else in this situation who can chime in. I'll also plan to call the CRA & IRS and see what I find out. Thanks for your help!
Monday
1 Cheer
The foreign earned income exclusion only applies to income that you earn for working outside the United States. Since you worked only in the U.S., none of your income is foreign earned income.
Yo...
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The foreign earned income exclusion only applies to income that you earn for working outside the United States. Since you worked only in the U.S., none of your income is foreign earned income.
Your reading of the physical presence and bonafide residence tests is correct. You do not meet either test, so you do not qualify for the foreign earned income exclusion.
The income from the company in Canada is U.S. income, even though the employer is located in Canada. It doesn't matter where the employer is located. What matters is where you actually work.
The Canadian company is not reporting your income correctly. Employing you to work in the U.S. makes them a U.S. employer. They should have given you a W-2 (and withheld U.S. income tax and FICA taxes). They probably don't want to bother with that, especially if you are their only U.S. employee. I'm not sure what you should do about this. Wait a day or two and see if anyone else replies to this thread. If you don't get any better answer here, you might want to consult a local tax professional.
Monday
I started 2024 with $100,000 sold for $400,000 but lost it all trading perpetual futures on MEXC. Do I owe taxes? All of this happened in 2024. I started 2024 with $100,000 and I ended December with $...
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I started 2024 with $100,000 sold for $400,000 but lost it all trading perpetual futures on MEXC. Do I owe taxes? All of this happened in 2024. I started 2024 with $100,000 and I ended December with $40,000.
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Monday
Thanks for your reply! BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!). I was attempting to clai...
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Thanks for your reply! BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!). I was attempting to claim the foreign earned income exclusion. Yes I had 3 streams of income last year (2024). I worked a 1) self-employed venture that is local to California 2) part-time position that gave me a w-2 (also in California) Then, in June of 2024 I quit my w-2 job when I was hired for: 3) a remote full-time position with a company based in Canada (which sent me a T4, their w-2 equivalent I guess). For this work, I was hired remotely, so I still lived in the US the entire time. I was eligible for this position as a Canada-US dual Citizen. Note that I never lived outside of my resident country (US) in 2024, so Turbotax's two tests to determine foreign income exclusion (physical presence & bonafide residence) didn't seem to fit in my situation based on what I read in their descriptions. Unless I read them incorrectly. When I tried to declare my foreign income from the Canadian T4 I noticed that it was wrongly lumping the other two US sources (w-2 and self-employed) into that amount, drastically changing my taxes owed amount. I'm using Turbo Tax on a desktop, and just basic at this point. Thank you, any advice would be appreciated!
Monday
1 Cheer
In TurboTax, go to:
Other Tax Situations
Business Taxes
Self-Employment tax
Click "Make Adjustments"
Enter the amount of income that is subject to self-employment tax as "Other SE NonFa...
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In TurboTax, go to:
Other Tax Situations
Business Taxes
Self-Employment tax
Click "Make Adjustments"
Enter the amount of income that is subject to self-employment tax as "Other SE NonFarm Profit."
That will create Schedule SE, and the self-employment tax will appear on Schedule 2.
Monday
1 Cheer
withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.
generally, this would mean that schedule L on the k-1s shows a po...
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withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.
generally, this would mean that schedule L on the k-1s shows a positive amount for ending capital. liabilities, if any, can also affect tax basis
Monday
When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.
You have to go to Step 2 in the FILE section.
HOW TO CHANGE OR ENT...
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When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.
You have to go to Step 2 in the FILE section.
HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572
You cannot change banking information while your return is in pending, nor can you change it after the return is accepted. The IRS does not allow it.
Monday
there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be ...
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there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be able to install the app. if installed you will not be able to open it. you should save copies of returns as pdfs to avoid this issue.
Monday
Hello, Just and update. Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corpor...
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Hello, Just and update. Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corporations if they meet the qualifying‑income rules. That means they file an annual partnership return with the IRS on Form 1065, which includes a Schedule K‑1 for each partner, no matter how small the ownership stake. Here’s how it works in practice: Form 1065 is the partnership’s master return — it reports the entity’s total income, deductions, credits, etc. A Schedule K‑1 is prepared for every unitholder, showing that partner’s share of those items. The partnership sends each K‑1 to the IRS and to the partner. The IRS uses the K‑1 copy to match against what the partner reports on their own return — so even a single unit in an MLP will generate a K‑1 in the IRS’s system. This is why even small MLP holdings can create extra tax complexity — the reporting obligation exists for every partner, large or small, and the IRS already has the same K‑1 you receive.
Monday
I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp. So in reality I am the sole member of these 2 ...
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I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp. So in reality I am the sole member of these 2 LLCs. During startup, I contributed monies to get it going. Now that my business is profitable, can I withdraw money to offset this initial contribution, without incurring any tax implications? Thanks.
Monday
I am a US citizen working for the UN outside of the United States. I file form 2555 (foreign earned income exclusion) and am not subject to self employment tax on the income earned outside of the US....
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I am a US citizen working for the UN outside of the United States. I file form 2555 (foreign earned income exclusion) and am not subject to self employment tax on the income earned outside of the US. Last year I spent 3 weeks teleworking from the US and must pay self employment tax on the income earned in these three weeks. I have tried to enter that income on Schedule SE but am unable to enter any information on that form. I have also tried to enter the income information on Schedule 2 but am also unable to type on that form. Please advise what I must do in order to be able to access Schedule SE and report this income.
Monday
Hi, I set up a traditional IRA in 2024 and put in nondeductible contribution. But I forget to file IRS 8608 with my 2024 return. How can I amend the siution? What form do I need to file? Ap...
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Hi, I set up a traditional IRA in 2024 and put in nondeductible contribution. But I forget to file IRS 8608 with my 2024 return. How can I amend the siution? What form do I need to file? Appreciate your help!
Monday
if you earned 0 there is no income to report. you may still be able to deduct expenses, but we have little info on why 0 income. The tax code has rules that disallow deducting expenses for an activi...
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if you earned 0 there is no income to report. you may still be able to deduct expenses, but we have little info on why 0 income. The tax code has rules that disallow deducting expenses for an activity that meet the criteria of being a hobby.
Monday
Again, so-called experts need to re-read OPs question. i can think of at least two occasions where a disability affects income calculation/tax liability. 1) Waiver of the 10% early withdrawal...
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Again, so-called experts need to re-read OPs question. i can think of at least two occasions where a disability affects income calculation/tax liability. 1) Waiver of the 10% early withdrawal penalty for a traditional IRA; and 2) Treatment as a “eligible designated beneficiary” exempted from the 10-year rule for RMDs from an inherited IRA. For taxpayers under age 65, a physician must complete a statement certifying the permanent and total disability. However, you don’t need a physician’s certification if you have a VA P&T disability determination. In that event, use VA Form 21-0172 in lieu of a physician’s statement to claim “disability” status. As mentioned above, there are at least two examples where a VA disabled individual could receive favorable tax relief.
Monday
See the following FAQ for instructions to amend a tax return that you filed with TurboTax.
How do I amend my federal tax return for this year?
The IRS says it is currently taking 16 weeks or ...
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See the following FAQ for instructions to amend a tax return that you filed with TurboTax.
How do I amend my federal tax return for this year?
The IRS says it is currently taking 16 weeks or more to process an amended return.
Don't file the amended return until your first return has been accepted and you have received the original refund.
If you need further help, please tell us whether you are using TurboTax Online or the CD/Download TurboTax software.
Monday
Can I add bank info to my acct?
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